Avanza Bank Holding AB (publ): Preliminary Financial Statement 2024
Fourth quarter 2024 compared to fourth quarter 2023
- Operating income increased by 20 per cent to SEK 1,062 million, mainly as a result of higher net brokerage and net currency-related income as well as higher fund commissions. Net interest income and other income decreased
- Operating expenses increased by 10 per cent to SEK 335 million, mainly due to higher personnel costs and other costs. Operating expenses increased by 11 per cent for the full year, excluding one-off expenses of SEK 26 million the increase was 9.2 per cent, slightly lower than the cost guidance of 9.5 per cent increase
- Operating profit amounted to SEK 728 million, an increase of 26 per cent
- Profit for the period was SEK 625 million, an increase of 25 per cent
- Earnings per share before dilution amounted to SEK 3.98, an increase of 25 per cent
- The Board of Directors proposes a dividend of SEK 11.75 per share (11.50), corresponding to 82 per cent of the profit for 2024
- The cost increase 2025 is estimated at 11 per cent, primarily due to accelerated cloud migration and investments in Private Banking and occupational pensions
Events during the quarter
- Received the Swedish Quality Index’s award for most satisfied customers in the savings category for the 15th consecutive year. Avanza increased its overall lead in the industry and ranked number one in every category
- Signed an agreement with Sigmastocks’ owners to acquire the company. The acquisition is part of the effort to offer digital portfolio management, initially to Private Banking customers, and deliver on the strategic priorities 2030
- Avanza was named one of Sweden’s most attractive employers by Karriärföretagen for the fourth consecutive year
Quote from Gustaf Unger, CEO Avanza
2024 has been a strong year. Our customers have done well with their savings and received a solid return, especially those with U.S. exposure. It has also been a fantastic year for Avanza. Together with our high customer and savings capital growth, we are also delivering our strongest annual results ever. From a macroeconomic perspective the future looks bright. Growing real wages benefit both households, the Swedish savings market and Avanza.”
| Q4 | Q3 | Change | Q4 | Change | Jan-Dec | Jan-Dec | Change | |
| 2024 | 2024 | % | 2023 | % | 2024 | 2023 | % | |
| Operating income, SEK m | 1,062 | 959 | 11 | 882 | 20 | 3,900 | 3,437 | 13 |
| Operating expenses, SEK m | –335 | –300 | 12 | –306 | 10 | –1,280 | –1,148 | 11 |
| Operating profit, SEK m | 728 | 658 | 11 | 580 | 26 | 2,621 | 2,292 | 14 |
| Profit for the period, SEK m | 625 | 568 | 10 | 499 | 25 | 2,254 | 1,982 | 14 |
| Earnings per share before dilution, SEK | 3.98 | 3.61 | 10 | 3.18 | 25 | 14.33 | 12.64 | 13 |
| Operating margin, % | 69 | 69 | 0 | 66 | 3 | 67 | 67 | 1 |
| Return on shareholders' equity, % | 42 | 42 | 0 | 36 | 6 | 38 | 38 | 1 |
| Net inflow, SEK m | 24,600 | 22,000 | 12 | 18,100 | 36 | 85,800 | 72,300 | 19 |
| No. of new customers (net) | 46,700 | 40,500 | 15 | 27,900 | 68 | 170,700 | 124,400 | 37 |
| No. of customers at the end of the period | 2,071,700 | 2,025,000 | 2 | 1,901,100 | 9 | 2,071,700 | 1,901,100 | 9 |
| Savings capital at the end of the period, SEK m | 955,000 | 927,500 | 3 | 781,700 | 22 | 955,000 | 781,700 | 22 |
| Income to savings capital ratio, % | 0.45 | 0.42 | 0.03 | 0.47 | –0.02 | 0.44 | 0.48 | –0.03 |
| Costs to savings capital ratio, % | 0.14 | 0.13 | 0.01 | 0.16 | –0.02 | 0.14 | 0.16 | –0.01 |
A webcast presentation will be held in English by Gustaf Unger, CEO, and Anna Casselblad, CFO, on 21 January 2025 at 10.00 (CET). There will be an opportunity to ask questions. The presentation can be followed at avanza.se/ir. Further information and registration for participation is available at investors.avanza.se/en/ir/calendar/upcoming-events/preliminary-financial-statement-2024/
This Interim report is published in Swedish and English. In the event of any difference between the English version and the Swedish original, the Swedish version shall prevail.
For further information please contact:
Gustaf Unger, CEO
+46 (0)72 142 96 53
gustaf.unger@avanza.se
Anna Casselblad, CFO
+46 (0)8 409 420 11
anna.casselblad@avanza.se
Sofia Svavar, Chief Communications & IR Officer
+46 (0)8 409 420 17
sofia.svavar@avanza.se
Avanza is a digital platform for savings and investments, founded in 1999. The Parent Company, Avanza Bank Holding AB (publ), is listed on the Stockholm Stock Exchange. Avanza’s customer promise is that you as a customer will have more left in your own pockets than with any other bank or pension company. Services include saving in shares, funds, savings accounts, mortgages, and a strong pension offering. Avanza has over 2 million customers with over SEK 900 billion in total savings capital. This is equivalent to 7.5 per cent of the Swedish savings market. Avanza is largest in terms of number of transactions among Swedish banks on the Stockholm Stock Exchange. During the last 15 years Avanza has won SKI’s (Swedish Quality Index) award, “Year’s Most Satisfied Savings Customers”. For more information visit: avanza.se/ir
