Financial targets
This section presents Nordnet's medium-term financial targets.
- Annual customer growth of 13-15 percent.
- Average savings capital per customer (defined as the average quarterly savings capital per customer over the past 12 months) of around SEK 500,000.
- Income in relation to savings capital (defined as income adjusted for items affecting comparability over the past 12 months in relation to the average quarterly savings capital for the same period) of around 0.45 percent.
- Annual increase of adjusted operating expenses by about 8 percent. In addition, Nordnet intends to spend approximately SEK 60 million on the launch in Germany in 2025, ramping up to an annual level of approximately SEK 100 million from 2028.
- Nordnet intends to distribute 70 percent of its annual profit in dividends.
Financial overview
| Consolidated income statement, SEK million | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|
| Net commission income | 2,405 | 1,868 | 2,029 | 2,730 | 2,021 | 940 | 870 |
| Net interest income | 2,656 | 2,639 | 1,281 | 727 | 613 | 514 | 396 |
| Net result of financial transactions | -3 | -8 | -9 | 18 | -14 | 66 | 4 |
| Other operating income | 36 | 50 | 81 | 164 | 69 | 70 | 59 |
| Operating income | 5,094 | 4,550 | 3,382 | 3,639 | 2,689 | 1,589 | 1,329 |
| General administrative expenses | -1,149 | -1,072 | -1,065 | -918 | -992 | -948 | -950 |
| Depreciation, amortization and impairments | -202 | -180 | -172 | -163 | -158 | -174 | -106 |
| Other operating expenses | -105 | -48 | -54 | -61 | -44 | -40 | -78 |
| Operating expenses | -1,646 | -1,300 | -1,291 | -1,141 | -1,193 | -1,162 | -1,133 |
| Net credit losses | -66 | -80 | -43 | -36 | -39 | -34 | -36 |
| Imposed levies: Resolution fees | -13 | -11 | -13 | -10 | -10 | -16 | -19 |
| Operating profit | 3,560 | 3,160 | 2,034 | 2,451 | 1,447 | 377 | 141 |
| Tax | -669 | -582 | -382 | -467 | -274 | -38 | -23 |
| Net profit | 2,814 | 2,579 | 1,652 | 1,985 | 1,173 | 339 | 118 |
| Earnings per share before dilution, (SEK) | 10.84 | 9.83 | 6.35 | 7.79 | 4.55 | 1.25 | 0.47 |
| Earnings per share after dilution, (SEK) | 10.85 | 9.83 | 6.33 | 7.75 | 4.55 | 1.25 | 0.47 |
| Items affecting comparability, income | 58 | 66 | |||||
| Items affecting comparability, expenses | -191 | 0 | -81 | 0 | -129 | -65 | -16 |
| Adjusted operating expenses before credit losses | -1,455 | -1,300 | -1,210 | -1,141 | -1,064 | -1,097 | -1,117 |
| Adjusted operating profit | 3,560 | 3,160 | 2,115 | 2,451 | 1,576 | 377 | 157 |
| Adjusted earnings per share before dilution (SEK) | 11.54 | 9.83 | 6.70 | 7.79 | 4.96 | 1.20 | 0.52 |
| Adjusted earnings per share after dilution (SEK) | 11.56 | 9.83 | 6.67 | 7.75 | 4.96 | 1.20 | 0.52 |
Key figures
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|
| Adjusted operating income in relation to savings capital - rolling 12 months % | 0.54% | 0.59% | 0.46% | 0.53% | 0.61% | 0.44% | 0.45% |
| Adjusted operating expenses in relation to savings capital - rolling 12 months % | 0.15% | 0.17% | 0.17% | 0.17% | 0.24% | 0.32% | 0.38% |
| Operating margin % | 68% | 69% | 60% | 67% | 54% | 24% | 11% |
| Adjusted operating margin % | 70% | 69% | 63% | 67% | 59% | 25% | 12% |
| Cost/income % | 32% | 29% | 38% | 31% | 44% | 73% | 85% |
| Adjusted cost/income % | 29% | 29% | 36% | 31% | 40% | 72% | 84% |
| Profit margin % | 55% | 57% | 49% | 55% | 44% | 21% | 9% |
| Return on equity - rolling 12 months % | 41% | 45% | 34% | 44% | 37% | 12% | 6% |
| Adjusted return on equity - rolling 12 months % | 43% | 45% | 36% | 44% | 40% | 13% | 7% |
| Customers | 2,096,400 | 1,862,900 | 1,707,800 | 1,601,000 | 1,221,500 | 913,600 | 765,200 |
| Annual customer growth % | 13% | 9% | 7% | 31% | 34% | 19% | 14% |
| Net savings (SEK billion) | 72.9 | 34.7 | 36.2 | 83.4 | 82.1 | 20.9 | 23.5 |
| Savings ratio % | 9% | 5% | 5% | 15% | 21% | 7% | 9% |
| Savings capital (SEK billion) | 1,032 | 825 | 715 | 802 | 565 | 395 | 286 |
| of which shares/derivatives/bonds | 704 | 573 | 490 | 573 | 404 | 268 | 185 |
| of which funds | 259 | 184 | 144 | 154 | 100 | 82 | 57 |
| of which deposits | 70 | 67 | 81 | 74 | 60 | 45 | 43 |
| Average savings capital per customer - 12 months rolling (SEK) | 476,000 | 434,800 | 443,800 | 477,000 | 415,900 | 409,100 | 411,800 |
| Lending (SEK billion) | 28.8 | 29.5 | 27.3 | 25.4 | 19.7 | 15.6 | 13.7 |
| of which margin lending [1] | 17.6 | 14.3 | 12.3 | 12.4 | 9.2 | 7.1 | 5.6 |
| of which mortgages | 11.1 | 11.3 | 10.9 | 8.9 | 6.5 | 4.5 | 4.2 |
| of which personal loans | - | 3.9 | 4.1 | 4.1 | 4.0 | 4.1 | |
| Investments in tangible assets (SEK million) | 49 | 37 | 24 | 46 | 12 | 46 | 84 |
| Investments in intangible assets excl. company acquisitions (SEK million) | 195 | 180 | 137 | 121 | 93 | 91 | 112 |
| Number of full-time equivalents at end of period | 797 | 735 | 666 | 648 | 571 | 494 | 494 |
[1] Lending excluding pledged cash and equivalents.
Nordnet Additional Tier 1 Capital
AT1 2021
Nordnet AB (publ) has 2021-11-16 issued Additional Tier 1 Capital (AT1) amounting to SEK 600 million. The bond is perpetual, with a first call date after five years. The interest rate is 3 months Stibor + 3.90 percent. The instruments will be listed at Nasdaq Stockholm.
Read more about the bond in the presentation and terms.
Prospect
Nordnet AB (publ) prospectus
AT1 2023
Nordnet AB (publ) has on 7 February, 2023 issued Additional Tier 1 Capital (AT1) amounting to SEK 300 million. The bond is perpetual, with a first call date after five years. The interest rate is 3 months Stibor + 5.00 percent. The instruments will be listed at Nasdaq Stockholm.
Read more about the bond in the presentation and terms.
Prospect
Nordnet AB (publ) prospectus