– 2023 turned out to be a good year for the stock market despite negative sentiment influenced by persistently high inflation, interest rate hikes, and general economic concerns for long periods. Nordnet concludes a strong year where the positive development in savings, trading activity, and customer growth lays the foundation for a good financial result. Revenues for the full year amount to over 4.5 billion and adjusted operating expenses to 1.3 billion SEK. The pre-tax profit for 2023 lands at close to 3.2 billion, which is a stronger result than ever before. The financial result combined with strong growth in customers and savings capital leads me to conclude that Nordnet’s operations have a positive development in terms of both customer-related and financial metrics, says Lars-Åke Norling, CEO of Nordnet.
Highlights during the year
- We achieved an adjusted operating profit of SEK 3.2 billion for 2023 – our highest full-year profit to date.
- Higher interest rates contributed to net interest income of SEK 2.6 billion, an increase of 106 percent compared with 2022.
- Our customer base now totals over than 1.8 million Nordic savers.
- Nordnet’s customers had net savings of more than SEK 35 billion and made 48.9 million trades.
- Endowment wrapper launched in Finland – a key step towards a full-scale offering in all markets.
- Launch of our own fund “Nordnet Index Global 125,” praised by the magazine Privata Affärer for its simplicity and affordability.
- At the end of 2023, total savings capital in funds under the Nordnet brand amounted to SEK 43.3 billion. This was an increase of 37 percent, compared with 15 percent for total savings capital.
- Nordnet maintains its top ranking in Denmark and Finland and climbs to second place in Sweden in customer satisfaction according to surveys by SKI and EPSI.
Financial results in brief, January-December 2023
- Operating income increased by 35 percent, amounting to SEK 4,550 (3,382) million.
- Adjusted operating expenses amount to SEK 1,300 (1,210) million – an increase of seven percent and within the financial targets.
- Adjusted operating profit increased by 49 percent to SEK 3,160 (2,115) million.
- Savings capital amounted to SEK 825 (715) billion as of 31 December 2023.
- The customer base increased with 9 percent to 1,862,900 (1,707,800) customers.
- Net savings amounted to SEK 34.7 (36.2) billion.
Sustainability results in brief, January-December 2023
- A key change in our sustainability efforts this year is the update of our sustainability strategy, with a primary focus on enabling our customers to save sustainably.
- Nordnet’s largest impact on the climate is through our customers’ investments. At the end of the year, the footprint for customers’ investments on Nordnet’s platform, measured in emissions intensity, was 143 tonnes CO2e/m USD. Nordnet has clarified the goal of reducing emissions intensity. Over ten years, the goal is to halve emissions.
- 84 percent of fund capital is invested in green funds (Article 8 or 9 under SFDR), which is an increase of 9 percentage points compared to 2022 (75 percent).
- Nordnet is working to enable more people to save and invest. 38 percent of new customers in 2023 are women, compared to 34 percent in the customer base.
- In 2023, we launched the Nordnet Female Network in Sweden and Norway, an initiative to increase women’s savings and reduce the financial gap between women and men.
- The gender distribution among employees at Nordnet remains unchanged at 36 percent women and 64 percent men. The proportion of women in new hires has increased by five percentage points to 40 percent. The proportion of women in the management team increased to 36 percent compared to 30 percent a year earlier.
- Employee satisfaction measured as NPS increases to 45 from 35 at the end of last year.
- During the year, Nordnet expands its sustainability reporting, and we now track, in addition to the key metrics we previously launched, on a quarterly basis, the proportion of new female customers as well as the carbon intensity of our customers’ investments.
This disclosure contains information that Nordnet is obliged to make public pursuant to the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 15-03-2024 08:00 CET.