“Despite the challenging climate, we are able to present one of our best quarters to date in terms of revenue. Total income amounted to SEK 1,071 million, up nearly 50 percent compared to April–June last year. Combined with stable cost development, operating profit was significantly better than the corresponding period in 2022, ending up at SEK 729 million, an improvement of nearly 75 percent. Diversification of the business model means that as a company, we are gradually becoming less dependent on individual factors to succeed. Our Nordic positioning serves us well, with both the savings culture and the competitive environment varying between markets. Net interest income and net commission income work as communicating vessels and the breadth of our product offering gives us stability and resilience against income variations in different economic environments”, says Lars-Åke Norling, CEO of Nordnet.
Highlights during the quarter
- A strong quarter from a financial perspective with 47 revenue growth and 74 percent a higher net profit compared to the second quarter of 2022.
- Significant improvement in net interest income as a result of loan growth and a higher interest rate environment.
- Positive net savings and good customer growth – Nordnet reaches the milestone of 400,000 customers in Denmark.
- Uncertain macro environment and low market volatility leads to lower trading activity.
- Continued high pace in product development with easier transfers via Trustly in Finland, real time updates on leading indicators and further integration of Shareville in the app.
- Cost for the full year expected to be in line with financial targets.
Financial results in brief, April-June 2023 (April-June 2022)
- Adjusted operating profit of SEK 729 (420) million
- Operating income of SEK 1,071 (728) million
- Adjusted operating expenses of SEK -321 (-296) million
- Earnings per share after dilution of SEK 2.25 (0.88)
Presentation for investors, analysts and media
CEO Lars-Åke Norling and CFO Lennart Krän will present the report and answer questions on 25 July 2023 at 10 am CET via Zoom. The presentation will be held in English. Please register here.
This disclosure contains information that Nordnet is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 25-07-2023 08:00 CET.