Nordnet AB (publ) – interim report January-June 2021

Nordnet today publishes its interim report for the second quarter 2021. The full report is available at www.nordnetab.com

– For the second quarter, we can present strong financial earnings, have good growth for all customer-related key financial figures, and feel a great trust from the Nordic private savers. The customer base has grown by 38 percent in one year, and in total, nearly 1.5 million Nordic private individuals have now chosen Nordnet as their personal finance partner. Savings capital is over SEK 700 billion, which is 66 percent higher than in the corresponding period last year. We also see a strong development for our fund business – the savings capital is increasing rapidly, and during the quarter we have strengthened our offering with the launch of a tech index fund and ESG-classified our international index funds, says Lars-Åke Norling, CEO of Nordnet.

– Our operating profit for the period April-June is SEK 536 million, which is the second best quarterly result in Nordnet’s history, and 45 percent better than the same period in 2020, says Lars-Åke Norling.

– For full-year 2021, we see that our costs will end up at around SEK 40 million higher than the level previously communicated at SEK 1,097 million, and we are accordingly making an adjustment of our financial targets that concern expenses. The reason for the higher costs is, above all, that our strong customer growth, where more than 400,000 new savers joined in the past year alone, requires more resources in the form of more personnel in customer service and back-office. We are also increasing investments in marketing, says Lars-Åke Norling, CEO of Nordnet.

Highlights during the quarter

  • Continued high customer growth; the customer base grew 38 percent in one year
  • The savings capital achieved new record levels and surpassed SEK 700 billion; continued high net savings
  • Stable growth in lending; the loan volume is at a new high
  • Strong development for the mutual fund business – the fund capital increased by 65 percent in one year, launch of a tech fund and ESG classification of index funds
  • The second best financial result in Nordnet’s history – an operating profit of SEK 536 million
  • Expenses for full-year 2021 are expected to end up at around SEK 40 million higher than previously communicated due to strong customer growth and increased expenses within marketing
  • Revised financial targets in the median term will be presented no later than in connection with the interim report for the fourth quarter

Financial results in brief, April-June 2021 (April-June 2020)

  • Adjusted operating profit SEK 535.7 (380.1) million
  • Operating income SEK 830.1 (650.3)  million
  • Adjusted operating expenses SEK 283.5 (260.2) million
  • Earnings per share after dilution 1.72 (1.17) SEK

Presentation to analysts, shareholders and the media

CEO Lars-Åke Norling and CFO Lennart Krän will present the report and answer questions on Friday 23 July 2021 at 10.00 a.m. CET via Zoom. The presentation will be held in English and can be followed here.

This is information that Nordnet AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person, at 8:00 a.m. CET on 23 July 2021.

For more information, please contact:

Johan Tidestad, Chief Communications Officer
+46 708 875 775, johan.tidestad@nordnet.se