– The third quarter has from an economic and international security perspective been a challenging and dramatic period. In this tough environment, we can present an overall strong quarter with financial results in line with the corresponding quarter last year. Fewer transactions and lower commission income is offset by higher net interest income, and total income for the quarter amounts to slightly more than SEK 800 million. Combined with a controlled cost development, with adjusted operating expenses of SEK 304 million, adjusted operating profit amounts to SEK 491 million. This result highlights the stability and resilience to changing macroeconomic conditions in Nordnet’s business model, says Lars-Åke Norling, CEO of Nordnet.
– The negative sentiment in the market has not led us to slow down our pace or lower our level of ambition in terms of building the world’s best platform for savings and investments. On both the mobile app and the web service, we are launching new functionality at a high pace and, on average, we are making new releases every two hours on the web and once or twice a week in the app, says Lars-Åke Norling, CEO of Nordnet.
Highlights during the quarter
- Good customer growth and positive net savings but lower trading activity as stock market remains tough.
- Strong quarter financially with income and profit in line with last year.
- Controlled cost increase in the quarter with cost for the full year expected to be in line with financial target.
- Higher interest rates contribute positively to net interest income, which rose by 77 percent compared to the third quarter of 2021.
- High pace in product development with the launch of Norwegian mortgage – an important step toward becoming a one-stop-shop across all markets.
- Savings account and fixed income product coaching launched to meet customer needs in the new macroeconomic environment.
Financial results in brief, July-September 2022 (July-September 2021)
- Adjusted operating profit of SEK 491 (508) million
- Operating income of SEK 812 (797) million
- Adjusted operating expenses of SEK -304 (-278) million
- Earnings per share after dilution of SEK 1,54 (1,60)
Presentation for investors, analysts, and media
CEO Lars-Åke Norling and CFO Lennart Krän will present the report and answer questions on 28 October 2022 at 10.00 a.m. CET via Zoom. The presentation will be held in English. Please register for the presentation 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 28-10-2022 08:00 CET.