“The fourth quarter was good for both for Nordnet and private savers. The stock markets recovered over the last three months of the year due to slowing inflation and hopes that interest rates have peaked. During the quarter, 38,600 new savers chose Nordnet as their platform. At the start of 2024, our customers’ savings capital amounted to SEK 825 billion, a new record level. This record builds on continuous positive net savings, as well as rising Nordic stock markets. The value of our customers’ fund savings has risen by 28 percent over the past year. The positive momentum in savings, trading activity and customer growth has laid the foundation for financial growth with adjusted operating income for the quarter of SEK 1,189 million and adjusted operation profit of SEK 830 million – a new record high“, says Lars-Åke Norling, CEO of Nordnet.
Highlights during the quarter
- A strong financial quarter with income and operating profit at new record levels.
- Positive net savings and good customer growth.
- The core brokerage and fund business saw the first quarter of growth since 2021.
- Continued growth in net interest income as a result of higher interest rates and loan growth.
- Continued good cost control, with expenses in line with the financial targets for the quarter and the full year.
- Increasing future marketing investments to capitalize on strong market position.
- Proposed dividend of SEK 7.20 per share, in line with the dividend policy.
- Strong capital situation – decision to redeem AT1 capital and evaluating buyback program.
Financial results in brief, October-December 2023 (October-December 2022)
- Adjusted operating profit SEK 830 (623) million
- Operating income SEK 1,189 (952) million
- Adjusted operating expenses SEK -335 (-314) million
- Earnings per share after dilution SEK 2.55 (1.97)
Presentation to analysts, shareholders and the media
CEO Lars-Åke Norling and CFO Lennart Krän will present the report and answer questions on Tuesday 30 January 2024 at 10.00 a.m. CET via Zoom. The presentation will be held in English and can be followed 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 30-01-2024 08:00 CET.