– The fourth quarter became a positive and eventful time for Nordnet. We launched a new web service in the Swedish market and won “Small Business Bank of the Year”. We improved our loan offer by increasing the number of securities eligible as collateral, as well as introducing a new model for margin lending, according to which, well-diversified portfolios allow greater scope for borrowing, says Lars-Åke Norling, CEO at Nordnet.
– Over the past three months, we have welcomed more than 31,000 new savers to our platform, our highest-ever organic growth in new customers for a single quarter. Our customer growth over the past 12 months amounts to a strong 19 percent. Our customers’ savings capital also reached a new high, ending the year at SEK 395 billion. The strong growth and high level of activity mean that we can present income in excess of SEK 400 million for the quarter, corresponding to 23 percent growth compared to the same period last year, says Lars-Åke Norling, CEO at Nordnet.
Highlights during the quarter
- New web service launched in the Swedish market
- Nordnet first Finnish bank to offer new account type osakesäästötili (share savings account)
- New model introduced for margin lending
- Named “Small Business Bank of the Year” by Privata Affärer
- Non-recurring expenses of SEK 50 million burdened net profit
- High growth in customers and savings as well as improved financial results
Financial results in brief, October-December 2019
- Operating income increased by 23 percent, amounting to SEK 428.2 million (347.5)
- Operating profit increased by 81 percent to SEK 74.1 million (41.0)
- Profit after tax rose by 91 percent to SEK 66.3 million (34.7)
- The number of new customers increased by 31,400 during the quarter
- Net savings amounted to SEK 7.3 billion (1.4)
Financial results in brief, January-December 2019
- Operating income increased by 20 percent, amounting to SEK 1,573.4 million (1,310.4)
- Operating profit increased by 167 percent to SEK 377.4 million (141.2)
- Profit after tax for rose by 187 percent to SEK 339.5 million (118.1)
- The number of new customers increased by 19 percent to 913,600 (765,200)
- Net savings amounted to SEK 20.9 billion (23.5)