Nordnet today publishes its interim report for the third quarter 2024. The full report is available at www.nordnetab.com
- During the quarter, Nordnet's operations saw positive development, reaching the 2 million-customer milestone. Income from share trading and fund savings has seen a steep increase since the third quarter last year, and I particularly want to highlight the strong performance of our fund business. Our operating profit for July-September amounts to SEK 852 million, which is 6 percent higher than in the preceding year, says Lars-Åke Norling, CEO of Nordnet.
- During the quarter, new functionality has been extensively added to the app and the web. We recently became the first investment platform in the Nordics to provide analyst data from the internationally renowned FactSet. Next on the agenda is the launch of algorithmic trading, giving private investors access to order types typically reserved for professional traders. Shortly, we will do the biggest launch of the year in the form of the Danish pension product livrente which seriously marks Nordnet's entry into the Danish pensions market, gradually opening access to an underlying market valued at SEK 2,000 billion, says Lars-Åke Norling, CEO of Nordnet.
Highlights during the quarter
- A strong financial quarter with continued growth in our core operations and profit growth of six percent.
- The highest level of customer growth in two years - we passed the 2 million-customer milestone.
- Good trading activity and strong net savings.
- Strong development in the fund business with a high level of net savings in Nordnet's own funds.
- Declining net interest income due to falling interest rates.
- Good cost control - full-year expenses are expected to be in line with financial targets.
- SEK 500 million share repurchase program launched.
- During the quarter, several significant app updates were made to improve functionality and user engagement.
Financial results in brief, July-September 2024 (July-September 2023)
- Adjusted operating profit SEK 852 (807) million
- Operating income SEK 1,226 (1,155) million
- Adjusted operating expenses SEK -358 (-324) million
- Earnings per share after dilution SEK 2.70 (2.49)
Presentation to analysts, shareholders and the media
CEO Lars-Åke Norling, CFO Lennart Krän and Head of IR Marcus Lindberg will present the report and answer questions on Friday 25 October at 10.00 CEST via Zoom. The presentation will be held in English and can be viewed 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 25-10-2024 08:00 CET.
For more information, please contact:
Johan Tidestad, Chief Communications Officer
johan.tidestad@nordnet.se, +46 708 875 775
Marcus Lindberg, Head of Investor Relations
marcus.lindberg@nordnet.se, +46 764 923 128
Nordnet is a pan-Nordic leading digital platform for savings and investments. Through innovation, simplicity and transparency, we challenge traditional structures, and give private savers access to the same information, tools and services as professionals. Visit us at www.nordnetab.com, www.nordnet.se, www.nordnet.no, www.nordnet.dk or www.nordnet.fi.
