Avanza Bank Holding AB

Latest Results (08.01.2026):

Avanza Bank Holding AB — Q1 2025: Avanza reported its strongest quarterly results in company history. Operating income rose to SEK 1,152 million (+21% vs Q1 2024) while operating expenses were SEK 333 million (+10%). Operating profit was SEK 818 million (+26%), profit for the period SEK 707 million (+28%) and earnings per share before dilution SEK 4.50 (+28%). Net interest income declined; savings capital was SEK 931 billion and net inflow totaled SEK 22.4 billion.

Key financials

Operating income SEK 1,152m (+21% y/y). Operating expenses SEK 333m (+10% y/y). Operating profit SEK 818m (+26% y/y). Profit for the period SEK 707m (+28% y/y). EPS before dilution SEK 4.50. Operating margin 71% and return on shareholders’ equity 42%.

Revenue mix

Growth was driven by higher net brokerage and net currency‑related income, plus stronger fund commissions and other income. Net interest income fell (Q1 2025: SEK 372m), reflecting lower market interest rates and effects on the Treasury portfolio.

Customers and flows

Net inflow SEK 22.4 billion in Q1 2025. Net new customers 62,400; total customers 2,134,100. Savings capital SEK 931 billion (–3% q/q, impacted by market declines and FX). Customers’ deposits represented 12.7% of savings capital and Avanza’s own savings account balance was SEK 35.3 billion.

Products, launches and activity

Launched manual foreign exchange on endowment insurance for Private Banking and Pro customers and introduced Autopension as default for new occupational pension customers. Partnership with Simply Wall St and participation in four IPOs during the quarter. Increased trading activity and higher turnover in foreign securities and ETPs supported brokerage income.

Costs and efficiency

Operating expenses increased mainly due to higher other expenses (licensing, information) and personnel costs. The company reiterates a 2025 estimated cost increase of 11% (driven by cloud migration and strategic investments). Costs-to-savings-capital ratio ~0.14% (14 bps).

Capital, liquidity and risk

Strong capitalisation: CET1 ratio 26.1% and total capital ratio 26.1%. Leverage ratio 4.6%. Lending/deposits 33.7%. Surplus liquidity ~SEK 56.2 billion invested mainly in high‑quality covered bonds, Riksbank deposits and short‑dated securities; liquidity management limits interest‑rate risk.

Corporate & governance

Management changes: Olov Eriksson appointed CPO; Karin Åge appointed COO; Åsa Dammert to become CHRO from 2 June. Chief Communications & IR Sofia Svavar and CFO Anna Casselblad announced departures; recruitments ongoing. Board proposes dividend SEK 11.75 per share for 2024.