Q3 2024 Avanza Bank Holding AB Earnings Call Transcript
Key Points
- Avanza Bank Holding AB (AVVZF) reported record-high revenues for the quarter, marking the best performance ever.
- The company experienced strong growth in customer acquisition and fund inflows, capturing roughly 20% of the market flow.
- Avanza Bank Holding AB (AVVZF) was ranked as one of Sweden's most attractive employers, which is beneficial for attracting top talent.
- The company has set ambitious strategic priorities, including expanding into at least one additional European market by 2030.
- Avanza Bank Holding AB (AVVZF) aims to grow its savings capital in Sweden by 15% annually, leveraging its strong market position and customer base.
- The company faced two items affecting comparability, including customer compensations related to IT issues and personnel expenses due to changes in its media company Placera.
- Net interest income (NII) decreased by 3% compared to the previous quarter due to lower market interest rates.
- The Swedish FSA's new requirements on credit institutions could impact the attractiveness of Avanza Bank Holding AB (AVVZF)'s external savings accounts.
- The company anticipates further pressure on NII due to expected rate cuts by the Riksbank.
- Avanza Bank Holding AB (AVVZF) faces increased competition, particularly in the private banking segment, which may require strategic adjustments.
Good day. And thank you for standing by. Welcome to the Avanza Bank Interim Report. January September 2024 conference call. (Operator Instructions)Please be advised that this conference is being recorded.
I would like to hand the conference over to your first speaker today, [Unger Unger -- Gustaf Unger], CEO. go ahead, sir.
Thank you and welcome to our Q3 results presentation. My name is Gustaf. I'm the CEO of Avanza and with me, I have Anna Casselblad, our CFO; and Sofia Svavar, our Head of IR and Communication. And I'll start off by going through some key highlights for the quarter before handing over to Anna and the actual financials. And then we will spend the majority of the time with our new strategic priorities and long term financial targets for 2030.
I am very happy about the quarter. We saw strong growth both in terms of inflow. Actually the first nine months, we had the best year since the record year 2021. And when it comes to customer acquisition, the inflow during the first nine months
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