Q2 2024 Nordnet AB (publ) Earnings Call Transcript
Key Points
- Nordnet AB (publ) (STU:9JL) reported all-time high revenue and profit for Q2 2024, driven by strong performance in trading and fund businesses.
- Customer growth was robust, with an 11% increase, nearing 2 million customers across the Nordic region.
- Savings capital grew by 21%, reaching record levels of EUR 960 billion, approaching EUR 1,000 billion.
- Net interest income outlook remains stable, with higher volumes on deposits and lending.
- The company maintains a strong capital situation with a capital ratio of 25% and a leverage ratio of 6.5%, well above regulatory requirements.
- Cost growth is expected to trend in line with guidance, with a slight increase in marketing costs impacting overall expenses.
- The trading environment showed lower volatility, which could affect future trading activity and revenue.
- Credit losses on unsecured loans increased to 2.5%, reflecting the challenging market climate.
- The deposit-to-savings capital ratio remains low at 7%, compared to historical levels of 12-15%, indicating potential liquidity challenges.
- The company faces strong competition in the Nordic market, which could pressure margins and market share.
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Good morning and welcome to the presentation of Nordnet's second quarter of 2024. My name is Marcus Limberg on the Head of Investor Relations at Newlands. With me today, I have our CEO, Lotrel controlling and our CFO and Kim North Shore Gas and lignite will start off by presenting the results and then we will have a Q&A session during the presentation, all participants will be on mute. And then when we come to the Q&A session. You have two alternatives to ask questions. So you can click the raise, hand button, zoom out and you and call your name or you can submit a question in writing through the Q&A button. The presentation itself is available on our corporate website, known as AB. dot com. Okay, let's start the presentation. Laszlo, please go ahead.
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Thank you, Marcus, and we can go to next slide, starting with the highlights. Overall, a very strong
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