Q3 2024 Nordnet AB (publ) Earnings Call Transcript
Key Points
- Nordnet AB (publ) (STU:9JL) reported a strong financial quarter with continued growth in its core brokerage and fund business.
- The company achieved its highest customer growth in seven years, surpassing 2 million customers in August.
- There was a significant increase in savings capital, up 26%, driven by both underlying capital growth and strong net savings.
- Nordnet AB (publ) (STU:9JL) initiated a share buyback program of up to SEK500 million, indicating confidence in its financial position.
- The company launched several new product features, including analyst ratings and target prices, enhancing its platform's functionality.
- There was a slight decline in net interest income due to lower interest rates, impacting overall revenue growth.
- The trading activity in Nordic markets has been in a holding pattern since May, limiting potential growth in trading revenues.
- Despite strong customer growth, the cost of acquiring new customers through campaigns was relatively high.
- The company faces increased competition in Denmark, with new entrants challenging its market position.
- The divestment of the consumer loan book resulted in a one-time negative financial impact of around SEK40 million.
Good morning and welcome to the presentation of Nordnet third quarter of 2024.
My name is Marcus Lindberg and I'm the Head of Investor Relations at Nordnet. With me today we have our CEO, Lars-Ãke Norling and our CFO, Lennart Krän. We'll start off by presenting the results and then we'll have a Q&A session.
And during the presentation, all participants will be on mute. And when we come to the Q&A session, you have two alternatives to ask questions. You can either click the raise hand button, I'll then unmute you and call your name or you can write a question using the Q&A button.
The presentation itself is available on our corporate website, nordnetab.com.
Okay, let's start the presentation. Lars-Ãke Norling, please go ahead.
Thank you, Marcus.
There are some highlights from the quarter. It's a strong financial quarter with continued growth in the core brokerage and fund business.
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