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Nordnet Q2 2013 report presentation

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Nordnet's interim report presentation for the period January-June 2013. …

Nordnet's interim report presentation for the period January-June 2013.

Events during Q2: Nordnet acquired the majority of the social investing network Shareville, Bank/Stockbroker of the Year in Denmark for the fifth consecutive year, removal of purchase and redemption fees on all funds on our Finnish platform.

Published in Economy & Finance , Business
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  • 1. January – June 2013 July 17, 2013 » Report presentation «
  • 2. financial overview January – June 2013 • Operating income decreased by 3 percent to SEK 482.3 million (498.3) • Profit after tax fell by 2 percent to SEK 112.1 million (113.9) • EPS before dilution were down by 2 percent to SEK 0.64 (0.65) 2 April – June 2013 • Operating income increased by 2 percent to SEK 238.2 million (233.4) • Profit after tax increased by 33 percent to SEK 54.9 million (41.3) • EPS before dilution were up by 33 percent to SEK 0.31 (0.24)
  • 3. events Q2 • Nordnet acquired the majority of the social investing network Shareville • “Bank/Stockbroker of the Year” in Denmark for the fifth consecutive year • Removal of purchase and redemption fees on all funds on our Finnish platform 3 + a pioneer in social investing
  • 4. customers and accounts accounts/customer (Q2 2013): 1.23 4 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Active customers Active accounts 12M: 23,600 / 7% 12M: 38,400 / 9%
  • 5. net savings (SEK billion) 5 12M: SEK 7.3 billion 2.0 1.0 3.6 1.9 0.1 1.3 3.7 2.2 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13
  • 6. trades (thousands) 6 4185 3851 3973 3055 2841 2871 3531 3075 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 12M: 12,318
  • 7. lending (SEK billion) 7 3.22 3.04 3.54 2.93 2.93 2.86 3.16 3.00 1.48 1.59 1.65 1.70 1.73 1.80 1.90 2.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Margin lending Consumer loans
  • 8. revenue development (SEK million) 8 132 142 137 132 126 126 119 120 128 107 107 81 79 77 101 91 16 18 20 21 8 25 24 28 0 50 100 150 200 250 300 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q412 Q1 13 Q2 13 Net interest income Net commission income Other income 12M: SEK 922 million
  • 9. cost development (SEK million incl. credit losses) 9 175 182 172 181 179 179 174 170 164 166 168 170 172 174 176 178 180 182 184 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 12M: SEK 702 million
  • 10. operating profit excl. eo items (SEK million) 10 101 93 93 53 42 49 70 68 0% 5% 10% 15% 20% 25% 30% 35% 40% 0.0 20.0 40.0 60.0 80.0 100.0 120.0 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Operating profit Operating margin 12M: SEK 229 million
  • 11. income statement (SEK million) 11 3 months 3 months 6 months 6 months 12M rolling 12 months Consolidated Income Statement (SEK million) Apr-Jun 2013 Apr-Jun 2012 Jan-Jun 2013 Jan-June 2012 Jul-Jun 2013 Jan-Dec 2012 Net interest income 119.5 132.3 238.4 269.6 489.4 520.6 Net commission income 91.0 80.6 192.3 187.7 348.8 344.2 Other income 27.7 20.5 51.6 40.9 84.3 73.6 Total operating income 238.2 233.4 482.3 489.3 922.4 938.4 General administrative expenses -132.7 -141.2 -269.1 -276.9 -554.4 -562.3 Depeciation and amortization -16.5 -15.8 -32.4 -31.3 -64.2 -63.2 Other operating expenses -9.6 -11.6 -20.5 -21.7 -39.8 -41.1 Total operating expenses -158.8 -168.7 -321.9 -330.0 -658.4 -666.5 Profit before credit losses 79.4 54.7 160.3 168.2 264.0 271.9 Net credit losses -11.5 -11.8 -22.0 -22.8 -43.9 -44.7 Operating profit 67.9 52.9 138.3 145.5 220.1 271.9 Tax on profit for the period -13.0 -11.6 -26.3 -31.6 -32.9 -44.7 Profit for the period 54.9 41.3 112.1 113.9 187.1 227.2 Earnings before dilution 0.31 0.24 0.64 0.65 1.07 1.08
  • 12. balance sheet (SEK million) 12 Consolidated Statement of Financial Position (SEK million) 30/06/2013 30/06/2012 31/12/2012 Loans to credit institutions 1089.6 1,134.7 1465.0 Loans to the public 5359.7 4,977.4 4737.3 Financial assets 7415.6 5801.9 5388.0 Financial assets - policy holders bearing the risk 21195.9 18,043.1 18961.7 Tangible and intangible assets 504.4 527.2 507.1 Current tax assets 72.3 2.6 7.2 Other assets 905.1 409.9 213.9 Prepaid expenses and accrued income 116.7 111.4 111.8 Total assets 36,659.2 31,008.2 31,391.9 Deposits and borrowing by the public 11,694.7 10,570.6 10,487.7 Liabilities to policyholders 21,196.5 18,044.0 18,962.3 Other liabilities 2269.8 958.0 427.9 Shareholders' equity 1498.2 1435.6 1514.0 Total liabilities and shareholders' equity 36,659.2 31008.2 31391.9
  • 13. capital coverage (SEK million) 13 Capital requirements for the financial conglomerate (SEK million) 30/06/2013 30/06/2012 31/12/2012 Total equity, Group 1,498.2 1,435.6 1,514.0 Less, profit that have not been subject to audit -112.1 -41.3 - Plus subordinated liablities 175.7 175.7 175.7 Less expected dividend for current year - -29.0 -122.5 Less intangible fixed assets and deferred tax receivables -471.0 -495.5 -475.3 Capital base 1,090.9 1,045.5 1,091.9 Capital requirement for regulated units within the banking and securities sector 520.9 499.7 444.2 Theoretical solvency requirement for non-regulated units in the largest financial sector 0.9 2.1 0.8 Capital requirement for regulated units within the insurance sector 31.9 30.7 32.2 Capital requirement 553.7 532.5 477.2 Capital surplus 537.2 513.0 614.7 Capital coverage ratio 1.97 1.96 2.29
  • 14. looking ahead • Continue to build our position as the leading online bank in the Nordics • Focus on innovation and social investing • Provide superior digital customer experience • Active cost management and a scalable operating model 14
  • 15. more information: nordnetab.com become a customer: nordnet.se/no/dk/fi follow: nordnetbloggen.se Twitter @CEONordnet 15