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Investing.com - Avanza Bank Holding AB (publ) (STO:AZA) reported a 28% increase in first quarter profit on Monday, driven by higher operating income and strong trading activity.
The Swedish bank’s shares rose 2.9% following the earnings release.
Profit for the period climbed to SEK 707 million ($66.8 million), up from SEK 552 million in the same quarter last year. Earnings per share before dilution grew 28% to SEK 4.50.
Operating profit increased 26% to SEK 818 million.
Operating income rose 21% YoY to SEK 1,152 million, boosted by higher net brokerage, net currency-related income, fund commissions and other income. However, net interest income decreased during the quarter.
Operating expenses increased 10% to SEK 333 million, primarily due to higher other expenses and personnel costs. The company maintained its full-year cost increase estimate at 11%.
"It was an eventful quarter in the world, for Avanza and for our customers. High trading activity in combination with a continued strong net interest income means that we are today reporting the best quarterly results in Avanza’s history," said CEO Gustaf Unger.
During the quarter, Avanza launched manual currency exchange on endowment insurance for Private Banking and Pro customers and introduced Autopension as the default fund solution for new occupational pension customers.
The company also announced several management changes, including the appointment of Olov Eriksson as CPO and Karin Åge as COO.
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