Avanza Bank Holding AB (AZA.ST), a Swedish online bank, Friday revealed a 23 percent rise in profit in the third quarter, helped by higher net brokerage income and net currency-related income. Operating income for the period climbed 19 percent.
The company reported third-quarter profit of 699 million Swedish Kroner, or 4.37 Kroner per share, higher than 568 million Kroner or 3.61 Kroner per share in the same period last year.
During the three-month period, operating profit climbed 24 percent to 818 million Kroner from 658 million Kroner in the year-ago quarter. According to Avanza Bank Holding, operating income for the period rose 19 percent to 1.14 billion Kroner from 959 million Kroner in the equivalent period of fiscal 2024.
The company said that return on shareholders' equity was up 3 percent to 45 percent from 42 percent in the prior-year period.
Commenting on the results, Gustaf Unger, CEO, Avanza, said, "Trading activity has held steady, with foreign trading back at a high level as a share of turnover. This, combined with resilient net interest income, and seasonally low costs, has enabled us today to report an operating profit as high as our previous record for a single quarter. Looking ahead, there is good reason to be hopeful about the Swedish economy, and with that increased savings."
On the Stockholm Exchange, the stock is trading down 1.4 percent on Friday at 369.50 Kroner.
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