Nordnet Reports Q2 Revenue
Nordnet is a savings and investment platform operational in Sweden, Norway, Denmark, and Finland. It has published its financial reports for the second quarter of 2020, ending on June 30. It showed a total revenue of 650.3 million SEK ($73.35 million), which is a 75 percent year-on-year jump.
Nordnet CEO Lars-Åke Norling said that this is the best financial result in Nordnet’s history. They have reached new record levels of trading activity, number of customers, and savings capital.
The operating profit of the company increased by 349 percent to 369.1 million SEK ($41.63 million). This is when compared to 82.1 million SEK ($9.26 million) in the same quarter the previous year. The after-tax gains remained at 301.9 million SEK ($34.05 million), which is a year-on-year surge of 311 percent.
The net interest income also surged by 23.2 million SEK ($2.63 million). The biggest contributing factor is a jump in volumes of residential mortgages and deposits.
The savings capital of the platform touched 425 billion SEK, and net quarterly savings are at 13.4 billion SEK. The mortgage lending volumes of the platform have grown by 24 percent in the past year. The total lending now stands at 16.2 billion SEK.
Nordnet: A Massive Jump in the Number of Customers
The Nordic platform also witnessed an increase of 66,800 new customers in the quarter. It has taken the total number to 1,070,000, an increase of 25 percent in a year.
The Nordnet CEO also said the trust of the private savers is something they earn every day. They will continue to work hard updating their interfaces, launching new products, and offering high service and stability.
During the quarter, they strengthened their fund offering by implementing ESG data for ETFs. That makes it possible to save sustainably in exchange-traded funds. Also, at the end of June, they launched four international index funds in their own name, the CEO added.
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