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Avanza: More Competition In Swedish Savings Market

FINANCIALS

Avanza (AZA SS), the Swedish online broker, issued Feb-24 customer figures which look ahead of expected run-rates for 1Q24. Avanza is not a credit name but it highlights the stress this disruptor is putting the Swedish banks under, Swedbank and SEB likely most impacted but margin expectations are already relatively muted for these banks, we feel.


  • Customer numbers rose 8% y/y (consensus is 4.7% for 1Q24) with SEK6.2bn of net inflows pushing AuMs to SEK816.8bn (cons: 797bn to end-Mar-24). Avanza’s domination of flows in the Swedish online savings market clearly continues.
  • Trading turnover figures are down y/y but up on Jan-24.

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