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Avanza Beats Expectations; No Credit News For Major Swedish Banks (Yet)

FINANCIALS SECTOR

Avanza (AZA SS}, the Swedish online broker, reported 4Q23 results which beat headline expectations.


  • Revenues of SEK883m (+4% y/y, consensus: 861m) and net profit was SEK499m (consensus: 469m) which was broadly in line with 4Q22 as the company continues to invest (costs +12% y/y)
  • This is a very short statement and outlook is limited to noting that “ optimism is returning to the stock market” and a “hope” that better times are ahead
  • Avanza is not a credit name at all but does increasingly compete with the big three Swedish domestic banks on savings and loans. There’s nothing in here to indicate the performance of those markets but the 0900 (London time) conference call may give more.

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