Nordnet, a savings and investment platform operational in Sweden, Norway, Denmark, and Finland, has published its financial reports for the second quarter of 2020, ending on June 30, showing total revenue of SEK650.3 million ($73.35 million) - a 75 percent year-on-year jump.
“This is the best financial result in Nordnet's history, and we have reached new record levels for trading activity, number of customers and savings capital,” Nordnet CEO Lars-Åke Norling said in a statement.
The operating profit of the company increased by 349 percent to SEK369.1 million ($41.63 million), compared to SEK82.1 million ($9.26 million) in the same quarter the previous year. The after-tax gains remained at SEK301.9 million ($34.05 million) - a year-on-year surge of 311 percent.
The net interest income also surged by SEK23.2 million ($2.63 million), the biggest contributing factor being a jump in volumes of residential mortgages and also deposits.
The savings capital of the platform touched SEK425 billion, with a net quarterly savings of SEK13.4 billion. The mortgage lending volumes of the platform have grown by 24 percent in the past year, and the total lending now stands at SEK16.2 billion.
A massive jump in customers
The Nordic platform also witnessed an increase of 66,800 new customers in the quarter, taking the total number to1,070,000 - an increase of jump of 25 percent in a year.
“The trust of the private savers is something we earn every day, and we will continue to work hard updating our interfaces, launching new products, and offering high service and stability,” the CEO added.
“During the quarter, we strengthened our fund offering by implementing ESG data for ETFs, which makes it possible to save sustainably in Exchange -traded funds. Also, at the end of June, we launched four international index funds in our own name.”
