Nordnet reports record results for second quarter
Digital bank Nordnet announced its best financial result in history for the second quarter of 2020. The company's revenue increased by 75 percent, reaching SEK 650 million, with a pre-tax profit of SEK 369 million.
Nordnet, a digital bank for savings and investments, reported its strongest financial performance to date during the second quarter of 2020.
The company's revenue for the quarter amounted to SEK 650 million, a 75 percent increase compared to the same period last year. With costs decreasing by 3 percent to SEK 281 million, Nordnet posted a record profit before tax of SEK 369 million.
Nordnet's customer base grew by 66,800 new customers during the quarter, bringing the total to 1.07 million. Savings capital reached SEK 425 billion, with net savings of SEK 13.4 billion during the quarter. The company's total lending also saw significant growth.
CEO Lars-Åke Norling attributed the results to customers and employees, highlighting ongoing efforts to enhance the platform. These include the integration of ESG data for ETFs and the launch of four new international index funds under Nordnet's own brand.