Nordnet reports strong Q1 2021 results driven by customer growth
Nordic digital savings platform Nordnet announced strong first-quarter results. Customer numbers grew by 39 percent, and operating profit reached a record SEK 830 million, fueled by a significant influx of new savers.
Nordnet AB (publ) published its interim report for the first quarter of 2021, showcasing significant growth in both customer base and financial performance. During January-March, the company welcomed 167,200 new savers, an increase of nearly 90 percent compared to the first quarter of 2020 and more than the entirety of 2019.
CEO Lars-Åke Norling highlighted the exceptional customer growth across all Nordic markets, with Denmark and Norway experiencing particularly strong performance. The number of transactions made by customers reached an all-time quarterly high of 22.7 million, and the total savings capital held by customers climbed to SEK 648 billion.
Financially, the results reflect the robust customer development. Operating income stood at SEK 1,113.6 million (compared to SEK 644.2 million in the prior year), and the adjusted operating profit amounted to SEK 830 million, marking the best quarterly result in Nordnet's history. The company also noted successful launches of new pension products and digital process implementations in Norway and Sweden.
Nordnet aims to challenge traditional structures in savings and investments by offering private savers access to the same tools and services as professionals through its digital platform. The company continues to develop its digital offerings to support its growth strategy.