Avanza Bank shares slide after Q2 profit miss

Avanza Bank Holding AB

12/07/2024 08:46

** Shares in Avanza Bank  AVANZ.ST  fall 5% after the
Swedish financial group posted second-quarter operating profit
below expectations, hit by compensations to customers
    ** Co's operating profit in the quarter rose to 929 million
Swedish crowns ($88 million), against analysts' consensus of 944
million crowns, per J.P. Morgan
    ** Co had to pay customers reimbursements of just over 15
million crowns in the quarter, having offered customers too high
interest rates
    ** "It is hard to determine how much more remains," Chief
Executive Gustaf Unger comments on reimbursements
    ** "We expect a low-single-digit negative revision to
consensus EPS owing to the miss," J.P. Morgan analysts say
    ** Local peer Nordnet  SAVE.ST  slides 1.5%
    ** Avanza shares among the top losers on the STOXX 600
 .STOXX 

($1 = 10.5457 Swedish crowns)

 (Reporting by Boleslaw Lasocki)
 ((boleslaw.lasocki@thomsonreuters.com; +48 58 769 66 00;))