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2016-10-25

Nordnet: Nordnet interim report January-September 2016

July - September 2016

· Operating income decreased by 0.3 percent to SEK 289.6 million
(290.4)

· Profit after tax for the period fell by 9 percent to SEK 69.2
million (75.7)

· Earnings per share before and after dilution were down 8 percent
to SEK 0.40 (0.43)

January - September 2016

· Operating income decreased by 4 percent to SEK 882.0 million
(915.7)

· Profit after tax for the period fell by 22 percent to SEK 209.6
million (269.6)

· Earnings per share before and after dilution decreased 22 percent
to SEK 1.20 (SEK 1.55 before dilution and SEK 1.54 after dilution)

Highlights from the third quarter

· A strong influx of customers with 22,400 new customers during the
quarter and growth of the customer base by 15 percent in one year

· Continued success for loan products with the amount lent growing
by 11 percent in the third quarter

· The social investment network Shareville surpassed 100,000
members, an increase of more than 70 percent in 12 months

Håkan comments on the third quarter

The third quarter began right after the news about Brexit, and the
savers had a tough start to the period with challenging conditions.
The stock markets soon regained confidence, and the quarter as a
whole was a positive period in the Nordic stock markets with
increases of 9 percent in Sweden and Finland. In Denmark, the savings
climate was somewhat less optimistic, and the market was encumbered
by a price collapse of the market giant Novo Nordisk.

From Nordnet's perspective, what I am most pleased by this quarter is
that so many Nordic residents choose our bank when beginning to save.
In the past 12 months, our customer base has grown by 15 percent,
which is a historic high. I think this growth is a result of our
constantly improved customer offering, and of course external factors
like a positive stock market and continued low interest rates. A
number of high-profile Nordic IPO's has also recently attracted
extensive interest among the savers.

The financial development for Nordnet across the quarters is stable,
on both the revenue and expense side. Compared with the same period
last year, we have somewhat lower revenues, mainly related to lower
market interest rates and lower commissions per trade. Our expenses
amount to just over SEK 205 million, which is on a par with what we
previously communicated. Our earlier forecast of a cost increase from
2015 by 6-8 percent remains for the full year, which means a retained
cost level for the fourth quarter. Continuous investments in IT,
product development, compliance and sales mean that the cost increase
for 2017 will not be less than the increase during 2016.

In August, Nordnet turned 20. We have developed from a Swedish online
broker to a Nordic bank with a broad offering in savings, pensions
and loans. In recent years, we launched a number of financial
innovations for the Nordic savers. Our free index super funds now
have SEK 2.5 billion in savings capital and our social investment
network Shareville surpassed 100,000 members during the quarter. Our
mortgage have had a flying start since May, with SEK 600 million in
capital loaned. We have made good progress, but will never stand
still. Much of our focus in product development is now on an updated
website. The coding is in full swing and new prototypes are
constantly being tested on small groups of customers and other users.
In the fourth quarter, we will launch a beta version where part of
our new site will be presented to a broader group of users, and it
will be very exciting to hear your response. But IT development is
not just about prospective activities and exciting new services. Like
other banks, we are constantly making major investments to adapt our
operations to new regulations. The intention of the legislators is
good - it is a matter of greater customer protection at a European
level. At the same time that the number of new rules is claiming a
great deal of resources, future regulations, such as Mifid2 and PSD2,
open up fantastic business opportunities for us as an independent
distributor of financial services. It is a matter of working
intelligently, challenging business models and old truths, and
translating the new regulations into something positive for both us
and the savers.

We are also continuously looking at ways to digitize processes to
benefit both us and our customers. In the past quarter, we began a
collaboration with Kivra, which means that our customers in the
Swedish market will receive post from us in digital postboxes. Since
July, our Swedish users can deposit money using Trustly, which
combined with a mobile bank ID allows you as a new customer to get
started with savings in two minutes.

Thank you for following Nordnet. If you have any comments or questions
about our business that you would like to share, you can find me on
Twitter.

Håkan Nyberg

@CEONordnet

PS. In August, we launched our new business site, www.nordnetab.com.
Here, there is information for those who are shareholders,
journalists, interested in working with us or just generally
interested in Nordnet as a company.

Presentation to analysts, shareholders and the media

CEO Håkan Nyberg and CFO Jacob Kaplan will be presenting the report
and answering any questions on Tuesday 25 October 2016 at 10.00 a.m.
CET via a telephone conference. The presentation will be made in
English and can also be followed online.

Telephone number for participation by telephone: +46 8 5664 2662
(Sweden) or +44 2030 089 819 (UK).

Follow the presentation on
https://wonderland.videosync.fi/2016-10-25-nordnet-q3-report

For further information, please contact:

CEO Håkan Nyberg, + 46 703 97 09 04, hakan.nyberg@nordnet.se

CFO Jacob Kaplan, +46 708 62 33 94, jacob.kaplan@nordnet.se

This information is such that Nordnet AB is obliged to publish under
the EU's Market Abuse Regulation and the Securities Market Act. This
information was submitted through the efforts of the above-mentioned
contact persons for publication on 25 October 2016 at 8.00 a.m. CET.

Nordnet is a bank for investments and savings with business in Sweden,
Denmark, Finland and Norway. The idea behind Nordnet is to give
customers control of their money, and the goal is to become the no. 1
choice for investments and savings in the Nordics. Nordnet AB (publ)
is listed in Nasdaq Stockholm. Visit us at www.nordnetab.com,
www.nordnet.se, www.nordnet.no, www.nordnet.dk or www.nordnet.fi.

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http://news.cision.com/nordnet/r/nordnet-interim-report-january-septembe...
http://mb.cision.com/Main/116/2107612/579403.pdf

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