Okay. Good morning, everybody. Thank you for listening in. About the Q2, I will start off by commenting on what we call the Facebook incident, where we have ourselves reported us to the authorities for maybe breaking GDPR for IMY authority and then for the finance inspection in Sweden. The status is that we have we are in process with a good dialogue with authorities.
We do not know when this will be finalized all the consequences. But one thing to be reminded is that we can see that the data that we, so to speak, leaked to Facebook was deleted and that is confirmed by Facebook. They could not use the data, which was mostly telephone numbers and email addresses. And we also are very comfortable that no customer had any bad experience or any damage due to the fact that it happened. And also, of course, we have spent a lot of time trying to understand what actually did happen and how could we have a setting with Facebook that was not suitable for a bank and the investigation shows that this was human error from our side.
And of course, we are improving processes, making sure 2 people do changes and so forth. So we are learning a lot from the incident. And of course, we are also looking at all third party integrations that we have within Avanza. And This is the relationship that we have had with Facebook since 2013. So it's a long lasting relationship, but of course, that relationship in this respect, it's now terminated to make sure that nothing of this kind will happen again.
Moving a bit more over to the business side. If you look at the customer growth, I will spend some time looking at that. We gained for the first the half year, 240,000 clients almost to Avanza. And just to give you a bit of perspective, if we look 18 months back in history to the 1st January 2020. We added about 500,000 clients.
We have 375,000 more clients generating brokerage income in the stock market and so forth, but we also have 365,000 more clients generating mutual funds income or investing in mutual funds. So that has been a very satisfactory growth of the company. And a bit of flavor to that is that if we go back 30 months to the 1st January 2019, 45% of the customer has been added to the platform in the last 30 months. So to put it a bit simple, you can say it took us 19 years to bid 1 customer base and 30 months to almost double that customer base, which is, of course, very good news for the future. And the next slide, we are showing a bit the profile of our customer base compared to, so to speak, the population of Sweden because now we have about 12% of all people in Sweden as customers Avanza, and we have 6.2% market share.
And one explanation is, of course, that our customers are younger. The median age of a customer in Avanza is 38 and the median age in Sweden is 48, which implies that our customers our younger. They are doing careers. They're making higher income. They're also the generation understanding the importance of savings.
And there's also the generation that will be benefiting from the wealth transformation that will take place in the next couple of years or for a long time in the future. And given that we have a churn of about 1%, it means that if we keep on focusing on keeping our clients satisfied and happy. I think we with the customer base that they have, the growth in the customer base are very well positioned for the future and have a great potential. One other note with the customer base that has surpassed $1,500,000 now is also that when we look at it in more than 500,000 customers, that means onethree of the customer base are actually daily active users. That means that they interact with us 7 days a week all year around and that, of course, creates stickiness.
It creates a very close relationship with the customers. And in my opinion to have 1 third of the customer base as daily active user is implies that you're doing something that is appreciated by your clients and let you part of their life in a very natural way. Going to the net inflow, which is, of course, something that we like the highlight because now we have for the first time in the quarter over SEK 700,000,000,000 or SEK714,000,000,000 in AUM or asset under management. And we had net inflows for the 1st 6 months of SEK 53,500,000,000. And to remind us a little bit what that implies is that last year, which was a fantastic year for us at Avanza.
I think we had in the excess of SEK 76,000,000,000 in net inflows for the full year and comparing that a little bit on historical level, 2019, I think it was SEK 32,400,000,000 in net inflows. So of course, the net influence has been very, very strong during the year. And also looking at market shares that we got during Q2 for Q1, We know that we now have 6.2% market share in the savings market. But more important is that during the Q1, we took 25% of the net inflows in the Swedish savings market. That means that 1 out of 4 new kronas in the market came to Avanza.
And looking at that figure on a rolling 12 month basis, it's around almost 20%. So that means that the last 12 months, 1 out of 5 new kronas into the Savings Multi came to our platform. And also in the net inflows, we had a great year, great quarter when it comes to mutual funds where we have an AUM now of SEK 195,000,000,000 up 71% year on year, which is also on a record high level. Looking at inflows on monthly savings, it's now in the bank, dollars 880,000,000, up from SEK 6.15 million last year, and we have almost SEK 270,000,000 in occupational and pension on our B2B business as net inflows. So that means that over SEK 1,000,000,000 each month is automatically, so to speak, generated net inflow, which is a focus area for us, of course.
When it comes to the transfer of pension and the pension business, of course, we see huge interest, huge activity of customers who want to transfer pension to Avanza. But you have to take into account that the process between insurance company or life insurance company is quite burdensome still for transferring pensions. So I don't expect to see any AUM signs of that maybe in Q3, Q4 because it still takes the 80, 90 days to transfer a pension. And a lot of the other companies are actually doing things to hinder people from moving their pensions in my way, not a very customer friendly way. But we see it as a great opportunity, and we see a lot of positive signs, but we want to see the figures in the balance sheet, so to speak, before we can conclude how successful we are, even though the signs are positive.
The next slide shows a little bit brokerage generating turnover per trading day, and it's still on a high level. If you can see this, we have taken up 3 years, 2019, 2020 2021. And of course, '21 has been a fantastic year when it comes to turnover. We saw in the Q2 that volatility went down, Stock markets moved sideways. Activity went down, but still the activity was on a very, very high level, given that the Q2 was not as good as Q1, but still a very, very strong quarter.
And just looking at if you look at Q2 2019, we go back 2 years, more than 400 and clients are generating brokerage income. So of course, the resilience of the business that we are conducting in Avanza has improved quite dramatically. The next one is, of course, the market shares in transaction turnovers. And we always look at these pages, slightly down for us, but still we are by far the number one player. We see more foreign institutions just taking part of the trading, which is not a head to head competition with us, but also the fact that our clients are trading more and more, relatively speaking, in our markets and very much so the U.
S. Market, which is not shown in these figures. But it's important for us to keep the size and keep the distance to our competitors, which we are comfortable with. Looking at launches, before we go into that, I think it's important understand that not all things we do is about new product, new services, new asset classes or might be. It's also a lot about redoing the things that we do, improving information about stock, improving how to put orders, improving how you navigate on the website and the mobile app and so forth.
But we have done some things that has been very appreciated by clients. For example, milestones, which we can see social media is very popular to spread the word around when you reach certain milestones in your savings, and it also helps customers be motivated to see how far can they go with their savings on Avanza. And And we also launched Savings Targets, which is newly launched, and I think it's over 100,000 clients that have used the services for savings target and then you can visualize your goals. It could be buying a summer cottage, buying a car, whatever it could be. And you also can see how you can slowly or maybe hopefully quicker reach targets and that is visualized in a very friendly way, which also motivates people to keep on saving and in my opinion also motivates people maybe to have a larger share of wallet on the platform.
We also did for our customers and which is more and more who wants to make sure that their assets are sustainable invested, the Nordic Swan eco label, which is a classic eco label in Sweden, which is also now integrated into the platform. So it's all about UX. We made a lot of improvements, and I think we have still everything we do, as I always say, we can do it even better. Finalizing that, of course, employee engagement is at a high level. I'm impressed with the people working in Avanza.
We're still working 75% of the staff from home. Hopefully, that will be more in the office in the fall. But who knows, giving all the information we got about Delta viruses and so forth. But the employees the job. The focus is, of course, growing the company, customer satisfaction and keep the strong innovation.
We had our brainy days in May, and I'm very comfortable that the ideas and the pace of innovation is looking good for the future. We were also voted the 4th most admired company in Sweden in Kantar SIFO survey. And by far, we're number 1 in the financial industry and we just came out also from YUGO's recommendation brand index, where we are the only financial institution on the top 10. So finalizing that, I think we have the size, we are well positioned and we have the customer space and we have the right staff to looking at the future with a very positive view. And having said that, I would like to turn over to Anna to go through the figures.
Thank you, Richard, and good morning, everyone. So let's start with a short overview. Although the activity in this quarter has been lower compared to Q1, Q1, it is still the 2nd strongest quarter and the strongest first half year we have ever seen. Due to lower transaction related income, operating income declined by 21% compared to last quarter. I will come back to that.
Underlying costs increased somewhat, up 2%, excluding the positive one off in Q1. Remember the reverse write down related to the premises at Vazagatam. All in all, operating profit dropped 29% in the quarter. Although looking at the accumulated figures for the first half year, I am proud to report an increase of 86% compared to same period last year. The net profit is now over $1,000,000,000 which is only 19% less than the full year profit of 2020.
Return on equity was 59% in the 1st 6 months to be compared to our long term target of 25% to 30%. As Rickon mentioned, we have initiated a process to review our long term target. An important part is, of course, to get a better understanding the indication of our strong growth, both in terms of customers and savings capital, but it will also be a part of our overall business planning process, which will take this autumn. The outcome of these discussions will be announced when disclosing the Q4 report in January. Ton per share for the half year period were close to DKK7, 83 percent higher than same period last year.
Stock market turnover and volatility decreased in the quarter compared to Q1, which was reflected in customer activity. Consequently, transaction related income was lower, but it's still strong. Other revenue streams increased. Net brokerage decreased by 24% in the quarter, a result of around 20% lower brokerage generating volume and transactions. Also, brokerage income per sek of turnover decreased from 12.2 to 11.5 bps due to larger share of trading within the Private Banking and Pro customer segments.
Foreign trading activity also decreased from the record level in Q1 and stood for 16% of turnover, which can be compared to 23% of turnover in Q1 and 12% a year ago. Please note that we, as from this quarter, have separated the net currency related income from other income and now report this as a separate income line. Fund commissions increased by 7% compared to Q1 and 83% compared to Q2 last year, mainly due to higher average fund capital. Net inflow amounted to 8,400,000,000 Income per sega fund capital, however, decreased to 35 bps as indicated already in the Q1 report. This is due to a larger share of capital invested in index funds.
Net interest income increased by 5%, mainly due to higher return on surplus liquidity and higher volumes in margin lending. Other income, which now mainly consists of revenues from About the markets and corporate finance increased with 13% versus Q1. Corporate finance showed another record quarter. Over to costs. Excluding the reversal of the write down of $10,000,000 in the Q1, which affected other expenses positively, The cost increase was 2% in the quarter.
This was mainly related to personnel and in line with our recruitment plan and growth strategy to improve our offering. Average number of employees increased by 5% to 5.45% in the quarter. The cost guidance for 2021 remains at about 15%. This also goes for the long term guidance of 9% to 12%. To sum up, the business development during the quarter resulted in an operating margin of 71% or 76% for the first half year.
This can be compared to 65% in the first half of twenty twenty. The income savings capital was 53 bps for the first half year, slightly higher than the same period last year. While the cost to savings capital ratio decreased from 18 to 13 bps, proving the scalability in Avantas' business model. As from end of June, amounts of capitalization is governed by the leverage ratio requirement of 3%. Today, we are at 4.7% to be compared to our internal target of 3.8%.
We're still waiting on the clarification on the FSA's bank specific Pillar 2 guidance, which is expected at around 0.2% to 0.5%. The Pillar 2 guidance will be announced next year. Our capital position is strong, meaning we still have room to distribute another $2.95 per share of last year's profit and which already communicated, the Board has planned to propose to an extraordinary general meeting later this year when the Swedish FSA's recommendation is repeated, which is expected to be in September. Okay. To sum it up from a financial perspective, I would like to highlight a few things.
We have a very low risk balance sheet, Which we intend to keep. Avanxay is well capitalized with additional distribution capacity and with the policy to distribute 70% of the year's profit. Growth in savings capital And growth in revenues are highly correlated and makes us well positioned for the future. Here, our strategy is also to grow recurring income, Which we have proven in the high growth of fund capital. High cost efficiency makes Avanta resilient in various market conditions.
At the same time, it gives us an important competitive advantage. 1 of management's most focus areas is also the cost efficient culture, why low cost to savings capital ratio is so important. And with that, I would like to hand back to Richard.
Okay. Thank you very much, Anna. And with those words, I think we will open up for questions.
Thank
off. And our first question comes from Patrick Pekaus from ABG. Please go ahead. Your line is now open.
Thank you. Thank you. A few questions from my side. I would like to start a little bit regarding customer activity. I know we have talked about this before, but Could you again help to shed some light and help me understand how the customer activity the is a little bit divided among your customer base.
For example, you have had a very strong activity in Q1, While it fell now in the Q2, how much of that delta is driven by old customers that's been on the platform for many years and how much of that is perhaps driven by new customers that has joined the recent years? Is it Are you seeing the big changes and swings in the new customers and the old customer activity is more or less the same? Or is it equally divided between both new and old customers, please?
I think we looked at that and I think we discussed it for. I think that when we look at it from a general point of view, it seems well, it seems like we can see that the new customers behave like the old customers. We cannot see not see any differences in that respect. And also, of course, that it's not like Customers are active Q1 and do not in Q2. I think a lot of our customers who were active in Q1 were still active in Q2, but on a lower level.
So the customer base is basically not showing or the new customers is not showing any other Kaiten behavior than the older clients have done. And if you look at, for example, the net inflows in Q2, which was a sideways quarter, it was 51% from old clients and 49% from new clients. So I wouldn't say we can see any differences in that.
Okay. Thank you. And this you mentioned 1 third is daily active users. How has that developed? Like how did that look before the pandemic?
Do you have that up on mind?
I think in Q4, it was like $400,000 So it has increased this year. I don't know I don't have the figure before the pandemic.
Okay. Thank you. And you mentioned and talked a little bit about the occupational pension transfer. Did I understand you correctly that it's perhaps a little bit too early to evaluate if Q2 was is performing according to plan when it comes to pension inflow and you want to some more data.
I think because you initiate a lot of transfer of pensions in Q2, but since the other life companies are so extremely slow, we don't get the AUM. It can take 90 days, 100 days, 60 days. So that means that the real proof is in the pudding. So when the money comes into us, it will be in Q3, Q4. So that's why it's a bit early days.
So what I have said is that we see a lot of interest, a lot of activity, which is very positive signs, but I will not say that we are successful until we see the money into the accounts, so to speak, and that will be Q3, Q4.
At which level of inflow would be in line with your own Thoughts regarding pension for Q3 and Q4 in pension?
That's a good question. But as you know, we never disclose any forecast of what we believe when it comes to results of volumes and that kind of things. We will look at those figures when we see them in hindsight than what has happened. So I don't make any projections on that.
Well, I have
to try. I see the
interest in it.
Yes. Okay. And my last question is also something we touched upon numerous times Regarding geographical expansion, you have a very popular customer offering, obviously, given the strong customer inflow we have seen. Are there any other geographies that would be interesting to explore if you look a few years out? I know that we have talked about historically a few years ago that the Netherlands and the Canadian markets had aspects that would be interesting from Avanza point of view.
I think that's always a debate that we have. But I would say for the next couple of years, we are very focused on staying in Sweden. My personal belief is that we can triple or quadruple the size of AvanSag even in the Swedish market. We have 6.2% market share. We have a lot of things to do in Sweden.
So when we reach just visionary 20% market share or 15% market share, I think that debate will be more suitable, but I would point out that they are just to give you one, it's not given that it's the Nordic countries that would be the next country for Avanza, but I think it's a few years down the road before we take that discussion.
Okay. Thank you. That was all for me.
Thank you. Our next question comes from Robin Rahn from Kepler Cheuvreux. Please go ahead. Your line is now open.
Yes, good morning. Thanks for the presentation and for taking questions. So about this, I guess 5% of the Swedish population is using your app every day, which is quite impressive. How does it look if we do the same calculation, but on weekly users or multi users,
how does that look? I don't have that figures. We were just looking before and took out the daily active users. But our 1,500,000 clients, of course, it varies how much people are active and so forth. But we want to be inspired to look after your savings.
So I don't have that number.
All right. And then on the currency related income, what's the split there between income from securities trading and fund investments, please.
Sir, could you ask that question again?
Yes. On the currency related income, Is that only as I understand it, it's related to both
funding but Absolutely.
The only part
is Other securities and funds. Funds is
a very small part of it.
Okay. All right. Thank you.
And then
I was just curious if you had any reflections on competition. So both SEB and Swedbank Have said during the spring that they want to improve their savings offering and that they are using third party providers for this. And do you have any thoughts on maybe incumbent banks closing the gap in terms of user friendliness and what they can do with their own savings platforms to that of Avansta?
No, I welcome competition is good, keeps us on our toes, but I'm comfortable that when they move forward, we will move on. So I think improving everything that we do is the way to react to that. So it's always good with competition, but I'm very comfortable that the in house culture of doing it ourselves and the quickness that we can do things is the competitive advantage that we will work very hardly to keep.
All right. Does it change your view in on sort of how much Avanza can grow in Sweden and the market share that Avanza would be able to attain if competition from the big banks is
If the competition for the big banks increase, it only implies one thing, we have to be even better, and that is our ambition. We're going to be better.
All right. Well, thank you very much. I'll stop it.
Thank you. Our next question comes from Nicholas Lebied from DNB. Please go ahead. Your line is now open.
Good morning. So first question on customer activity. If you have any thoughts on the activity trends you're seeing into the second half of this year, what, in your view, are the most material drivers? I know you, Richard, We cited in an interview in Swedish media earlier this week that you expect volatility to come down a bit in the second half. Does this mean that you also anticipate the further decline in the activity levels,
It's always impossible to say. I don't think we will see anything like the Q1 this year, the rest of the year. And I think that if it will be like Q2, who knows, but I think that we will see I'm not it's my personal opinion, I'm not very optimistic that asset prices can keep increasing the way they have done for this year. I mean, I think the Swedish Stock Exchange is up over 20 percent, and I don't think it will be up 40% for the full year. So I think we will see lower activity than Q1.
And then will it be lower than Q2? Who knows? It's very, very hard to have any predictions. My personal opinion also is that I think a lot of people will with the eye on the inflation figures coming out and what that will affect the market win.
Okay. And then looking at June activity levels, in particular, there was a decline in June, Quite marked decline versus the previous months. Do you have any thoughts on what explained that? Do you think it's Can you see some trends on a kind of a daily basis that's giving you some insight to what's driving that decline, if it's the good weather, less restrictions in society, the Euro championships? Or do you find it more kind of unexplained, the decline you saw in June?
I would say that part of weather, part of Europe Championship probably has some marginal effect. But I will also say that if you look at June from a market standpoint, it was quite a boring market, low volatility, things moving sideways, people being a little bit more hesitant waiting for the Q2 results this week. I mean, it's a massive number of reports. So I think people were positioned, so to speak, for a little bit more wait and see what would Q2 bring to us, and then we will see how the July figures will come out.
Okay. Then if you could please elaborate about which revenue lines or line are you the most excited about growing over the next few years? I mean, noting the very strong growth you had in brokerage in 2020, 2021. How do you look on the growth outlook for the various revenue lines over the next couple of
years. And I think that one revenue line that is extremely important for us going forward is the mutual fund. And that's why I lifted we have more than 365,000 new clients the last 18 months investing in mutual funds, and we have a record AUM of SEK 195,000,000,000. So I think we have a lot of work to do to grow our mutual fund business, which is in line with creating more recurring income. But then, of course, the stock interest and the number of clients that are interested in equities, which implies also that brokerage will be, of course, important.
But what we can control ourselves a lot is to inspire clients on long term savings in mutual funds. So that is a big focus area for
Yes. And then I was also wondering if you see any potential to expand the investment opportunities at offer to your customers, Jeff, for instance, adding new equity markets in new geographies or trading in or investing in cryptocurrencies or anything else that you see as a potential?
I think that cryptocurrencies, I think we trade 13 certificates with underlying crypto assets, and I think it's been very popular with our clients. So without saying anything, I think the crypto development is something that we follow is of interest. That doesn't imply, say, we're going to do something, but it's something we follow quite closely. And then, of course, if you look at online trading, we have 11 markets, but we know that we have clients who wants us to expand that. But that is something we look at, so to speak, always if we can do it in a cost efficient way and also if there's enough clients that are interested in it because we cannot invest money and time in corner cases for a few clients.
We have to take into account that do things that will impact our most of our clients in a positive way. But that's always a debate that we have internally and also with external parties.
Okay. And then I was also thinking about your Bolon Plus platform Now has beyond, yes, SEK 17,000,000,000 in business volume. Any comment on the revenue generation from this business volume, please? It's been a bit difficult to track As you know, from the outside, is there anything you could say here that gives an idea of how much revenues this platform is bringing into you currently?
No, we have not disclosed that figure, and that's still the same reason because there's a lot of activity in that market. They want to keep our business model with our partners close to us, so to it, so we are not disclosing that. We will disclose it someday in the future. But I think that just to comment on the mortgage plus offering that is over SEK 17,000,000,000 at the moment is that we have been in that market for for 3 years. We added Land Supertiag to our 2nd partner, which has been a great success for us.
I also think it's important to understand that Land Supertiect don't do apartments. Stabilo is not in the new market, so to speak, when you buy a house, it's just refinancing. A 60% LTV, which is, of course, something that's not as good as it could be if it was 85%, which is our ambitions to land it because we have a lot of young clients that need to borrow more than 60%. So given the limitations that we still have in the frame that we will work to close the gap, so to speak. I still think it's quite good number to with that limitations create for 3 year period size SEK 17,000,000,000 in mortgages.
So we're looking at that. And as I said before, we would like to add on more partners on our platform because we have an ambition to be a mortgage platform for more than just 2 partners going forward. But then we have to have that's something we're looking for in the future.
Yes. I mean, I appreciate that it's been a good development as a new kind of player in this market And you've been able to grow the business volume quite rapidly over this year. But do you have any idea of when we can actually Start noticing this business in your P and L as well, so we can kind of get an idea of what this means for you in terms of business case.
I will not give you any promises, Niklas, but it will not be 2021.
Okay. And then final question on cost, please. So how do you think about your cost plan now for 2021, given the continued high growth in customers? And also potentially, I don't know how you think about this, but the personal data incident on Facebook, if this is having any implication for your costs. And also noticing that, yes, the average number of FTAs was up, I think you mentioned, Anna, 4% or 5%, but looking at the kind of Q on Q development for how many employees.
And at the end of the quarter, it was up 7% and it's up 19% year on year. Is this increase in line with your plan for 2021? Or has there been any unforeseen Needs for to add more employees that you intend to offset later this year?
I would say like this, I think that we have made some extra increases when it comes to back office customer services because I have to be honest and say that we didn't anticipate the number of clients to grow as fast as it has done this year, which is all positive news. But we have different costs within the company. So we are comfortable to getting around 15% as we have communicated, but if something happens in the market and the growth would be phenomenal in the next couple of months, which I then, of course, if that will make us, so to speak, not taking care of our clients and we need to add more people, then of course, we will do that and communicate that. But knowing what I know today, we are just executing on our recruitment plan, and we intend to do so. That could be offset by enormous growth in number of clients and AUM, but that, in my opinion, would be a positive problem.
So the 15% or around 15% cost growth for the full year of 2021 with what I know today stands.
So the personal data incident Doesn't have any implications for your cost. It doesn't require you to invest more resources or anything like that? Okay.
No. That's the good thing. We're having a lot of internal competences and internal people. And of course, we have done investigations and so forth, but it will not implied anything on the cost basis.
Okay, perfect. Thanks a lot for answering the questions.
Okay. Thank you, Niklas.
Thank you.
And our next question comes from Mats Lieder from SEB. Please go ahead. Your line is now open.
Yes. Good morning. Thank you. A few follow ups maybe from my side. Rick, as you said that new clients are a lot behaving Like the older client base as well.
Do you have any data or indications? How has the historical client base behaved. Let's say we get the stock market, it's up 25% now. Let's say it comes down 15% and we get a sharp drop. How has activity been in that kind of period?
Initially, I would expect high, but has there been people Got scared or investors got scared or do you have any sort of trend on that or indications?
Sadly enough, my answer will be that if you get a sudden drop of 15% in the stock market and after that, you get a period of sideways moves. It's always high activity in the drop, so to speak, and then it's people sitting on their hands with cash waiting for new opportunities to invest. But I think that our communication is always to diversify long term and don't sit still in the boat a little bit. But usually, when we saw that especially in March last year when the market dropped that there was a lot of sell offs among especially equity clients.
Yes. Okay. And then perhaps a follow-up on costs and on Nicolas there. I mean, you have had quite a high Or higher cost than we anticipated perhaps in the first half. Does this mean that you need to hold back on some investment That were initially planned for the second half here in order to meet the 15% guidance?
Now.
I think that we will do what we want to do. I was said, as I said to Niklas, what could offset that is if we get above expectation growth during the fall, and that would be, in my opinion, positively because we have according to the plans we had for 2021, we have increased number of back office people, customer service people, developers and so forth. And we have a people plan that's very detailed, so to speak, and we're following that. And we are comfortable with the cost guidance given the information that we have today.
Okay. Thank you. That's all from me. Thank you. That's all from
me. Thank you, Matt.
Thank you. Our next question comes from Jens Hallen from Carnegie. Please go ahead. Your line is now open.
Perfect. Thank you. I have with two questions. First is just looking at the savings capital for customers. I mean, you always used to run with about 400,000.
Now it's
up to
$470,000 So my question is, have we not reached a point when sort of adding new customers, not diluting the value increases that we see in the market. What do you think that number is going to be? Or has there been a trend
shift in yes, I guess that's
the question. I think the trend that we have improving from $400,000 to $470,000,000 It has to do with asset prices and that the stock market and the value of people portfolios have increased quite a lot this year with the stock exchange up over 20% in Sweden. But I would say, on the other hand, we're still adding a lot of young clients into the bank with far less than SEK 470,000. So I would say that, that affects it. And then, of course, long term, what would be beneficial is, of course, the transfer of pensions.
So it's difficult to say. We track the number, but at the same time, if we're getting a lot of 20 years old with SEK 5,000 in their accounts who gets going. That has a negative effect on the average. But at the same time, when we look at it, we can see that pension transfers and of course, a lot of the increase has done with asset prices.
Okay. Makes sense. And second question is just looking at FX. So of course, I mean, Q1 was exceptional. If we are looking at the volumes now in Q2, they were down, of course, Q on Q, but they're still very strong compared to 2020.
So my question here is to do with what you think about the run rate. Are the current volumes something you think is sustainable given the new set of customers that you have.
No, I would say what I think is sustainable is that more and more clients see it very natural to trade in more markets than Sweden. And we can see that going back to 2017, when I think it was like 4%, 5% was foreign trading, and then it was a record number in Q1, still quite high in Q2. So that's what I believe is that going forward, even in a boring environment, we will see, relatively speaking, more customer comfortable trading abroad. But if that number is going to be 15%, 17%, 25% or 10%, impossible to say, but it will be relatively speaking on a higher level.
Okay. Thank you very much for that. That's all from me.
Thank you. Next question comes from Roberto Cassoni from Atos Capital. Go ahead. Your line is now open.
Yes. Hi, good morning, everyone. Thank you for taking my question. Most of my questions have been answered already. I have one actually, 2, one very little detail on ForEx as well.
Again. I'm just trying to understand a bit what happened in Q2 in a sense that Apart from the natural drop in SEK1, I also noticed that in reality, if you look at volumes, They're only down 30%, and new release volumes on ForEx related trading on a monthly basis. And if so why commissions have drop almost 50%, while volumes were down 30%. I also am very interesting in understanding if there is any particular stock or market where those trades refer to, I'm talking about the Tesla of this world, is there any single stock or cryptocurrency that is actually impacting materially into these numbers. Thank you.
Let's see here. I would say we started a question about what kind of stocks it is. I would say it's always popular stock. And then if you look at the too, it was a bit Tesla, Neo, Coinbase, the tech stocks in the U. S.
Is also very, very popular. So it's nothing out of the ordinary. But of course, in Q1, we saw a lot of trading in GameStop and so forth, but nothing that had any great impact even though it had some impact to the figures. And the reason why we drop I'm looking at Sofia a little bit to get the right answer to your first part of the question.
I mean, the reason why we dropped in volume compared to I didn't really catch What you were referring to?
Sorry, if I look at your monthly reporting, I can see that you mentioned foreign trades in SEK 1,000,000 on a monthly basis, dropping at around EUR 900,000 per day, yes, EUR 800,000 per day in June versus an average of 1.3 in the Q1. So I would say that volumes have dropped between 30% to 32% was commission from trading activity in Forex trade has grown down more than that. It's gone down almost 50%. So I was wondering what was the reason behind it? And if there was anything to do with cryptocurrencies.
Cryptocurrencies are also included.
It doesn't affect the SRN trading at all because they are It's traded in certificates denominated in Swedish sec. That doesn't affect it at all.
Doesn't affect. Okay.
That's It's I would say it's rather the size of the trades and so one that affects the income.
Okay. I understand. So the average size per trade was higher, so lower fees.
Yes. I mean, if you buy your stock For where you are exactly where you get the best price dependent on the size of the trade and according to What was done the month or the month before. That's what could affect it. I don't have a more Precisely.
No, no. Okay, okay. That's fine. Well, thank you. Thank you very much.
That's fine for me. Thank you.
Thank you. And as there appear to be no further questions, I return the conference to the speakers for any closing remarks.
Okay. Thank you all for listening in. And I hope you all are vaccinated now so that you can travel and have a great summer. Take care of yourselves. Thank you very much.
Bye.