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       Interim report January - June 2010
Financial highlights (January-June)
 •   Operating income increased by 54 percent to SEK 529.0 million (343.1)

 •   Profit after tax increased by 52 percent to SEK 107.7 million (70.9)

 •   Earnings per share before dilution were up 49 percent to SEK 0.64 (0.43)



net savings                 total savings capital            net commission

6.7 (5.9)                   91.2 (53.9)                      34 (29)
billion Swedish kronor      billion Swedish kronor           Swedish kronor per trade

number of active accounts   number of trades                 cost coverage

316,000 (249,600) 8,646,700 (7,666,200) 61 (49)
                                                             percent
General highlights (April-June)

•   Focus on banking services

•   Savings accounts launched in Sweden and Finland

•   iPhone app v.2 and new Android app

•   Trade record in May

•   Acquisition of Konsumentkredit

•   Successful integration of eQ
Operating profit
+7% compared to Q2 2009
Number of active accounts
Adjusted during Q2 in connection with eQ integration




Total number of customers 275,800
Net savings
Turbulent markets make savers more cautious
Savings capital and accounts distribution


 (SEKbn)               (#)
Market shares January – June
     Algorithmic trading players continue to grow

     Broker                   Number of trades   Market share    Number of trades   Market share
                             January-June 2010                  January-June 2009
1    SEB Enskilda                    8,030,377         8.58%            5,733,832         8.12%
2    Nordnet                         6,896,195         7.37%            6,312,374         8.94%
3    Credit Suisse                   6,177,103         6.60%            3,091,126         4.38%
4    Handelsbanken                   4,546,885         4.86%            3,353,140         4.75%
5    Morgan Stanley                  4,291,825         4.59%            3,854,592         5.46%
6    Av anza Bank                    4,001,165         4.28%            3,694,439         5.23%
7    Deutsche Bank                   3,938,630         4.21%            3,217,904         4.56%
8    Citadel Securities              3,815,612         4.08%              172,282         0.24%
9    Fortis Bank                     3,086,236         3.30%                    2         0.00%
10   Swedbank                        3,044,807         3.25%            1,809,693         2.56%
Total the Nordic Exchanges          93,565,152          100%           70,586,824          100%
Market shares (Trades)




                                          *2009 figure does not include eQ
             Source: Official statistics from the various stock exchanges
Market shares (Turnover)




                                         *2009 figure does not include eQ
            Source: Official statistics from the various stock exchanges
3 months       3 months       6 months       6 months
Consolidated Income Statement (SEK million)   Apr-Jun 2010   Apr-Jun 2009   Jan-Jun 2010   Jan-Jun 2009

Net interest income                                   77.8           40.9          148.9           83.2
Net commission income                                159.7          131.8          324.0          231.0
Other income                                          18.8           18.3           56.2           28.9
Total operating income                               256.3          191.0          529.0          343.1

General administrativ e expenses                    -149.1         -100.3         -308.7         -193.4
Depreciation and amortization                        -20.3          -15.9          -48.0          -32.4
Other operating expenses                             -22.5          -14.9          -37.2          -24.4
Total operating expenses                            -191.9         -131.1         -393.9         -250.2

Profit before credit losses                           64.4           59.9          135.1           92.9

Net credit losses                                      0.0            0.1            0.0           -0.4

Operating profit                                      64.4           60.0          135.1           92.5

Tax on profit for the period                          -9.6          -14.4          -27.4          -21.6
Profit for the period                                 54.8           45.6          107.7           70.9
Financial development per quarter - Group (SEK million)   Q2 10    Q1 10    Q4 09    Q3 09    Q2 09    Q1 09    Q4 08    Q3 08

Operating income                                           256.3    272.7    265.9    258.2    191.0    152.1    164.0    170.0
Operating expenses and depreciation                       -192.0   -196.6   -227.3   -184.4   -131.1   -119.1   -116.0   -110.7
Net credit losses                                            0.0      0.0     -3.9     -1.9      0.1     -0.5     -7.0     -2.3
Profit before goodwill and non-recurring items              64.3     76.1     34.6     71.9     60.0     32.5     41.0     57.0

Goodwill and non-recurring items                             0.1     -5.5      0.0     53.8        -        -     -4.6        -

Operating profit                                            64.4     70.6     34.6    125.7     60.0     32.5     36.4    57.0

New accounts                                               9,400    9,200    4,100   54,900   11,000    7,700   12,600 218,300
Net commission per trade (SEK)                                35       32       34       35       31       27       27      32
Number of trades per day                                  69,300   69,000   63,400   62,900   64,100   56,600   61,400 40,700
Consolidated Statement of Financial Position (SEK million)   30/6/2010   30/6/2009   31/12/2009

Loans to credit institutions                                       855       3,479        2,384
Loans to the public                                              4,824       2,996        4,586
Financial assets                                                 5,119       1,076        3,469
Financial assets - policy holders bearing the risk              15,424       9,688       11,866
Tangible and intangible assets                                     401         316          455
Other assets                                                       881         389          994
Total assets                                                    27,505      17,944       23,754

Deposits and borrowing by the public                             9,759       6,933        9,875
Liabilities to policyholders                                    15,424       9,688       11,869
Other liabilities                                                1,316         466          949
Shareholders' equity                                             1,005         858        1,036
Total liabilities and shareholders' equity                      27,505      17,944       23,729
Capital requirements for the financial conglomerate (SEK million)                           30/6/2010   31/12/2009

Shareholder's equity, Group                                                                   1,005.1      1,036.4
Plus conv ertible loan                                                                          100.0            -
Less div idend for the 2009 financial year                                                          -        -83.8
Less assumed div idend for the 2010 financial year                                              -43.1            -
Less intangible fixed assets and deferred tax receiv ables                                     -370.7       -416.3
Capital base                                                                                    691.4        536.3

Capital requirement for regulated units within the banking and securities sector                447.2        447.8
Theoretical solv ency requirement for non-regulated units in the largest financial sector         2.9          2.2
Capital requirement for regulated units within the insurance sector                              24.7         23.5
Capital requirement                                                                             474.8        473.5

Capital surplus                                                                                 216.6         62.8

Capital coverage ratio                                                                           1.46         1.13
Konsumentkredit

• A strategic element in the banking business development

• Adding expertise within risk assessment, sales and administration of
  loan products

• 20,000 customers, lending of SEK 1.4bn

• Will remain a separate company and brand

• Purchase price SEK 250m

• Expected PTP increase of approx. SEK 6-7m a month

• Expected EPS increase of approx. SEK 0.30-0.35 a year

• Conditional on approval from FSA (FI) & EGM
A strategic element in the bank

  Mortgages                    Savings
                              accounts



 Salary                         Loans
accounts



                                     Mobile
      Bank cards                    banking
                                    services
Outlook

• Continued market concern may make savers adopt a more
  cautious approach to the stock market

• Continued focus on banking services

    • A range of banking services in Sweden by year-end

    • More mobile services to come

• Luxembourg phasing out to be completed in Q3

• Savers will continue to look for alternatives to the Jurassic
  Banks
Financial objectives
• 100% cost coverage from other income than trading
  commision at the end of 2011

• Double the revenues from levels of 2007 while maintaining a
  high operating margin within 2-3 years



Vision
• To become the leading bank for savings in the Nordic
  countries by 2018
Large potential


                  Nordnet’s potential client base

                     25 million people in the Nordic region

                     10 million save in shares and mutual funds

                     Nordnet’s existing clients 2010
Nordnet Q2 2010 report

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Nordnet Q2 2010 report

  • 1. » leading-edge mobile bank services « Interim report January - June 2010
  • 2. Financial highlights (January-June) • Operating income increased by 54 percent to SEK 529.0 million (343.1) • Profit after tax increased by 52 percent to SEK 107.7 million (70.9) • Earnings per share before dilution were up 49 percent to SEK 0.64 (0.43) net savings total savings capital net commission 6.7 (5.9) 91.2 (53.9) 34 (29) billion Swedish kronor billion Swedish kronor Swedish kronor per trade number of active accounts number of trades cost coverage 316,000 (249,600) 8,646,700 (7,666,200) 61 (49) percent
  • 3. General highlights (April-June) • Focus on banking services • Savings accounts launched in Sweden and Finland • iPhone app v.2 and new Android app • Trade record in May • Acquisition of Konsumentkredit • Successful integration of eQ
  • 5. Number of active accounts Adjusted during Q2 in connection with eQ integration Total number of customers 275,800
  • 6. Net savings Turbulent markets make savers more cautious
  • 7. Savings capital and accounts distribution (SEKbn) (#)
  • 8. Market shares January – June Algorithmic trading players continue to grow Broker Number of trades Market share Number of trades Market share January-June 2010 January-June 2009 1 SEB Enskilda 8,030,377 8.58% 5,733,832 8.12% 2 Nordnet 6,896,195 7.37% 6,312,374 8.94% 3 Credit Suisse 6,177,103 6.60% 3,091,126 4.38% 4 Handelsbanken 4,546,885 4.86% 3,353,140 4.75% 5 Morgan Stanley 4,291,825 4.59% 3,854,592 5.46% 6 Av anza Bank 4,001,165 4.28% 3,694,439 5.23% 7 Deutsche Bank 3,938,630 4.21% 3,217,904 4.56% 8 Citadel Securities 3,815,612 4.08% 172,282 0.24% 9 Fortis Bank 3,086,236 3.30% 2 0.00% 10 Swedbank 3,044,807 3.25% 1,809,693 2.56% Total the Nordic Exchanges 93,565,152 100% 70,586,824 100%
  • 9. Market shares (Trades) *2009 figure does not include eQ Source: Official statistics from the various stock exchanges
  • 10. Market shares (Turnover) *2009 figure does not include eQ Source: Official statistics from the various stock exchanges
  • 11. 3 months 3 months 6 months 6 months Consolidated Income Statement (SEK million) Apr-Jun 2010 Apr-Jun 2009 Jan-Jun 2010 Jan-Jun 2009 Net interest income 77.8 40.9 148.9 83.2 Net commission income 159.7 131.8 324.0 231.0 Other income 18.8 18.3 56.2 28.9 Total operating income 256.3 191.0 529.0 343.1 General administrativ e expenses -149.1 -100.3 -308.7 -193.4 Depreciation and amortization -20.3 -15.9 -48.0 -32.4 Other operating expenses -22.5 -14.9 -37.2 -24.4 Total operating expenses -191.9 -131.1 -393.9 -250.2 Profit before credit losses 64.4 59.9 135.1 92.9 Net credit losses 0.0 0.1 0.0 -0.4 Operating profit 64.4 60.0 135.1 92.5 Tax on profit for the period -9.6 -14.4 -27.4 -21.6 Profit for the period 54.8 45.6 107.7 70.9
  • 12. Financial development per quarter - Group (SEK million) Q2 10 Q1 10 Q4 09 Q3 09 Q2 09 Q1 09 Q4 08 Q3 08 Operating income 256.3 272.7 265.9 258.2 191.0 152.1 164.0 170.0 Operating expenses and depreciation -192.0 -196.6 -227.3 -184.4 -131.1 -119.1 -116.0 -110.7 Net credit losses 0.0 0.0 -3.9 -1.9 0.1 -0.5 -7.0 -2.3 Profit before goodwill and non-recurring items 64.3 76.1 34.6 71.9 60.0 32.5 41.0 57.0 Goodwill and non-recurring items 0.1 -5.5 0.0 53.8 - - -4.6 - Operating profit 64.4 70.6 34.6 125.7 60.0 32.5 36.4 57.0 New accounts 9,400 9,200 4,100 54,900 11,000 7,700 12,600 218,300 Net commission per trade (SEK) 35 32 34 35 31 27 27 32 Number of trades per day 69,300 69,000 63,400 62,900 64,100 56,600 61,400 40,700
  • 13. Consolidated Statement of Financial Position (SEK million) 30/6/2010 30/6/2009 31/12/2009 Loans to credit institutions 855 3,479 2,384 Loans to the public 4,824 2,996 4,586 Financial assets 5,119 1,076 3,469 Financial assets - policy holders bearing the risk 15,424 9,688 11,866 Tangible and intangible assets 401 316 455 Other assets 881 389 994 Total assets 27,505 17,944 23,754 Deposits and borrowing by the public 9,759 6,933 9,875 Liabilities to policyholders 15,424 9,688 11,869 Other liabilities 1,316 466 949 Shareholders' equity 1,005 858 1,036 Total liabilities and shareholders' equity 27,505 17,944 23,729
  • 14. Capital requirements for the financial conglomerate (SEK million) 30/6/2010 31/12/2009 Shareholder's equity, Group 1,005.1 1,036.4 Plus conv ertible loan 100.0 - Less div idend for the 2009 financial year - -83.8 Less assumed div idend for the 2010 financial year -43.1 - Less intangible fixed assets and deferred tax receiv ables -370.7 -416.3 Capital base 691.4 536.3 Capital requirement for regulated units within the banking and securities sector 447.2 447.8 Theoretical solv ency requirement for non-regulated units in the largest financial sector 2.9 2.2 Capital requirement for regulated units within the insurance sector 24.7 23.5 Capital requirement 474.8 473.5 Capital surplus 216.6 62.8 Capital coverage ratio 1.46 1.13
  • 15. Konsumentkredit • A strategic element in the banking business development • Adding expertise within risk assessment, sales and administration of loan products • 20,000 customers, lending of SEK 1.4bn • Will remain a separate company and brand • Purchase price SEK 250m • Expected PTP increase of approx. SEK 6-7m a month • Expected EPS increase of approx. SEK 0.30-0.35 a year • Conditional on approval from FSA (FI) & EGM
  • 16. A strategic element in the bank Mortgages Savings accounts Salary Loans accounts Mobile Bank cards banking services
  • 17. Outlook • Continued market concern may make savers adopt a more cautious approach to the stock market • Continued focus on banking services • A range of banking services in Sweden by year-end • More mobile services to come • Luxembourg phasing out to be completed in Q3 • Savers will continue to look for alternatives to the Jurassic Banks
  • 18. Financial objectives • 100% cost coverage from other income than trading commision at the end of 2011 • Double the revenues from levels of 2007 while maintaining a high operating margin within 2-3 years Vision • To become the leading bank for savings in the Nordic countries by 2018
  • 19. Large potential Nordnet’s potential client base 25 million people in the Nordic region 10 million save in shares and mutual funds Nordnet’s existing clients 2010