Berenberg Notes Avanza Bank's 'Good Finish' for H1 as Q2 Results Top Expectations

06:45 AM EDT, 07/16/2026 (MT Newswires) -- Berenberg said Wednesday Avanza Bank (AZA.ST) delivered a "good finish" to the first half as its second-quarter results topped the research firm's expectations, as well as consensus forecasts. For the three months ended June, the Swedish bank reported an operating income of 1.33 billion kronor, up 26% year over year, driven by higher net currency-related income, net interest income, net brokerage income, and net fund commissions. Profit rose 33% annually to 795 million kronor. "Supported by the risk-on sentiment across its customer base and by elevated interest rates, all of the main income streams increased by more than 20% in Q2. Facing tougher comps and taking into account the fall in short-term interest rates in Sweden after the recent peak in late-March, we expect somewhat slower income and profit growth in H2. Moreover, as cost growth is set to remain elevated in the coming years, we forecast a slightly negative margin trend to weigh on the earnings trajectory," analysts said. Against this backdrop, the research firm's forecasts for revenue, net income, and EPS from 2026 to 2028 were raised. Meanwhile, Berenberg reiterated its hold rating on the stock, noting it awaits "more clarity" on the execution of the company's international expansion plans. The price target was raised to 400 kronor from 380 kronor.