Nordnet AB (publ) (SAVE) Earnings Call Transcript & Summary

So it's 4:00. Hello, everybody, and much welcome to Nordnet's shareholder meeting of 2022. My name is Johan Tidestad, and I'm Chief Communications Officer of this company. And as you all know, Nordnet is a digital platform savings and investments. We have a business in the Nordic countries, listed on Nasdaq Stockholm. And today, we have something like 30,000 shareholders. At last year, we have decided to do the formal part of the Annual General Meeting in a nonphysical way. And when it comes to that part, that is if you want to vote for any of the decisions that have been suggested, you can find all the information on our corporate site, nordnetab.com. And the process in short is that we are working together with the Euroclear and that you sign up and submit your votes electronically by bank ID or by e-mail. You need to submit your votes at the latest on Wednesday this week, and that is why we have this shareholder meeting today. And what we have done is that we have lifted out a nonformal, more informative part of the AGM, which we're watching right now and the purpose of this session is for you to meet the management of the Nordnet, get an overview of where we are business-wise with a focus on 2021 and also get a glimpse of our business so far this year and what we are planning next. You will also be able to ask any questions you might have about Nordnet. And today, first out, we will listen to our Chairman of the Board, Tom Dinkelspiel, and then we will have a company presentation from our CEO, Lars-Ake Norling and Lars-Ake Norling will in that session be joined by our CPO and Deputy CEO, Rasmus Jarborg; and also by our country managers, Martin Ringberg from Sweden; Anders Skar from Norway; Anne Buchardt from Denmark and Soile Ruuskanen from Finland, who is filling out for country manager, Suvi Tuppurainen who is not available today. And after the presentation, there will be a Q&A session. And as you hear, we will do this event in English, but you can ask questions in both English and Swedish and we will have the presenters go through what they have to say first, and we will take all the questions afterwards when we come to the Q&A session. [Operator Instructions] And I should also say that this session will be recorded and published on our corporate site. But please note however that we -- due to GDPR reasons, will only publish the company's presentation part and not the Q&A session. So again, thanks for joining us today, all of you, and very welcome to Nordnet's Digital Shareholder Event of 2022. [Presentation]

You are watching Nordnet's Shareholder meeting 2022, and we have a very interesting agenda in front of us. And first out today is our Chairman of the Board, Tom Dinkelspiel. Please go ahead, Tom, the stage is yours.

Thank you, Johan. And dear shareholders, a very warm welcome to this shareholder event. We live in very strange times. We saw the end of the pandemic in 2021 and COVID turning into a somewhat more normal flu, cold. And then in February 2022, Russia brutally and unapprovingly launch an attack against Ukraine. We support UNHCR with financial aid and our thoughts and hearts go to the brave people of Ukraine. We have a successful 2021 behind us. It was our first full year as a relisted company, and both the company and the share performed well, with the stock up over 40% during 2021. We are thrilled that our new shareholders have had a great performance since the IPO in November 2020. Now we're also finally able to freely pay out dividends again. And for 2021, we're distributing 70% of net profits. It was a year with record strong growth, both in customers and assets. We welcomed over 400,000 new Nordnetters to our platform, once again a record number. This gives us a special joy at Nordnet since we know that these new clients will have a brighter financial future, saving and investing in a cost-efficient manner together with us at Nordnet. We have continued our journey in democratizing savings and investments, becoming more used to friendly both on the web as well as with our award-winning app. Everybody at Nordnet strives every day to make our customers more satisfied, enhance their digital experience in our web app, innovate new products or simply handle a customer request in a swift and correct way. We all know that customer satisfaction make our company long term more profitable, but we will also improve our clients' life at least their financial one. The never-ending burden of new regulations continues putting a big strain on our industry. There is a good purpose with all these new rules coming into the place. But there should be a balance, and I think you can discuss cost benefit at this stage. Are we really making the financial sector more robust? Or are we spending money in vain, making it more complicated both for us, financial institution as well as our customers. Having said this, Nordnet is well equipped to be able to comply with the regulations. Looking forward, we still believe that we have just scratched the surface of the potential for Nordnet. We have some 5% market share in the combined market. And long term, I cannot see why we wouldn't be able to reach a substantially higher market share than that. In order to continue to grow, however, we need to be laser-focused on making investments and saving more accessible and easier to use. We also see some exciting product launches, especially in Norway, Denmark and Finland during the coming year, with the private banking mortgage product in Norway being the closest in time. We're excited about the future and believe we can continue to develop Nordnet and make the savings and investment markets much more transparent and cost efficient. Thank you for giving us the vote of confidence and being shareholders in Nordnet.

Thanks a lot, Tom. And Tom will also stick around for the Q&A part of this event later. And with that, I hand over to the CEO of Nordnet, Lars-Ake Norling.

Thank you, Johan. So we start with a short introduction first to Nordnet before we move into the 2021 highlights. Go to next page. So we've had a clear purpose in Nordnet since the company was launched in 1996, and we exist to democratize savings and investments. And through innovation, we challenge the traditional structures like big banks and pension companies and we give the private investors the tools, information and the products they need to succeed with their investments. We currently have around SEK 700 billion in savings capital on our platform, around 1.6 million customers across our 4 Nordic countries. And overall, a very high activity level on the platform with 66 million trades in the last 12 months. Go to next We are the [ leading at ] the platform for savings and investments in the Nordic. We are the #1 domestic broker on the Nordic exchanges in 2021. You can see that in the graph to the right. We also, overall, leading on customer satisfaction. We measure that to NPS, Net Promoter Score, where we have a clear #1 possession in Denmark, Finland and Norway and a strong #2 position in Sweden. And we are also #1 on market share when it comes to addressable market and online platforms in the Nordics. Go to next. And our aspiration is to be the clear #1 choice for Nordic savings and investors by having the most satisfied customers enabled by state-of-the-art platform for all their savings and investment needs. So we want to be a one-stop shop for savings and investments. In U.S. private investors should be able to find everything that you need on our platforms and of course, with a very good customer experience. And that we believe is a true differentiator for Nordic overall -- for Nordnet in overall. Go to next. And our brand promise is building the best platform for savings and investments. And this is our main focus. This is what we do every day at Nordnet and we will never be done. We always keep building on our platform. That's everything from launching new features in our app and web, which we do almost daily and launching new interesting financial products. Next one coming up is mortgage for private banking in Norway and also secure that we automate all the customer journeys. So the platform works really well for the customers also in an aspiring way. And we also, of course, enable tools for our customers to make informed decisions about their investments. And the purpose is, if you are a customer on our platform, you should be able to have higher returns over time by using our products. If you go to next. So now I hand over to you, Rasmus, to describe a little bit how a typical day at Nordnet looks like.

Thank you, Lars-Ake and hello, everybody. Like Lars said, I'm Rasmus Jarborg, I am the Chief Product Officer and Deputy CEO here. I thought if you would indulge me for a few minutes, just to give you a sense of the scale of the platform that we run here at Nordnet every single day. And starting off with a very technical view here. This is the number of calls against our proprietary API. So how many requests per seconds our systems get. And what is illustrating really is how our systems spin up just before European markets open at 9 a.m. And in a typical day in 2021, we had some 20,000 requests per second. That's peaked up towards 60,000 to 80,000 during some of these volatile trading days. You then see how it remains high, and there's another peak really when the U.S. markets open. And then when Europe closes, it really slows down. But during the day, if you will click with me here, [ Tina ], we have some 265,000 unique users accessing us through the app and another 115,000 on the web, that's daily active users. And as they start putting trades through click, the trades build throughout the day. At the end of a trading day, we have some 285,000 trades on average during last year, 88,000 of which were cross-border, meaning you invested outside your home market for a total traded value of just shy of SEK 7.5 billion. Now during that day, typically 1,000 new people have become customers of Nordnet. And they, as well as existing customers have put some SEK 230 million in net savings onto the platform. We've paid out 23 million in loans and in total, almost 120 million of net fund buys have been made on the platform. So almost by any metric, whether that be technical, requests per second, whether that be users in our app or web, whether that be trades, traded value, new customers, this is a pretty scalable and awesome platform that we've built. Go to the next. And really, when we do this, we bring all these customers onto the platform, the goal is to satisfy their needs from a savings and investment perspective. We want to be a one-stop shop for all their savings and investment needs and that is the platform we've built across our main business within securities brokerage and funds, which is, of course, is also available through pension wrappers or occupational pensions. And then we complement this core with very select lending products, chief among them are, of course, margin lending against the portfolio, but also an element of retail lending where the main product is a mortgage and that is targeted at our Private Banking segment, you'll hear more about that. Today, it's only in Sweden, but it is the lowest priced mortgage in Sweden of 0.65%. And before summer, we will launch a similar product in Norway in squarely at that high-net-worth segment. And then finally, we have a Shareville, which I'll come back to. If you go to the next. Here, you see the channels that we offer our customers and through which they reach our trading platform. Starting on the left, our own web application, we call it NEXT internally, entirely designed and developed in-house. This sees most of the trades still. But next to it, the Nordnet app, which Tom also mentioned in his introductory remarks, it was a Red Dot Design winner in 2021, which is a global acknowledgment of the design work that has gone into building this fantastic app. It is the little app that could. It's seen fantastic development in both features and functions, but also use since launch in 2018. In front is a third-party product aimed at our trading segment, and it access our platform through our API. And then finally, we have Shareville, which is one of our unique selling points. It is our very own social investment community with over 300,000 users on the platform here. You can follow anybody else; you can see into the portfolio on a potential basis, how they're allocated, what price they bought and sold. And it is a platform for people to explain their thinking and why they're investing or where they're selling, and it's highly appreciated, both as an engagement and customer attraction tool. So let's go to next, and I'll hand back to Lars.

Thank you, Rasmus. So short about the Nordnet history. The company was founded in 1996, then it was online trading only in Sweden and mostly via dial-up Internet at those times. And then in 2001, the company was listed for the first time on Stockholm Stock Exchange. At the same time, we also expanded outside of Sweden to Norway, Finland and Denmark, and also expanded our product offering to become a one-stop shop. In 2017, the company was taken private by the Öhman Group and also the [ PE ] company, Nordic Capital. And the reason was to do a major transformation of the digital platform or savings platform. And since then, we launched a new app, we launched a new web, we also modernized the back-end systems and are also now bit by bit moving them to the cloud. And this is allowed for a big improvement in customer experience as well as scalability. And this work was mainly done in the summer of 2020. And the owners have decided to delist the company and that was done in November 2020. And the main focus now is to capture this fantastic growth potential we saw in the Nordics that Tom also talked about. We currently have around 6% market share of the addressable market, so ample room to grow for many years. Go to next. And we see a clear acceleration in growth, both for customers and savings capital. And I would say it's 3 main reasons for this. One is that this every day we improve the customer experience by this focus on building the best platform to savings investments. The other part is that we have critical mass when it comes to a number of customers in all countries also allowing for a very good word-of-mouth-based customer growth. And the last part is, of course, this is general high interest for savings and investments in our markets. Go to next. We also managed our costs in a very good way, and we have a very scalable business model overall. So in the graph to the right, you see that we have maintained a cost level in absolute terms, flat for the last 4 years. And during the same period, we have grown the revenue with 40% per year. So very good scalability then improving also the cost margin, cost versus savings capital from [ 38 ] bps down to 17 bps. And the main drivers for this scalability is or, of course, as a foundation or tech platform, which is cloud-based. And so we can onboard a lot of new customers without driving the new costs. The other area, which we work very hard with is process simplification, automation and we try to automate everything that's possible. And that's a win for the customer because things will work better when everything is automated but also a win for us because we need less people and do less errors. So we save money on our side. Then we have a very efficient also customer growth. It's a lot of word of mouth from happy customers. but also, we have a very strong PR regime growing in all countries with the local savings economies. And in Sweden, we have [indiscernible]. So that means we have a low customer acquisition cost. And at the same time, with no churn on the platform, we have very high lifetime value. So we overall have a very profitable customer growth. And then, of course, like all companies who work very closely with our third parties and our suppliers to manage the spend there as well. Go to next. And if you look at the financials, it's a very strong development. We've grown the revenue, like I said, with around 40% on average per year for the last 4 years. Coming from them, the increase in customers, the increase in savings capital, but also overall activity on the platform. Same time in the middle, you see the costs flatten, so very good scalability. That means that the entire revenue increase ends up on the bottom line with a great improvement in profit before tax. So we are a tech company with a highly profitable growth. There's a lot of tech companies out there growing but not that many growing the profitability, as we know, but we have a clearly profitable growth. We can go to next. So in summary, we are the leading digital platform savings and investments in the Nordics, a clear #1 position in Norway, Finland and Denmark and a strong #2 position in Sweden. We also have very passionate and talented people. It's something we are very proud of and also a true differentiator for Nordnet. We see strong sustainable growth in both the savings capital customers and not least, revenue. But still, we have fantastic growth potential with only 6% market share currently. And that we discussed, we have a very scalable business model and also allow for good shareholder returns. So we can go to next. So that was a little bit introduction to Nordnet. So now we move into the 2021 highlights. You can go to next. So overall, 2021 was a fantastic year for Nordnet, the best ever in our history. We grew the customer base with 31%, savings capital up 42%, partly from net savings, but also that partly from market depreciation. And also very high activity on the platform from, of course, a growing customer base as well, up 22%. And all this then is converting to a revenue increase of 35% in 1 year. And at the same time, we manage cost in a very good way, allowing for a 56% increase in profit before tax. So overall, a very good year. Go to next. Here, we see that the growth in customers and net savings per month and in total and in total we onboarded 380,000 new customers in 2021, and that's by far a record for Nordnet. Also net savings was very high, SEK 83 billion, and this is net transfers from other banks to Nordnet by our customers. And for us, net savings is the ultimate proof that the customers like our platform because to open an account to Nordnet take just a few minutes, but the proof that they like our platform is that they don't just open account to customers, but they also transfer money and start using our products. If you go to next. And we are clearly the leading platform savings and investments in the Nordics and we're only the player with scale. We also -- we have a diversified revenues with 36% in Sweden and [ 20% ] roughly each in other countries. And we also see in the graph in the middle, the customer growth then on a yearly basis, where we have tremendous growth, not least outside of Sweden where we also -- what you can see in the graph to the right, have higher margins. We have higher margins overall in Norway, Denmark and Finland, and that's due to that we've higher share of cross-border trading in those countries. So they trade more outside of the local exchange where we also have higher margins. And this strong position we have in customer satisfaction. Again, we measure through NPS is also benefiting us in a good way. So we can see that we are clearly taking market share in all our countries. So we're taking market share in overall growing market. So that's, of course, a very favorable position. But again, only 6% revenue market share across. So great growth potential also going forward. Go to next. So now it's Rasmus again with some product highlights.

Thank you, Lars. I think really what we bring to the table and delivering this platform -- the world's best platform of savings and investments is true speed. And we look at speed in delivering features and functions as well as new products as the competitive differentiator, which sets us apart from a lot of the incumbent banks but also from other disruptors and start-ups that are trying to compete in this space. And that's what we are all about when it comes to product and tech is scoping and slicing our projects so we can keep a high pace of delivery. And looking back over 2021, if we clicked, we can see that every 2 hours, there was a release from our site next, and we've had hundreds of releases over last year. But again, we can see that we put quick a new version of the app in the hands of our customers every 5 days on average. And click again, in this last number maybe is meaningless to you, but 7,564 [indiscernible], which is how we measure a unit of work within tech was released during 2021. So almost any way you cut it from the customer perspective, from a tech perspective, we're working with a high pace of delivery. And we really do -- everything we do in our power is to ensure that we maintain the speed because you don't have to be the best if you're the fastest because pretty soon you'll be the best. So that's something we try to do all the time. Let's go to the next slide and see if I still have it with me in here. We have out of those 7,564 here are 4 examples of releases last year. I think these are some of the chunkier ones, of course, very proud of the new EPK pension account in Norway, which was released at the very beginning of last year where we've taken an outsized proportion of new account openings and transfers in Norway. We have the Danish equity savings account, the [ DASK ] which we released. I think Anne will tell you more about that. Again, we have a very high percentage market share of accounts opened. We launched the first ever or the cheapest ever tech index fund, depending on which country you were in. In Sweden, for example, we charge 40 basis points for this tech index fund it's only one of its kind. And then, of course, like I was saying on the previous slide, continuous app and web improvements, with new features and functions and designs being launched sometimes daily, but at least weekly, really keeping in tune with customer feedback and being very responsive to customer demands. And we'd rather get something small out to put it in the hands to consumers, measure and learn both qualitative and quantitative feedback and then reiterating much again. And that's the name of the game here at Nordnet. So let's go to the next slide. I hand over to Mr. Martin Ringberg.

Yes. Hi, everyone. My name is Martin Ringberg. I'm the Country Manager for Sweden. 2021 was a special year for us, and we had a fantastic growth. In Sweden, we have a competitive landscape where you need to stick out and have a strong purpose and you need to have clear offerings to your target groups. And when you look at the customer base, we grew with about 13% in 2021. And you can see the other countries grew much more. Of course, we are more mature, but I also just want take the opportunity to just drill down a layer and when we look at the segments, and especially our private banking segment that grew more than twice as much as our retail segment in percentage. And the savings capital grew with about 3x as much as the retail segment. And that's kind of a receipt that we are really, really doing things right and that the high-net-worth customer really, really enjoys our services. And we see that we have some products that really are important for that segment, such as our price leading mortgage as Rasmus mentioned with 0.65% in mortgage rates. Our award-winning securities lending program which generated about SEK 70 million in return for our customers in 2021. And of course, one more thing is that we see coming strongly now is that we can offer customers to hold their unlisted shares in an endowment wrapper in Swedish capital [indiscernible] We also continued to gain market shares in the pension market. Our market share on assets is 2.3%. But during 2021, we took 5.7 of all the net savings, and that's a good receipt and we see that the trend is holding on. Last but not least, we stick to the fundamental plan of democratizing savings and investments. We debate and we'll raise opinion on questions that are important for savers in Sweden. Last year, we actually stopped the suggestion about raising the tax on ISK by debating -- collecting 40,000 signatures and all in all, being on the savers side and on our customer side. And for that effort, Privata Affärer, Swedish newspaper, awarded us with, This year's Uprising, Årets Uppror.

Thanks a lot much, Martin. So over to Anders Skar, Country Manager for Norway. Please go ahead, Anders.

Yes. Hello, everyone. And as Johan said, my name is Anders Skar, and I'm going to talk briefly about the Norwegian market. And as the slide shows, we had a record 2021. It bypassed anything we've seen historically. We got over 100,000 new customers, our growth corresponding to 43% and even better on the savings capital side where we grew 49% last year. And of course, the growth in customers, combined with high activity in the customer base, contributed to a really strong financial result where we saw revenue growing with 44% and our PBT with 72% for the Norwegian market. And our overall position in the Norwegian market continuously grows stronger and our growth is backed up by being the leading #1 within savings and investments in the Norwegian market. This is proven both by our growth numbers, of course, but also through market shares increasing and from market service that shows that we are the most like financial brand in the Norwegian market. We have the highest NPS, meaning customer satisfaction in the Norwegian market for savings and investments. And as Rasmus briefly mentioned, one of the highlights for the Norwegian business during last year was, of course, the launch of EPK, the pension account. This launch opened up the occupational pension market for us, enabling us to target 1.5 million potential customers and several hundred millions in potential asset under management that could be transferred to Nordnet. And we had a great year in 2021 with the product. We acquired some 11,000 customers that transferred over [ SEK 3 billion ] in assets to the pension account during the year. And this has been a great start, and we now hold the position as the largest player for [indiscernible], which is the area that we compete for the pension money, even though the potential and the journey within this area has just begun because the mutual fund and pension market in Norway is strategically important for us to continue our growth journey in the Norwegian market. And as you can see from the last bullet point, we have a really strong position within the brokerage area, where we last year had a market share of turnover among Nordic members Oslo Børs of 25%. The #2 broker had 20%. So we are the biggest broker out of -- 1 of 3 private investors on the Oslo Stock Exchange is customers at Nordnet. So here, we are really strong. And we, of course, want to keep our dominating position and continue growing within the brokerage business area. But looking to the larger savings market, meaning mutual funds and pension, which EPK, of course, is really important within, we are still fairly small and just a challenger. And here, we only have a few percentage points in market share. And the growth potential here is significant, and that's what we're aiming for and going for in time to come.

Thanks a lot, Anders. And with that, it's time to turn our eyes against Denmark and say welcome to Anne Buchardt. Please go ahead, Anne.

Thank you, Johan. Yes. And turning the eyes to Denmark, I think it's important to start out telling a little bit about the fundamental change we have seen in the Danish market over the last couple of years. When it comes to private investors, there Denmark has maybe been lagging a little bit behind when it comes to investment culture, I would say. But in the last couple of years, there has been a major change. And I dare say that Nordnet has been part of driving this change. But as you can also see from the numbers here, of course, that change has also giving us very high growth numbers. So looking into 2021, not least the customer growth and the growth in savings capital have been record high from our perspective, almost 60% or 120,000 new customers during 2021, that is a picture or an expression of the major shift in the Danish market. And in the same way, savings capital was up by almost 50%. And looking a little bit on the background for this related to the shift, I would say that we have reached a tipping point when it comes to our market position. Nordnet -- Some years ago, Nordnet was not very well known in Denmark, but we see when we measure awareness that we are quite well known now among everybody investing. And also when it comes to preference, the preferred vendor, you would change to you, if you were to change vendor, as a private investor, we are actually right now at an all-time high, both when it comes to the level and the gap to our competitors. So I see that as very important background factors. Then during 2021, it's worth mentioning that we, Rasmus touched upon it, we launched the Danish equity savings account, aktiesparekonto as it's called. We -- by year-end, we reached a market share of 16%. And these days, we are around 24%. And that is since the end of November. So I think that is an important point to mention. Then also, of course, being awarded Broker of the Year from the Danish Shareholders Association. As you can see, it's for the 12th time, but that just makes it more important for us that we actually are able to get this award since it's the most important award we have within our area in the market. So that's all for the Danish market so far.

Thanks a lot, Anne. And last market today is Finland, and there we have the pleasure of saying, hello to Soile Ruuskanen, our Marketing Manager, who fills out for Suvi Tuppurainen who is not available today. So please take it away, Soile.

Thanks, Johan. So my name is Soile Ruuskanen. Finland reached 400,000 customers in the beginning of 2021. And at the end of the year, we had 483,000 customers, corresponding to growth of 28%. During the year, Nordnet Finland grew to become the market in which Nordnet has the most customers in and soon, we will reach 500,000 customers in Finland. As in other countries, savings capital and margin lending showed strong growth. Our income grew by 50% and operating profit with whopping 80%. The increase in income was mainly attributable to transaction-related income, increase in number of transactions and trading outside the domestic market. Nordnet holds a strong position in Finland, and we're the first choice for a Finnish savers and investors. Our position has been further strengthened with the launch of the Finnish equity savings account, FASK. Nearly after 2 years, after the launch, our market share of the FASK accounts was whopping 76%. If we look at all book entry accounts in Finland, our market share was also strong, 39%. 2021 was a record year for IPOs in Finland and Nordnet acted as a sales agent in 80% of the IPO cases. At the end of the year, we had 16,000 monthly savings agreements in mutual funds and ETFs. Thus, every third Finnish customer had a monthly savings agreement. In October 21, we launched the Swedish language site of nordnet.fi for which the Swedish-speaking customers had been longing for some time. We hope that the site will become the natural choice for the Swedish-speaking investors and savers. In '21, we started cooperating with the Finnish economy and youth TA team with the Investor School project. During the fall, over 60 upper secondary schools around the country started the course with the aim of teaching young people the skills in economics and savings. And for the fourth time, Nordnet Finland organized the Investor and Investment Act of the Year competition. The goal of the competition is to bring forward private investors and other parties who have positively affected investing discussion in Finland and democratized savings and investing. Thank you.

Thank you, Soile and that concludes our little Nordic Nordnet tour, and then it's back to you Lars-Ake for some of words about 2022.

Yes. So a little bit on 2022 and the numbers you will see here is based on the monthly data or the data we released on a monthly basis. The full quarter 1 report with all the numbers will be released on Thursday. So if you look at the new customers for the first quarter, we have an underlying growth of around 64,000 customers, little bit less than 2021, which was a record year, but still a very good level. But then you see that we also terminated around 46,000 customers during the quarter. And this is due to those customers haven't had complete customer documentation. But this is mainly all customers with very low savings capital. So this is not affecting revenue in any way. And this is a project we started in quarter 3 last year, we also announced it to the market at that time. And overall customer base, I mean, slightly over SEK 1.6 million with a growth -- underlying growth of 20% year-on-year. Still good net savings level on SEK 21 billion and savings capital is growing around 20% versus last year, up to SEK 773 billion. And this is mainly actually now from net savings since the market depreciation from last year has not been that high. You can go to the next. And trading activity is a very good quarter, but a little bit less than 2021, which was extremely high due to the very positive market. And also this trading in means stocks, stocks recommended on social media, especially driven from the United States. And good growth also continues in our lending portfolio with around SEK 26.5 billion in total lending to our customers, where we see the main growth in our mortgage product and our margin lending products. Next, so some product highlights also for this year, Rasmus?

Sure. And these are just 3 that we've chosen during the quarter. I mean, we put out over 10 versions of the app, showing things like your top movers on your account, some new data and inspiration on our discovery screen as well as your development today where we compare it to index. Are you bidding the index? Or is the index beating you? Then on the left here, we're getting [indiscernible], but this is an automated flow that helps you move all your stocks and funds to loan it as you onboard as a customer. So this is a Move My Savings flow that's fully digital using an API [indiscernible] technology through Tink. And then at the bottom right, you can see how our ETF business. So we have the largest ETF platform in the Nordics, well over 1,000 ETFs and we've added very rich data, which allows us to build very intelligent screening and sorting tools giving customers complete control over how they want to invest and what types of investments, not least from an ESG perspective, where we can choose to sort out held-away assets and also see whether it's classified in Article 8 or other ESG factors. So very proud of that release, and it's been very well received by our customers. Like I said, I can stand here all day and talk about our releases, but these are the 3 that we chose to show you here today. Let's go to the next.

Thanks, Rasmus. So I'm going to talk a little bit about our focus areas now going forward and also our financial targets. But starting with the focus areas. Of course, the most important customers. We talked about that we have this aspiration to be a one-stop shop for savings and investments, with a really great customer experience. And to achieve this is our brand promise and to building the best platform for savings and investments with new features and app and web new products and also automate the customer journeys. And we want to strengthen even more already strong NPS position. And also by that [indiscernible] have a low churn on the platform. Moving to employees. We know that we can never have happy customers unless we have very passionate and talented employees. Of course, here, we also want to see an upward trend on our employee satisfaction. We also measure through NPS, and we have had very good trends in the last 2 years. And also, we need to have a strong employer brand to attract and retain top talent, not least within product and tech, where there's really war for talent today. Moving to the bottom there, a sustainable business. We are in a trust business. We need to earn that trust every day and it can easily be a lost if you have major incidents like data leakage or other problems. So we need to be really on top of our risk management to manage our risks in a good way and not at least the compliance risks. And overall, it was also a trusted like brand in all of our markets. And the last part is the profitable growth side to continue to capture Nordic growth potential, 6% market should share today. So we continue to take market share in a growing market going forward. And also, of course, to secure that we can do this in a scalable way also going forward, with our cloud-based tech platform and also this high focus on automation that we have. Can go to the next slide. A little bit on the financial targets and we had a Capital Markets Day in February this year, where we revised our targets slightly still the same targets as before. It's just a different ambition levels. So if you look at the customer growth, our ambition is to have 15%, around 15% customer growth per year. We currently underlying 20% year-on-year growth. Savings capital for customer, we have the vision of around 450,000 sales per customer, currently 280,000. And income in relation to savings capital, so revenue margin, around 45 bps, currently at 47 bps. And the operating expenses will grow around mid-single digits per year, and it's mainly that growth is mainly that we employ more people in product and tech to speed up our launch of exciting things in our product road map. And dividend payout ratio, the target is to have a dividend level of 70% of the yearly net income, and that translates then into the SEK 5.56 per share for the income in 2021. So with that, Johan, I hand over to you.

Thank you, sir. Thanks a lot Lars-Ake Norling and rest of the Nordnet crew. So that was a company presentation of this event and it's time to move on to a Q&A session. [Operator Instructions] You can ask questions in both Swedish and English. Then we will answer you in the language you asked the question in. With the exceptions of questions directed to a country managements in Norway, Denmark and Finland, they will be answered in English. And we have our Chairman, Tom; CEO Lars-Ake; CPO, Rasmus, our 4 country managers here. So let's see if we have any questions today. No questions so far. So like I said, you just pushed the raise hand button at the bottom of the screen, if you want to ask questions. But no, I don't think there were any questions. So in that case, I want to thank you again for joining us today, and thank you for being a shareholder of Nordnet. And the next time we can meet us is already on Thursday this week at 10:00 when we present our report for the first quarter. So bye-bye.

Bye. Thank you.