Mangold (MANG) Q2 2024 earnings summary

Executive summary

• Total income for January–June 2024 increased by 11.9% to SEK 93.4m compared to the same period in 2023, with net profit improving to SEK 0.1m from SEK -10.0m.

• Private Banking achieved record-high income and assets under management, while transaction volumes and public deposits also reached all-time highs.

• Investment Banking maintained a strong market position despite challenging conditions, though financial transaction results were negative.

• A new custody system was launched, marking the company's largest development project to date.

Financial highlights

• Q2 2024 total income decreased by 6.0% year-over-year to SEK 42.4m; net result was SEK -0.9m versus SEK -4.1m in Q2 2023.

• January–June 2024 net result per share was SEK 0.2, up from SEK -21.4 year-over-year.

• Interest net for Q2 was a record SEK 8.8m, up 57.1% sequentially.

• Assets under administration rose 74.6% year-over-year to SEK 31.6bn.

• Public deposits at period-end were SEK 964.0m, more than double the previous year.

Outlook and guidance

• Management expects continued strong recurring income from increased management fees and interest net, with a stable foundation for future growth.

• The company is positioned to maintain market share and deliver solid results despite ongoing market challenges.