Mangold (MANG) Q4 2024 earnings summary

Executive summary

• Total income for 2024 increased by 3.4% to SEK 182.8m compared to 2023, with net interest income up 53.7% to SEK 32.3m.

• Net profit for the year was SEK 1.8m, reversing a loss of SEK -2.6m in 2023; EPS improved to SEK 3.7 from SEK -5.6.

• Private Banking delivered record results, with income up 35.9% to SEK 81.2m and strong growth in all revenue streams.

• The company achieved record lending and transaction volumes, with 460,800 transactions in 2024.

• Investment Banking faced a challenging market, with a decline in total income and profitability.

Financial highlights

• Q4 2024 net commission income rose 23.7% sequentially to SEK 45.1m; total income for Q4 was SEK 40.6m, down 16.9% from Q3.

• Q4 net profit was SEK 4.1m, up from SEK -2.3m in Q3; EPS for Q4 was SEK 8.7, up from SEK -5.0.

• Full-year net commission income was SEK 184.1m, down 1.7% year-over-year; net result from financial transactions was SEK -35.8m.

• Equity at year-end was SEK 201.8m (SEK 428.5/share); lending to the public reached a record SEK 260.9m.

• Liquidity coverage ratio (LCR) at year-end was 171.7%, well above regulatory requirements.

Outlook and guidance

• The long-term growth trend in Private Banking is expected to continue, with the company prepared to meet future challenges.

• No significant events have occurred after the reporting period; the company is focused on further digital development and regulatory compliance.