April 18, 2018 / 6:52 AM / 8 months ago

UPDATE 1-Sweden's Avanza Bank Q1 operating profit matches forecasts

(Adds details, comment)

April 18 (Reuters) - Financial services company Avanza posted on Wednesday rising profits in line with expectations supported by higher fund volumes and fund commissions.

* Q1 operating income SEK 271 million ($32.3 million) vs mean forecast in Reuters poll at SEK 268 million

* Q1 operating profit SEK 120 million vs Reuters poll SEK 119 million

* Q1 customer growth 42,400, up from 38,400 a year ago, which marked the second largest increase ever for a single quarter

* Q1 operating expenses rose 23 per cent, mainly due to expanded development capacity for further growth

* Said guidance of a cost increase of 8-10 percent applies to the full-year and remains intact

* Avanza CEO Rikard Josefson in statement: “Activity was mixed during the quarter – record-high initially but slower in the second half” Source text for Eikon: Further company coverage: ($1 = 8.3968 Swedish crowns) (Reporting by Stockholm Newsroom)

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