Interim Report Resurs Holding January – June 2017


1 April – 30 June 2017*

  • Lending to the public rose 14% to SEK 22,311 million
  • Operating income increased 8% to SEK 766 million
  • Operating profit increased by 10% to SEK 340 million
  • Earnings per share rose 10% to SEK 1.32
  • C/I before credit losses (excl. Insurance) was 42.1% (43.2%)
  • The credit loss ratio was 1.8% (1.9%)

1 January – 30 June 2017*

  • Lending to the public rose 14% to SEK 22,311 million
  • Operating income increased 9% to SEK 1,514 million
  • Operating profit increased by 18% to SEK 662 million
  • Earnings per share rose 17% to SEK 2.55
  • C/I before credit losses (excl. Insurance) was 42.4% (45.3%)
  • The credit loss ratio was 1.8% (2.0%)

Statement by the CEO

Record-breaking quarter with continued profitable growth and faster pace of digitisation

It is gratifying that we can end another strong quarter – the best in the Group’s history. The growth in lending in the second quarter of 2017 was 14 per cent, increasing to SEK 22.3 billion. Growth was driven by both banking segments and by all geographic markets. The insurance operations also continued their positive performance. Profit after tax excluding nonrecurring costs increased 5 per cent to SEK 263 million, driven by sustained higher business volumes and strong control over both costs and credit losses. Our performance is continuing to surpass target expectations.

Continued fast pace of digitisation

The quarter held many positive elements. In particular, we maintained a fast pace in the development of digital services and products and we are increasing our share of e-commerce customers.

Resurs is one of the most digitised niche banks in the Nordic region. We offer traditional e-commerce with check-out. We were also the first in the Nordic region to offer a converged wallet – an app for mobile payment in both traditional stores and e-commerce (Loyo Pay), which still only a few companies offer. We also launched Loyo Pay in Norway during the quarter and the roll-out of the service will continue with Finland later in the autumn. We are continuing to focus intently on innovation, which also led to increased investments in IT.

Digitisation boosts sales for our retail finance partners

We are the market leader in retail finance and have digitised the entire credit application process for the Swedish, Danish and Norwegian market, with Finland soon to follow. We are also continuing to evaluate and develop automated processes (robotics) in our business support, and we are analysing other opportunities for digitising the operations as well.

We are continuing to launch digital services for the retail sector and during the quarter launched a service where customers themselves can use their mobile to apply for a loyalty card with credit for that retail chain. Everything automatically arranged and customers can go straight to the till and check out.

Several new exciting customer agreements

We received additional confirmation during the quarter that our products, solutions and service are appreciated in the market when we secured new, attractive retail finance partners, including Bad och Värme with about 90 sanitary and heating stores in Sweden. We also won back Hylte Lantmän with an extended agreement for the Norwegian market. Just like the first quarter of 2017, we initiated collaborations with a number of e-commerce partners, for example, South East and

Overall, this means that we are growing faster than the market and we are thus continuing to capture market shares. At the same time, we are broadening the market and creating brand new growth opportunities by offering new solutions that we will continue to focus on over the next few quarters.

Kenneth Nilsson,
CEO Resurs Holding AB

About Resurs Holding

Resurs Holding (Resurs), which operates through the subsidiaries Resurs Bank and Solid Försäkring, is the leader in retail finance in the Nordic region, offering payment solutions, consumer loans and niche insurance products. Since its start in 1977, Resurs Bank has established itself as a leading partner for sales-driven payment and loyalty solutions in retail and e-commerce, and Resurs has thus built a customer base of approximately 5.5 million private customers in the Nordics. Resurs Bank has had a banking licence since 2001 and is under the supervision of the Swedish Financial Supervisory Authority. The Resurs Group operates in Sweden, Denmark, Norway and Finland. At the end of the second quarter of 2017, the Group had 742 employees and a loan portfolio of SEK 22.3 billion. Resurs is listed on Nasdaq Stockholm, Large Cap.

*Certain performance measures provided in this section have not been prepared in accordance with IFRS. Definitions of key ratios are provided on page 30. The reasons for the use of alternative performance measures and reconciliation against information in the financial statements are provided on the website under “Financial information.”  The figures in parentheses refer to 30 September 2015 in terms of financial position, and to the year-earlier period in terms of profit/loss items.

This information is such information that Resurs Holding AB is required to disclose pursuant to the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication by the above mentioned contact person on 8 August 2017 at 7:30 a.m. CET.