Interim Report Resurs Holding January–September 2017


1 July–30 September 2017*

  • Lending to the public rose 13% to SEK 23,218 million
  • Operating income increased 7% to SEK 769 million
  • Operating profit increased 21% to SEK 364 million
  • Earnings per share rose 25% to SEK 1.40
  • C/I before credit losses (excl. Insurance) was 39.0% (44.6%)
  • The credit loss ratio was 1.8% (1.9%)

1 January–30 September 2017*

  • Lending to the public rose 13% to SEK 23,218 million
  • Operating income increased 9% to SEK 2,283 million
  • Operating profit increased 19% to SEK 1,026 million
  • Earnings per share rose 20% to SEK 3.95
  • C/I before credit losses (excl. Insurance) was 41.3% (45.1%)
  • The credit loss ratio was 1.8% (1.9%)

Statement by the CEO

Another record-breaking quarter – confirmation of Resurs’s business model

This report for the third quarter of 2017 is Resurs Holding’s seventh interim report since the Group was listed on 29 April 2016. In all our reports as a listed company, we have presented new, record-breaking figures for both volumes and earnings. This comes as no surprise to us at Resurs because we have been doing just that for 40 years – reporting continuous profitable growth year after year.

The third quarter of 2017 revealed record-breaking figures for the loan portfolio, which is now SEK 23.2 billion, corresponding to growth of 13 per cent, and we delivered profit after tax of SEK 280 million. Lending growth remained strong in both our banking segments and in all of our markets. At the same time, we are maintaining good control of our low and stable credit losses. We have been within the 2-3 per cent range since the 1990s and are now at a historic low of 1.8 per cent.

It is an inspiration to lead such a strong and stable company as Resurs. Over the decades, we have built up and developed our business to what it is today – and we continue to develop it every day. We are growing faster than the market, and we are capturing market shares, which means that our business model is broadening its range in the Nordic retail sector, in both physical stores and online.

Continued high pace of digitisation

We maintained a high pace of digitisation in various parts of our operations. In the third quarter, we launched our mobile wallet Loyo Pay in Finland and we have already seen favourable results.

In customer service, we are taking the next step in our digitisation process. We were among the first to use digital identification through Mobile BankID for inbound customer calls. We also launched a new system that guides our personnel toward more targeted cross-sales for incoming calls. It is easier to sell to customers who already know about us and our products, and provides better-targeted sales and lower costs.

In the latter part of the quarter, we also introduced robotics solutions for a number of previously manual processes to our customer administration. We see great potential in our efforts to continue to automate processes, which will increase our scalability, meaning that we will be able to add greater business value without increasing our costs.

Several new retail finance partners during the quarter

We entered into a number of collaborations with new, attractive retail finance partners during the quarter. One example is the launch of yearly upgrade programmes together with several Apple Premium Resellers, meaning that customers can pay a monthly fee to upgrade their Apple products to newer models every year.

We also signed an agreement with Lufthansa’s Miles & More, Europe’s leading airline customer loyalty programme. Together we launched the MasterCard credit card in Sweden, allowing customers to earn points and take advantage of attractive offers from Miles & More. As in the first half of the year, we entered into collaborations with a number of e-commerce partners, for example, the Norwegian travel agent Fly Smarter.

We are continuing to capture market shares, broaden the market and create new growth opportunities through innovative solutions. We have done this for more than 40 years – and we intend to continue doing so in the years to come.

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 third quarter of 2017, the Group had 752 employees and a loan portfolio of SEK 23.2 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 performance measures are provided on page 30. The reasons for using alternative performance measures and reconciliation against information in the financial statements are provided on the website under Financial statements.The figures in parentheses refer to 30 September 2016 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 31 October 2017 at 7:30 a.m. CET.