Resurs Holding – interim report Jan–Sep 2015

Non Regulatory

1 July–30 September 2015

  • Operating income increased SEK 53 million to SEK 564 million year-on-year.
  • Operating profit increased SEK 36 million to SEK 220 million year-on-year.
  • Basic and diluted earnings per share totalled SEK 0.87 (0.72).
  • In July, Resurs Bank announced the acquisition of Norwegian consumer finance bank yA Bank. The acquisition is expected to provide the Group with a public lending of SEK 3.2 billion at closing by the end of October. The consideration amounted to NOK 1.56 billion.
  • Mariana Burenstam Linder and Marita Odélius Engström were elected new company Board members at an extraordinary general meeting in August.

1 January–30 September 2015

  • Operating income increased SEK 305 million to SEK 1,721 million year-on-year.
  • Operating profit increased SEK 201 million to SEK 630 million year-on-year.
  • Lending to the public totalled SEK 14,445 million (13,582) at 30 September 2015.
  • Deposits from the public totalled SEK 13,593 million (14,963) at 30 September 2015.
  • The Core Tier 1 ratio was 16.1 percent (12.4) at 30 September 2015.
  • The total capital ratio was 17.3 percent (13.8) at 30 September 2015.
  • Basic and diluted earnings per share totalled SEK 2.46 (1.67). 

Statement by the CEO:

Continued growth and exciting new acquisitions

The Resurs Group continued its positive development during the third quarter, with good growth in all three segments. Our figures also reflect the high activity level of our retail partners during the summer months.

Within the Payment Solutions segment, we continued to add new partnerships to our growing base of over 1,000 retail partners and e-commerce companies. This unique partnership platform, still the core of our business model, creates opportunities for our other businesses on a daily basis. Our Supreme Card – now celebrating its 10th year – has grown well in Denmark, Norway and Finland, in line with our growth plan.

The Consumer Loans segment performed well during the quarter, driven by product launches and market activities targeting our customer base and brokers. In July, we announced the acquisition of the Norwegian yA Bank. We have been following this company for some time and have been impressed by them. The consumer loan brokerage business is larger in Norway than in Sweden, and the business model needs to be adapted to local conditions. We now have a good opportunity to do so. With yA Bank, Resurs has a much stronger foothold in Norway and consequently greater opportunities to cross-sell the Group’s entire product range. Norway is now our second-largest market, with 25 percent of our credit portfolio (formerly 11 percent). The transaction has been finalized in the beginning of the fourth quarter.

We also secured additional partnerships within the Insurance segment, within different industries. Our acquisition of Falck’s bicycle insurance business earlier this year has paved the way for a large number of new partnerships. Premium income has increased and affected the operating profit positively, while it was negatively affected by lower yields on securities.

Our owners initiated a process during the quarter under which they are evaluating a variety of strategic alternatives for Resurs Group’s continued ownership and which may result in a stock market listing of Resurs Holding. This work has been interesting and intensive and has involved making additions to our Board of Directors and management team. Regardless of the outcome of the process, my management team and I are looking forward to leveraging our tested and successful business model and continue to develop Resurs, on our long and stable growth journey.

Kenneth Nilsson, CEO, Resurs Holding AB

For more information, please contact;

Gunilla Wikman, Investor Relations manager,; +46 707 638 125