Resurs Holding Interim Report Jan—Mar 2016

1 Jan—31 Mar 2016 
• Operating income increased by 22 % to SEK 677 million.
• Operating profit increased by 23 % to SEK 253 million (SEK 273 million, +33%, excl. nonrecurring costs related to the IPO.
• Earnings per share rose 23 % to SEK 0.98.
• Lending to the public rose 36 % to SEK 18,760 million. In constant currencies 39 %.
• The Core Tier 1 ratio was 13.2 % (13.0) and the total capital ratio was 14.3 % (14.2).
• C/I before credit losses (excl. Insurance) was 47.6 % (46.7), and 44.4 % (46.7) excl. nonrecurring costs.
• The credit loss ratio was 2.1 % (2.6).
• Return on equity excl. intangible assets, (RoTE) was 23.6 % (23.7), and 25.4 % (23.7) excl. nonrecurring costs.

STATEMENT BY THE CEO: 

Best result ever in a quarter for Resurs Holding
The start of 2016 has been strong and we have added a number of new retailers during the first quarter, even though the first quarter often has been the seasonally weakest. On top of that our Group result is the best quarter we have ever achieved. Compared to our guidance in the prospectus the actual result came out somewhat stronger.

Our business segments Payment Solutions and Consumer Loans reported stronger year-on-year performances during the quarter. Our Insurance segment have had an inflow of several new retail partners and reported an improved technical result.
In the Payment Solutions segment, our core business within retail finance has continued to perform well. We have initiated and expanded partnerships with multiple partners, including Synsam, a retail optician chain, which has evolved from a Finnish to a Pan-Nordic partnership comprising 450 stores. There were also an inflow of several new smaller retail partners, especially in e- commerce.
In our cards business, we launched a series of exciting new products at the beginning of the year, including debit and credit cards featuring the “Contactless” functionality. By simply holding the card to the terminal, the payment is made without having to swipe or enter a card into the terminal. In December, we also launched MasterPass, which allows consumers to enter all of their cards and addresses into a digital wallet. The launch enjoyed a positive reception and we are among the top issuing banks in terms of the number of users. These launches, combined with a growing number of users of our award- winning bank app, Loyo, clearly demonstrate our position and strategy in the development of user-friendly solutions for our partners and consumers.
The Consumer Loans segment has grown substantially compared with the year-earlier period, both as a result of the acquisition of yA Bank and our solid performance in all Nordic markets.

To conclude, 2016 has started encouragingly strong for the Group, better than guidance by us in the prospectus, which was based on the outcome in February. We are convinced that we will reach our financial targets.
The stock listing in the end of April at Nasdaq Stockholm, Large Cap was a historical milestone for our Group, and the extensive process had not been possible without all our engaged employees. It is with pride we have presented our company for many new potential investors.
Our unique offer and business model have attracted the amazing number of 16,000 private investors and, on top of that, well reputed institutional investors, both Swedish and international. This gives us additional energy in further developing Resurs and in pursuing our historically successful journey of profitable growth.
We welcome all new shareholders to the Resurs family!

Kenneth Nilsson, CEO, Resurs Holding 

About Resurs Holding
The Resurs Group, which operates through subsidiaries Resurs Bank and Solid Försäkringar, 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 has established collaborations with over 1,200 retail partners with approximately 35,000 stores and built a customer base of approximately 5 million private customers in the Nordics. Resurs Bank has had a bank charter since 2001 and is under the supervision of the Swedish Financial Supervisory Authority. The Resurs Group, with operations in Sweden, Denmark, Norway and Finland, had around 700 employees and a loan portfolio of more than SEK 19 billion at the end of the first quarter of 2016. Resurs has been listed on Nasdaq Stockholm since 29 April 2016.

About Us

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 5.7 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 first quarter of 2018, the Group had 754 employees and a loan portfolio of SEK 25.1 billion. Resurs is listed on Nasdaq Stockholm.

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