Resurs Holding Interim Report January–March 2020
1 January–31 March 2020
- Lending to the public rose 7% to SEK 31,148 million.
- Operating income amounted to SEK 897 million (896). The volatility in the financial markets has led to unrealized negative revaluations primarily affecting the equity portfolio and bonds for Solid on the closing date. This has affected the item net expense from financial transactions by SEK -51 million. Partial recovery has taken place in the beginning of the second quarter due to the improving stock market. Adjusted for this, operating income increased 6 per cent to SEK 948 million.
- Operating profit amounted to SEK 269 million (378). The bank sees no signs of lower ability to fulfil its payment obligations among its customers. Following a customary conservative and forward-looking assessment in accordance with IFRS 9, an extra credit provision of SEK -75 million has been made. Operating profit, adjusted for the extra credit provision of SEK -75 million and net expense from financial transactions of SEK -51 million, amounted to SEK 395 million, an increase of 5%.
- Earnings per share decreased 31% to SEK 1.02, and adjusted for the above items, earnings per share amounted to SEK 1.51.
- C/I before credit losses (excl. Insurance) was 38.5% (40.1%).
- The credit loss ratio was 3.4% (2.2%), of which 1.0 percentage point refers to the extra credit provision.
- The Common Equity Tier 1 ratio was 13.7% (13.1%) and the total capital ratio was 16.2% (15.1%).
- Annual Generel Meeting will be on held 17 June 2020. The Board of Directors notes that the company’s financial position is strong but proposes that the decision regarding dividend is postponed and is instead addressed at an Extra General Meeting when the consequences of Covid-19 are clearer. Resurs Holding’s dividend policy is unchanged.
“ Resurs’s sales have started to recover during the latter part of April ”
Kenneth Nilsson, CEO Resurs Holding AB
For additional information,
Kenneth Nilsson, CEO, email@example.com; +46 42 382000
Christina Kassberg, CFO & Head of IR, firstname.lastname@example.org; +46 42 382000
Christina Jungvid Ohlsson, IR Officer, email@example.com; +46 707 816558
This information is information that Resurs Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:30 CET on 28 April 2020.
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 6.2 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 2020, the Group had 745 employees and a loan portfolio of SEK 31.1 billion. Resurs is listed on Nasdaq Stockholm.