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Resurs Holding Year-end report 2021

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“Yet another year in the wake of the pandemic has passed and we can summarise not only an eventful 2021 in general for Resurs but also a fourth and final quarter featuring increased growth in lending and a favourable sales trend in all markets. During the quarter, we successfully distributed and listed Solid Försäkring on Nasdaq Stockholm. A clear valuation difference applies for insurance and niche banking, while at the same time the initiative created the preconditions for both companies to increase their focus on developing their respective operations.” Nils Carlsson, CEO Resurs Holding AB

1 October–31 December 2021*

  • Lending to the public rose 8% to SEK 33,347 million, up 6% in constant currencies.

  • Operating income fell 7% to SEK 753 million, excluding nonrecurring items last year the decline was 8%.

  • C/I before credit losses was 44.7% (48.2%), excluding nonrecurring items last year (40.3%).

  • The credit loss ratio improved to 2.1% (2.5%).

  • Operating profit increased 9% to SEK 244 million, excluding nonrecurring items last year operating profit fell 17%.

  • Earnings per share rose 34% to SEK 1.11 per share (0.83), before and after dilution, excluding nonrecurring items the decline was 22%.

1 January–31 December 2021*

  • Lending to the public rose 8% to SEK 33,347 million, up 6% in constant currencies.

  • Operating income fell 9% to SEK 3,069 million, excluding nonrecurring items last year the decline was 10%.

  • C/I before credit losses was 42.0% (40.6%), excluding nonrecurring items last year (38.8%).

  • The credit loss ratio improved to 2.0% (2.7), excluding nonrecurring items 2.3% (2.5%).

  • Operating income fell 2% to SEK 1,136 million (1,157). Excluding nonrecurring items last year, operating profit fell 18%.

  • Earnings per share rose 8% to SEK 4.54 per share (4.20), before and after dilution. Excluding nonrecurring items, the decline was 16%.

  • The Board proposes that the 2022 Annual General Meeting resolve on a dividend of SEK 1.31 per share. Together with the dividend in autumn 2021, this corresponds to a dividend of SEK 4.31 per share. Of the dividend of SEK 4.31, SEK 2.27 per share corresponds to 50% of the 2021 net profit for continuing operations, SEK 0.24 per share corresponds to 50% of the net profit for discontinued operations less listing costs, and SEK 1.80 per share corresponds to the dividend related to 2020.

The start of a historic transformation journey. We can summarise not only an eventful 2021 in general for Resurs but also a fourth and final quarter featuring increased growth in lending and a favourable sales trend in all markets. The launch of our partnership with digital travel giant Nordic Leisure Travel Group AB entered into the next phase during the quarter. This means that brands such as Ving and Tjäreborg can offer their customers the opportunity to pay both by invoice and by installment now that the travel industry is picking up again. Black Week, which generated more sales for us than ever before, also contributed to an increase in sales across the Nordics.

We launched the Resurs Consumer Report 2021 in the fourth quarter. It is based on a Nordic consumer survey carried out by Kantar Sifo and describes how consumers perceive and make use of consumer loans and credits in the form of installment plans and purchases by invoice. The report showed that consumer loans are more used for long-term investments that raise the quality of life than for short-term consumption, which is confirmation that responsible credit lending, which is at the heart of our business, plays a decisive and important role for the individual and the sustainable society at large.

Continuing growth in all markets. We saw healthy growth in both of our segments in the fourth quarter and the loan portfolio increased a total of 8 per cent year-on-year to SEK 33.3 billion. At the end of September, the loan portfolio had increased 4 per cent and we noted positive growth in all of our geographic markets. This was gratifying confirmation that our focused efforts together with the market recovery after the pandemic restrictions have generated positive results.

Operating income for the quarter declined 8 per cent excluding nonrecurring items last year to SEK 753 million. The relatively lower income compared with last year was mainly due to lower lending and margins in Norway, lower interest income in Denmark, and mix effects in Payment Solutions.

Expenses increased 2 per cent excluding nonrecurring items last year mainly due to higher IT costs as a result of the development of our digital customer interface. The C/I ratio increased 44.7 per cent as a result of lower income. Naturally, we are not satisfied with a C/I ratio at this level and efforts to enhance efficiency in the company are fully under way. The target of achieving a C/I ratio of 35 per cent over 3–5 years is a key milestone for us in the ongoing transformation journey.

The credit loss ratio continued to improve as a result of the high underlying credit quality of the loan portfolio and customer payment patterns remained stable. In total, operating profit increased 9 per cent year-on-year, but excluding nonrecurring items, operating profit fell 17 per cent as a result of lower income.

Distribution and listing of Solid Försäkring. During the quarter, an Extraordinary General Meeting resolved to distribute Solid Försäkring on the basis of a Lex Asea distribution, and on 1 December 2021 Solid was listed on Nasdaq Stockholm. Shareholders in Resurs Holding received shares in Solid. Ten shares in Resurs carried entitlement to one share in Solid Försäkring. The initiative was carried out to create value for shareholders in both the long and short terms. A clear valuation difference applies for insurance and niche banking, while at the same time the initiative created the preconditions for both companies to increase their focus on developing their respective operations. In this report, we present Resurs Holding’s continuing operations unless otherwise stated.

Focusing on sustainable partnerships and growth. In Payment Solutions we noted a positive sales trend since an increasing number of industries and countries have recovered after the pandemic lockdowns. Black Week, which generated more sales than ever before, also contributed to an increase in sales across the Nordics. We can see that certain industries and our larger partners are continuing to perform strongly, which negatively impacts our margin trend. 

During the quarter, we initiated a partnership with Albie, which provides customers with charging boxes at a fixed package price for charging electric and hybrid cars at home. This is an important example of how we are providing opportunities for more people to make bigger and climate-smart purchases and dividing the cost over time so that it suits their private finances.

Growth in Consumer Loans also remained positive in all markets. The growth in lending in the Norwegian market stabilised during the third quarter and increased in Q4. The trend of a large share of customers in Norway ending their loans in advance has started to turn yet remains too high levels. We will also launch loans with collateral during the quarter, known as priority loans, up to a maximum of NOK 600 thousands. 

In January 2022, Resurs received a decision from the Danish Financial Supervisory Authority that entailed a correction to the process for collecting data for the “left to live on” calculation. The decision is expected to impact new lending in Denmark, particularly in the first quarter before the new process becomes more automated. Resurs does not share the Financial Supervisory Authority’s assessment and intends to appeal the decision.

Core banking system developing according to plan. The process of developing our new core banking system is progressing according to plan. In the recent period, focus was mainly on setting requirements together with the global cloud-based platform supplier Intellect Design Arena, one of the leading suppliers of financial core banking systems in the world. The implementation is not only a unique milestone for Resurs – we will also be the first in the Nordics with a cloud-based core banking system. It will guarantee quicker development processes for our services to our customers and partners, and thus enhance the customer experience.

The implementation will take place country by country and the plan is for Norway to be the first market to receive the new banking system. The next step is initiating the development process ahead of the Norwegian implementation. As previously announced, the investment will mainly be capitalised in the balance sheet, which means that the earnings effect is limited to the implementation phase, after which the net effects will be positive. However, cash flow will be impacted on an ongoing basis.

Customer insight for a more sustainable society. We want to enhance the sustainable customer experience. Together with our industry colleagues, we are a part of society, and influence it. With this, comes responsibility and with the right know-how, understanding and insight we and the industry as a whole can continue to contribute to a more responsible credit market and a more sustainable society. In light of this, we published the Resurs Consumer Report 2021 in the fourth quarter. The Resurs Consumer Report 2021 shows that four out of ten consumer loans are used for long-term investments, such as financing education, getting a driving license, buying a property or renovating or investing in the home. The report also showed that nine out of ten consumers see the advantages of the installment payment option, for example, buying something with more sustainable quality for the long term or better managing an unforeseen expense. Paying by installments is an important option both for consumers and for society since it can contribute to more well-founded consumption and a more sustainable everyday life for more people.

Speaking of sustainability. A ranking of Sweden’s most sustainable listed companies (Sustainable Companies 2021) was published by Dagens Industri, Aktuell Hållbarhet and Lund University in October. Resurs Bank is the highest ranked niche bank. This is a positive sign that our sustainability activities are on the right path and many things will be happening in 2022 when we activate more tangible measures in Resurs Society.

2021 marked the start of a historic transformation journey for Resurs and we are now on our way to becoming a digital and competitive leading-edge bank. This has been made possible through a new strategy and an ambitious roadmap focusing on creating services and offerings to customers and partners that are tailored to today’s and tomorrow’s Nordic market.

Finally, I would like to express my sincere thanks to all our fantastic and dedicated employees who reset in 2021 and led the way forward on this exciting journey we have now embarked upon. I am very much looking forward to 2022 which will also involve us heading towards a new position for Resurs. We want even more people to consider us to be the simple, innovative, personal and responsible Resurs that I know we are.

Nils Carlsson, CEO Resurs Holding

More information:
Nils Carlsson, CEO, nils.carlsson@resurs.se; +46 42 382000
Sofie Tarring Lindell, CFO & Head of IR, sofie.tarringlindell@resurs.se; +46 736 443395


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 8 February 2022.


About Resurs Holding
Resurs Holding (Resurs) operates through its subsidiary Resurs Bank and since its start in 1977 has established itself as a leading partner for sales-driven payment and loyalty solutions in retail and e-commerce. Resurs has thus built a customer base of approximately 6 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 fourth quarter of 2021, the Group had 617 employees and a loan portfolio of SEK 33.3 billion. Resurs is listed on Nasdaq Stockholm.


* Certain performance measures provided in this section have not been prepared in accordance with IFRS or the capital adequacy rules, meaning that they are alternative performance measures. Calculations and reconciliation against information in the financial statements of these performance measures are provided on the website under “Financial reports.” Definitions of performance measures are provided on the website under “Financial data.”

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