- Our intensified focus on Payment Solution continued during the quarter and the collaboration with Jula was successfully launched. Credit loss provisions for the quarter were at a lower level than in Q1, yet remain at a higher level compared with last year.
- Reported net profit for the first half of 2024 amounted to SEK 54 million and due to the historically low earnings, the Board has decided not to propose a half-yearly dividend relating to earnings for the first half of 2024.
- In June, CVC and Waldakt, through Ronneby UK Limited, announced a public offer to the shareholders of Resurs Holding.
- In the meantime, Resurs is continuing to focus on its core business and is working intensively to update its long-term strategic plan in line with the strategic direction presented in the first quarter. It is clear to me that Resurs is about to embark on a journey of change that will require investment to upgrade IT systems and develop new products. Together with Resurs's Group Management and employees, I am convinced that this direction is the best for Resurs's long-term development.
Magnus Fredin, CEO Resurs Bank and Resurs Holding
1 April-30 June 2024*
- Lending to the public was stable and amounted to SEK 39,733 million (39,604)
- Operating income increased 4% to SEK 899 million (866).
- The quarter was affected by an item affecting comparability of SEK -50 million as a result of the Administrative Court of Appeal upholding the Swedish Financial Supervisory Authority's (Finansinspektionen) appeal of the Administrative Court's judgment
- C/I before credit losses was 49.4% (41.2%) and excluding items affecting comparability was 43.8%.
- Profit before credit losses amounted to SEK 455 million (510), and excluding items affecting comparability to SEK 505 million
- The credit loss ratio increased to 4.0% (2.8%), the level of provisions for the quarter was in line with the trend in March 2024
- Operating profit declined due to higher credit losses and amounted to SEK 59 million (244), and excluding items affecting comparability to SEK 109 million
- Earnings per share declined to SEK 0.11 (0.93), and excluding items affecting comparability were SEK 0.36
1 January-30 June 2024*
- Lending to the public was stable and amounted to SEK 39,733 million (39,604)
- Operating income increased 4% to SEK 1,780 million (1,718).
- The period was affected by items affecting comparability of SEK -23 million as a result of costs related to the efficiency programme in Q1 and SEK -50 million as a result of the Administrative Court of Appeal upholding Finansinspektionen's appeal of the Administrative Court's judgment
- C/I before credit losses was 47.8% (41.1%) and excluding items affecting comparability was 43.7%.
- Profit before credit losses amounted to SEK 930 million (1,011), and excluding items affecting comparability to SEK 1,003 million.
- The credit loss ratio increased to 4.3% (2.9%).
- Operating profit declined due to higher credit losses and amounted to SEK 77 million (462), and excluding items affecting comparability to SEK 149 million
- Earnings per share declined to SEK 0.11 (1.76), and excluding items affecting comparability were SEK 0.47
* Certain performance measures provided in this report have not been prepared in accordance with IFRS or the capital adequacy rules, meaning that they are alternative performance measures. Calculations and reconciliation of these performance measures against information in the financial statements are provided on the website under "Financial reports." Definitions of performance measures are provided on the website under "Financial data."
INVITATION TO PRESENTATION
Resurs's report for the second quarter 2024 will be published at 07:30 CEST on July 18th. A web-cast telephone conference will be held at 09:00 CET the same day, where Resurs' CEO Magnus Fredin and CFO & Head of IR Sofie Tarring Lindell will present the report. The presentation will be followed by a Q&A-session.
If you wish to participate via webcast please use the link below. Via the webcast you are able to ask written questions.
https://ir.financialhearings.com/resurs-holding-q2-report-2024
If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://conference.financialhearings.com/teleconference/?id=50048654
The presentation will be held in English.
The presentation material will be available before the telephone conference begins on Resurs's website www.resursholding.com. It will also be possible to access the recorded version of the webcast after it is finished on this page.
FOR MEDIA CONTACTS:
Måns Renntun, Chief Communication & Marketing Officer, +46-709-849620, mans.renntun@resurs.se
ABOUT RESURS HOLDING
Resurs Holding (Resurs), which operates through the subsidiary Resurs Bank, 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 six million private customers in the Nordics. Resurs Bank has had a banking licence since 2001 and is under the supervision of Finansinspektionen. The Resurs Group operates in Sweden, Denmark, Norway and Finland. At the end of the second quarter of 2024, the Group had 665 employees and a loan portfolio of SEK 39.7 billion. Resurs is listed on Nasdaq Stockholm.
This information is information that Resurs Holding is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-07-18 07:30 CEST.
