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2022-10-25

Resurs Holding interim report January - September 2022

The third quarter of 2022 was characterised by a turbulent world that included inflation, higher key interest rates and rising electricity prices. At the same time, Resurs reported strong lending growth and improved margins. The quarter was characterised by continuing high pace of activities in both segments and new exciting partnerships were initiated, for example, with Komplett and Skandia. The “We Know The Feeling” campaign was also launched in the Nordic market. Nils Carlsson, CEO Resurs Holding AB

 
1 JULY–30 SEPTEMBER 2022*
·     Lending to the public rose 12% to SEK 35,734 million, up 9% in constant currencies.
·     Operating income increased 6% to SEK 810 million.
·     C/I before credit losses was 40.6% (38.9%).
·     Last year’s figure was positively impacted by the dissolution of the extra credit provision of SEK 73 million that was made at the start of the pandemic.
·     The credit loss ratio, adjusted for last year’s nonrecurring item, was unchanged at 2.2% (2.2%), and including the dissolution of the pandemic provision the ratio last year was 1.2%.
·     Operating profit fell 4% to SEK 284 million, and including the dissolution of the pandemic provision last year operating profit fell 23%.
·     Earnings per share declined 4% to SEK 1.10 per share (1.15), and including the dissolution of the pandemic provision earnings per share fell 24%.
 
1 JANUARY – 30 SEPTEMBER 2022*
·     Lending to the public rose 12% to SEK 35,734 million, up 9% in constant currencies.
·     Operating income increased 1% to SEK 2,349 million.
·     The period included a nonrecurring cost of SEK 50 million due to the administrative fine decided by Finansinspektionen. Last year’s figure included a nonrecurring item of SEK 73 million due to the dissolution of the extra credit provision that was made at the start of the pandemic.
·     C/I before credit losses was 41.7% (41.1%), and 43.8% including nonrecurring items.
·     The credit loss ratio, adjusted for last year’s nonrecurring item, improved to 2.1% (2.3), and including nonrecurring items the ratio last year was 2.0%.
·     Operating profit was stable at SEK 818 million, and including nonrecurring items operating profit declined 14%.
·     Earnings per share were stable at SEK 3.15 per share (3.14), and including nonrecurring items earnings per share declined 15%.
 
* 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.”

TELEPHONE CONFERENCE
A web-cast telephone conference will be held at 09:00 CEST on the 21 of July, where Resurs’s CEO Nils Carlsson and CFO Sofie Tarring Lindell will present the report. The presentation will be followed by a Q&A session. The presentation will be held in Swedish, but will also be translated into English, and can be followed on the web or over the phone. To participate in the teleconference, call one of the following numbers: Sweden: +46856642692 United Kingdom: +443333009265 USA: +16319131422 Pin code (USA): 60659174# You can follow and listen to the presentation and the conference on the following pages:  https://ir.financialhearings.com/resurs-holding-q3-2022-eng-webcast

MORE INFORMATION
Nils Carlsson, CEO, nils.carlsson@resurs.se, +46 766 44 77 00
Sofie Tarring Lindell, CFO & Head of Investor Relations, sofie.tarringlindell@resurs.se, +46 73 644 33 95

ABOUT RESURS HOLDING
Resurs Holding (Resurs) operates through its subsidiary Resurs Bank and has since 1977 built up a customer base of 6 million customers in the Nordic region and has established itself as a leading partner in retail and e-commerce. Resurs wants to create balance in people’s personal finances. On that foundation, we develop offers and services within loans, savings and payments that are based on people’s everyday lives. Resurs Bank has had a banking license since 2001 and is supervised by the Swedish Financial Supervisory Authority. The Resurs Group operates in Sweden, Denmark, Norway, and Finland. At the end of the third quarter of 2022, the Group had 606 employees and a loan portfolio of SEK 35.7 billion. Resurs Holding is listed on Nasdaq Stockholm.

This information is information that Resurs Holding is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2022-10-25 07:30 CEST.

Attachments
Resurs Holding Interim Report Q3 2022

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