Resurs Holding Year-end Report January-December 2022

For the fourth quarter, we can summarise a strong end to the year, featuring healthy growth and improved margins. The development of the cloud-based core banking system is proceeding according to plan. In other words, we continued on our transformation journey at high intensity, just as we did earlier in 2022. Nils Carlsson, CEO Resurs Holding AB

1 OCTOBER–31 DECEMBER 2022*
·      Lending to the public rose 12% to SEK 37,187 million, up 8% in constant currencies.
·      Operating income increased 13% to SEK 851 million.
·      C/I before credit losses was 41.7% (44.7%).
·      The credit loss ratio increased to 2.6% (2.1%).
·      Operating profit rose 7% to SEK 260 million.
·      The fourth quarter of 2021 included a nonrecurring item of SEK 49 million due to an adjustment to the tax calculation, which had a positive impact last year.
·      Earnings per share rose 14% to SEK 0.99 per share, and fell 11% including the nonrecurring effect last year.
 
1 JANUARY—31 DECEMBER 2022*
·      Lending to the public rose 12% to SEK 37,187 million, up 8% in constant currencies.
·      Operating income increased 4% to SEK 3,201 million.
·      2022 included a nonrecurring cost of SEK 50 million as a result of the Swedish Financial Supervisory Authority’s (Finansinspektionen) decision to issue an administrative fine. Last year’s figure was also impacted by 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, and an adjustment to the tax calculation, which resulted in SEK 49 million in lower tax expense.
·      C/I before credit losses improved to 41.7% (42.0%), and 43.2% including the nonrecurring items.
·      The credit loss ratio was stable at 2.2% (2.2%), and 2.0% including the nonrecurring items last year.
·      Operating profit rose 2% to SEK 1,078 million, and declined 9% including the nonrecurring items.
·      Earnings per share increased 3% to SEK 4.14 per share, and fell 14% including the nonrecurring items.
·      The Board intends to propose that the 2023 Annual General Meeting resolve on a dividend of SEK 1.07 per share. Together with the dividend in autumn 2022, this corresponds to an annual dividend of SEK 1.99 per share, equivalent to 50% of net profit for 2022 and is in line with the company’s dividend policy.

* 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 7th of February, where Resurs’s CEO Nils Carlsson and interim CFO and Head of IR Stefan Noderén 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. If you wish to participate via telephone conference, 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 telephone conference. https://conference.financialhearings.com/teleconference/?id=5007221 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-q4-2022-english-webcast

MORE INFORMATION
Nils Carlsson, CEO, nils.carlsson@resurs.se  +46 766 44 77 00
Stefan Noderén, Interim CFO & Head of IR, stefan.noderen@resurs.se, +46 70 816 02 24

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 fourth quarter of 2022, the Group had 647 employees and a loan portfolio of SEK 37.2 billion. Resurs 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 2023-02-07 07:30 CET.

Attachments
RESURS HOLDING YEAR END REPORT 2022