"The first quarter of the year was again eventful for Hoist Finance. We invested just over SEK 2 billion and cash flow from both existing and new portfolios were very strong. At the same time, we now see the effects of the rejuvenation programme that has been carried out during the last two years supporting the income statement. All in all, this gives us a solid start to 2024, with operating income of almost SEK 1 billion, profit before tax of SEK 284 million and a return on equity of 19 percent.", says Harry Vranjes, CEO of Hoist Finance. 

Key highlights for the first quarter 2024 

  • Profit before tax amounted to SEK 284m, compared to SEK 144m for the same quarter last year 

  • Return on equity amounted to 19 percent, compared to 6 percent for the same quarter last year 

  • Investments in new portfolios of SEK 2.1bn in the first quarter, with an additional SEK 1.0bn closed or agreed with sellers after quarter closing 

  • Continued stable collection performance of 106 percent across the markets 

  • Book growth of 15 percent driving an increase in total operating income of 27 percent 

  • Execution of continuous improvements of operational improvements within each market along with commencing the insourcing of IT services  

  • Confirmation from the Swedish Financial Supervisory Authority on Pillar 2 requirements at 0.5 percent is within existing buffer, and does not lead to change to our financial targets 

  • Share repurchase scheme commenced in the first quarter 

  • Bond issuance during quarter included senior bonds issued at 325-375 bps compared to a spread of 450-500 bps for the same quarter last year 

  • Strong capital and liquidity position, significantly above regulatory requirements with a CET1 ratio of 14.31 percent 

Key figures January - March 2024 

  • Total operating income amounted to SEK 976m (766) 

  • Profit before tax totalled SEK 284m (144) 

  • Profit for the period was SEK 274m (93) 

  • Basic and diluted earnings per share amounted to SEK 2.42 (0.66)  

  • Return on equity was 19% (6) 

  • Book value of acquired loan portfolios totalled SEK 2,090m (1,909) 

  • The CET1 ratio per March 31st was 14.31% (15.01) 

 
 
A combined presentation and teleconference will be held at 09:30 am CEST. 

If you wish to participate via webcast, please use the link below.  

https://ir.financialhearings.com/hoist-finance-q1-report-2024  

If you wish to participate via teleconference please register on the link below. After registration you will be provided with phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. 

https://conference.financialhearings.com/teleconference/?id=50048760  

The presentation and the report will be available on www.hoistfinance.com after the publication. 

The information in this interim report has been published by Hoist Finance AB (publ) pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out below, on 3 May 2024, kl 07.30 CEST. 

For further information please contact:  

Christian Wallentin, CFO och deputy CEO 
ir@hoistfinance.com 
+46 8 55 51 77 90

About Hoist Finance  

Hoist Finance is an asset manager specialised in non-performing loans. For more than 25 years, we have focused on investing in and managing debt portfolios. We are a partner to international banks and financial institutions across Europe, acquiring non-performing loan portfolios. We are also a partner to consumers and SMEs in a debt situation, creating long-term sustainable repayment plans enabling them to convert non-performing debt to performing debt. We are present in 13 markets across Europe and our shares are listed on Nasdaq Stockholm. For more information, please visit hoistfinance.com. 

https://news.cision.com/hoist-finance/r/hoist-finance-interim-report-q1-2024,c3972550

https://mb.cision.com/Main/8270/3972550/2775814.pdf

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