– The fourth quarter was an eventful one with good demand for our solutions. We welcomed new partners, including Åhléns, and Bauhaus extended the collaboration with us. At the same time, the market and Resurs were affected by the turbulent macro situation, which led to increased credit losses. We have strengthened Group Management and initiated several efficiency initiatives.

– Despite several positive trends, we are obviously not satisfied with our performance in the fourth quarter and the fact that we are not reaching our financial targets. However, I would like to emphasise that Resurs has a long track record of profitable business. I now want to develop this further to create more opportunities for the future. I am grateful to have been entrusted to lead Resurs and I look forward to presenting more about our development over the next few months. - Magnus Fredin, CEO Resurs Bank.


1 july–31 December 2023*

  • Lending to the public rose 4% to SEK 38,846 million. Lending to the public excluding items affecting comparability rose 8% to SEK 40,049 million.
  • Operating income increased 7% to SEK 1,772 million (1,662).
  • C/I before credit losses was 53.2% (40.6%) and excluding items affecting comparability 40.1%.
  • Profit before credit losses was SEK 830 million (987) and excluding items affecting comparability profit before credit losses increased 8% to SEK 1,062 million.
  • The credit loss ratio was 4.5% (2.4%), and excluding items affecting comparability 3.7%.
  • Operating result amounted to SEK -56 million (554), and excluding items affecting comparability operating profit was SEK 322 million.

1 January–31 December 2023*

  • Lending to the public rose 4% to SEK 38,846 million. Lending to the public excluding items affecting comparability rose 8% to SEK 40,049 million.
  • Operating income increased 9% to SEK 3,492 million (3,204).
  • C/I before credit losses amounted to 46.9% (42.6%), and excluding items affecting comparability the C/I ratio declined to 40.3% (41.0%).
  • Profit before credit losses amounted to SEK 1,852 million (1,839). Excluding items affecting comparability, profit before credit losses amounted to SEK 2,084 million (1,889).
  • The credit loss ratio rose to 3.8% (2.2%), and excluding items affecting comparability to 3.3%.
  • Operating profit totalled SEK 417 million (1,050), and excluding items affecting comparability SEK 795 million.

* 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 page 31.


FOR MEDIA CONTACTS:
Måns Renntun, Chief Communication & Marketing Officer, +46-709-849620, mans.renntun@resurs.se

ABOUT RESURS
Resurs is a leading bank in the Nordics with a simple philosophy: we want to create balance in people’s personal finances. On that foundation, we develop offers and services within loans, savings and payments for retail and e-commerce that are based on people’s everyday lives, and that will create long-term value for our customers and for society. Today, we have a customer base of slightly more than 6 million customers and 658 employees in the Nordic region.

This information is information that Resurs Bank AB is obliged to make public pursuant to the Norwegian Securities Trading Act Sections 5-12. The information was submitted for publication, at 2024-02-06 07:30 CET.

Attachments
Resurs Bank Year End Report 2023

© Modular Finance, source Nordic Press Releases