"Yet another year in the wake of the pandemic has passed and we can summarise not only an eventful 2021 in general for
1 October-
Lending to the public rose 8% to
SEK 33,347 million , up 6% in constant currencies.Operating income fell 7% to
SEK 753 million , excluding nonrecurring items last year the decline was 8%.C/I before credit losses was 44.7% (48.2%), excluding nonrecurring items last year (40.3%).
The credit loss ratio improved to 2.1% (2.5%).
Operating profit increased 9% to
SEK 244 million , excluding nonrecurring items last year operating profit fell 17%.Earnings per share rose 34% to
SEK 1.11 per share (0.83), before and after dilution, excluding nonrecurring items the decline was 22%.
1 January-
Lending to the public rose 8% to
SEK 33,347 million , up 6% in constant currencies.Operating income fell 9% to
SEK 3,069 million , excluding nonrecurring items last year the decline was 10%.C/I before credit losses was 42.0% (40.6%), excluding nonrecurring items last year (38.8%).
The credit loss ratio improved to 2.0% (2.7), excluding nonrecurring items 2.3% (2.5%).
Operating income fell 2% to
SEK 1,136 million (1,157). Excluding nonrecurring items last year, operating profit fell 18%.Earnings per share rose 8% to
SEK 4.54 per share (4.20), before and after dilution. Excluding nonrecurring items, the decline was 16%.The Board proposes that the 2022 Annual General Meeting resolve on a dividend of
SEK 1.31 per share. Together with the dividend in autumn 2021, this corresponds to a dividend ofSEK 4.31 per share. Of the dividend ofSEK 4.31 ,SEK 2.27 per share corresponds to 50% of the 2021 net profit for continuing operations,SEK 0.24 per share corresponds to 50% of the net profit for discontinued operations less listing costs, andSEK 1.80 per share corresponds to the dividend related to 2020.
The start of a historic transformation journey. We can summarise not only an eventful 2021 in general for
We launched the Resurs Consumer Report 2021 in the fourth quarter. It is based on a Nordic consumer survey carried out by
Continuing growth in all markets. We saw healthy growth in both of our segments in the fourth quarter and the loan portfolio increased a total of 8 per cent year-on-year to
Operating income for the quarter declined 8 per cent excluding nonrecurring items last year to
Expenses increased 2 per cent excluding nonrecurring items last year mainly due to higher IT costs as a result of the development of our digital customer interface. The C/I ratio increased 44.7 per cent as a result of lower income. Naturally, we are not satisfied with a C/I ratio at this level and efforts to enhance efficiency in the company are fully under way. The target of achieving a C/I ratio of 35 per cent over 3-5 years is a key milestone for us in the ongoing transformation journey.
The credit loss ratio continued to improve as a result of the high underlying credit quality of the loan portfolio and customer payment patterns remained stable. In total, operating profit increased 9 per cent year-on-year, but excluding nonrecurring items, operating profit fell 17 per cent as a result of lower income.
Distribution and listing of Solid Försäkring. During the quarter, an Extraordinary General Meeting resolved to distribute Solid Försäkring on the basis of a Lex Asea distribution, and on
Focusing on sustainable partnerships and growth. In Payment Solutions we noted a positive sales trend since an increasing number of industries and countries have recovered after the pandemic lockdowns. Black Week, which generated more sales than ever before, also contributed to an increase in sales across the Nordics. We can see that certain industries and our larger partners are continuing to perform strongly, which negatively impacts our margin trend.
During the quarter, we initiated a partnership with Albie, which provides customers with charging boxes at a fixed package price for charging electric and hybrid cars at home. This is an important example of how we are providing opportunities for more people to make bigger and climate-smart purchases and dividing the cost over time so that it suits their private finances.
Growth in Consumer Loans also remained positive in all markets. The growth in lending in the Norwegian market stabilised during the third quarter and increased in Q4. The trend of a large share of customers in
In
Core banking system developing according to plan. The process of developing our new core banking system is progressing according to plan. In the recent period, focus was mainly on setting requirements together with the global cloud-based platform supplier
The implementation will take place country by country and the plan is for
Customer insight for a more sustainable society. We want to enhance the sustainable customer experience. Together with our industry colleagues, we are a part of society, and influence it. With this, comes responsibility and with the right know-how, understanding and insight we and the industry as a whole can continue to contribute to a more responsible credit market and a more sustainable society. In light of this, we published the Resurs Consumer Report 2021 in the fourth quarter. The Resurs Consumer Report 2021 shows that four out of ten consumer loans are used for long-term investments, such as financing education, getting a driving license, buying a property or renovating or investing in the home. The report also showed that nine out of ten consumers see the advantages of the installment payment option, for example, buying something with more sustainable quality for the long term or better managing an unforeseen expense. Paying by installments is an important option both for consumers and for society since it can contribute to more well-founded consumption and a more sustainable everyday life for more people.
Speaking of sustainability. A ranking of
2021 marked the start of a historic transformation journey for
Finally, I would like to express my sincere thanks to all our fantastic and dedicated employees who reset in 2021 and led the way forward on this exciting journey we have now embarked upon. I am very much looking forward to 2022 which will also involve us heading towards a new position for
More information:
Sofie Tarring Lindell, CFO & Head of IR, sofie.tarringlindell@resurs.se; +46 736 443395
This information is information that
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* 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."
https://news.cision.com/resurs-holding/r/resurs-holding-year-end-report-2021,c3500379
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