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Resurs Bank Interim Report January-June 2024

– Our intensified focus on Payment Solution continued during the quarter and the collaboration with Jula was successfully launched. At the same time the credit losses remain at a higher level.

– Reported net profit for the first half of 2024 amounted to SEK 62 million.

– Resurs is continuing to focus on its core business and is working intensively to update its long-term strategic plan in line with the strategic direction presented in the first quarter. It is clear to me that Resurs is about to embark on a journey of change that will require investment to upgrade IT systems and develop new products. Together with Resurs’s Group Management and employees, I am convinced that this direction is the best for Resurs’s long-term development.

Magnus Fredin, CEO Resurs Bank and Resurs Holding

1 January – 30 June 2024*

  • Lending to the public was stable and amounted to SEK 39,733 million (39,604)
  • Operating income increased 4% to SEK 1,780 million (1,720).
  • General administrative expenses were impacted by an item affecting comparability of SEK -23 million, which derived from the efficiency enhancement process initiated in the first quarter and of SEK -50 million as a result of the Administrative Court of Appeal upholding the Swedish Financial Supervisory Authority’s (Finansinspektionen) appeal of the Administrative Court’s judgment
  • C/I before credit losses was 47.2% (40.6%), and excluding items affecting comparability was 43.2%
  • Profit before credit losses amounted to SEK 939 million (1,022), and excluding items affecting comparability to SEK 1,012 million
  • The credit loss ratio increased to 4.3% (2.9%), Levels of provisions improved at the end of the first half of the year
  • Operating profit declined due to higher credit losses and amounted to SEK 86 million (473), and excluding items affecting comparability to SEK 159 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.”

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 approximately 6 million customers and 663 employees in the Nordic region.

This information is information that Resurs Bank AB is obliged to make public pursuant to the Securities Markets Act and the Norwegian Securities Trading Act Section 5-12. The information was submitted for publication, at 2024-07-18 07:30 CEST.

Attachments
Resurs Bank AB Interim Report January June 2024