Resurs Bank Year-end report January-December 2022
For the second half of the year, we can summarise a strong end to the year, featuring healthy growth. 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 Bank AB
1 July – 31 December 2022*
· Lending to the public rose 12% to SEK 37,187 million, up 8% in constant currencies.
· Operating income increased 9% till SEK 1,662 million.
· C/I before credit losses was 40.6% (41.4%).
· Earnings before credit losses increased 10% to SEK 987 million.
· Last year’s figure was positively 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
· The credit loss ratio exclusive the nonrecurring items amounted to 2.4% (2.1%), inclusive the dissolution of the pandemic provision last year amounted to 1.7%.
· Operating profit was stable and amounted to SEK 554 million, inclusive the dissolution of the pandemic provision last year result decreased with 11%.
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 3,204 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 was 41.0% (41.3%), including nonrecurring items 42.6%.
· Earnings before credit losses increased 4% to SEK 1,889 million, inclusive nonrecurring cost of SEK 50 million the increase was 1%.
· The credit loss ratio amounted to 2.2% (2.2%), including the nonrecurring items last year 2.0%.
· Operating profit rose 1% to SEK 1,100 million, declined 10% including the nonrecurring items.
*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 in the report on page 32.
