Resurs (RESURS) Q1 2025 earnings summary

Executive summary

• Operating income rose 4% year-over-year to SEK 917 million, with net interest income up 7% to SEK 770 million.

• Lending to the public decreased 2% year-over-year to SEK 38.8 billion, with Payment Solutions up 10% and Consumer Loans down 10%.

• The quarter was impacted by a SEK 326 million impairment of capitalised IT investments, resulting in a reported operating loss of SEK -199 million.

• Excluding items affecting comparability, operating profit increased 218% year-over-year to SEK 128 million.

• Credit loss ratio improved to 3.4% from 4.7% year-over-year, reflecting better customer payment patterns.

Financial highlights

• Net profit for the period was SEK -117 million, but excluding one-time items, net profit was SEK 99 million (up from SEK 38 million last year).

• Earnings per share fell to SEK -0.67 (0.05), but adjusted EPS was SEK 0.41 (0.16).

• Total capital ratio increased to 17.5% (16.1% last year), with a CET1 ratio of 15.1% (13.7%).

• Deposits from the public decreased to SEK 36.2 billion (from SEK 39.8 billion at year-end).

• Liquidity coverage ratio remained strong at 441% (statutory minimum 100%).

Outlook and guidance

• Revised financial targets: all capital ratios to exceed regulatory requirements by 150–300 basis points; aim to distribute up to 50% of net profit, subject to outlook and investment needs.

• Management expects continued transformation and targeted investments to strengthen long-term competitiveness.

• Ongoing macroeconomic uncertainty and geopolitical tensions are being closely monitored.