Resurs Holding — Interim / Quarterly Report 2016

Aug 9, 2016

Q2

Interim Report January—June 2016

1 April—30 June 2016*

• Lending to the public rose 38% to SEK 19,596 million. Compared with Q1 2016 the increase is slightly above 4%, resulting in an annualised increase of approximately 18%
• Operating income increased by 22% to SEK 710 million
• Operating profit increased by 51% to SEK 309 million, and by 58% to SEK 323 million excl. nonrecurring costs related to the IPO
• Earnings per share rose 52% to SEK 1.20
• C/I before credit losses (excl. Insurance) was 43.2% (49.4), and 41.1% (45.0) excl. nonrecurring costs
• The credit loss ratio was 1.9% (2.5)

1 January—30 June 2016*

• Lending to the public rose 38% to SEK 19,596 million. Compared with Q4 2015 the increase is approximately 8%, resulting in an annualised increase of approximately 15%
• Operating income increased by 22% to SEK 1,386 million
• Operating profit increased by 37% to SEK 562 million, and by 45% to SEK 595 million excl. nonrecurring costs related to the IPO
• Earnings per share rose 37% to SEK 2.18
• The Core Tier 1 ratio was 13.3% (15.0) and the total capital ratio was 14.4% (16.2)
• C/I before credit losses (excl. Insurance) was 45.3% (48.2), and 42.8% (45.8) excl. nonrecurring costs.
• The credit loss ratio was 2.0% (2.5)
• Return on equity excl. intangible assets, (RoTE) was 25.1% (22.9), and 26.6% (24.1) excl. nonrecurring costs.

"We are continuing our journey of stable growth with another strong quarter, our first as a listed company."

Kenneth Nilsson, CEO, Resurs Holding AB

About Resurs Holding

The Resurs Group, which operates through subsidiaries Resurs Bank and Solid Försäkring, is the leader in retail finance in the Nordic region, offering payment solutions, consumer loans and niche insurance products. Since its start in 1977, Resurs has established collaborations with over 1,200 retail partners with approximately 35,000 stores and built a customer base of approximately 5 million private customers in the Nordics. Resurs Bank has had a bank charter since 2001 and is under the supervision of the Swedish Financial Supervisory Authority. The Resurs Group, with operations in Sweden, Denmark, Norway and Finland, had around 720 employees and a loan portfolio of approximately SEK 19.6 billion at the end of the second quarter of 2016. Resurs has been listed on Nasdaq Stockholm since 29 April 2016.

*Certain performance measures provided in this section have not been prepared in accordance with IFRS. Definitions of key ratios are provided on page 31. The reasons for the use of alternative performance measures and reconciliation against information in the financial statements are provided on the website under "Financial information".

The figures in parentheses refer to 30 June 2015 in terms of financial position, and to the year-earlier period in terms of profit/loss items.

STATEMENT BY THE CEO:

Strong earnings trend for first half of the year

We are continuing our journey of stable growth with another strong quarter, our first as a listed company.

Healthy growth in both lending and earnings

Similar to the first quarter of the year, we saw substantial growth in lending during the second quarter, approximately 18 per cent annualised, which exceeded our midterm financial target, driven by both increased new sales and a developed product range. Earnings performed strongly during the first half of the year, up 45 per cent excluding nonrecurring costs related to the IPO, primarily driven by higher business volumes and improved net interest income. We continue to pursue a healthy riskand cost control.

Intense activity in all segments

In Payment Solutions, we were proud to welcome several new retail finance partners during the second quarter. It was gratifying to see the marketing activities that we carried out in credit cards during the year contributed to higher sales. The trend in payment solutions continued during the quarter and Resurs is at the forefront, for example, we were the first to launch Masterpass in Norway in June. Growth was high in Consumer Loans, both including and excluding yA Bank that was acquired last year. We also saw a high inflow of new partners in Insurance.

Increased market shares

During the first half of the year, we saw that the Nordic markets were stable in Sweden and Norway, and slightly more positive in Finland and Denmark. We saw that we captured market shares in several areas, which is very gratifying and in line with plans.

The financial markets were shaky in the period since our listing, particularly in the banking sectors of many countries, both before and after the Brexit referendum in the UK. However, as far as Resurs is concerned, we have not seen any direct consequences on income or earnings. Our operations in the UK are limited to travel insurance in the Insurance segment, which we have already decided to discontinue due to low profitability.

Continued customer focus on a simpler everyday life

Our growth is driven by the Group's integrated business model whereby partnerships form the platform for our large and unique customer base that enables cross-selling of our different products. In the autumn, we will continue to develop customercentric sales-promoting solutions for our partners. Our solutions must work as an inherently natural part of our retail partners' and consumers' everyday lives, both digitally and in physical environments.

Resurs first quarter as a listed company demonstrates the strength of our business model, with growing volumes and excellent profitability. Our strong Nordic roots and close cooperation with our partners will be key factors in the company's development in the coming years.

SEVERAL NEW PARTNERS DURING THE FIRST SIX MONTHS

LENDING SEK19,596 million

ANNUALISED LENDING GROWTH*

+18%

IMPROVED OPERATING PROFIT*

+45%

Kenneth Nilsson, CEO, Resurs Holding AB

Performance measures

SEKm unless otherwise specified	Apr–Jun 2016	Apr–Jun 2015	Change	Jan–Jun 2016	Jan–Jun 2015	Change	Jan–Dec 2015
Group
Operating income	710	583	22%	1,386	1,137	22%	2,371
Operating profit	309	205	51%	562	410	37%	838
Net profit for the period Net profit for the period, adjusted for nonrecurring	240	155	55%	436	312	40%	622
costs*	251	172	46%	462	330	40%	699
Earnings per share, SEK	1.20	0.79	52%	2.18	1.59	37%	3.16
C/I before credit losses, %	43.7	50.1		45.9	48.3		48.8
C/I before credit losses (excl. Insurance), %*	43.2	49.4		45.3	48.2		48.1
Core Tier 1 ratio, % Total capital ratio, %	13.3	15.0		13.3	15.0		13.1
Lending to the public	14.4 19,596	16.2 14,163	38%	14.4 19,596	16.2 14,163	38%	14.2 18,198
NIM margin, %	11.4	12.2		11.3	11.7		11.0
NBI margin, %*	14.0	15.5		13.8	14.9		13.8
Credit loss ratio, %*	1.9	2.5		2.0	2.5		2.3
Return on equity, excl. intangible assets, % (RoTE)*	26.9	22.1		25.1	22.9		21.4
Return on equity excl. intangible assets, % (RoTE), adjusted for nonrecurring costs*	27.9	24.5		26.6	24.1		23.8
					INCOME
					+22 %
* Certain performance measures used by management and analysts to assess the Group's performance are not prepared in accordance with International Financial Reporting Standards (IFRS). Management believes that these performance measures make it easier for investors to analyse the Group's performance. Definitions of key ratios are provided on page 31. The reasons for the use of alternative performance measures and reconciliation against information in the financial statements are provided on the website under "Financial information". Group results* SECOND QUARTER 2016, APRIL—JUNE Operating income The Group's operating income totalled SEK 710 million (583) during the second quarter, a 22 per cent year-on-year increase. This increase could be seen in both our banking segments and in all of our markets. Excluding the acquisition of yA Bank, which was consolidated in late October 2015, operating income amounted to SEK 587 million (583). In total, net interest income improved by a total of SEK 120					NET INTEREST INCOME
million. Interest income increased to SEK 608 million (485), excluding the acquisition of yA Bank interest income was SEK 486 million (485). Regarding interest income and
credit losses compared with 2015, the Danish operations made adjustments to the Group-wide valuation method, which entailed lower interest income but also lower credit losses. The underlying interest income is showing good growth. At the same time, interest expense excluding the acquisition of yA Bank declined SEK 16 million.					+ SEK	120	million

Group results*

SECOND QUARTER 2016, APRIL—JUNE

Operating income

generates low profitability in the UK. Fee & commission expense in the insurance operations declined to SEK -88 million (-116), yielding a net insurance of SEK 63 million (62).

Net income from financial transactions for the period amounted to SEK 2 million (-17). The change relates to value fluctuations in investments in interest-bearing securities, shares as well as exchange-rate differences in assets, liabilities and derivatives in foreign currencies. Earnings from participations in Group companies had an impact of SEK -2 million (0) due to the divestment of Resurs Bank's subsidiary MetaTech AS that was included in the acquisition of yA Bank. Other operating income amounted to SEK 51 million (58). During the quarter, part payment of SEK 8 million was received for VISA shares, while payment of SEK 15 million was received in the year-earlier period for previous acquisitions.

Operating expenses

The Group's expenses before credit losses totalled SEK -310 million (-292) during the quarter. Excluding the acquisition of yA Bank expenses totalled SEK -273 million (-268). Comparative figures for the preceding year were adjusted for the nonrecurring cost of SEK 24 million for the acquisition of yA Bank. The reason for the increased expenses in the second quarter of this year was the costs of SEK 14 million related to the IPO. Viewed in relation to the operations' income, the cost level (excluding Insurance and nonrecurring costs) continued to decline and amounted to 41.1 per cent (45.0). Credit losses totalled SEK -91 million (-87) and the credit loss ratio was 1.9 per cent (2.5). The lower levels were due to improved actual credit quality and the adjustment in the Danish operation to the Group-wide valuation method.

Profit

Operating profit for the quarter totalled SEK 309 million (205). Costs of SEK 14 million for the IPO were charged to operating profit. Operating profit adjusted for nonrecurring costs was SEK 323 million (228), corresponding to an increase of 42 per cent. Net profit for the period amounted to SEK 240 million (155). The lowered tax rate in Norway contributed to the slight decrease in the percentage tax expense compared with the year-earlier period.

SIX MONTHS, JANUARY—JUNE 2016

Operating income and expenses

The Group's operating income for the first half of the year totalled SEK 1,386 million (1,137), a 22 per cent year-on-year increase. This increase could be seen in both our banking segments and in all of our markets. Excluding the acquisition of yA Bank, which was consolidated in late October 2015, operating income amounted to SEK 1,152 million (1,137). The Group's expenses before credit losses totalled SEK -636 million (-549) during the first six months of the year. Excluding the acquisition of yA Bank expenses totalled SEK -566 million (-525). Comparative figures for the preceding year were adjusted for the nonrecurring cost of SEK 24 million for the acquisition of yA Bank. The main reason for the increased expenses in the first half of the year was the costs of SEK 34 million related to the IPO.

Profit

Operating profit for the first half of the year totalled SEK 562 million (410) and was strengthened year-on-year primarily by the acquisition of yA Bank. Costs of SEK 34 million for the IPO were charged to operating profit. Operating profit adjusted for nonrecurring costs was SEK 595 million (434), corresponding to an increase of 37 per cent. Net profit for the period amounted to SEK 436 million (312). The lowered tax rate in Norway contributed to the slight decrease in the percentage tax expense compared with the year-earlier period.

C/I excl insurance

41.1%

OPERATING PROFIT Q2

FINANCIAL POSITION PER 30 JUNE 2016

The Group had a strong financial position at 30 June 2016, with a capital base of SEK 3,220 million (2,595) for the consolidated situation, comprising the Parent Company Resurs Holding AB and Resurs Bank AB Group. The total capital ratio was 14.4 per cent (16.2) and the Core Tier 1 ratio was 13.3 per cent (15.0).

Lending to the public at 30 June 2016 totalled SEK 19,596 million (14,163), corresponding to a 38-per-cent increase, driven by both the banking segments and all markets. Excluding the acquisition of yA Bank, the increase was 9 per cent, in constant currencies 8 per cent.

In addition to capital from shareholders, the financing of the operations comprises deposits from the public, the bonds issued under the MTN programme and the securitisation of loan receivables (ABS). The Group pursues a strategy of actively working on these three sources of financing to best meet the varying requirements of the operations over time and minimise the risk of imbalances between financing and lending.

Deposits from the public at 30 June 2016 totalled SEK 18,388 million (14,495), up 27 per cent as a result of the acquisition of yA Bank. Deposits excluding yA Bank declined by 4 per cent due to the strategy of reducing previous surplus liquidity and diversifying financing. At the same time, financing through issued securities increased and contributed SEK 2,203 million (1,799).

Liquidity is highly favourable and the Liquidity Coverage Ratio (LCR) was 149 per cent (124). The minimum statutory LCR ratio is 70 per cent, which will increase to 100 per cent by 2018. Lending to credit institutions at 30 June 2016 amounted to SEK 3,401 million (3,380). Holdings of treasury bills eligible for refinancing, as well as bonds and other interest-bearing securities totalled SEK 2,540 million (2,718).

Cash flow from operating activities increased during the first six months of the year to SEK 1,007 million (-2,086). Cash flow from deposits increased during the period to SEK 1,748 million (-1,482) and the net change in investment assets increased to SEK -66 million (-641). Cash flow from investing activities for the first half of the year totalled SEK -12 million (-32) and cash flow from financing activities was SEK 22 million (1,799).

Intangible assets amounted to SEK 1,839 million (690), mainly due to the goodwill that arose in the acquisition of yA Bank in October of last year. In conjunction with the acquisition, a new share issue of SEK 1,250 million was conducted.

*Certain performance measures provided in this section have not been prepared in accordance with IFRS. Definitions of key ratios are provided on page 31. The reasons for the use of alternative performance measures and reconciliation against information in the financial statements are provided on the website under "Financial information"

TOTAL CAPITAL RATIO 14.4%

LIQUIDITY COVERAGE RATIO 149%

SEGMENT REPORTING:

Resurs Holding's three segments

Resurs Holding has divided its operations into three business segments – Payment Solutions, Consumer Loans and Insurance – based on the products and services offered.

The three segments differ in nature. Payment Solutions delivers finance, loyalty and payment solutions that drive retail sales for retailers across the Nordic region, as well as credit cards to the public. Consumer Loans focuses primarily on lending to consumers. Insurance includes wholly owned subsidiary Solid Försäkring, active within consumer insurance. During the first six months of the year, the Payment Solutions segment accounted for 42 per cent of the Group's operating income, Consumer Loans for 52 per cent and Insurance for 6 per cent.

PERCENTAGE OF OPERATING INCOME JANUARY—JUNE 2016

Payment Solutions 42%

Consumer Loans 52%

Payment Solutions

SECOND QUARTER 2016, APRIL—JUNE

SIX MONTHS 2016, JANUARY—JUNE

ABOUT PAYMENT SOLUTIONS

Performance measures — Payment Solutions

Payment Solutions
Continued healthy growth and several new partners
SECOND QUARTER 2016, APRIL—JUNE
New lending increased in all markets compared with the year-earlier period, driven by increased sales by both our partners and Resurs. During the quarter, a number of new partnerships in retail finance were launched, for example, with Biltema in Sweden and Mekopartner in Norway. There was also a high level of activity among the new partners that started during the year, such as Synsam and Team Sportia, which was positive for all parties. In credit cards, the marketing activities for Supreme Card were successful, resulting in increased sales. Contactless functionality was also launched for new Supreme Card Gold cards in the Nordic region during the quarter. This functionality will be added to all MasterCard programmes during the year. In autumn 2015, Resurs was one of the first companies to launch Masterpass in Sweden and the first to launch the product in Norway in June 2016. Loyo, our mobile app, also performed well during					ABOUT PAYMENT SOLUTIONS The Payment Solutions segment is comprised of retail finance and credit cards. Within retail finance, Resurs is the leading partner for delivering finance, loyalty and payment solutions for more than 1,200 retail partners and e commerce companies in the Nordic region. Credit cards includes the Resurs
the quarter.					credit cards (with Supreme Card
Operating income for the second quarter totalled SEK 295 million (279), up 6 per cent year-on-year, driven by higher business volumes and higher net interest income. Operating income less credit losses totalled SEK 263 million (247), up 6 per cent year on-year.					being the foremost) as well as cards that enable retail finance partners to promote their own brands. Resurs currently has about 270,000 credit card customers in
The NBI margin amounted to 14.5 per cent (15.7), and declined due to such reasons as lower credit-card fee income. Credit losses in absolute figures were marginally lower than in the second quarter of 2015 and, measured as a share of lending volumes, credit losses were markedly lower than the year-earlier period, which in turn was due to actual improved credit quality.						LENDING TO THE PUBLIC
SIX MONTHS 2016, JANUARY—JUNE						7.9 7.9	8.3
Lending to the public totalled SEK 8,327 million (7,207) at 30 June 2016, a 16 per cent year-on-year increase. Excluding the acquisition of yA Bank, the increase was 8 per cent, in constant currencies 8 per cent, driven by increased sales and new lending in all markets.					7.3
Operating income for the first half of the year totalled SEK 584 million (544), a 7 per cent year-on-year increase, driven by higher business volumes and higher net interest income. Operating income less credit losses totalled SEK 507 million (473), up 7 per cent year-on-year.					Q3	Q4 Q1	Q2
The NBI margin amounted to 14.4 per cent (15.0), and declined due to lower credit card fee income. During the period, credit losses in absolute figures were slightly higher year-on-year due to higher lending volumes. Measured as a percentage of lending volumes, credit losses were lower year-on-year.					billion	Trend in lending to the public in SEK
Performance measures — Payment Solutions
	Apr–Jun	Apr–Jun	Change	Jan–Jun	Jan–Jun	Change	Jan–Dec
SEKm Lending to the public at end of the period	2016 8,327	2015 7,207	16%	2016 8,327	2015 7,207	16%	2015 7,905
Operating income	295	279	6%	584	544	7%	1,122
Operating income less credit losses	263	247	6%	507	473	7%	984
NBI margin, %	14.5	15.7		14.4	15.0		14.8
Credit loss ratio, %	1.5	1.8		1.9	2.0		1.8
							7

Consumer Loans

SECOND QUARTER 2016, APRIL—JUNE

SIX MONTHS, JANUARY—JUNE

ABOUT CONSUMER LOANS

Performance measures — Consumer Loans

Consumer Loans Strong growth with positive contributions from all markets SECOND QUARTER 2016, APRIL—JUNE Consumer Loans reported continued healthy growth for the second quarter in an otherwise stagnant total market, which meant that Resurs captured market shares, primarily in Sweden but also in Norway. Operating income totalled SEK 378 million (264) during the second quarter, a 43 per cent year-on-year increase due to higher volumes. Operating income less credit losses amounted to SEK 319 million (210), up 52 per cent year-on-year. The NBI margin amounted to 13.7 per cent (15.3). The decrease was due to the yA Bank portfolio having lower average interest rates than Resurs Bank's portfolio and the adjustment in the Danish operation to the Group-wide valuation method, which had a negative impact on the NBI margin and correspondingly a positive effect on credit losses. In addition, payment of SEK 15 million was received in the year-earlier period for previous acquisitions. Measured as a percentage of lending volumes, credit losses were significantly lower year-on-year due to an improved product mix in the portfolio from a credit perspective and the change in valuation method described above.				ABOUT CONSUMER LOANS In the Consumer Loans segment, Resurs offers unsecured loans to consumers wishing to finance investments in their home, travels or other consumer goods. Resurs also provides help in consolidating loans held by consumers with other banks, with the aim of reducing the consumer's monthly or interest expenses. Resurs currently holds approximately SEK 11 billion in outstanding consumer loans.	LENDING TO THE PUBLIC 10.8 10.3	11.3
SIX MONTHS, JANUARY—JUNE Lending to the public at 30 June 2016 totalled SEK 11,270 million (6,956), a 62 per cent year-on-year increase. Excluding the acquisition of yA Bank, the increase was 9 per cent, in constant currencies 9 per cent. The highest rate of growth was noted in Sweden and Norway, although all geographic markets reported a positive trend. Growth was mainly driven by a better response to our activities for existing customers and a broader product range. Operating income for the first half of the year totalled SEK 724 million (505), a 43 per cent year-on-year increase. Operating income less credit losses amounted to SEK 613 million
(398), up 54 per cent year-on-year. The NBI margin amounted to 13.4 per cent (14.9). The decrease was due to the yA Bank portfolio having lower average interest rates than Resurs Bank's portfolio and the adjustment in the Danish operation to the Group-wide valuation method, which had a negative impact on the NBI margin and correspondingly a positive effect on credit losses. In addition, payment of SEK 15 million was received in the year-earlier period for previous acquisitions. Measured as a percentage of lending volumes, credit losses were significantly lower year-on-year due to an improved product mix in the portfolio from a credit perspective and the change in valuation method described above.				7.1 Q3 billion	Q4 Q1 Trend in lending to the public in SEK	Q2
Performance measures — Consumer Loans Apr–Jun	Apr–Jun	Change	Jan–Jun	Jan–Jun	Change	Jan–Dec
SEKm	2016 2015		2016	2015		2015
Lending to the public at end of the period	11,270 6,956	62%	11,270	6,956	62%	10,294
Operating income	378 264	43%	724	505	43%	1,100
Operating income less credit losses	319 210	52%	613	398	54%	863
NBI margin, % Credit loss ratio, %	13.7 15.3 2.1 3.1		13.4 2.1	14.9 3.2		13.0 2.8

Insurance

New partners and improved technical result

SECOND QUARTER 2016, APRIL—JUNE

New partnerships were launched with Stiga, Marbodal, Babyproffsen and Euronics in Norway during the quarter. The partnership with Euronics now includes Sweden and Norway, thus strengthening our position in the consumer-electronics market in the Nordic region. Stiga is an attractive add-on to our previously established cooperation in garden-machinery insurance.

Premium earned, net, for the Insurance segment amounted to SEK 246 million (303). The 19-per-cent year-on-year decline was due to the planned discontinuation of a number of unprofitable travel-insurance programmes in the UK. Premium earned in Security increased.

The technical result from the Insurance business totalled SEK 16 million (14), up 14 per cent year-on-year. The profitability trend was attributable to healthy growth, primarily in the Product and Security areas, and the discontinuation of unprofitable operations in the UK. Operating income amounted to SEK 39 million (40), a 3 per cent year-onyear decrease. Operating profit amounted to SEK 19 million (16).

The combined ratio for the quarter improved to 94.1 per cent (95.8). The improvement was attributable to a lower claims ratio, which was 38.7 per cent (41.5).

SIX MONTHS, JANUARY—JUNE

Premium earned, net, for the Insurance segment amounted to SEK 491 million (559). The 12-per-cent year-on-year decline was due to the planned discontinuation of a number of unprofitable travel-insurance programmes in the UK.

The technical result from the Insurance business totalled SEK 31 million (26) for the period, up 19 per cent year-on-year. The profitability trend was attributable to the positive trend in the Product and Security areas, and the discontinuation of unprofitable operations in the UK. Operating income amounted to SEK 81 million (88), a 8 per cent year-on-year decrease. The decrease was attributable to lower investment returns compared with the year-earlier period. Operating profit totalled SEK 36 million (44), an 18-per-cent decrease compared with the year-earlier period, due to lower investments returns.

The combined ratio for the period improved again to 94.4 per cent (95.8), due to a lower combined ratio.

ABOUT INSURANCE

Non-life insurance is offered within the Insurance segment under the Solid Försäkring brand. The segment's focus is on niche insurance, with the Nordic region as the main market.

Insurance products are divided into four groups: Travel Insurance, Security, Roadside Assistance and Product Insurance. The company, which partners with leading retail chains in various industries, has about 2.3 million customers in the Nordic region.

Performance measures – Insurance

SEKm	Apr–Jun 2016	Apr–Jun 2015	Change	Jan–Jun 2016	Jan–Jun 2015	Change	Jan–Dec 2015
Premium earned, net	246	303	-19%	491	559	-12%	1,169
Operating income	39	40	-3%	81	88	-8%	152
Technical result	16	14	14%	31	26	19%	62
Operating profit	19	16	19%	36	44	-18%	61
Combined ratio, %	94.1	95.8		94.4	95.8		95.3

Significant events and press releases during and after the first half of 2016

Synsam selected Resurs for its Nordic retail finance needs

In January, Resurs announced an expanded partnership with Synsam. After having collaborated with Resurs Bank in Finland since 2009, Synsam opted to expand its partnership to the entire Nordic region. During 2016, 450 Synsam stores will offer retail financing from Resurs Bank. Its annual sales amount to about SEK 3 billion. The collaboration with Synsam also entails Resurs Bank adding yet another strong brand – Synsam's Danish chain Profil Optik – as a partner.

Resurs Holding AB listed on Nasdaq Stockholm

Resurs Holding AB was listed on Nasdaq Stockholm, Large Cap on 29 April. Interest in the offering was widespread among both Swedish and international institutional investors and among the Swedish general public. The offer was oversubscribed several times. About 16,000 Swedish private investors subscribed for and were allotted Resurs shares. The ticker of the Resurs share is RESURS. The largest shareholders at 30 June are presented on page 12.

Warrants

The Extraordinary General Meeting of Resurs on 17 April 2016 resolved to issue warrants as part of the incentive programme for management and employees. A total of 8,000,000 warrants were issued at an amount of approximately SEK 27 million.

The warrants were issued in two separate series with different terms (Series 2016/2019 and Series 2016/2020). Each series comprises 4,000,000 warrants. The shares can be converted during three subscription periods in 2019 and three subscription periods in 2020, respectively. Each participant acquires the same number of warrants in each series.

A total of 6,770,000 warrants were subscribed for at 30 June 2016, of which the CEO and senior executives subscribed for 3,750,000 warrants. A total of SEK 22 million was recognised as other capital contributed under equity. No cost arises in accordance with IFRS 2 since management and the employees paid a market price for the warrants. The maximum number of warrants that may be acquired by participants after exercising the warrants corresponds to approximately 3.8 per cent of Resurs's share capital after the implementation of the offer.

Events after the end of the period

There were no significant events after the end of the period.

Other information

Risk and capital management

The Group's ability to manage risks and conduct effective capital planning is fundamental to its ability to be profitable. The business faces various forms of risk including credit risks, market risks, liquidity risks and operational risks. The Board has established operational policies with the aim of balancing the Group's risk taking, and to limit and control risks. All policies are updated as necessary and revised at least once annually. The Board and CEO are ultimately responsible for the Group's risk management. In general, there were no significant changes regarding risk and capital management during the period. A detailed description of the bank's risks, liquidity and capital management is presented in Note G2 Liquidity, Note G3 Capital Adequacy, and in the most recent annual report.

Information on operations

Resurs Holding AB is a financial holding company. Operating activities are conducted in wholly owned subsidiaries Resurs Bank AB, with subsidiaries, and Solid Försäkrings AB. Resurs Bank AB conducts banking operations in the Nordic countries. Operations are primarily consumer-oriented and are licensed by the Swedish Financial Supervisory Authority. Consumer lending is subdivided into retail finance loans, consumer loans, MasterCard and Visa credit cards, and deposits. Retail finance loans are offered to finance both traditional in-store purchases and online purchases. Operations in Finland are conducted through branch office Resurs Bank AB Suomen sivuliike (Helsinki), operations in Norway through branch office Resurs Bank AB NUF (Oslo), and operations in Denmark through branch office Resurs Bank filial af Resurs Bank (Vallensbæk Strand). In Norway, operations are also conducted via the Group company yA Bank since its acquisition in October 2015. Resurs Bank's subsidiary MetaTech AS was divested during the quarter.

Solid Försäkring provides non-life insurance products in Sweden, other Nordic countries and, to some extent, in other European countries. Solid Försäkring offers traditional speciality insurance with a focus on niche insurance.

Past reporting and compliance

Since the Swedish Financial Supervisory Authority (SFSA) is currently reviewing Resurs's past reporting of and compliance with capital adequacy, the SFSA has not confirmed whether it will impose a sanction on Resurs. Cidron Semper Ltd. has committed to keep the Group free of damages for any penalty fees imposed by the SFSA in excess of SEK 20 million. At 30 June 2016, Resurs had not established a provision for any portion of a potential penalty fee.

Employees

There were 723 full-time employees at the Group at 30 June 2016. The increase from 31 March 2016 is six employees, and from year-end 16 employees. The increase was due to our continued Nordic expansion focusing on business and sales development.

NUMBER OF EMPLOYEES 723

Information about the Resurs share

Information about the Resurs share Resurs Holding's share has been listed on Nasdaq Stockholm, Large Cap since Friday 29 April 2016. The final price paid for the Resurs share at the end of the period was SEK 47.9.
The largest shareholders with direct ownership on 30 June 2016 were:
Cidron Semper Ltd./Nordic Capital	34.9%
Waldakt/fam. Bengtsson	28.6%
Swedbank Robur Fonder	8.4%
Second AP Fund	3.5%
Handelsbanken fonder	3.5%
Catella Fonder	2.1%
Didner & Gerge Fonder	1.4%
AFA Försäkring	1.0%
Livförsäkringsbolaget Skandia	0.8%
Norges Bank	0.6%
Total	84.8%
Financial targets
The Group's mid-term financial targets include:
• Annual growth in the lending portfolio of about 10 %
• An NBI margin excl. Insurance in line with recent years (about 13 %–15 % in 2013–2015)
• A credit loss ratio in line with levels of recent years (about 2 %–3 % in 2013–2015)
• Improve cost/revenue ratio for Resurs Bank to about 40 %
• A Core Tier 1 ratio above 12.5 % and a total capital ratio above 14.5 %
• Achieve a return on total equity (RoTE) of about 30 %, based on 12.5 % Core Tier 1 ratio
• Pay out at least 50 % of net profit for the year to shareholders
Financial calendar
• 8 Nov 2016 Interim report for Jan–Sept 2016 • 7 Feb 2017 Year-end report for Jan–Dec 2016
		NEXT REPORT:
		8 NOVEMBER

Financial targets

• Annual growth in the lending portfolio of about 10 %
• An NBI margin excl. Insurance in line with recent years (about 13 %–15 % in 2013–2015)
• A credit loss ratio in line with levels of recent years (about 2 %–3 % in 2013–2015)
• Improve cost/revenue ratio for Resurs Bank to about 40 %
• A Core Tier 1 ratio above 12.5 % and a total capital ratio above 14.5 %
• Achieve a return on total equity (RoTE) of about 30 %, based on 12.5 % Core Tier 1 ratio
• Pay out at least 50 % of net profit for the year to shareholders

Financial calendar

• 8 Nov 2016 Interim report for Jan–Sept 2016
• 7 Feb 2017 Year-end report for Jan–Dec 2016

The Board's assurance

			RESURS HOLDING AB INTERIM REPORT JANUARY—JUNE 2016
	The Board's assurance
This interim report is unaudited. Company and Group companies.	The Board of Directors and the CEO certify that this interim report provides a fair review of the Group's and the Parent Company's operations, financial position and results and describes the significant risks and uncertainties faced by the Parent
Helsingborg, 8 August 2016
Kenneth Nilsson, CEO Board of Directors
Jan Samuelson, Chairman of the Board
Martin Bengtsson	Mariana Burenstam Linder	Fredrik Carlsson
Anders Dahlvig	Christian Frick	Lars Nordstrand
Marita Odélius Engström	David Samuelson
			13

Summary financial statements - Group

Condensed income statement

		Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand	Note	2016	2015	2016	2015	2015
Interest income	G5	608,073	485,331	1,186,757	949,434	1,994,686
Interest expense	G5	-55,910	-52,699	-112,522	-119,153	-212,607
Fee & commission income		55,106	58,158	114,970	114,007	231,848
Fee & commission expense, banking operations Premium earned, net	G6	-12,221 245,732	-8,887 302,146	-25,050 490,496	-17,916 558,267	-38,785 1,167,017
Insurance compensation, net	G7	-95,193	-125,568	-183,995	-231,724	-505,002
Fee & commission expense, insurance operations		-87,762	-116,116	-179,777	-212,232	-419,783
Net income/expense from financial transactions		2,254	-17,481	-2,866	-1,979	-35,092
Profit/loss from participations in Group companies		-1,678		-1,678		-140
Other operating income	G8	51,216	58,032	99,898	98,348	188,927
Total operating income		709,617	582,916	1,386,233	1,137,052	2,371,069
General administrative expenses	G9	-261,867	-252,536	-539,848	-466,767	-989,505
Depreciation, amortisation and impairment of non-current assets Other operating expenses		-7,363 -40,594	-3,710 -35,534	-14,667 -81,643	-6,619 -75,247	-16,496 -151,986
Total expenses before credit losses		-309,824	-291,780	-636,158	-548,633	-1,157,987
EARNINGS BEFORE CREDIT LOSSES		399,793	291,136	750,075	588,419	1,213,082
Credit losses, net	G10	-90,532	-86,614	-188,140	-178,369	-374,863
OPERATING PROFIT/LOSS		309,261	204,522	561,935	410,050	838,219
Income tax expense NET PROFIT FOR THE PERIOD		-69,377 239,884	-49,938 154,584	-126,286 435,649	-97,717 312,333	-216,010 622,209
Attributable to Resurs Holding AB shareholders		239,884	154,584	435,649	312,333	622,209
Basic and diluted earnings per share, SEK	G15	1.20	0.79	2.18	1.59	3.16
Condensed statement of comprehensive income
		Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand Net profit for the period		2016 239,884	2015 154,584	2016 435,649	2015 312,333	2015 622,209
Other comprehensive income that will be reclassified to profit/loss
Translation differences for the period, foreign operations		47,644	-1,765	85,644	-22,887	-132,416
Comprehensive income for the period		287,528	152,819	521,293	289,446	489,793
Attributable to Resurs Holding AB shareholders		287,528	152,819	521,293	289,446	489,793

Condensed statement of comprehensive income

SEK thousand	Apr-Jun 2016	Apr-Jun 2015	Jan-Jun 2016	Jan-Jun 2015	Jan-Dec 2015
Net profit for the period	239,884	154,584	435,649	312,333	622,209
Other comprehensive income that will be reclassified to profit/loss
Translation differences for the period, foreign operations	47,644	-1,765	85,644	-22,887	-132,416
Comprehensive income for the period	287,528	152,819	521,293	289,446	489,793
Attributable to Resurs Holding AB shareholders	287,528	152,819	521,293	289,446	489,793

Condensed statement of financial position

Condensed statement of financial position
		30 Jun	30 Jun	31 Dec
SEK thousand	Note	2016	2015	2015
Assets Cash and balances at central banks		53,658		50,761
Treasury and other bills eligible for refinancing		900,615	763,009	956,725
Lending to credit institutions		3,400,667	3,379,811	2,351,285
Lending to the public	G11	19,596,456	14,162,507	18,198,175
Bonds and other interest-bearing securities		1,639,262	1,955,013	1,477,206
Subordinated debt		23,337	25,932	25,015
Shares and participating interests		37,591	33,344	32,903
Intangible assets Property, plant & equipment		1,838,818 37,716	690,225 28,986	1,784,003 37,132
Reinsurers' share in technical provisions		16,616	6,698	24,685
Other assets		204,767	311,176	377,728
Prepaid expenses and accrued income		243,981	246,961	249,802
TOTAL ASSETS		27,993,484	21,603,662	25,565,420
Liabilities, provisions and equity Liabilities and provisions
Liabilities to credit institutions		18,476	69,400	141,260
Deposits and borrowing from the public		18,388,300	14,494,930	16,433,531
Other liabilities		1,059,045	864,670	1,038,501
Accrued expenses and deferred income		265,189	276,793	185,482
Technical provisions		462,496	536,681	534,237
Other provisions Issued securities		9,175 2,202,540	8,466 1,798,900	8,675 2,181,340
Subordinated debt		40,324		38,224
Total liabilities and provisions		22,445,545	18,049,840	20,561,250
Equity
Share capital		1,000	126	1,000
Other paid-in capital		2,073,210	800,753	2,050,734
Translation reserve Retained earnings incl. profit for the period		9,387 3,464,342	33,272 2,719,671	-76,257 3,028,693
Total equity		5,547,939	3,553,822	5,004,170
TOTAL LIABILITIES, PROVISIONS AND EQUITY		27,993,484	21,603,662	25,565,420
See Note G12 for information on pledged assets and commitments.

Condensed statement of changes in equity

SEK thousand Initial equity at January 2015 126 800,753 Owner transactions Net profit for the period Other comprehensive income for the period Equity at 30 June 2015 126 800,753 Initial equity at January 2015 126 800,753 Owner transactions New share issue 18 1,249,981 Bonus issue 856 Net profit for the period Other comprehensive income for the period Equity at 31 December 2015 1,000 2,050,734 Initial equity at January 2016 1,000 2,050,734 Owner transactions Option premium received 22,477 Net profit for the period Other comprehensive income for the period Equity at 30 June 2016 1,000 2,073,211 All equity is attributable to Parent Company shareholders	56,159 -22,887 33,272 56,159 -132,416 -76,257 -76,257 85,644 9,387	profit for the period 2,407,338 312,333 2,719,671 2,407,338 -856 622,209 3,028,691 3,028,691 435,650 3,464,341	3,264,376 312,333 -22,887 3,553,822 3,264,376 1,249,999
			622,209 -132,416 5,004,168 5,004,168 22,477 435,650 85,644 5,547,939

Cash flow statement (indirect method)

Jan-Jun 2016 561,935 1,171,024 -28,629 198,202 -122,144 637,993 -1,155,038 84,882	Jan-Jun 2015 410,050 1,251,731 -24,569 87,859 -41,511 456,398 -518,948	Jan-Dec 2015 838,219 1,995,140 -207,890 400,802 -229,482 1,009,539
		-1,533,113
	5,729	37,160
-122,784	68,374	140,134
1,747,776	-1,481,721	-2,615,158
-660,571	-1,619,427	-2,231,585
		2,201,246 1,359
1,007,223	-2,085,966	-2,990,418
-11,526	-32,736	-50,146
2,254	812	1,319
		-1,277,649
		-1,326,476
		1,249,981
		1,799,100
22,476
22,476	1,798,900	3,049,081
1,017,889	-318,990	-1,267,813
2,402,046	3,695,094	3,695,094 -25,235
3,454,325	3,379,811	2,402,046
		374,863
14,667	6,619	16,496
		18,891
-71,642	-15,327	-18,566
64,359	-86,609	15,201
13,886	-3,027	-6,083
		400,802
	594,236 -119,271 -2,538 -11,810 34,390 188,140 -218 1,678 -12,872 204 198,202 Liquid assets are comprised of 'Lending to credit institutions' and 'Cash and balances at central banks'.	978,710 24,919 -31,924 1,798,900 3,707 178,369 7,834 87,859

Notes to the condensed financial statements

G1. Accounting principles

Group's interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and with applicable provisions of the Swedish Annual Accounts Act for Credit Institutions and Securities Companies and the Swedish Financial Supervisory Authority's regulations and general guidelines on Annual Reports in Credit Institutions and Securities Companies (FFFS 2008:25), as well as the Swedish Financial Reporting Board's recommendation RFR1, Supplementary Accounting Rules for Corporate Groups. The Resurs Group's accounting principles are presented in more detail in the latest annual report. No new IFRS or IFRIC interpretations, effective as from 1 January 2016, have had any material impact on the Group.

The Parent Company has prepared its interim report in accordance with the requirements for interim reports in the Annual Accounts Act

G2. Liquidity – Consolidated situation

Liquidity risk is the risk that the bank will be unable to discharge its payment obligations on the due date without borrowing at unfavourable rates. The consolidated situation, comprised of the Parent Company Resurs Holding AB and the Resurs Bank AB Group, must maintain a liquidity reserve and have access to an unutilised liquidity margin in the event of irregular or unexpected liquidity flows.

The Group's liquidity risk is managed through policies that specify limits, responsibilities and monitoring and include a contingency plan. The contingency plan includes, among other things, risk indicators and action plans. The Group's liquidity risk is controlled and audited by independent functions.

Liquidity is monitored on a daily basis and the main liquidity risk is deemed to arise in the event multiple depositors simultaneously withdraw their deposited funds. An internal model is used to set minimum requirements for the size of the liquidity reserve, calculated based on deposit size, the proportion covered by deposit insurance and relationship to depositors. The model also takes into account the future maturities of issued securities. The Board of Directors has stipulated that the liquidity reserve may never fall below SEK 1,000 million. Apart from the liquidity reserve requirement, there is also an intraday liquidity requirement of at least 4 per cent of deposits from the public, a minimum of SEK 600 million. Operations are also governed and controlled by other liquidity requirements.

(AAA) and the Swedish Financial Reporting Board's recommendation RFR 2, Accounting for Legal Entities. The same accounting and valuation policies were applied as in the latest annual report.

Notes not directly related to the statement of income, comprehensive income, financial position, changes in equity or cash flow: Note G1 Accounting principles, Note G2 Liquidity - Consolidated situation, Note G3 Capital adequacy, Note G4 Segments, Note G13 Related-party transactions, and Note G14 Financial instruments.

The interim information on pages 2-34 comprises an integrated component of this financial report.

The liquidity reserve, totalling SEK 1,744 million (1,503), is in accordance with Swedish Financial Supervisory Authority regulations on liquidity risk management (FFFS 2010:7 and applicable amendments thereto) for the consolidated situation. Accordingly, assets are segregated, unutilised and of high quality. The liquidity reserve largely comprises assets with the highest credit quality rating.

In addition to the liquidity reserve, the consolidated situation has other liquid assets primarily comprised of cash balances with other banks. These assets are of high credit quality and total SEK 3,727 million (4,019) for the consolidated situation. Accordingly, total liquidity amounted to SEK 5,470 million (5,522). When reduced by liabilities to credit institutions, liquidity amounted to SEK 5,452 million (5,452). Total liquidity corresponded to 30 per cent of deposits from the public. The Group also has unutilised credit facilities of SEK 550 million. RESURS HOLDING AB INTERIM REPORT JANUARY—JUNE 201618

The Liquidity Coverage Ratio (LCR) for the consolidated situation is reported on a monthly basis to the authorities. The ratio shows the ratio between high qualitative assets and net outflow during a stressed period of 30 days. As at 30 June 2016, the ratio for the consolidated situation is 149 per cent (124). There has been a minimum statutory LCR ratio of 70 per cent since 2016; this will increase to 100 per cent by 2018.

All valuations of interest-bearing securities were made at market values that take into account accrued interest.

Financing

Summary of liquidity – consolidated situation

Liquidity reserve as per FFFS 2010:7 definition

	RESURS HOLDING AB INTERIM REPORT JANUARY—JUNE 2016
Financing
The main type of financing for the consolidated situation comprises deposits from the public. The largest share of deposits is in Sweden, but deposits are also offered in Norway via yA Bank. Deposits, which are analysed on a regular basis, totalled SEK 18,511 million (14,622), SEK 14,022 million of which was in Sweden, and the equivalent of SEK 4,489 million was in Norway. The loans to the public/deposits from the public ratio for the consolidated situation is 106 per cent (97).	Resurs Bank completed a securitisation of loan receivables, a form of structured financing, referred to as Asset Backed Securities (ABS). In an initial transaction on 12 June 2015 loan receivables amounting to a carrying amount of approximately SEK 1.8 billion were transferred from Resurs Bank to the wholly owned subsidiary Resurs Consumer Loans 1 Limited. The acquisition of loan receivables by Resurs Consumer Loans was financed by an international financial institution. Resurs Bank has, for a period of 18 months (revolving period), the right to continue the sale of certain additional loan receivables to Resurs Consumer Loans.
Resurs Bank produced a base prospectus in order to issue bonds, with a programme that amounts to SEK 3 billion. A total of SEK 400 million in senior unsecured bonds (MTN) have been issued within the programme. In Norway, outside the framework of the programme, yA Bank issued NOK 400 million in senior unsecured bonds.	Resurs Bank and Resurs Consumer Loans have provided security for the assets that form part of the securitisation. At the balance sheet date the external ABS financing in the Group amounted to SEK 1.4 billion.
Summary of liquidity – consolidated situation
Liquidity reserve as per FFFS 2010:7 definition		30 Jun	30 Jun	31 Dec
SEK thousand		2016	2015	2015
Securities issued by sovereigns Securities issued by municipalities		73,513 645,164	73,970 510,467	71,471 696,441
Lending to credit institutions		207,000	99,000	100,000
Bonds and other interest-bearing securities		817,897	819,472	762,714
Summary Liquidity reserve as per FFFS 2010:7		1,743,574	1,502,909	1,630,626
Övrig likviditetsportfölj
Cash and balances at central banks		53,658		50,761
Lending to credit institutions		3,124,443	3,175,824	2,195,048
Bonds and other interest-bearing securities		548,819	842,963	420,026
Total other liquidity portfolio		3,726,920	4,018,787	2,665,835
Less loans to credit institutions		-18,476	-69,400	-141,260
Total liquidity portfolio		5,452,018	5,452,296	4,155,201
Other liquidity-creating measures Unutilised credit facilities		550,405	500,000	535,506
In evaluating liquid assets for LCR reporting, the following assessment of liquid asset quality is made before each value judgement in
accordance with the EU Commission's delegated regulation (EU) 575/2013.
Liquidity Coverage Ratio (LCR) – Liquid assets
		30 Jun	30 Jun	31 Dec
SEK thousand		2016	2015	2015
Liquid assets, Level 1		1,080,210	784,433	1,133,390
Liquid assets, Level 2 Total liquid assets		404,176 1,484,386	300,480 1,084,913	125,960 1,259,350
LCR measure		149%	124%	142%
Stress tests are carried out on a regular basis to ensure that there is liquidity in place for circumstances that deviate from normal conditions. One recurring stress test is significant outflows of deposits from the public.
Additional information on the Group's management of liquidity risks is available in the Group's 2015 annual report.
				19

Liquidity Coverage Ratio (LCR) – Liquid assets

SEK thousand	30 Jun 2016	30 Jun 2015	31 Dec 2015
Liquid assets, Level 1	1,080,210	784,433	1,133,390
Liquid assets, Level 2	404,176	300,480	125,960
Total liquid assets	1,484,386	1,084,913	1,259,350
LCR measure	149%	124%	142%

G3. Capital adequacy

Consolidated situation Resurs Holding AB and Resurs Bank with subsidiaries

Capital base

		RESURS HOLDING AB INTERIM REPORT JANUARY—JUNE 2016
G3. Capital adequacy
Capital requirements are calculated in accordance with European Parliament and Council Regulation EU 575/2013 (CRR), the Swedish Capital Buffer Act (2014:966) and law implementing the Buffer Act (2014:967), and the Swedish Financial Supervisory Authority's regulations (FFFS 2014:12) on regulatory requirements and capital buffers.	Under the basic indicator method, the capital requirement for operational risks is 15 per cent of the income indicator (ie, average operating income over the past three years). The consolidated situation comprises Resurs Holding AB and Resurs Bank AB Group. Formal reporting to the Swedish Financial Supervisory Authority is, for all periods, done for the consolidated situation. This procedure is
The capital requirement calculation below must be composed of the legal minimum capital requirement for credit risk, market risk and operational risk. The capital requirement for capital buffers, which took effect from 2 August 2014, is also described below under 'Capital ratios and capital buffers'. A 1 per cent countercyclical buffer requirement for Norwegian exposures was introduced as of 1 July 2015, which was raised to 1.5 per cent on 30 June 2016. For Swedish exposures, a corresponding buffer took effect on 27 June 2016 (1.5 per cent) and will be raised on 19 March 2017 (2 per cent).	being investigated for historical periods, as the ultimate was Cidron FI S.à r.l. until its liquidation in 2015. Resurs Holding AB is now the ultimate parent from a capital adequacy perspective. Neither Resurs Bank's operations nor its customers have been affected by this, and the Group itself has reported the relation to the Swedish Financial Supervisory Authority, which is currently investigating the matter. Due to the prevailing uncertainty regarding the Swedish Financial Supervisory Authority's decision, no provision for a potential fine had been made as at 30 June 2016.
When calculating capital requirements, the consolidated situation uses the standardised method for credit risks and credit valuation adjustments (CVA) and the basic indicator method for operational risks. In the standardised method for credit risks, the consolidated situation risk weights its asset items in 17 different exposure classes. There may be different risk weights in each exposure class. The total risk-weighted exposure amount is multiplied by 8 per cent to obtain the minimum capital requirement for credit risks.	The tables below present the Group's capital adequacy ratio at 30 June 2015 from Resurs Holding AB's perspective (considered most relevant, since it reflects the current situation) and from Cidron FI S.à r.l.'s perspective.
Consolidated situation Resurs Holding AB and Resurs Bank with subsidiaries
Capital base
SEK thousand		30 Jun 2016	30 Jun 2015	31 Dec 2015
Tier 1 capital
Core Tier 1 capital Equity		4,595,935	2,777,163	3,917,271
Net profit for the year		404,795	278,083	571,062
Less: Estimated dividend		-202,398
Shares in subsidiaries			-1,100
Intangible assets Deferred tax asset		-1,801,697 -7,932	-654,800 -2,279	-1,744,585 -8,484
Further value adjustments		-2,084	-2,345	-2,114
Total core Tier 1 capital		2,986,619	2,394,722	2,733,150
Tier 2 capital Dated subordinated loans		233,643	200,000	238,224
Total Tier 2 capital		233,643	200,000	238,224
Total capital base		3,220,262	2,594,722	2,971,374

Capital requirement

SEK thousand	30 Jun 2016 Risk weighted		30 Jun 2015
		Capital	Risk	Capital	31 Dec 2015 Risk	Capital
	exposure amount	requir ement1)	weighted exposure amount	requir ement1)	weighted exposure amount	requir ement1)
Exposures to institutions	187,082	14,967	2,943	235	79,143	6,331
Exposures to corporates	250,751	20,060	364,966	29,197	268,657	21,493
Retail exposures Exposures in default	13,476,593 1,384,715	1,078,127 110,777	9,635,009 1,137,712	770,801 91,017	12,576,412 1,236,739	1,006,113 98,939
Exposures in the form of
covered bonds	81,575	6,526	81,854	6,548	76,149	6,092
Exposures to institutions and
companies with short-term credit ratings	525,227	42,018	872,928	69,834	376,030	30,082
Exposures in the form of units or
shares in collective investment
undertakings (funds)	100,790	8,063			92,664	7,413
Equity exposures	79,993	6,399	79,000	6,320	91,445	7,316
Other items Total credit risks	165,538 16,252,264	13,243 1,300,180	228,337 12,402,749	18,268 992,220	304,720 15,101,959	24,378 1,208,157
Credit valuation adjustment risk	10,831	866	1,012	81	10,850	868
Market risk
Foreign exchange risk	1,795,322	143,626	122,425	9,794	1,447,452	115,796
Operational risk	4,375,273	350,022	3,477,113	278,169	4,375,273	350,022
In addition to the risks described above in Pillar 1, the consolidated situation reserved 0.7 per cent of its risk-weight assets for the requirements under Pillar 2 on 30 June 2016.
Capital ratio and capital buffers				30 Jun 2016	30 Jun 2015	31 Dec 2015
Core Tier 1 ratio, %				13.3	15.0	13.1
Tier 1 ratio, %				13.3	15.0	13.1
Total capital ratio, % Core Tier 1 capital requirement incl. buffer requirement, %				14.4 8.2	16.2 7.1	14.2 7.8
- of which, capital conservation buffer requirement, %				2.5	2.5	2.5
				1.2	0.1	0.8
				6.4	8.2	6.2
- of which, countercyclical buffer requirement, % Core Tier 1 capital available for use as buffer, % Resurs Bank has an application at the Swedish Financial Supervisory Authority which is not yet treated to exempt capital adequacy requirements calculation of the consolidated situation for the currency exposure in NOK of goodwill, which arose with the acquisition of yA Bank.

	30 Jun	30 Jun	31 Dec
Capital ratio and capital buffers	2016	2015	2015
Core Tier 1 ratio, %	13.3	15.0	13.1
Tier 1 ratio, %	13.3	15.0	13.1
Total capital ratio, %	14.4	16.2	14.2
Core Tier 1 capital requirement incl. buffer requirement, %	8.2	7.1	7.8
- of which, capital conservation buffer requirement, %	2.5	2.5	2.5
- of which, countercyclical buffer requirement, %	1.2	0.1	0.8
Core Tier 1 capital available for use as buffer, %	6.4	8.2	6.2

Cidron FI S.á r.l., Resurs Holding AB and Resurs Bank with subsidiaries at 30 June 2015 (preference shares not included in core Tier 1 capital)

Capital base

	RESURS HOLDING AB INTERIM REPORT JANUARY—JUNE 2016
Cidron FI S.á r.l., Resurs Holding AB and Resurs Bank with subsidiaries at 30 June 2015
(preference shares not included in core Tier 1 capital)
Capital base
SEK thousand Tier 1 capital		30 Jun 2015
Core Tier 1 capital Equity		3,042,517
Net profit for the year Less:		271,883
Shares in subsidiaries		-1,100
Intangible assets Minority		-975,600 -443,048
Shares in insurance companies		-319,071
Preference shares Preference share premium reserve		-423 -1,261,766
Equity instruments		-5,600
Total core Tier 1 capital		307,792
Tier 2 capital
Dated subordinated loans Preference shares		200,000 423
Preference share premium reserve		1,261,766
Equity instruments Total Tier 2 capital		5,600 1,467,789
Total capital base		1,775,581
Capital requirement
SEK thousand	30 jun 2015
	Risk weighted	Capital requir
	exposure	ement1)
Exposures to institutions	2,943	235
Exposures to corporates Retail exposures	364,966 9,635,009	29,197 770,801
Exposures in default	1,137,712	91,017
Exposures in the form of covered bonds Exposures to institutions and companies with short-term credit ratings	81,854 872,928	6,548 69,834
Equity exposures	79,000	6,320
Other items Total credit risks	390,159 12,564,571	31,214 1,005,166
Credit valuation adjustment risk	1,012	81
Market risk Foreign exchange risk	122,425	9,794
Operational risk	3,477,112	278,169
Total	16,165,120	1,293,210
1) Capital requirement information is provided for exposure classes that have exposures.
Capital ratio and capital buffers		30 jun 2015
Core Tier 1 ratio, %		1.9
Tier 1 ratio, % Total capital ratio, %		1.9 11.0
Core Tier 1 capital requirement incl. buffer requirement, %		7.0
- of which, capital conservation buffer requirement, % - of which, countercyclical buffer requirement, %		2.5
Core Tier 1 capital available for use as buffer, %
		22

Capital requirement

SEK thousand	30 jun 2015
	Risk weighted exposure	Capital requir ement1)
Exposures to institutions	2,943	235
Exposures to corporates	364,966	29,197
Retail exposures	9,635,009	770,801
Exposures in default	1,137,712	91,017
Exposures in the form of covered bonds	81,854	6,548
Exposures to institutions and companies with short-term credit ratings	872,928	69,834
Equity exposures	79,000	6,320
Other items	390,159	31,214
Total credit risks	12,564,571	1,005,166
Credit valuation adjustment risk	1,012	81
Market risk
Foreign exchange risk	122,425	9,794
Operational risk	3,477,112	278,169
Total	16,165,120	1,293,210

Capital ratio and capital buffers	30 jun 2015
Core Tier 1 ratio, %	1.9
Tier 1 ratio, %	1.9
Total capital ratio, %	11.0
Core Tier 1 capital requirement incl. buffer requirement, %	7.0
- of which, capital conservation buffer requirement, %	2.5
- of which, countercyclical buffer requirement, %
Core Tier 1 capital available for use as buffer, %

G4. Segment reporting

Apr-Jun 2016

G4. Segment reporting The Group CEO is the chief operating decision maker for the Group. Management has established segments based on the information that is dealt with by the Board of Directors and used
as supporting information for allocating resources and evaluating results. The Group CEO assesses the performance of Payment Solutions, Consumer Loans and Insurance.		principles as those used for the consolidated accounts.		The Group CEO evaluates segment development based on net operating income less credit losses. The Insurance segment is evaluated at the operating profit/loss level, as this is part of the segment's responsibility. Segment reporting is based on the same
Apr-Jun 2016
SEK thousand	Payment Solutions	Consumer Loans	Insurance	Intra-Group adjustments	Total Group
Interest income	227,182	378,675	3,763	-1,547	608,073
Interest expense	-19,392	-38,061	-4	1,547	-55,910
Fee & commission income	59,928	24,718		-29,540	55,106
Fee & commission expense, banking operations	-12,224	3			-12,221
Premium earned, net			246,162	-430	245,732
Insurance compensation, net			-95,193		-95,193
Fee & commission expense, insurance operations			-117,302	29,540	-87,762
Net income/expense from financial transactions	196	252	1,806		2,254
Profit/loss from participations in Group companies	-854	-824			-1,678
Other operating income	39,703	13,143	-89	-1,541	51,216
Total operating income	294,539	377,906	39,143	-1,971	709,617
	15,314	14,220	-27,563	-1,971	0
of which, internal
Credit losses, net	-31,365	-59,167			-90,532
Operating income less credit losses	263,174	318,739	39,143	-1,971	619,085
Expenses excl. credit losses 1) Operating profit, Insurance 2)			-20,284 18,859
Apr-Jun 2015
SEK thousand	Payment Solutions	Consumer Loans	Insurance	Intra-Group adjustments	Total Group
Interest income	227,084	254,520	5,538	-1,811	485,331
Interest expense	-35,578	-18,929	-3	1,811	-52,699
Fee & commission income	69,225	14,530		-25,597	58,158
Fee & commission expense, banking operations	-8,887				-8,887
Premium earned, net			302,610	-464	302,146
Insurance compensation, net			-125,568		-125,568
Fee & commission expense, insurance operations			-141,713	25,597	-116,116
Net income/expense from financial transactions Other operating income	-9,050 36,399	-7,616 21,205	-815 428		-17,481 58,032
Total operating income	279,193	263,710	40,477	-464	582,916
of which, internal	12,198	11,588	-23,322	-464	0
Credit losses, net	-32,616	-53,998			-86,614
Operating income less credit losses	246,577	209,712	40,477	-464	496,302
Expenses excl. credit losses 1) Operating profit, Insurance 2)			-24,075

Apr-Jun 2015

	Payment	Consumer	Insurance	Intra-Group	Total
SEK thousand	Solutions	Loans		adjustments	Group
Interest income	227,084	254,520	5,538	-1,811	485,331
Interest expense	-35,578	-18,929	-3	1,811	-52,699
Fee & commission income	69,225	14,530		-25,597	58,158
Fee & commission expense, banking operations	-8,887				-8,887
Premium earned, net			302,610	-464	302,146
Insurance compensation, net			-125,568		-125,568
Fee & commission expense, insurance operations			-141,713	25,597	-116,116
Net income/expense from financial transactions	-9,050	-7,616	-815		-17,481
Other operating income	36,399	21,205	428		58,032
Total operating income	279,193	263,710	40,477	-464	582,916
of which, internal	12,198	11,588	-23,322	-464	0
Credit losses, net	-32,616	-53,998			-86,614
Operating income less credit losses	246,577	209,712	40,477	-464	496,302
Expenses excl. credit losses 1)			-24,075
Operating profit, Insurance 2)			16,402

Jan-Jun 2016

Payment Consumer Insurance Intra-Group Solutions Loans adjustments SEK thousand 450,608 731,092 8,272 -3,215 -39,152 -76,581 -4 3,215 121,574 51,885 -58,489 -25,051 1 491,353 -857 -183,995 -238,266 58,489 -3,412 -3,170 3,716 -854 -824 80,591 21,804 -52 -2,445 584,304 724,207 81,024 -3,302 30,286 27,433 -54,417 -3,302 -76,934 -111,206 507,370 613,001 81,024 -3,302 -44,663 36,361 Payment Consumer Insurance Intra-Group Solutions Loans adjustments 437,662 504,161 11,426 -3,815 -75,030 -47,934 -4 3,815 134,544 28,252 -48,789	Total Group 1,186,757 -112,522 114,970 -25,050 490,496 -183,995 -179,777 -2,866 -1,678 99,898 1,386,233 0 -188,140 1,198,093
Interest income Interest expense Fee & commission income Fee & commission expense, banking operations Premium earned, net Insurance compensation, net Fee & commission expense, insurance operations Net income/expense from financial transactions Profit/loss from participations in Group companies Other operating income Total operating income of which, internal Credit losses, net Operating income less credit losses Expenses excl. credit losses 1) Operating profit, Insurance 2) Jan-Jun 2015 SEK thousand Interest income Interest expense Fee & commission income
	Total Group
	949,434
	-119,153
	114,007
Fee & commission expense, banking operations -17,916 Premium earned, net 559,240 -973	-17,916 558,267
Insurance compensation, net -231,724	-231,724
Fee & commission expense, insurance operations -261,021 48,789	-212,232
Net income/expense from financial transactions -6,559 -5,383 9,963	-1,979
Other operating income 71,646 26,287 415 Total operating income 544,347 505,383 88,295 -973	98,348 1,137,052
of which, internal 23,399 21,575 -44,001 -973	0
Credit losses, net -71,004 -107,365	-178,369
Operating income less credit losses 473,343 398,018 88,295 -973	958,683
Expenses excl. credit losses 1) -44,491
Operating profit, Insurance 2) 43,804

Jan-Jun 2015

	Payment	Consumer	Insurance	Intra-Group	Total
SEK thousand	Solutions	Loans		adjustments	Group
Interest income	437,662	504,161	11,426	-3,815	949,434
Interest expense	-75,030	-47,934	-4	3,815	-119,153
Fee & commission income	134,544	28,252		-48,789	114,007
Fee & commission expense, banking operations	-17,916				-17,916
Premium earned, net			559,240	-973	558,267
Insurance compensation, net			-231,724		-231,724
Fee & commission expense, insurance operations			-261,021	48,789	-212,232
Net income/expense from financial transactions	-6,559	-5,383	9,963		-1,979
Other operating income	71,646	26,287	415		98,348
Total operating income	544,347	505,383	88,295	-973	1,137,052
of which, internal	23,399	21,575	-44,001	-973	0
Credit losses, net	-71,004	-107,365			-178,369
Operating income less credit losses	473,343	398,018	88,295	-973	958,683
Expenses excl. credit losses 1)			-44,491
Operating profit, Insurance 2)			43,804

Jan-Dec 2015

Jan-Dec 2015
SEK thousand	Payment Solutions	Consumer Loans	Insurance	Intra-Group adjustments	Total Group
Interest income	866,319	1,114,249	21,312	-7,194	1,994,686
Interest expense	-112,379	-107,410	-12	7,194	-212,607
Fee & commission income Fee & commission expense, banking operations	271,178 -38,765	66,158 -20		-105,488	231,848 -38,785
Premium earned, net			1,168,646	-1,629	1,167,017
Insurance compensation, net			-505,002		-505,002
Fee & commission expense, insurance operations Net income/expense from financial transactions	-14,925	-12,226	-524,539 -7,941	104,756	-419,783 -35,092
Profit/loss from participations in Group companies	-66	-60	-14		-140
Other operating income	150,392	38,844	-309		188,927
Total operating income of which, internal	1,121,755 48,332	1,099,535 49,962	152,141 -95,933	-2,361 -2,361	2,371,069 0
Credit losses, net	-138,203	-236,660			-374,863
Operating income less credit losses	983,551	862,875	152,141	-2,361	1,996,206
Expenses excl. credit losses 1)			-91,158
Operating profit, Insurance 2)			60,983
1) Reconciliation of 'Expenses excl. credit losses' against income statement
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand	2016	2015	2016	2015	2015
As per segment reporting Expenses excl. credit losses as regards Insurance segment	-20,284	-24,075	-44,663	-44,491	-91,158
Not broken down by segment
Expenses excl. credit losses as regards banking operations	-289,540	-267,705	-591,495	-504,142	-1,066,829
Total	-309,824	-291,780	-636,158	-548,633	-1,157,987
As per income statement
General administrative expenses Depreciation, amortisation and impairment of tangible and intangi	-261,867 -7,363	-252,536 -3,710	-539,848 -14,667	-466,767 -6,619	-989,505 -16,496
Other operating expenses	-40,594	-35,534	-81,643	-75,247	-151,986
Total	-309,824	-291,780	-636,158	-548,633	-1,157,987
2)Reconciliation of 'Operating profit' against income statement
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand As per segment reporting	2016	2015	2016	2015	2015
Operating profit, Insurance	18,859	16,402	36,361	43,804	60,983
Not broken down by segment
Operating profit as regards banking operations Total	290,402 309,261	188,120 204,522	525,574 561,935	366,246 410,050	777,236 838,219
As per income statement Operating profit	309,261	204,522	561,935	410,050	838,219
Total	309,261	204,522	561,935	410,050	838,219
Assets Assets monitored by the Group CEO refer to 'Lending to the public'.
Lending to the public
SEK thousand		Payment Solutions	Consumer Loans	Insurance	Total Group
2015-06-30		7,206,772	6,955,735		14,162,507
2015-12-31		7,904,650	10,293,525		18,198,175
2016-06-30		8,326,712	11,269,744		19,596,456

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand	2016	2015	2016	2015	2015
As per segment reporting
Expenses excl. credit losses as regards Insurance segment	-20,284	-24,075	-44,663	-44,491	-91,158
Not broken down by segment
Expenses excl. credit losses as regards banking operations	-289,540	-267,705	-591,495	-504,142	-1,066,829
Total	-309,824	-291,780	-636,158	-548,633	-1,157,987
As per income statement
General administrative expenses	-261,867	-252,536	-539,848	-466,767	-989,505
Depreciation, amortisation and impairment of tangible and intangi	-7,363	-3,710	-14,667	-6,619	-16,496
Other operating expenses	-40,594	-35,534	-81,643	-75,247	-151,986
Total	-309,824	-291,780	-636,158	-548,633	-1,157,987

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand	2016	2015	2016	2015	2015
As per segment reporting
Operating profit, Insurance	18,859	16,402	36,361	43,804	60,983
Not broken down by segment
Operating profit as regards banking operations	290,402	188,120	525,574	366,246	777,236
Total	309,261	204,522	561,935	410,050	838,219
As per income statement
Operating profit	309,261	204,522	561,935	410,050	838,219
Total	309,261	204,522	561,935	410,050	838,219

Assets

Lending to the public

	Payment	Consumer	Insurance	Total
SEK thousand	Solutions	Loans		Group
2015-06-30	7,206,772	6,955,735		14,162,507
2015-12-31	7,904,650	10,293,525		18,198,175
2016-06-30	8,326,712	11,269,744		19,596,456

G5. Net interest income/expense

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand	2016	2015	2016	2015	2015
Interest income
Lending to credit institutions	604	52	1,355	706	1,480
ending to the public, net	602,417	480,853	1,174,507	939,274	1,976,916
Interest-bearing securities	5,052	4,426	10,895	9,454	16,290
Total interest income, net	608,073	485,331	1,186,757	949,434	1,994,686
Interest expense
Liabilities to credit institutions	-2,703	-2,061	-4,886	-3,382	-8,174
Deposits and borrowing from the public	-43,286	-47,519	-88,457	-112,648	-182,987
Interest expense, issued securities	-9,013		-17,679		-22,771
Other liabilities	-908	-3,119	-1,500	-3,123	1,325
Total interest expense	-55,910	-52,699	-112,522	-119,153	-212,607
Net interest income/expense	552,163	432,632	1,074,235	830,281	1,782,079

G6. Premium earned, net

SEK thousand	Apr-Jun 2016	Apr-Jun 2015	Jan-Jun 2016	Jan-Jun 2015	Jan-Dec 2015
Premium earned	242,573	288,986	464,038	545,277	1,159,861
Premiums for specified reinsurance	-5,613	-10,801	-12,746	-21,847	-71,248
Change in provision for unearned premiums and unexpired risks	12,351	27,566	47,199	42,518	66,838
Reinsurers' share in change in provision for unearned premiums and unexpired risks	-3,579	-3,605	-7,995	-7,681	11,566
Total premium earned, net	245,732	302,146	490,496	558,267	1,167,017

G7. Insurance compensation, net

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand	2016	2015	2016	2015	2015
Interest income
Lending to credit institutions ending to the public, net	604 602,417	52 480,853	1,355 1,174,507	706 939,274	1,480 1,976,916
Interest-bearing securities	5,052	4,426	10,895	9,454	16,290
Total interest income, net	608,073	485,331	1,186,757	949,434	1,994,686
Interest expense
Liabilities to credit institutions	-2,703	-2,061	-4,886	-3,382	-8,174
Deposits and borrowing from the public	-43,286	-47,519	-88,457	-112,648	-182,987
Interest expense, issued securities	-9,013		-17,679		-22,771
Other liabilities Total interest expense	-908 -55,910	-3,119 -52,699	-1,500 -112,522	-3,123 -119,153	1,325 -212,607
Net interest income/expense	552,163	432,632	1,074,235	830,281	1,782,079
G6. Premium earned, net
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand	2016	2015	2016	2015	2015
Premium earned Premiums for specified reinsurance	242,573 -5,613	288,986 -10,801	464,038 -12,746	545,277 -21,847	1,159,861 -71,248
Change in provision for unearned premiums and unexpired risks	12,351	27,566	47,199	42,518	66,838
Reinsurers' share in change in provision for unearned premiums and unexpired risks	-3,579	-3,605	-7,995	-7,681	11,566
Total premium earned, net	245,732	302,146	490,496	558,267	1,167,017
G7. Insurance compensation, net
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand Claims paid, gross	2016 -112,833	2015 -103,234	2016 -207,959	2015 -200,549	2015 -435,798
Less reinsurance share	2,842	2,843	5,875	5,840	12,364
Total claims paid, net	-109,991	-100,391	-202,084	-194,709	-423,434
Change in provision for losses incurred and reported, gross	16,927	-10,784	13,287	-10,919	-44,428
Less reinsurance share	-1,651	2,145	672	2,145	7,573
Total change in provision for losses incurred and reported, net	15,276	-8,639	13,959	-8,774	-36,855
Change in provision for losses incurred but not reported (IBNR),
gross	4,899	-7,936	14,921	-16,869	-18,759
Total change in provision for losses incurred but not reported (IBNR), net	4,899	-7,936	14,921	-16,869	-18,759
Operating expenses for claims adjustment, gross	-5,553	-8,447	-11,026	-11,372	-26,505
Less reinsurance share Total operating expenses for claims adjustment, net	176 -5,377	-155 -8,602	235 -10,791	-11,372	551 -25,954
Total insurance compensation, net
	-95,193	-125,568	-183,995	-231,724	-505,002

G8. Other operating income

SEK thousand	Apr-Jun 2016	Apr-Jun 2015	Jan-Jun 2016	Jan-Jun 2015	Jan-Dec 2015
Other income, lending to the public	41,240	35,856	85,013	73,066	143,910
Other operating income	9,976	22,176	14,885	25,282	45,017
Total operating income	51,216	58,032	99,898	98,348	188,927

G9. General administrative expenses

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand	2016	2015	2016	2015	2015
Personnel expenses	-124,418	-105,318	-248,734	-203,950	-414,989
Postage, communication and notification expenses	-36,058	-34,773	-74,108	-65,388	-134,301
IT expenses	-34,492	-26,689	-75,568	-52,732	-122,905
Cost of premises	-8,333	-5,448	-17,106	-12,548	-29,231
Consultant expenses	-35,060	-37,794	-73,356	-57,116	-150,672
Other	-23,506	-42,514	-50,976	-75,033	-137,407
Total general administrative expenses	-261,867	-252,536	-539,848	-466,767	-989,505

G10. Credit losses

					RESURS HOLDING AB INTERIM REPORT JANUARY—JUNE 2016
G8. Other operating income
SEK thousand	Apr-Jun 2016	Apr-Jun 2015	Jan-Jun 2016	Jan-Jun 2015	Jan-Dec 2015
Other income, lending to the public	41,240	35,856	85,013	73,066	143,910
Other operating income	9,976	22,176	14,885	25,282	45,017
Total operating income	51,216	58,032	99,898	98,348	188,927
G9. General administrative expenses
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand	2016	2015	2016	2015	2015
Personnel expenses	-124,418	-105,318	-248,734	-203,950	-414,989
Postage, communication and notification expenses IT expenses	-36,058 -34,492	-34,773 -26,689	-74,108 -75,568	-65,388 -52,732	-134,301 -122,905
Cost of premises	-8,333	-5,448	-17,106	-12,548	-29,231
Consultant expenses	-35,060	-37,794	-73,356	-57,116	-150,672
Other	-23,506	-42,514	-50,976	-75,033	-137,407
Total general administrative expenses	-261,867	-252,536	-539,848	-466,767	-989,505
G10. Credit losses
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand	2016	2015	2016	2015	2015
Individually assessed loan receivables
Write-offs of stated losses for the period	-536	-3,036	-935	-3,269	-3,281
Recoveries of previously stated credit losses	4	-1,349	145	695	909
Transfers/reversal of provision for credit losses	76	4,208	-176	3,332	2,822
Net result of individually assessed loan receivables for the period	-456	-177	-966	758	450
Collectively assessed homogeneous groups of loan receivables with limited value and similar credit risk
Write-offs of stated losses for the period	-41,711	-45,502	-72,338	-97,285	-303,656
Recoveries of previously stated credit losses	10,210	2,546	18,216	6,319	15,901
Transfers/reversal of provision for credit losses	-58,575	-43,481	-133,052	-88,161	-87,558
Net cost of collectively assessed homogeneous groups of loan
receivables	-90,076	-86,437	-187,174	-179,127	-375,313
Net cost of credit losses for the period	-90,532	-86,614	-188,140	-178,369	-374,863
G11. Lending to the public and doubtful receivables
			Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand			2016	2015	2015
Retail sector			20,726,240	14,983,904	19,177,433
Corporate sector			343,474	374,673	343,401
Total lending to the public			21,069,714	15,358,577	19,520,834
			-1,473,258 19,596,456	-1,196,070 14,162,507	-1,322,659 18,198,175
			2,703,777	2,084,271
Less provision for anticipated credit losses Total net lending to the public Doubtful receivables Gross doubtful receivables for which interest is not entered as income until payment is made Provision for anticipated credit losses			-1,473,258	-1,196,070	2,481,575 -1,322,659

G11. Lending to the public and doubtful receivables

	Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand	2016	2015	2015
Retail sector	20,726,240	14,983,904	19,177,433
Corporate sector	343,474	374,673	343,401
Total lending to the public	21,069,714	15,358,577	19,520,834
Less provision for anticipated credit losses	-1,473,258	-1,196,070	-1,322,659
Total net lending to the public	19,596,456	14,162,507	18,198,175
Doubtful receivables
Gross doubtful receivables for which interest is not entered as income until
payment is made	2,703,777	2,084,271	2,481,575
Provision for anticipated credit losses	-1,473,258	-1,196,070	-1,322,659
Doubtful receivables, net	1,230,519	888,201	1,158,916

G12. Pledged assets, contingent liabilities and commitments

		Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand Collateral pledged for own liabilities		2016	2015	2015
Lending to credit institutions		206,600	140,000	90,000
Lending to the public1)		1,778,518	1,777,544	1,780,232
Assets for which policyholders have priority rights Floating charges		577,149 500,000	662,306 500,000	610,875 500,000
Total collateral pledged for own liabilities		3,062,267	3,079,850	2,981,107
Contingent liabilities
Restricted bank deposits2) Guarantees		21,888 644	701 164	34,025 644
Total contingent liabilities		22,532	865	34,669
Other commitments Unutilised credit facilities granted		24,212,489	21,321,538	23,981,937
1) Refers to securitisation 2) As at 30 juni 2016, SEK 19,775,000 in reserve requirement account at the Bank of Finland and SEK 1,427,000 in tax account at Norwegian bank DNB.
G13. Related-party transactions
Resurs Holding AB, corporate identity number 556898-2291, is owned at 30 June 2016 to 34.93 per cent by Cidron Semper Ltd and 28.58 per cent by Waldakt AB. Of the remaining owners, no single owner holds 20 per cent or more.	and NetonNet, with which the Resurs Group conducted significant transactions during the period. Normal business transactions conducted during the period between the Resurs Group and these related companies are presented below. The Parent Company only
There have not been any significant changes to key persons since publication of the 2015 annual report.	conducted transactions with Group companies. Transaction costs in the table refer to market-rate compensation for
Companies with controlling or significant influence through direct or indirect ownership of the Resurs Group also have controlling or significant influence of Ellos Group AB, SIBA AB	the negotiation of credit to related companies' customers.
		Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand Processing fees		2016 -247,616	2015 -274,162	2015 -526,872
Interest expense – deposits and borrowing from the public		-1,469	-3,910	-5,516
Fee & commission income Fee & commission expense		19,419 -36,839	21,498 -36,337	41,427 -67,480
General administrative expenses		-14,570	-21,983	-44,119
		4,459	8,326	11,342
Other assets Deposits and borrowing from the public		-1,427,545	-584,092	-492,866

1) Refers to securitisation

G13. Related-party transactions

	Jan-Jun	Jan-Jun	Jan-Dec
SEK thousand	2016	2015	2015
Processing fees	-247,616	-274,162	-526,872
Interest expense – deposits and borrowing from the public	-1,469	-3,910	-5,516
Fee & commission income	19,419	21,498	41,427
Fee & commission expense	-36,839	-36,337	-67,480
General administrative expenses	-14,570	-21,983	-44,119
Other assets	4,459	8,326	11,342
Deposits and borrowing from the public	-1,427,545	-584,092	-492,866
Other liabilities	-90,977	-83,475	-85,023

G14. Financial instruments

Group

SEK thousand
	30 Jun 2016		30 Jun 2015		31 Dec 2015
	Carrying value	Fair value	Carrying value	Fair value	Carrying value	Fair value
Assets
Cash and balances at central banks	53,658	53,658			50,761	50,761
Treasury and other bills eligible for refinancing	900,615	900,615	763,009	763,009	956,725	956,725
Lending to credit institutions	3,400,667	3,400,667	3,379,811	3,379,811	2,351,285	2,351,285
Lending to the public	19,596,456	19,596,456	14,162,507	14,162,507	18,198,175	18,198,175
Bonds Subordinated loans	1,639,262	1,639,262	1,955,013 25,932	1,955,013	1,477,206 25,015	1,477,206 25,015
Shares and participating interests	23,337 37,591	23,337 37,591	33,344	25,932 33,344	32,903	32,903
Derivatives	7,342	7,342	101,303	101,303	170,682	170,682
Other assets	160,357	160,357	199,647	199,647	183,818	183,818
Accrued income	33,763	33,763	36,516	36,516	28,375	28,375
Total financial assets	25,853,048	25,853,048	20,657,082	20,657,082	23,474,945	23,474,945
Intangible assets	1,838,818		690,225		1,784,003
Tangible assets	37,716		28,986		37,132
Other non-financial assets	263,902		227,369		427,121
Total assets	27,993,484		21,603,662		25,565,420
	Carrying	Fair value	Carrying	Fair value	Carrying	Fair value
	value		value		value
Liabilities
Liabilities to credit institutions	18,476	18,476	69,400	69,400	141,260
	18,388,300	18,392,677	14,494,930	14,497,784	16,433,531
	108,972	108,972	2,632	2,632	3,147
Deposits and borrowing from the public Derivatives Other liabilities	526,895	526,895	724,557	724,557	613,181
Accrued expenses Issued securities	216,300 2,202,540	216,300 2,212,837	188,327 1,798,900	188,327 1,808,776	90,105 2,181,340
Subordinated debt	40,324	40,405			38,224
Total financial liabilities	21,501,807	21,516,562	17,278,746	17,291,476	19,500,788
	9,175		8,466		8,675
Provisions Other non-financial liabilities	934,563		762,628		1,051,787
Equity Total equity and liabilities	5,547,939 27,993,484		3,553,822 21,603,662		5,004,170 25,565,420	141,260 16,434,337 3,147 613,181 90,105 2,188,422 38,641 19,509,093

	30 Jun 2016		30 Jun 2015		31 Dec 2015
	Carrying value	Fair value	Carrying value	Fair value	Carrying value	Fair value
Liabilities
Liabilities to credit institutions	18,476	18,476	69,400	69,400	141,260	141,260
Deposits and borrowing from the public	18,388,300	18,392,677	14,494,930	14,497,784	16,433,531	16,434,337
Derivatives	108,972	108,972	2,632	2,632	3,147	3,147
Other liabilities	526,895	526,895	724,557	724,557	613,181	613,181
Accrued expenses	216,300	216,300	188,327	188,327	90,105	90,105
Issued securities	2,202,540	2,212,837	1,798,900	1,808,776	2,181,340	2,188,422
Subordinated debt	40,324	40,405			38,224	38,641
Total financial liabilities	21,501,807	21,516,562	17,278,746	17,291,476	19,500,788	19,509,093
Provisions	9,175		8,466		8,675
Other non-financial liabilities	934,563		762,628		1,051,787
Equity	5,547,939		3,553,822		5,004,170
Total equity and liabilities	27,993,484		21,603,662		25,565,420

Financial assets at fair value Group

Financial assets at fair value Group
SEK thousand		30 Jun 2016			30 Jun 2015			30 Jun 2015
	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
Financial assets at fair value through profit or loss:
Treasury and other bills eligible for refinancing	900,615			763,009			956,725
Bonds and other interest-bearing securities
Subordinated loans	1,639,262			1,955,013			1,477,206
Shares and participating interests	23,337 36,597		994	25,932 33,344			25,015 31,948		955
Derivatives		7,342			101,303			170,682
Total	2,599,811	7,342	994	2,777,298	101,303	0	2,490,894	170,682	955
Financial liabilities at fair value through profit or loss: Derivates		-108,972			-2,632			-3,147
Total	2,599,811	-101,630	994	2,777,298	98,671	0	2,490,894	167,535	955
					market data (i.e., unobservable inputs).
					Assets for derivative agreements total SEK 7 million (101), while liabilities total SEK 109 million (3). Collateral corresponding to SEK 117 million has been provided and is reported under 'lending to credit institutions' (last year, the banking group provided collateral corresponding to SEK 89 million).
					A bonus issue of 8,557,512 shares as well as the 20:1 share split that was conducted during the fourth quarter of 2015 were taken into account when calculating the number of shares. Accordingly, the average number of outstanding shares for the January - June 2015 period increased from 1,256,429 to 196,278,820.
					During the second quarter, a total of 8,000,000 warrants were issued
				dilutive effect.	for a value of approximately SEK 27 million. Issued warrants had no
liabilities. Level 2 Inputs that are observable for the asset or liability other than listed prices included in Level 1, either directly (i.e., as price quotations) or indirectly (i.e., derived from price quotations). Financial assets and liabilities that are offset or subject to netting agreements Derivatives are entered into under ISDA agreements. The amounts are not offset in the balance sheet. The majority of derivatives at 30 June 2016 are covered by ISDA Credit Support Annex; accordingly, collateral is obtained and provided in the form of bank deposits between the parties. G15. Earnings per share Basic earnings per share is calculated by dividing the profit attributable to Parent Company shareholders by the weighted average number of ordinary shares outstanding during the period. During the January - June 2016 period, there were a total of 200,000,000 shares with a quotient value of SEK 0.10. There was an average of 196,278,820 outstanding shares for the January - June 2015 period.				Apr-Jun 2016	Apr-Jun 2015		Jan-Jun 2016	Jan-Jun 2015	Jan-Dec 2015

Determination of fair value of financial instruments

Level 1

Level 2

Financial assets and liabilities that are offset or subject to netting agreements

G15. Earnings per share

Level 3

	Apr-Jun 2016	Apr-Jun 2015	Jan-Jun 2016	Jan-Jun 2015	Jan-Dec 2015
Net profit for the period, SEK thousand	239,884	154,584	435,649	312,333	622,209
Average number of outstanding shares during the period	200,000,000	196,278,820	200,000,000	196,278,820	197,135,201
Earnings per share	1,20	0,79	2,18	1,59	3,16

Definitions and key ratios

C/I before credit losses

Expenses before credit losses in relation to operating income.

C/I before credit losses (excl. Insurance), %

Expenses before credit losses exclusive of the Insurance segment in relation to operating income exclusive of the Insurance segment.

Capital base

The sum of Tier 1 capital and Tier 2 capital.

Claims ratio, %

Insurance compensation in relation to premium earned.

Combined ratio, %

The sum of insurance compensation and operating expenses as a percentage of premium earned.

Core Tier 1 ratio, %

Core Tier 1 capital in relation to risk-weighted amount as per the Swedish Financial Supervisory Authority's directive; see Note 3.

Credit loss ratio, %

Net credit losses in relation to the average balance of loans to the public.

Earnings per share, SEK

Net income attributable to shareholders in relation to average number of shares.

NBI margin, %

Operating income exclusive of the Insurance segment in relation to the average balance of loans to the public.

NIM margin, %

Interest income less interest expense exclusive of the Insurance segment in relation to the average balance of loans to the public.

Operating costs ratio, %

Operating costs as a percentage of premium earned.

Premium earned, net

Premium earned, net is calculated as the sum of premium income and the change in unearned premiums after deduction of reinsurers' share. Premium earned, net refers to revenue received by an insurance company for providing insurance coverage during a specific period. RESURS HOLDING AB INTERIM REPORT JANUARY—JUNE 201631

Return on equity excl. intangible assets, % (RoTE)

Net profit for the period as a percentage of average equity less intangible assets.

Technical result

Premium earned, net minus claims- and operation expenses net including allocated investment return transferred from non-technical account and other technical income.

Tier 1 capital

The sum of core Tier 1 capital and other Tier 1 capital.

Tier 2 capital

Mainly subordinated loans that cannot be counted as Tier 1 capital contributions.

Total capital ratio, %

Total capital in relation to risk-weighted amount as per the Swedish Financial Supervisory Authority's directive; see Note 3.

Parent Company

Income statement

Apr-Jun Apr-Jun Jan-Jun Jan-Jun 2016 2015 2016 2015 SEK thousand Net sales 4,955 792 9,547 5,807 Total operating income 4,955 792 9,547 5,807 Personnel expenses -3,734 -882 -5,787 -3,110 Other external expenses -16,239 -666 -39,967 -4,476 Depreciation, amortisation and impairment of non-current assets -58 -101 -139 -202 Total expenses -20,031 -1,649 -45,893 -7,788 OPERATING PROFIT -15,076 -857 -36,346 -1,981 -64,152 Earnings from participations in Group companies Other interest income and similar profit/loss items 1 Interest expense and similar profit/loss items -6 -7 -6 -7 Total profit/loss from financial items -6 -7 -5 -7 Profit/loss after financial items -15,082 -864 -36,351 -1,988 Appropriations Tax on profit for the period 3,318 -247 7,997 NET PROFIT FOR THE PERIOD -11,764 -1,111 -28,354 -1,988 Comprehensive income statement Apr-Jun Apr-Jun Jan-Jun Jan-Jun 2016 2015 2016 2015 SEK thousand Net profit for the period -11,764 -1,111 -28,354 -1,988 Other comprehensive income that will be reclassified to profit or loss Comprehensive income for the period -11,764 -1,111 -28,354 -1,988		Jan-Dec 2015 18,502 18,502 -7,297 -74,969 -388 -82,654
		2,674
		1
		-8 2,667
		-61,485
		61,184
		-301
		Jan-Dec 2015
		-301
		-301

Comprehensive income statement

SEK thousand	Apr-Jun 2016	Apr-Jun 2015	Jan-Jun 2016	Jan-Jun 2015	Jan-Dec 2015
Net profit for the period Other comprehensive income that will be reclassified to profit or loss	-11,764	-1,111	-28,354	-1,988	-301
Comprehensive income for the period	-11,764	-1,111	-28,354	-1,988	-301

Condensed balance sheet

	RESURS HOLDING AB INTERIM REPORT JANUARY—JUNE 2016
Condensed balance sheet
	30 Jun	30 Jun	31 Dec
SEK thousand	2016	2015	2015
Assets Non-current assets
Property, plant & equipment	449	795	588
Financial assets Participations in Group companies	2,053,290	879,390	2,053,290
Total non-current assets	2,053,739	880,185	2,053,878
Current assets
Current receivables
Receivables from Group companies	1,698	2,262	62,172
Current tax assets Other current receivables	11,201 1,229	965 0	1,541 4,302
Prepaid expenses and accrued income	536	660	483
Total current receivables	14,664	3,887	68,498
Cash and bank balances	96,310	18,467	77,978
Total current assets	110,974	22,354	146,476
TOTAL ASSETS	2,164,713	902,539	2,200,354
Equity and liabilities Equity
Restricted equity
Share capital	1,000	126	1,000
Non-restricted equity
Share premium reserve	2,073,210	717,976	2,050,734
Profit or loss brought forward	97,806	181,739	98,106
Net profit for the period TOTAL EQUITY	-28,354 2,143,662	-1,988 897,853	-301 2,149,539
Untaxed reserves		2,700
Current liabilities
Trade payables	6,937	743	19,751
Other current liabilities	518	76	247
Other provisions	98		44
Accrued expenses and deferred income	13,498	1,167	30,773
Total current liabilities TOTAL EQUITY AND LIABILITIES	21,051 2,164,713	1,986 902,539	50,815 2,200,354
Memorandum items
Pledged assets Other pledged assets	- -	- -	- -
Contingent liabilities	-	-	-
			33

Condensed statement of changes in equity

	Share capital	Other paid-in	Translation reserve	Retained earnings incl.	Total equity
SEK thousand		capital		profit for the period
Initial equity at January 2015 Owner transactions	126	717,976	181,935	-196	899,841
Appropriation of profits according to resolution by Annual General Meeting			-196	196
Net profit for the period Equity at 30 June 2015	126	717,976	181,739	-1,988 -1,988	-1,988 897,853
Initial equity at January 2015	126	717,976	181,935	-196	899,841
Owner transactions
New share issue Bonus issue	18 856	1,249,982	-856		1,250,000
Off issue		82,776	-82,776
Appropriation of profits according to resolution by Annual
General Meeting			-196	196
Net profit for the period Equity at 31 December 2015	1,000	2,050,734	98,107	-301 -301	-301 2,149,540
Initial equity at January 2016	1,000	2,050,734	98,107	-301	2,149,540
Owner transactions
Option premium received		22,476			22,476
Appropriation of profits according to resolution by Annual General Meeting			-301	301
Net profit for the period Equity at 30 June 2016	1,000	2,073,210	97,806	-28,354 -28,354	-28,354 2,143,662
For additional information, please contact: Kenneth Nilsson, CEO, kenneth.nilsson@resurs.se; +46 42 382000 Gunilla Wikman, IR, gunilla.wikman@resurs.se; +46 707 638125 Peter Rosén, CFO, peter.rosen@resurs.se; +46 736 564934 Resurs Holding AB Ekslingan 9, Väla Norra Box 222 09
250 24 Helsingborg, Sweden Phone: 042-38 20 00 Email: resursholding@resurs.se www.resursholding.se

For additional information, please contact:

Resurs Holding AB