Interim report January—March 2017

1 January—31 March 2017*

Lending to the public rose 16% to SEK 21,713 million
Operating income increased by a total of 11% to SEK 748 million
Operating profit increased by 27% to SEK 322 million
Earnings per share rose 26% to SEK 1.24
C/I before credit losses (excl. Insurance) was 42.7% (47.6)
The credit loss ratio was 1.9% (2.1%)

"2017 began with a record-breaking quarter and sustained strong growth in all segments. The work on launching new and innovative digital solutions for our retail finance partners and customers is continuing at a fast pace."

Kenneth Nilsson, CEO Resurs Holding AB

ABOUT RESURS HOLDING

Resurs Holding (Resurs), which operates through the 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 Bank has established itself as a leading partner for sales-driven payment and loyalty solutions in retail and e-commerce, and Resurs has thus built a customer base of slightly more than 5 million private customers in the Nordics. Resurs Bank has had a banking licence since 2001 and is under the supervision of the Swedish Financial Supervisory Authority. The Resurs Group operates in Sweden, Denmark, Norway and Finland. At the end of the first quarter of 2017, the Group had 731 employees and a loan portfolio of SEK 21.7 billion. Resurs is listed on Nasdaq Stockholm.

* Certain performance measures provided in this section have not been prepared in accordance with IFRS. Definitions of key ratios are provided on page 30. The reasons for using 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 31 March 2016 in terms of financial position, and to the year-earlier period in terms of profit/loss items.

STATEMENT BY THE CEO

SUSTAINED STRONG GROWTH AND FAST PACE IN DIGITALISATION

2017 began with a record-breaking quarter and sustained strong growth in all segments. The loan portfolio grew 16 per cent to SEK 21.7 billion. Growth was driven by both Payment Solutions and Consumer Loans and was noted in all geographical markets. Our insurance operations performed better year-on-year due to, for example, new partners and the discontinuation of the UK travel insurance operations. Profit after tax for the Group increased 17 per cent excluding nonrecurring costs to SEK 247 million, driven by higher business volumes and continued strong control over both costs and credit losses. Overall, this meant that our performance was a stable improvement on our targets.

In retail finance, some of the more recently won business led to volumes with slightly lower NBI margins. However, these volumes also have lower administration costs and higher credit quality, which had a positive total impact on profitability.

Launches of digital innovations continue

The work on launching new and innovative digital solutions for our retail finance partners and customers is continuing. We also secured additional retail finance partners during the quarter that will make use of our e-commerce check-out solution.

In the fourth quarter of 2016, Payment Solutions test launched a digitised credit application process, allowing customers to sign in-store credit applications using their Mobile BankID. The stores have no papers to process and customers can apply quickly and easily. The service is now available at all of our stores in Sweden and Denmark and more than 50 per cent of all new applications in Sweden are now made digitally. We are currently launching the service in Norway and Finland and expect the digital application to be available to all stores in these markets at the start of the second quarter. This is an important innovation that simplifies processes for both stores and customers. It is also a benefit to the environment since it eliminates the need for paper.

We also launched our Loyo Pay mobile app on a broad front during the quarter – it is the first mobile app to handle both e-commerce and offline payments in the same app. It was developed together with Mastercard and uses both near field communication (NFC) and Masterpass for e-commerce payments. We are the first to offer such a product in northern Europe.

We are now working with several interest groups in the retail sector to accelerate use and we welcome launches of similar products by our colleagues in the industry in the near future. Such moves would drive up interest for this type of innovation and benefit both the retail sector and customers.

40 years of innovative products

We turned 40 during the quarter. Over the years, we have spearheaded developments in the industry in many ways, particularly in recent years by continuously launching new digital products, such as Loyo Pay and digital applications.

We continue to see a fast pace in the development of new digital products and a number of highly attractive sales-promoting products will be launched in 2017.

LENDING SEK 21,713 million

LENDING GROWTH

+16%

NET PROFIT AFTER TAX FOR THE QUARTER (excl. nonrecurring costs)*

+17%

Kenneth Nilsson, CEO, Resurs Holding AB

PERFORMANCE MEASURES

	RESURS HOLDING AB INTERIM REPORT JANUARY—MARCH 2017
PERFORMANCE MEASURES
SEKm unless otherwise specified	Jan–Mar 2017	Jan-Mar 2016	Change	Jan–Dec 2016
Operating income	748	677	11%	2,797
Operating profit	322	253	27%	1,140
Net profit for the period	247	196	26%	905
Net profit for the period, adjusted for nonrecurring costs*	247	211	17%	966
Earnings per share, SEK	1.24	0.98	26%	4.52
Earnings per share, adjusted for nonrecurring costs, SEK*	1.24	1.06	17%	4.83
C/I before credit losses, %	43.3	48.2		45.8
C/I before credit losses (excl. Insurance), %*	42.7	47.6		44.7
Common Equity Tier 1 ratio, %	13.2	13.2		13.2
Total capital ratio, %	15.2	14.3		14.1
Lending to the public	21,713	18,760	16%	21,204
NIM, %*	10.7	11.2		11.1
NBI margin, %*	13.1	13.7		13.6
Credit loss ratio, %*	1.9	2.1		1.9
Return on equity, excl. intangible assets, (RoTE), % Return on equity, excl. intangible assets, adjusted for nonrecurring costs, (RoTE), %	22.8 22.8	23.6 25.4		24.3 25.8
* Some 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 30. The reasons for using alternative performance measures and reconciliation against information in the financial statements are provided on the website under "Financial information."

				3

GROUP RESULTS*

FIRST QUARTER 2017, JANUARY—MARCH

Operating income

The Group's operating income totalled SEK 748 million (677), up 11 per cent year-onyear primarily due to growth in lending. The NBI margin for the banking operations was 13.1 per cent (13.7), which is within the Group's mid-term financial target. The decline was due to increased volumes in new retail finance partnerships with a slightly lower NBI margin but with improved profitability. Net interest income increased by 10 per cent to SEK 576 million (522), with interest income rising 10 per cent and interest expense 7 per cent. Fee & commission income amounted to SEK 72 million (60) and fee & commission expense to SEK -13 million (-13). This resulted in a total net commission for the banking operations of SEK 59 million (47), up 25 per cent.

Premiums earned, net, in the insurance operations amounted to SEK 210 million (245), while claim costs fell to SEK -67 million (-89), which is recognised in the item insurance compensation, net. The decline was the result of the discontinuation of the travelinsurance programme in the UK in 2016. Fee & commission expense in the insurance operations amounted to SEK -70 million (-92) and in total net insurance increased 14 per cent to SEK 73 million (64).

Net expense from financial transactions amounted to SEK -1 million (-5). The change relates to value fluctuations in investments in interest-bearing securities and shares as well as exchange-rate differences in assets, liabilities and derivatives in foreign currencies.

Other operating income amounted to SEK 42 million (49), which primarily comprises remuneration from lending operations.

Operating expenses

The Group's expenses before credit losses totalled SEK -324 million (-326) during the quarter. The year-earlier period included a nonrecurring cost of SEK -20 million for the IPO. Year-on-year expenses excluding nonrecurring costs increased in absolute terms as a result of intensified marketing activities and higher investments in IT. Viewed in relation to the operations' income, the cost level (excluding Insurance and nonrecurring costs) continued to decline and amounted to 42.7 per cent (44.4).

Credit losses totalled SEK -103 million (-98) and the credit loss ratio was 1.9 per cent (2.1), due to the continued improved credit quality of the portfolio.

Profit

Operating profit amounted to SEK 322 million (253), up 27 per cent. Net profit for the quarter amounted to SEK 247 million (196). Tax expense for the quarter amounted to SEK 75 million (57).

NET INTEREST INCOME ⁺ 10%

C/I RATIO (excl. Insurance and nonrecurring costs)*

42.7%

OPERATING PROFIT Q1 +27%

FINANCIAL POSITION AT 31 MARCH 2017

At 31 March 2017, the Group's financial position was strong, with a capital base of SEK 3,676 million (3,074) in the consolidated situation, comprising the Parent Company Resurs Holding AB, and the Resurs Bank AB Group. The total capital ratio was 15.2 per cent (14.3) and the Common Equity Tier 1 ratio was 13.2 per cent (13.2). On 17 January 2017, Resurs Bank issued ten-year subordinated Tier 2 bonds of SEK 300 million under the framework of Resurs Bank's MTN programme. There is the option of prematurely redeeming the bonds after five years.

At 31 March 2017, lending to the public totalled SEK 21,713 million (18,760), representing a 16 per cent increase, and a 13 per cent increase excluding currency effects. The increase was derived from both the banking segments and all markets. Moreover, lending was positively impacted by currency effects, primarily in relation to the NOK.

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 financing). The Group pursues a strategy of actively working on these sources of financing in order to use the most suitable source of financing at any time.

Deposits from the public at 31 March 2017 totalled SEK 17,705 million (16,662), up 6 per cent. Financing through issued securities totalled SEK 4,110 million (2,191).

Liquidity remained healthy and the liquidity coverage ratio (LCR) was 182 per cent (151) in the consolidated situation. The minimum statutory LCR ratio is 70 per cent, which will increase to 100 per cent by 2018. Lending to credit institutions amounted to SEK 3,436 million (2,397) at 31 March 2017. Holdings of treasury and other bills eligible for refinancing, as well as bonds and other interest-bearing securities, totalled SEK 2,559 million (2,287).

Cash flow from operating activities amounted to SEK -937 million (42) during the first quarter. Cash flow from deposits amounted to SEK -852 million (140) and the net change in investment assets totalled SEK 199 million (165). Cash flow from investing activities for the period totalled SEK -14 million (-5) and cash flow from financing activities was SEK 1,098 million (0). In the first quarter, bonds totalling SEK 1,100 million were issued under Resurs Bank's MTN programme, of which SEK 300 million pertained to subordinated Tier 2 bonds.

Intangible assets amounted to SEK 1,873 million (1,810), mainly due to the goodwill that arose in the acquisition of yA Bank in 2015.

TOTAL CAPITAL RATIO 15.2%

SEGMENT REPORTING

RESURS HOLDINGS' THREE SEGMENTS

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

Payment Solutions delivers finance, payment and loyalty solutions that drive retail sales, as well as credit cards to the public. Consumer Loans focuses primarily on lending to consumers. Insurance includes the wholly owned subsidiary Solid Försäkring, active within consumer insurance. In the first quarter of 2017, Payment Solutions accounted for 41 per cent of the Group's operating income, while Consumer Loans and Insurance accounted for 53 and 6 per cent, respectively.

PERCENTAGE OF OPERATING INCOME JAN—MAR 2017

PAYMENT SOLUTIONS

New retail finance partners and digitisation build growth

FIRST QUARTER, JANUARY—MARCH

ABOUT PAYMENT SOLUTIONS

The Payment Solutions segment is comprised of retail finance and credit cards. Within retail finance, Resurs is the leading partner for sales-driving finance, payment and loyalty solutions in the Nordic region.

Credit Cards comprises Resurs's proprietary credit cards (of which Supreme Card is the best known), and co-branded credit cards for retail finance partners. Resurs currently has about 280,000 credit card customers in the Nordic market.

PERFORMANCE MEASURES — PAYMENT SOLUTIONS

PAYMENT SOLUTIONS		the Nordic market.	ABOUT PAYMENT SOLUTIONS The Payment Solutions segment is comprised of retail finance and credit cards. Within retail finance, Resurs is the leading partner for sales-driving finance, payment and loyalty solutions in the Nordic region. Credit Cards comprises Resurs's proprietary credit cards (of which Supreme Card is the best known), and co-branded credit cards for retail finance partners. Resurs currently has about 280,000 credit card customers in
New retail finance partners and digitisation build growth FIRST QUARTER, JANUARY—MARCH During the first quarter, Payment Solutions initiated several partnerships with new retail finance partners, while existing partnerships progressed positively. Partnerships with, for example, the lawnmower and garden machinery manufacturer Stiga and Amazing Brands were initiated in the Swedish market. In Norway, Biltema and optician chain Interoptik became new partners, while in the Finnish market car repair chain Rengas Duo became a new strong partner. Following a test launch in the fourth quarter of 2016, a new digital credit application process was implemented with all retail finance partners in Sweden and Denmark during the first quarter, meaning completely paperless credit-application processing for both retail finance partners and customers. The digital solution will also be implemented in Norway and Finland during the second quarter. A new marketing concept for Supreme Card was introduced at the end of March. The card's reward programme was also further enhanced, which should ultimately boost the segment's profitability.



The Loyo Pay mobile app and payment solution was fully launched for android users
during the first quarter. It is the first mobile payment product in northern Europe that can be used for both e-commerce and in physical stores. The product is a collaboration with Mastercard and makes use of the latest NFC technology for easy in-store payments.			LENDING TO THE PUBLIC
Lending to the public amounted SEK 8,672 million (7,936) at 31 March 2017, a 9 per cent year-on-year increase. This increase was primarily driven by strong sales through new retail finance partners and continued strong demand in the segment.		7.9		8.7
Operating income totalled SEK 307 million (290), up 6 per cent year-on-year, mostly driven by higher remuneration from retail finance partners. Operating income less credit losses amounted to SEK 272 million (244), up 12 per cent year-on-year.
The NBI margin was 14.1 per cent (14.6) for the quarter. In retail finance, some of the more recently won business led to volumes with slightly lower NBI margins. However, these volumes also have lower administration costs and higher credit quality, which had a positive total impact on profitability.		Q1-16 billion.	Trend in lending to the public in SEK	Q1-17
Credit losses, both in absolute terms and as a percentage of lending volumes, were lower year-on-year as a result of continued improvements in the credit quality of the portfolio.
PERFORMANCE MEASURES — PAYMENT SOLUTIONS
	Jan–Mar	Jan–Mar	Change	Jan–Dec
SEKm Lending to the public at end of the period	2017 8,672	2016 7,936	9%	2016 8,786
Operating income	307	290	6%	1,185
Operating income less credit losses	272	244	12%	1,026
NBI margin, %	14.1	14.6		14.2
Credit loss ratio, %	1.6	2.3		1.9

CONSUMER LOANS

Continued strong growth

FIRST QUARTER 2017, JANUARY -MARCH

ABOUT CONSUMER LOANS

Trend in lending to the public in SEK billion

PERFORMANCE MEASURES — CONSUMER LOANS

	RESURS HOLDING AB INTERIM REPORT JANUARY—MARCH 2017
CONSUMER LOANS Continued strong growth FIRST QUARTER 2017, JANUARY -MARCH Consumer Loans reported another record-breaking quarter. Lending grew a total of about 20 per cent year-on-year to SEK 13,041 million (10,824). The highest percentage of growth for Resurs Bank was noted in Denmark. Sweden and Norway also performed well, while Finland was in line with the preceding year. yA Bank continued to report very healthy growth and made a positive contribution to the performance of the segment in the quarter. A new technology platform was launched in Finland that simplified and automatises the application process for customers and enables more structured analyses and use of customer data to further enhance the efficiency of credit lending. The next step is to migrate the remaining loan products in Finland, which is scheduled to take place in the second quarter of 2017. The platform will then gradually be rolled out to other geographical markets. Operating income totalled SEK 396 million (346), up 14 per cent year-on-year due to higher volumes. Operating income less credit losses totalled SEK 328 million (294), a year-on-year increase of 11 per cent. Credit losses in absolute terms increased during the period as a result of growth in the loan portfolio, but were stable in relation to lending. The NBI margin was 12.4 per cent (13.1). The decline was primarily due to yA Bank and the Swedish portfolio reporting higher volumes of lending growth, which both have slightly lower average interest rates than portfolios in other markets. PERFORMANCE MEASURES — CONSUMER LOANS		consumption. 10.8 Q1-16 billion	ABOUT CONSUMER LOANS In the Consumer Loans segment, Resurs offers unsecured loans to consumers who want to finance investments for example in their homes, holidays or other Resurs also provides help in consolidating loans held by consumers with other banks, with the aim of reducing the consumer's interest expense. Resurs currently holds approximately SEK 13 billion in outstanding consumer loans. LENDING TO THE PUBLIC Trend in lending to the public in SEK	13.0 Q1-17
SEKm	Jan–Mar	Jan–Mar	Change	Jan–Dec
Lending to the public at end of the period	2017 13,041	2016 10,824	20%	2016 12,418
Operating income	396	346	14%	1,492
Operating income less credit losses	328	294	11%	1,274
NBI margin, %	12.4	13.1		13.1
Credit loss ratio, %	2.1	2.0		1.9
				8

INSURANCE

Stable foundation for Nordic growth

FIRST QUARTER 2017, JANUARY —MARCH

ABOUT INSURANCE

PERFORMANCE MEASURES — INSURANCE

	RESURS HOLDING AB INTERIM REPORT JANUARY—MARCH 2017
INSURANCE
Stable foundation for Nordic growth
FIRST QUARTER 2017, JANUARY —MARCH
Insurance's existing partner base continued to perform positively, and additional collaborations with new partners began during the first quarter. The partnership with electronic chain Expert, which is already a partner in Norway and Finland, was further developed since Expert is establishing e-commerce in Sweden under the Power brand. In the Danish market, a new partnership was launched with optician chain Optik Team, with the contract signed in the fourth quarter of 2016. Work continued on increasing the profitability of existing partners, for example, by adjusting premiums and expanding insurable product categories. Preparations have been made in the successful area of bicycles ahead of the biking season.
Preparations also continued during the quarter on establishing branches in Norway and Finland to aid the segment's growth in these countries.			ABOUT INSURANCE Non-life insurance is offered
Premiums earned totalled SEK 210 million (245), a year-on-year decrease of 14 per cent. The decline was the result of the discontinuation of the travel-insurance programme in the UK in 2016. Excluding the UK operations, the segment's total premiums earned increased to SEK 201 million (185), a year-on-year increase of slightly		market.	within the Insurance segment under the Solid Försäkring brand. The focus is on niche coverage, with the Nordic region as the main
more than 8 per cent. Mainly insurance products in the Motor and Travel business lines performed strongly during the quarter. Bicycles reported continued healthy profitability in the Product line.			Insurance products are divided into four business lines: Travel, Security, Motor and Product. The company partners with leading
Operating income for the period rose 13 per cent to SEK 47 million (42). Net income from financial transactions increased year-on-year due to equities and bonds.			retail chains in various sectors, and has about 2.3 million customers across the Nordic region.
The technical result rose 7 per cent to SEK 16 million (15) year-on-year. This increase was due to the sustained strong performance of the partner base in the Nordics and the discontinuation of the travel insurance programme in the UK.			PREMIUMS EARNED, NET*
Operating profit increased 32 per cent to SEK 23 million (18) and the combined ratio for the quarter improved to 93.3 per cent (94.7).			185	201
			Q1-16	Q1-17
			* Trend in premiums earned, net, in SEKm, excluding the UK operations
PERFORMANCE MEASURES — INSURANCE
SEKm	Jan–Mar 2017	Jan–Mar 2016	Change	Jan–Dec 2016
Premiums earned, net	210	245	-14%	909
Operating income	47	42	13%	125
Technical result	16	15	7%	29
Operating profit/loss	23	18	32%	40
Combined ratio, %	93.3	94.7		98.4
				9

SIGNIFICANT EVENTS

JANUARY—MARCH 2017

Resurs Bank launched Loyo Pay – the first app for mobile payments in both stores and online

The test version of Loyo Pay was released in November 2016 and the service was fully launched in March 2017. Resurs Bank thus became the first bank to offer its customers a digital payment service that can be used in all sales channels.

Resurs Bank issued subordinated Tier 2 bonds of SEK 300 million

On 17 January 2017, Resurs Bank issued subordinated Tier 2 bonds of SEK 300 million. These subordinated bonds were issued under Resurs Bank's MTN programme and have a tenor of ten years. There is the option of prematurely redeeming the bonds after five years.

AFTER THE END OF THE PERIOD

Approved dividends in Resurs Holding

The Annual General Meeting held on 28 April 2017 resolved on a dividend of SEK 3.00 per share, corresponding to 66% of earnings per share. The total dividend amounts to SEK 600 million. The Resurs share was traded without dividend rights from 2 May 2017. The record date was 3 May 2017 and the dividend was paid on 8 May 2017.

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 more 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 the branch office Resurs Bank AB Suomen sivuliike (Helsinki), operations in Norway through the branch office Resurs Bank AB NUF (Oslo), and operations in Denmark through the branch office Resurs Bank filial af Resurs Bank (Vallensbæk Strand). In Norway, operations are also conducted via subsidiary yA Bank AS since its acquisition in late October 2015.

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.

Employees

There were 731 full-time working employees within the Group at 31 March 2017, up three since the end of 2016. The increase was due to new recruitments in IT, while the number of personnel declined in Admin & Operation.

NUMBER OF EMPLOYEES

731

Information about the Resurs share

The ten largest shareholders with direct ownership on 31 March 2017 were:	Share capital
Waldakt (fam. Bengtsson)	28.6%
Cidron Semper Ltd (Nordic Capital)	26.2%
Swedbank Robur Fonder	9.6%
Andra AP-fonden	3.2%
Handelsbanken Fonder	2.9%
Livförsäkringsbolaget Skandia	1.6%
Didner & Gerge Fonder	1.4%
Avanza Pension	1.2%
Norges Bank	1.1%
Skandia Fonder	1.1%
Total	76.9%

2017 were: Waldakt (fam. Bengtsson)		Share capital
		28.6%
Cidron Semper Ltd (Nordic Capital)		26.2%
Swedbank Robur Fonder		9.6%
Andra AP-fonden		3.2%
Handelsbanken Fonder		2.9%
Livförsäkringsbolaget Skandia		1.6%
Didner & Gerge Fonder		1.4%
Avanza Pension		1.2%
Norges Bank		1.1%
Skandia Fonder		1.1%
Total		76.9%
Financial targets
Performance measures	Mid-term targets	Outcome Q1
Annual lending growth	about 10%	16%
NBI margin, excl. Insurance	about 13-15%	13.1%
Credit loss ratio	about 2-3%	1.9%
C/I ratio before credit losses, excl. Insurance and adjusted for nonrecurring costs	about 40%	42.7%
Common Equity Tier 1 ratio	over 12,5%	13.2%
Total capital ratio	over 14,5%	15.2%
Return on tangible equity (RoTE) adjusted for nonrecurring costs 1)	about 30%	28.3%
Dividend	at least 50% of profit for the year	n/a
capital base for the current year.	Adjusted for Common Equity Tier 1 of 12.5 per cent, the approved dividends in the preceding year and dividends deducted from the
			NEXT REPORT
Financial calendar			8 AUGUST
8 August 2017 31 October 2017	Interim report for Jan–Jun 2017 Interim report for Jan-Sep 2017

Financial calendar

THE BOARD'S ASSURANCE


THE BOARD'S ASSURANCE
This interim report has not been audited.
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 May 2017.

Kenneth Nilsson, CEO
The 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







			13

SUMMARY FINANCIAL STATEMENTS — GROUP

Condensed income statement

SEK thousand
	Note	Jan-Mar 2017	Jan-Mar 2016	Jan-Dec 2016
Interest income	G5	636,658	578,684	2,449,066
Interest expense	G5	-60,785	-56,612	-236,813
Fee & commission income		72,313	59,864	225,482
Fee & commission expense, banking operations		-13,388	-12,829	-49,370
Premium earned, net	G6	210,114	244,764	907,204
Insurance compensation, net	G7	-67,172	-88,802	-349,584
Fee & commission expense, insurance operations		-69,913	-92,015	-340,775
Net income/expense from financial transactions		-1,187	-5,120	-958
Profit/loss from participations in Group companies Other operating income	G8	41,739	48,682	-1,678 193,962
Total operating income		748,379	676,616	2,796,536

General administrative expenses	G9	-267,628	-277,981	-1,081,596
Depreciation, amortisation and impairment of non-current assets		-8,585	-7,304	-31,272
Other operating expenses		-47,631	-41,049	-167,454
Total expenses before credit losses		-323,844		-326,334 -1,280,322
EARNINGS BEFORE CREDIT LOSSES		424,535	350,282	1,516,214

Credit losses, net	G10	-102,877	-97,608	-376,693
OPERATING PROFIT/LOSS		321,658	252,674	1,139,521
Income tax expense		-74,550	-56,909	-234,727
NET PROFIT FOR THE PERIOD		247,108	195,765	904,794
Attributable to Resurs Holding AB shareholders		247,108	195,765	904,794
Basic and diluted earnings per share, SEK	G15	1.24	0.98	4.52
Condensed statement of comprehensive income
SEK thousand		Jan-Mar	Jan-Mar	Jan-Dec
Net profit for the period		2017 247,108	2016 195,765	2016 904,794

Other comprehensive income that will be reclassified to profit/loss
		-24,137	38,000	166,293
Translation differences for the period, foreign operations
Cash flow hedges		3,560		-17,910
		-783		3,940
Cash flow hedges - tax Comprehensive income for the period		225,748	233,765	1,057,117

Condensed statement of comprehensive income

SEK thousand	Jan-Mar 2017	Jan-Mar 2016	Jan-Dec 2016
Net profit for the period	247,108	195,765	904,794

Other comprehensive income that will be reclassified to profit/loss

Translation differences for the period, foreign operations	-24,137	38,000	166,293
Cash flow hedges	3,560		-17,910
Cash flow hedges - tax	-783		3,940
Comprehensive income for the period	225,748	233,765	1,057,117

Attributable to Resurs Holding AB shareholders	225,748	233,765	1,057,117

Condensed statement of financial position

31 Mar 31 Mar 31 Dec Note 2017 2016 2016 55,528 52,134 56,173 870,445 900,642 892,068 3,435,510 2,397,057 3,294,955 G11 21,713,105 18,760,263 21,204,281 1,688,950 1,386,200 1,886,004 33,306 22,773 32,491 70,949 33,071 65,858 1,872,890 1,810,125 1,885,106 45,529 37,495 42,079 6,086 22,014 7,734 194,153 230,146 219,143 228,429 243,484 227,495 30,214,880 25,895,404 29,813,387 35,300 46,435 1,700 17,705,087 16,662,487 18,617,943 1,056,171 969,876 1,115,641 202,666 246,661 150,811 431,463 492,610 462,853 6,968 8,912 6,988 4,110,336 2,191,280 3,316,130 341,648 39,208 42,160 23,889,639 20,657,469 23,714,226 1,000 1,000 1,000 2,088,941 2,050,734 2,088,610 54,706 -38,258 76,066 4,180,594 3,224,459 3,933,485 6,325,241 5,237,935 6,099,161 30,214,880 25,895,404 29,813,387	SEK thousand Assets Cash and balances at central banks Treasury and other bills eligible for refinancing Lending to credit institutions Lending to the public Bonds and other interest-bearing securities Subordinated debt Shares and participating interests Intangible assets Property, plant & equipment Reinsurers' share in technical provisions Other assets Prepaid expenses and accrued income TOTAL ASSETS Liabilities, provisions and equity Liabilities and provisions Liabilities to credit institutions Deposits and borrowing from the public Other liabilities Accrued expenses and deferred income Technical provisions Other provisions Issued securities Subordinated debt Total liabilities and provisions Equity Share capital Other paid-in capital Translation reserve Retained earnings incl. profit for the period Total equity TOTAL LIABILITIES, PROVISIONS AND EQUITY See Note G12 for information on pledged assets and commitments.

Condensed statement of changes in equity

SEK thousand	Share capital	Other paid in capital	Translation reserve	Retained earnings incl. profit for the period	Total equity
Initial equity at January 2016
Owner transactions	1,000	2,050,734	-76,257	3,028,691	5,004,168

Net profit for the period				195,767	195,767
Other comprehensive income for the period			38,000		38,000
Equity at 31 March 2016	1,000	2,050,734	-38,257	3,224,458	5,237,935

Initial equity at January 2016	1,000	2,050,734	-76,257	3,028,691	5,004,168
Owner transactions
Unconditional shareholder´s contribution		15,000			15,000
Option premium received		22,876			22,876

Net profit for the period				904,794	904,794
Other comprehensive income for the period			152,323		152,323
Equity at 31 December 2016	1,000	2,088,610	76,066	3,933,485	6,099,161

Initial equity at January 2017 Owner transactions	1,000	2,088,610	76,066	3,933,485	6,099,161
Option premium received		331			331

Net profit for the period				247,108	247,108
Other comprehensive income for the period			-21,360		-21,360

Cash flow statement (indirect method)

Cash flow statement (indirect method)
SEK thousand	Jan-Mar 2017	Jan-Mar 2016	Jan-Dec 2016
Operating profit	321,658	252,674	1,139,521
- of which, interest received	635,535	577,043	2,448,835
- of which, interest paid	-19,165	-16,813	-236,636
Adjustments for non-cash items in operating profit	123,379	94,001	341,606
Tax paid Cash flow from operating activities before changes in operating assets and	-66,566	-27,603	-170,355
liabilities	378,471	319,072	1,310,772
Changes in operating assets and liabilities
Lending to the public	-715,468	-479,893	-2,605,972
Other assets	40,620	93,292	-142,152
Liabilities to credit institutions	33,600	-94,825	-139,560
Deposits and borrowing from the public	-852,130	140,367	1,786,924
Acquisition of investment assets	-136,995	-372,074	-1,682,620
Divestment of investment assets Other liabilities	336,465 -21,238	537,058 -101,278	1,385,556 -126,206
Cash flow from operating activities	-936,675	41,719	-213,258
Investing activities
Acquisition of non-current assets	-14,525	-5,327	-26,640
Divestment of non-current assets	297	110	3,672
Divestment of subsidiaries - net liquidity impact			-2,538
Cash flow from investing activities	-14,228	-5,217	-25,506
Financing activities
Unconditional shareholder´s contribution received			15,000
Issued securities	798,050		1,094,600
Option premium received	331		22,886
Subordinated debt	300,000
Cash flow from financing activities	1,098,381	0	1,132,486
Cash flow for the period	147,478	36,502	893,722

Cash & cash equivalents at beginning of the year Exchange difference	3,351,128 -7,568	2,402,046 10,643	2,402,046 55,360
Cash & cash equivalents at end of the period	3,491,038	2,449,191	3,351,128

Adjustment for non-cash items in operating profit
Credit losses	102,877	97,608	376,693
Depreciation and impairment of property, plant & equipment	8,585	7,304	31,272
Profit/loss tangible assets	-155		-650
Profit/loss from participations in associated companies			1,678
Profit/loss on investment assets	-11,638	-4,984	-28,085
Change in provisions Adjustment to interest paid/received	-31,345 41,284	-41,578 38,158	-73,720 3,483
Currency effects	12,495	-2,507	29,331
Other items that do not affect liquidity	1,276		1,604
	123,379	94,001	341,606

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

G1. Accounting principles

Group's year-end 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 2017, have had any material impact on the Group.

The Parent Company has prepared its year-end report in accordance with the requirements for year-end reports in the Annual Accounts Act (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.

IFRS 9 introduces a new model for calculating the credit loss reserve based on expected credit losses, as opposed to the current model based on credit loss events that have occurred. The impairment model includes a three-stage model based on changes in the credit quality of financial assets. Under this three-stage model, assets are divided into three different categories depending on how credit risk has changed since the asset was initially recognised in the balance sheet.

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 highly 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 amount of the liquidity reserve, calculated based on deposit volumes, the proportion covered by deposit insurance and relationship to depositors. The model also takes into account the future maturities of issued securities. The Board has stipulated that the liquidity reserve may never fall below SEK 1,200 million. Apart from the liquidity reserve, there is an intraday liquidity requirement of at least 4 per cent of deposits from the public, or a minimum SEK 600 million. There are also other liquidity requirements regulating and controlling the business.

The liquidity reserve, totalling SEK 1,740 million (1,634), is in accordance with Swedish Financial Supervisory Authority regulations on liquidity risk management (FFFS 2010:7 and applicable amendments thereto) for the consolidated situation.

Category 1 encompasses assets for which the credit risk has not increased significantly, category 2 encompasses assets for which the credit risk has increased significantly, while category 3 encompasses defaulted assets. The credit loss provision for assets is governed by the category to which the assets belong. Reserves are made under category 1 for expected credit losses within 12 months, while reserves for category 2 and 3 are made for expected credit losses under the full lifetime of the assets. The bank continued to work intensively on preparing implementation during the past quarter. The bank believes that it has made significant progress in its work on both developing the underlying calculation models and accompanying structures required for implementing the future accounting standard. The bank believes that credit loss reserves will increase at the same time as equity will decrease when the new accounting standard is implemented, primarily as a result of assets being included in the calculation of the credit loss reserve without any elevated credit risk. The regulations are also not expected to lead to any increased volatility in the credit loss line of the income statement. IFRS 9 takes effect on 1 January 2018. RESURS HOLDING AB | INTERIM REPORT JANUARY—MARCH 201718

The interim information on pages 2-33 comprises an integrated component of this financial report.

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 3,728 million (2,575) for the consolidated situation. Accordingly, total liquidity amounted to SEK 5,468 million (4,209). Total liquidity corresponded to 31 per cent (25) of deposits from the public. The Group also has unutilised credit facilities of SEK 52 million (495).

Liquidity Coverage Ratio (LCR) for the consolidated situation is reported to the authorities on a monthly basis. The LCR shows the ratio between high qualitative assets and net outflow during a 30-day stressed period. As at 31 March 2017, the ratio for the consolidated situation is 182 per cent (151). There has been a minimum statutory LCR ratio of 80 per cent since 2017; 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

	RESURS HOLDING AB INTERIM REPORT JANUARY—MARCH 2017

Financing
A core component of financing efforts is maintaining a well-diversified financing structure with access to several sources of financing. Access to a number of sources of financing means that it is possible to use the most appropriate source of financing at any particular time.	Resurs Bank previously completed a securitisation of loan receivables, a form of structured financing, referred to as Asset Backed Securities (ABS). This took place by transferring loan receivables to Resurs Bank's wholly owned subsidiaries Resurs Consumer Loans 1 Limited. This type of financing was expanded on 21 October 2016, and at 31 March 2017 a total of approximately SEK 2.7 billion in loan receivables had been transferred to Resurs Consumer Loans. 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 sale of certain additional loan receivables to Resurs Consumer Loans. 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 financing amounted to SEK 2.1 billion (1.4) of the ABS financing.
The main type of financing remains deposits from the public. The largest share of deposits is in Sweden, but deposits are also offered in Norway by yA Bank. Deposits, which are analysed on a regular basis, totalled SEK 17,796 million (16,805), SEK 12,894 million (13,169) of which was in Sweden, and the equivalent of SEK 4,902 million (3,636) was in Norway. The lending to the public/deposits from the public ratio for the consolidated situation is 122 per cent (112). Resurs Bank produced a base prospectus in order to issue bonds, with a
programme that amounts to SEK 3 billion. A total of SEK 1,900 million (400) of senior unsecured bonds (MTN) have been issued within the programme.
In Norway, outside the framework of the programme, yA Bank issued NOK 400 million (400) in senior unsecured bonds and subordinated debt NOK 40 million (40).

Summary of liquidity – consolidated situation Liquidity reserve as per FFFS 2010:7 definition
SEK thousand		31 Mar 2017	31 Mar 2016	31 Dec 2016
Securities issued by sovereigns		73,971	73,133	74,412
Securities issued by municipalities		667,149	640,998	668,086
Lending to credit institutions		98,000	257,000	148,000
Bonds and other interest-bearing securities Summary Liquidity reserve as per FFFS 2010:7		901,276 1,740,396	663,153 1,634,284	849,458 1,739,956
Other liquidity portfolio
Cash and balances at central banks		55,528	52,134	56,173
Lending to credit institutions		3,177,863	2,088,846	2,979,000
Bonds and other interest-bearing securities		494,690	433,672	792,071
Total other liquidity portfolio		3,728,081	2,574,652	3,827,244
Total liquidity portfolio		5,468,477	4,208,936	5,567,200
Other liquidity-creating measures Unutilised credit facilities		52,060	494,555	552,700
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.

SEK thousand		31 Mar 2017	31 Mar 2016	31 Dec 2016
Liquid assets, Level 1		1,034,483	982,995	1,090,651
Liquid assets, Level 2		539,711	346,743	486,546
Total liquid assets		1,574,194	1,329,738	1,577,197
LCR measure		182%	151%	181%
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 2016 annual report.

SEK thousand	31 Mar 2017	31 Mar 2016	31 Dec 2016
Liquid assets, Level 1	1,034,483	982,995	1,090,651
Liquid assets, Level 2	539,711	346,743	486,546
Total liquid assets	1,574,194	1,329,738	1,577,197

LCR measure	182%	151%	181%

G3. Capital adequacy - Consolidated situation

Capital base

G3. Capital adequacy - Consolidated situation Capital requirements are calculated in accordance with European The countercyclical capital buffer requirement will increase to Parliament and Council Regulation EU 575/2013 (CRR) and Directive 2 per cent for Norwegian exposures from 31 December 2017. A 3-per 2013/36 EU (CRD IV). The Directive was incorporated via the Swedish cent systemic risk buffer is included in the capital requirement for the Capital Buffers Act (2014:966), and the Swedish Financial Supervisory Norwegian subsidiary at an individual level, although not in the Authority's (SFSA) regulations regarding prudential requirements and combined buffer requirement for the consolidated situation. The capital buffers (FFFS 2014:12). The capital requirement calculation below Group currently does not need to take into account a buffer comprises the statutory minimum capital requirement for credit risk, requirement for its other business areas in Denmark and Finland. credit valuation adjustment risk, market risk and operational risk. The consolidated situation calculates the capital requirement for credit The regulatory consolidation (known as "consolidated situation") risk, credit valuation adjustment risk, market risk and operational risk. comprises the Resurs Bank AB Group and its Parent Company Resurs Credit risk is calculated by applying the standardised method under Holding AB. which the asset items of the consolidated situation are weighted and divided between 17 different exposure classes. The total risk-weighted The combined buffer requirement for the consolidated situation exposure amount is multiplied by 8 per cent to obtain the minimum comprises a capital conservation buffer requirement and a countercyclical capital requirement for credit risk. The basic indicator method is used capital buffer requirement. The capital conservation buffer requirement to calculate the capital requirement for operational risk. Under this amounts to 2.5 per cent of the riskweighted assets. The countercyclical method, the capital requirement for operational risks is 15 per cent of capital buffer requirement is weighted according to geographical the income indicator (meaning average operating income for the past requirements, which amounts to 2 per cent of the riskweighted assets for three years). Swedish exposures and for Norwegian exposures 1.5 per cent of the risk weighted assets. Capital base 31 Mar 31 Mar 31 Dec SEK thousand 2017 2016 Tier 1 capital Common Equity Tier 1 capital Equity 4,960,954 4,526,493 4,677,988 Net profit for the year 228,620 180,470 Less: Foreseeable dividend -150,000 -90,235 Shares in subsidiaries -100 -100 Intangible assets -1,839,146 -1,771,856 -1,850,269 Deferred tax asset -4,363 -8,221 Additional value adjustments -2,201 -1,841 Cash flow hedges - net after tax Total Common Equity Tier 1 capital 3,193,764 2,834,810 3,124,804 Tier 2 capital Dated subordinated loans 482,282 239,208 Total Tier 2 capital 482,282 239,208 Total capital base 3,676,046 3,074,018 3,340,129	RESURS HOLDING AB INTERIM REPORT JANUARY—MARCH 2017






			2016


			904,011

			-600,000

			-4,374
			-2,452



			215,325
			215,325

Capital requirement

Capital requirement SEK thousand	31 Mar 2017

	Risk	Capital	31 Mar 2016 Risk	Capital	31 Dec 2016 Risk	Capital
	weighted	requir	weighted	requir	weighted	requir
	exposure	ement1)	exposure	ement1)	exposure	ement1)
	amount		amount		amount
Exposures to institutions	123,467	9,877	58,827	4,706	139,876	11,190
Exposures to corporates	207,751	16,620	234,054	18,724	230,782	18,463
Retail exposures	14,933,853	1,194,708	12,995,252	1,039,620	14,598,673	1,167,894
Exposures in default	1,605,596	128,448	1,290,044	103,203	1,519,823	121,586
Exposures in the form of covered bonds	93,142	7,451	66,157	5,293	84,854	6,788
Exposures to institutions and companies with short-term credit rating	527,315	42,185	406,465	32,517	481,123	38,490
Exposures in the form of units or shares in collective investment undertakings (funds)	83,861	6,709	94,323	7,546	171,965	13,757
Equity exposures	80,017	6,401	91,471	7,318	80,038	6,403
Other items	275,230	22,018	181,253	14,500	261,575	20,926
Total credit risks	17,930,232		1,434,417 15,417,846		1,233,427 17,568,709	1,405,497

Credit valuation adjustment risk	16,652	1,332	5,196	416	13,511	1,081

Market risk
Currency risk	1,447,100	115,768	1,650,974	132,078	1,392,562	111,405

Operational risk	4,720,126	377,610	4,375,273	350,022	4,720,126	377,610
Total	24,114,110		1,929,127 21,449,289		1,715,943 23,694,908	1,895,593
Total capital ratio, % Common Equity Tier 1 capital requirement incl. buffer requirement, % - of which, capital conservation buffer requirement, %				15.2 8.5 2.5	14.3 7.8 2.5	14.1 8.2 2.5

- of which, countercyclical buffer requirement, %				1.5	0.8	1.2
Common Equity Tier 1 capital available for use as buffer, %				7.2	6.3	6.1
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.

Capital ratio and capital buffers

	31 Mar 2017	31 Mar 2016	31 Dec 2016
Common Equity Tier 1 ratio, %	13.2	13.2	13.2
Tier 1 ratio, %	13.2	13.2	13.2
Total capital ratio, %	15.2	14.3	14.1
Common Equity Tier 1 capital requirement incl. buffer requirement, %	8.5	7.8	8.2
- of which, capital conservation buffer requirement, %	2.5	2.5	2.5
- of which, countercyclical buffer requirement, %	1.5	0.8	1.2
Common Equity Tier 1 capital available for use as buffer, %	7.2	6.3	6.1

G4. Segment reporting

	RESURS HOLDING AB INTERIM REPORT JANUARY—MARCH 2017

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.	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 principles as those used for the consolidated financial statements.
Jan-Mar 2017	Payment	Consumer		Insurance Intra-Group	Total
SEK thousand	Solutions	Loans		adjustment	Group
Interest income	237,822	396,595	3,678	-1,437	636,658
Interest expense	-21,669	-40,520	-33	1,437	-60,785
Fee & commission income	76,369	31,645		-35,701	72,313
Fee & commission expense, banking operations	-13,388				-13,388
Premium earned, net			210,493	-379	210,114
Insurance compensation, net			-67,172		-67,172
Fee & commission expense, insurance operations			-105,614	35,701	-69,913
Net income/expense from financial transactions	-4,973	-2,190	5,976		-1,187
Profit/loss from participations in Group companies					0
Other operating income	33,046	10,057	4	-1,368	41,739
Total operating income	307,207	395,587	47,332	-1,747	748,379
of which, internal	18,283	17,349	-33,885	-1,747	0

Credit losses, net	-34,861	-68,016			-102,877
Operating income less credit losses	272,346	327,571	47,332	-1,747	645,502

Expenses excl. credit losses 1) Operating profit, Insurance 2)			-24,148

Jan-Mar 2016
SEK thousand	Payment Solutions	Consumer Loans		Insurance Intra-Group adjustment	Total Group
Interest income	223,426	352,417	4,509	-1,668	578,684
Interest expense	-19,760	-38,520		1,668	-56,612
Fee & commission income	61,646	27,167		-28,949	59,864
Fee & commission expense, banking operations	-12,827	-2			-12,829
Premium earned, net			245,191	-427	244,764
Insurance compensation, net			-88,802		-88,802
Fee & commission expense, insurance operations			-120,964	28,949	-92,015
Net income/expense from financial transactions	-3,608	-3,422	1,910		-5,120
Profit/loss from participations in Group companies					0
Other operating income	40,888	8,661	37	-904	48,682
Total operating income	289,765	346,301	41,881	-1,331	676,616
of which, internal	20,274	7,911	-26,854	-1,331	0
Credit losses, net	-45,569	-52,039			-97,608
Operating income less credit losses	244,196	294,262	41,881	-1,331	579,008
Expenses excl. credit losses 1)			-24,379
Operating profit, Insurance 2)			17,502

Jan-Mar 2016
SEK thousand	Payment Solutions	Consumer Loans		Insurance Intra-Group adjustment	Total Group
Interest income	223,426	352,417	4,509	-1,668	578,684
Interest expense	-19,760	-38,520		1,668	-56,612
Fee & commission income	61,646	27,167		-28,949	59,864
Fee & commission expense, banking operations	-12,827	-2			-12,829
Premium earned, net			245,191	-427	244,764
Insurance compensation, net			-88,802		-88,802
Fee & commission expense, insurance operations			-120,964	28,949	-92,015
Net income/expense from financial transactions	-3,608	-3,422	1,910		-5,120
Profit/loss from participations in Group companies					0
Other operating income	40,888	8,661	37	-904	48,682
Total operating income	289,765	346,301	41,881	-1,331	676,616
of which, internal	20,274	7,911	-26,854	-1,331	0
Credit losses, net	-45,569	-52,039			-97,608
Operating income less credit losses	244,196	294,262	41,881	-1,331	579,008
Expenses excl. credit losses 1)			-24,379
Operating profit, Insurance 2)			17,502

Jan-Dec 2016
SEK thousand	Payment Solutions	Consumer Loans		Insurance Intra-Group adjustment	Total
					Group
Interest income	921,043	1,518,093	16,103	-6,173	2,449,066
Interest expense	-82,820	-160,128	-38	6,173	-236,813
Fee & commission income	247,466	101,460		-123,444	225,482
Fee & commission expense, banking operations	-49,364	-6			-49,370
Premium earned, net			908,610	-1,406	907,204
Insurance compensation, net			-349,584		-349,584
Fee & commission expense, insurance operations			-464,219	123,444	-340,775
Net income/expense from financial transactions	-12,214	-3,420	14,676		-958
Profit/loss from participations in Group companies Other operating income	-854 162,235	-824 36,778	-80	-4,971	-1,678 193,962
Total operating income	1,185,493	1,491,953	125,468	-6,377	2,796,536
of which, internal	65,484	56,758	-115,865	-6,377	0

Credit losses, net	-159,092	-217,601			-376,693
Operating income less credit losses	1,026,400	1,274,352	125,468	-6,377	2,419,843
Expenses excl. credit losses 1)			-85,333
Operating profit, Insurance 2)			40,135

1) Reconciliation of 'Expenses excl. credit losses' against income statement.
2)Reconciliation of 'Operating profit' against income statement.
			Jan-Mar	Jan-Mar	Jan-Dec
SEK thousand			2017	2016	2016
As per segment reporting Expenses excl. credit losses as regards Insurance segment			-24,148	-24,379	-85,333
Not broken down by segment
Expenses excl. credit losses as regards banking operations			-299,696	-301,955	-1,194,989
Total			-323,844		-326,334 -1,280,322

As per income statement
General administrative expenses			-267,628	-277,981	-1,081,596
Depreciation, amortisation and impairment of tangible and intangible assets			-8,585	-7,304	-31,272
Other operating expenses			-47,631	-41,049	-167,454

SEK thousand	Jan-Mar 2017	Jan-Mar 2016	Jan-Dec 2016
As per segment reporting
Expenses excl. credit losses as regards Insurance segment	-24,148	-24,379	-85,333
Not broken down by segment
Expenses excl. credit losses as regards banking operations	-299,696	-301,955	-1,194,989
Total	-323,844		-326,334 -1,280,322
As per income statement
General administrative expenses	-267,628	-277,981	-1,081,596
Depreciation, amortisation and impairment of tangible and intangible assets	-8,585	-7,304	-31,272
Other operating expenses	-47,631	-41,049	-167,454
Total	-323,844		-326,334 -1,280,322

SEK thousand	Jan-Mar 2017	Jan-Mar 2016	Jan-Dec 2016
As per segment reporting
Operating profit, Insurance	23,184	17,502	40,135
Not broken down by segment
Operating profit as regards banking operations	298,474	235,172	1,099,386
Total	321,658	252,674	1,139,521

As per income statement
Operating profit	321,658	252,674	1,139,521
Total	321,658	252,674	1,139,521

Assets

Lending to the public Payment Solutions Consumer Loans Insurance Total 7,936,411 10,823,852 18,760,263 8,785,938 12,418,343 21,204,281 8,672,415 13,040,690 21,713,105 31/03/2016 31/12/2016 31/03/2017 SEK thousand

G5. Net interest income/expense

SEK thousand	Jan-Mar 2017	Jan-Mar 2016	Jan-Dec 2016
As per segment reporting
Operating profit, Insurance	23,184	17,502	40,135
Not broken down by segment Operating profit as regards banking operations	298,474	235,172	1,099,386
Total	321,658	252,674	1,139,521

As per income statement
Operating profit	321,658	252,674	1,139,521
Total	321,658	252,674	1,139,521
Assets Assets monitored by the Group CEO refer to 'Lending to the public'.
Lending to the public SEK thousand	Payment Consumer	Insurance	Total
	Solutions Loans		Group
31/03/2016	7,936,411 10,823,852		18,760,263
31/12/2016 31/03/2017	8,785,938 12,418,343 8,672,415 13,040,690		21,204,281 21,713,105

G5. Net interest income/expense
SEK thousand	Jan-Mar 2017	Jan-Mar 2016	Jan-Dec 2016
Interest income
Lending to credit institutions	543	751	2,976
Lending to the public, net	633,904	572,090	2,435,729
Interest-bearing securities	2,211	5,843	10,361
Total interest income, net	636,658	578,684	2,449,066
Interest expense
Liabilities to credit institutions1)	1,909	-2,183	-9,592
Deposits and borrowing from the public	-50,344	-45,171	-189,046
Interest expense, issued securities2) Other liabilities	-11,694 -656	-8,666 -592	-35,016 -3,159
Total interest expense	-60,785	-56,612	-236,813

Net interest income/expense	575,873	522,072	2,212,253
1)Positive as reserve resolved. 2) Of which SEK -2,3 million refer to non-deductible interest for subordinated debt.
G6. Premium earned, net
	Jan-Mar	Jan-Mar	Jan-Dec
SEK thousand	2017	2016	2016
Premium earned	194,329	221,465	915,306
Premiums for specified reinsurance	-5,670 23,098	-7,133 34,848	-28,040 28,853
	-1,643	-4,416	-8,915
Change in provision for unearned premiums and unexpired risks Reinsurers' share in change in provision for unearned premiums and unexpired risks			907,204

G6. Premium earned, net

SEK thousand	Jan-Mar 2017	Jan-Mar 2016	Jan-Dec 2016
Premium earned	194,329	221,465	915,306
Premiums for specified reinsurance	-5,670	-7,133	-28,040
Change in provision for unearned premiums and unexpired risks	23,098	34,848	28,853
Reinsurers' share in change in provision for unearned premiums and unexpired risks	-1,643	-4,416	-8,915
Total premium earned, net	210,114	244,764	907,204

G7. Insurance compensation, net

	Jan-Mar	Jan-Mar	Jan-Dec
SEK thousand	2017	2016	2016
Claims paid, gross Less reinsurance share	-70,796 2,329	-95,126 3,033	-385,312 11,134
Total claims paid, net	-68,467	-92,093	-374,178
Change in provision for losses incurred and reported, gross	6,708	-3,640	37,629
Less reinsurance share		2,323	-6,817
Total change in provision for losses incurred and reported, net	6,708	-1,317	30,812
Change in provision for losses incurred but not reported (IBNR), gross	-65	10,022	13,881
Total change in provision for losses incurred but not reported (IBNR), net	-65	10,022	13,881
Operating expenses for claims adjustment, gross	-5,472	-5,473	-20,535
Less reinsurance share	124	59	436
Total operating expenses for claims adjustment, net	-5,348	-5,414	-20,099
Total insurance compensation, net	-67,172	-88,802	-349,584
Other income, lending to the public Other operating income Total operating income	2017 39,679 2,060 41,739	2016 43,773 4,909 48,682	2016 167,175 26,787 193,962
SEK thousand	Jan-Mar 2017	Jan-Mar 2016	Jan-Dec 2016
Personnel expenses	-126,390	-124,316	-491,137
Postage, communication and notification expenses	-36,663	-38,050	-148,809
IT expenses Cost of premises	-41,579 -9,561	-41,076 -8,773	-154,886 -34,840
Consultant expenses	-27,836	-38,296	-119,293
	-25,599	-27,470	-132,631
Other	-267,628		-277,981 -1,081,596

G8. Other operating income

SEK thousand	Jan-Mar 2017	Jan-Mar 2016	Jan-Dec 2016
Other income, lending to the public	39,679	43,773	167,175
Other operating income	2,060	4,909	26,787
Total operating income	41,739	48,682	193,962

G9. General administrative expenses

SEK thousand	Jan-Mar 2017	Jan-Mar 2016	Jan-Dec 2016
Personnel expenses	-126,390	-124,316	-491,137
Postage, communication and notification expenses	-36,663	-38,050	-148,809
IT expenses	-41,579	-41,076	-154,886
Cost of premises	-9,561	-8,773	-34,840
Consultant expenses	-27,836	-38,296	-119,293
Other	-25,599	-27,470	-132,631
Total general administrative expenses	-267,628		-277,981 -1,081,596

G10. Credit losses

SEK thousand	Jan-Mar 2017	Jan-Mar 2016	Jan-Dec 2016
Individually assessed loan receivables
Write-offs of stated losses for the period	-560	-399	-3,470
Recoveries of previously confirmed credit losses	7	141	406
Transfers/reversal of provision for credit losses	-255	-252	-2,939
Net result of individually assessed loan receivables for the period	-808	-510	-6,003

Collectively assessed homogeneous groups of loan receivables with limited value and similar credit risk
Write-offs of stated losses for the period	-24,180	-30,627	-166,011
Recoveries of previously confirmed credit losses	5,626	8,006	37,926
Transfers/reversal of provision for credit losses	-83,515	-74,477	-242,605
Net cost of collectively assessed homogeneous groups of loan receivables	-102,069	-97,098	-370,690
Net cost of credit losses for the period	-102,877	-97,608	-376,693

G11. Lending to the public and doubtful receivables

SEK thousand	31 Mar 2017	31 Mar 2016	31 Dec 2016
Retail sector	23,169,633	19,856,883	22,488,706
Corporate sector	293,086	310,200	308,289
Total lending to the public		23,462,719 20,167,083 22,796,995

Less provision for anticipated credit losses	-1,749,614	-1,406,820	-1,592,714
Total net lending to the public		21,713,105 18,760,263 21,204,281

Doubtful receivables
Gross doubtful receivables for which interest is not entered as income until payment is made	3,249,788	2,563,904	3,028,008
Provision for anticipated credit losses	-1,749,614	-1,406,820	-1,592,714
Doubtful receivables, net	1,500,174	1,157,084	1,435,294

G12. Pledged assets, contingent liabilities and commitments

G10. Credit losses
SEK thousand	Jan-Mar 2017	Jan-Mar 2016	Jan-Dec 2016
Individually assessed loan receivables
Write-offs of stated losses for the period	-560	-399	-3,470
Recoveries of previously confirmed credit losses	7	141	406
Transfers/reversal of provision for credit losses	-255	-252	-2,939
Net result of individually assessed loan receivables for the period	-808	-510	-6,003
Collectively assessed homogeneous groups of loan receivables with limited value and similar credit risk
Write-offs of stated losses for the period	-24,180	-30,627	-166,011
Recoveries of previously confirmed credit losses	5,626	8,006	37,926
Transfers/reversal of provision for credit losses	-83,515	-74,477	-242,605
Net cost of collectively assessed homogeneous groups of loan receivables	-102,069	-97,098	-370,690
Net cost of credit losses for the period	-102,877	-97,608	-376,693
G11. Lending to the public and doubtful receivables
	31 Mar	31 Mar	31 Dec
SEK thousand	2017	2016	2016
Retail sector	23,169,633	19,856,883	22,488,706
Corporate sector	293,086	310,200	308,289
Total lending to the public		23,462,719 20,167,083 22,796,995
Less provision for anticipated credit losses	-1,749,614	-1,406,820	-1,592,714
Total net lending to the public		21,713,105 18,760,263 21,204,281
Doubtful receivables
Gross doubtful receivables for which interest is not entered as income until payment is made	3,249,788	2,563,904	3,028,008
Provision for anticipated credit losses	-1,749,614	-1,406,820	-1,592,714
Doubtful receivables, net	1,500,174	1,157,084	1,435,294

G12. Pledged assets, contingent liabilities and commitments

SEK thousand	31 Mar	31 Mar	31 Dec
	2017	2016	2016
Collateral pledged for own liabilities
Lending to credit institutions	90,000 2,645,436	90,000 1,788,434	90,000 2,644,300
Lending to the public1)	553,861	463,979	512,067
Assets for which policyholders have priority rights2) Floating charges		500,000	500,000
Restricted bank deposits3)	25,922	22,706	24,966
Total collateral pledged for own liabilities	3,315,219	2,865,119	3,771,333
Contingent liabilities
Guarantees	480	644	480
Total contingent liabilities	480	644

Other commitments			480
	25,615,791	24,787,989	25,202,908
Unutilised credit facilities granted 1) Refers to securitisation 2) Policy holder's rights consists of assets covered by the policyholder privilege SEK 979,239 thousand (934,574) and technical provisions, net
SEK -425,378 thousand (-470,596). 3) As at 31 March 2017, SEK 21,954 thousand (19,390) in reserve requirement account at the Bank of Finland and SEK 3,287 thousand (2,488) in tax

G13. Related-party transactions

Related-party transactions, significant influence

	RESURS HOLDING AB INTERIM REPORT JANUARY—MARCH 2017

G13. Related-party transactions
Resurs Holding AB, corporate identity number 556898-2291, is owned at 31 March 2017 to 28.6 per cent by Waldakt AB and 26.2 per cent by Cidron Semper Ltd. Of the remaining owners, no single owner holds 20 per cent or more.	Group AB, SIBA AB and NetonNet AB, 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 conducted transactions with Group companies.
There have not been any significant changes to key persons since publication of the 2016 annual report. Companies with significant influence through direct or indirect ownership of the Resurs Group also have controlling or significant influence of Ellos	Transaction costs in the table refer to market-rate compensation for the negotiation of credit to related companies' customers.
Related-party transactions, significant influence
SEK thousand	Jan-Mar	2017	Jan-Mar 2016	Jan-Dec 2016
Processing fees	-116,342		-124,604	-488,204
Interest expense – deposits and borrowing from the public		-1,621	-658	-5,907
Fee & commission income Fee & commission expense	-12,241	9,159	9,835 -18,448	40,070 -62,125
General administrative expenses		-5,972	-9,139	-33,775
SEK thousand	31 Mar		31 Mar	31 Dec
Other assets		2017 5,201	2016 3,249	2016 12,878
Deposits and borrowing from the public	-962,212		-464,897	-1,159,454
Other liabilities	-80,495		-90,620	-88,765
Transactions with key persons
SEK thousand	Jan-Mar		Jan-Mar	Jan-Dec
Interest expense – deposits and borrowing from the public		2017 -114	2016 -30	2016 -380
SEK thousand	31 Mar		31 Mar	31 Dec
Deposits and borrowing from the public	-67,026	2017	2016 -18,592	2016 -91,941

SEK thousand	2017	2016	2016
Other assets	5,201	3,249	12,878
Deposits and borrowing from the public	-962,212	-464,897	-1,159,454
Other liabilities	-80,495	-90,620	-88,765

Transactions with key persons

SEK thousand	Jan-Mar 2017	Jan-Mar 2016	Jan-Dec 2016
Interest expense – deposits and borrowing from the public	-114	-30	-380

	31 Mar	31 Mar	31 Dec
SEK thousand	2017	2016	2016
Deposits and borrowing from the public	-67,026	-18,592	-91,941

G14. Financial instruments

SEK thousand Assets Cash and balances at central banks Treasury and other bills eligible for refinancing Lending to credit institutions Lending to the public Bonds Subordinated loans Shares and participating interests Derivatives	31 Mar 2017 Carrying amount 55,528 870,445	Fair value	31 Mar 2016
			Carrying	Fair value	Carrying	31 Dec 2016 Fair value
			amount		amount
		55,528	52,134	52,134	56,173	56,173
		870,445	900,642	900,642	892,068	892,068
	3,435,510	3,435,510	2,397,057	2,397,057	3,294,955	3,294,955
	21,713,105	22,283,423	18,760,263	19,297,827	21,204,281	21,722,227
	1,688,950	1,688,950	1,386,200	1,386,200	1,886,004	1,886,004
	33,306	33,306	22,773	22,773	32,491	32,491
	70,949	70,949	33,071	33,071	65,858	65,858
	65,023	65,023	42,839	42,839	69,902	69,902
Other assets	100,069	100,069	23,231	23,231	123,419	123,419
Accrued income	28,171	28,171	29,860	29,860	26,459	26,459
Total financial assets					28,061,056 28,631,374 23,648,070 24,185,634 27,651,610 28,169,556
Intangible assets	1,872,890		1,810,125		1,885,106
Tangible assets	45,529		37,495		42,079
Other non-financial assets	235,405		399,714		234,592
Total assets	30,214,880		25,895,404		29,813,387
	31 Mar 2017		31 Mar 2016		31 Dec 2016
	Carrying	Fair value	Carrying	Fair value	Carrying	Fair value
	amount		amount		amount
Liabilities
	35,300	35,300	46,435
				46,435	1,700	1,700
	17,705,087	17,705,926	16,662,487	16,665,383	18,617,943	18,621,424
	34,280	34,280	19,592	19,592	67,538	67,538
Liabilities to credit institutions Deposits and borrowing from the public Derivatives Other liabilities	551,747	551,747	531,568	531,568	563,797	563,797
Accrued expenses	175,498	175,498	148,420	148,420	109,965	109,965
Issued securities	4,110,335	4,138,209	2,191,280	2,202,600	3,316,130	3,347,833
Subordinated debt	341,648	345,495	39,208	39,216	42,160	42,168
Total financial liabilities					22,953,895 22,986,455 19,638,990 19,653,214 22,719,233 22,754,425
Provisions	6,968		8,912		6,988
Other non-financial liabilities Equity	928,776 6,325,241		1,009,567 5,237,935		988,005 6,099,161

	31 Mar 2017		31 Mar 2016		31 Dec 2016
	Carrying amount	Fair value	Carrying amount	Fair value	Carrying amount	Fair value
Liabilities
Liabilities to credit institutions	35,300	35,300	46,435	46,435	1,700	1,700
Deposits and borrowing from the public	17,705,087	17,705,926	16,662,487	16,665,383	18,617,943	18,621,424
Derivatives	34,280	34,280	19,592	19,592	67,538	67,538
Other liabilities	551,747	551,747	531,568	531,568	563,797	563,797
Accrued expenses	175,498	175,498	148,420	148,420	109,965	109,965
Issued securities	4,110,335	4,138,209	2,191,280	2,202,600	3,316,130	3,347,833
Subordinated debt	341,648	345,495	39,208	39,216	42,160	42,168
Total financial liabilities			22,953,895 22,986,455 19,638,990 19,653,214 22,719,233 22,754,425
Provisions	6,968		8,912		6,988
Other non-financial liabilities	928,776		1,009,567		988,005
Equity	6,325,241		5,237,935		6,099,161
Total equity and liabilities	30,214,880		25,895,404		29,813,387

Financial assets at fair value

Financial assets at fair value

SEK thousand		31 Mar 2017			31 Mar 2016			31 Dec 2016
Financial assets at fair value	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
through profit or loss:
Treasury and other bills eligible for refinancing	870,445			900,642			892,068
Bonds and other interest-bearing securities	1,688,950			1,386,200			1,886,004
Subordinated loans	33,306			22,773			32,491
Shares and participating interests	69,931		1,018	33,071			64,819		1,039
Derivatives		65,023			42,839			69,902
Total	2,662,632	65,023	1,018	2,342,686	42,839	0	2,875,382	69,902	1,039
Financial liabilities at fair value through profit or loss:
Derivates		-34,280			-19,592			-67,538
Total	0	-34,280	0	0	-19,592	0	0	-67,538	0
				Level 3	data (i.e., unobservable inputs).			Inputs for the asset or liability that are not based on observable market
					corresponding to SEK 17 million).			Assets for derivative agreements total SEK 65 million (43), while liabilities total SEK 34 million (20). Collateral corresponding to SEK 35 million was received and have been reported as liabilities to credit institutions (last year, the banking group received collateral
				no dilutive effect.				During the second quarter of 2016, a total of 8,000,000 warrants were issued for a value of approximately SEK 27 million. Issued warrants had

Determination of fair value of financial instruments Level 1 Listed prices (unadjusted) on active markets for identical assets or 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 31 March 2017 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 - March 2017 period, there were a total of 200,000,000 shares with a quotient value of SEK 0.005. The average number of outstanding shares has been unchanged from Q1 2016 and also the quotient value.							Jan-Mar	Jan-Mar	Jan-Dec
Net profit for the period, SEK thousand							2017 247,108	2016 195,765	2016 904,794

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

	Jan-Mar	Jan-Mar	Jan-Dec
	2017	2016	2016
Net profit for the period, SEK thousand	247,108	195,765	904,794
Average number of outstanding shares during the period		200,000,000 200,000,000 200,000,000
Earnings per share, SEK	1.24	0.98	4.52

DEFINITIONS

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.

Common Equity Tier 1 ratio, %

Common 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, %

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—MARCH 201730

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 Common Equity 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


Jan-Mar	Jan-Mar	Jan-Dec 2016
		23,762

		-15,174
		-52,138
		-255

		-43,805


		-289
		499,726


		43,932
		-980

		498,873
		498,873

Statement of comprehensive income

SEK thousand	Jan-Mar 2017	Jan-Mar 2016	Jan-Dec 2016

Net profit for the period	-4,169	-16,590	498,873
Other comprehensive income that will be reclassified to profit
Comprehensive income for the period	-4,169	-16,590	498,873

Statement of financial position

31 Mar 2017 275 2,053,390 2,053,665 546,284 2,827 419 2,201 551,731 86,406 638,137 2,691,802	31 Mar 2016 507 2,053,290 2,053,797 60,009 7,317 534 503 68,363 56,468 124,831 2,178,628	31 Dec 2016 333 2,053,390 2,053,723 545,840 1,094 365 412 547,711 94,333
















		642,044
		2,695,767



1,000	1,000	1,000

2,073,934	2,050,734	2,073,620
611,679	97,806	112,806
-4,169	-16,590	498,873
2,682,444	2,132,950	2,686,299


		3,194
335		108
614	248	507
171	71	144
6,308	43,439	5,515
9,358	45,678	9,468
2,691,802	2,178,628	2,695,767




	1,930	1,920

Statement of changes in equity

Statement of changes in equity SEK thousand Share Share Retained Profit/loss capital premium earnings for the reserve period Initial equity at January 2016 1,000 2,050,734 98,107 -301 Owner transactions Net profit previous year -301 301 Net profit for the period -16,590 Equity at 31 March 2016 1,000 2,050,734 97,806 -16,590 Initial equity at January 2016 1,000 2,050,734 98,107 -301 Owner transactions Unconditional shareholder´s contribution 15,000 Option premium received 22,886 Appropriation of profits according to resolution by Annual General Meeting -301 301 Net profit for the period 498,873 Equity at 31 December 2016 1,000 2,073,620 112,806 498,873 Initial equity at January 2017 1,000 2,073,620 112,806 498,873 Owner transactions Option premium received 314 314 Net profit previous year 498,873 -498,873 Net profit for the period -4,169 Equity at 31 March 2017 1,000 2,073,934 611,679 -4,169 2,682,444 Pledged assets, contingent liabilities and commitments The company has no pledged assets. Accourding to the Board's assessment, the company has no contingent liabilities. Significant events after the end of the period At the Annual General Meeting on 28 April 2017, a dividend of SEK 3.00 per share was decided, representing earnings per share of 66 per cent. The total dividend amounts to SEK 600 million. The Resurs share was traded without dividends from 2 May 2017. The record date was on 3 May 2017 and the dividend was paid on 8 May 2017. For additional information, please contact: Kenneth Nilsson, CEO, [email protected]; +46 42 382000 Gunilla Wikman, IR, [email protected]; +46 707 638125 Peter Rosén, CFO, [email protected]; +46 736 564934 Resurs Holding AB Ekslingan 9, Väla Norra Box 222 09 250 24 Helsingborg Phone: +46 42 38 20 00 E-mail: [email protected] www.resursholding.se	RESURS HOLDING AB INTERIM REPORT JANUARY—MARCH 2017


			Total equity
			2,149,540
			0
			0
			-16,590
			2,132,950

			2,149,540

			15,000
			22,886
			0
			498,873
			2,686,299

			2,686,299


			0
			-4,169

AI assistant

Resurs Holding — Interim / Quarterly Report 2017

3104_10-q_2017-05-09_e8688f6a-2e62-497a-a3e2-26b0312f64f8.pdf

Interim report January—March 2017

1 January—31 March 2017*

"2017 began with a record-breaking quarter and sustained strong growth in all segments. The work on launching new and innovative digital solutions for our retail finance partners and customers is continuing at a fast pace."

ABOUT RESURS HOLDING

STATEMENT BY THE CEO

SUSTAINED STRONG GROWTH AND FAST PACE IN DIGITALISATION

Launches of digital innovations continue

40 years of innovative products

LENDING SEK 21,713 million

PERFORMANCE MEASURES

GROUP RESULTS*

FIRST QUARTER 2017, JANUARY—MARCH

Operating income

Operating expenses

Profit

FINANCIAL POSITION AT 31 MARCH 2017

TOTAL CAPITAL RATIO 15.2%

SEGMENT REPORTING

RESURS HOLDINGS' THREE SEGMENTS

PERCENTAGE OF OPERATING INCOME JAN—MAR 2017

PAYMENT SOLUTIONS

New retail finance partners and digitisation build growth

FIRST QUARTER, JANUARY—MARCH

ABOUT PAYMENT SOLUTIONS

PERFORMANCE MEASURES — PAYMENT SOLUTIONS

CONSUMER LOANS

Continued strong growth

FIRST QUARTER 2017, JANUARY -MARCH

ABOUT CONSUMER LOANS

PERFORMANCE MEASURES — CONSUMER LOANS

INSURANCE

Stable foundation for Nordic growth

FIRST QUARTER 2017, JANUARY —MARCH

ABOUT INSURANCE

PERFORMANCE MEASURES — INSURANCE

SIGNIFICANT EVENTS

JANUARY—MARCH 2017

Resurs Bank launched Loyo Pay – the first app for mobile payments in both stores and online

Resurs Bank issued subordinated Tier 2 bonds of SEK 300 million

AFTER THE END OF THE PERIOD

Approved dividends in Resurs Holding

OTHER INFORMATION

Risk and capital management

Information on operations

Employees

NUMBER OF EMPLOYEES

Information about the Resurs share

Financial calendar

THE BOARD'S ASSURANCE

SUMMARY FINANCIAL STATEMENTS — GROUP

Condensed income statement

Condensed statement of comprehensive income

Condensed statement of financial position

Condensed statement of changes in equity

Cash flow statement (indirect method)

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

G1. Accounting principles

G2. Liquidity - Consolidated situation

Financing

Summary of liquidity – consolidated situation

G3. Capital adequacy - Consolidated situation

Capital base

Capital requirement

Capital ratio and capital buffers

G4. Segment reporting

Assets

Lending to the public Payment Solutions Consumer Loans Insurance Total 7,936,411 10,823,852 18,760,263 8,785,938 12,418,343 21,204,281 8,672,415 13,040,690 21,713,105 31/03/2016 31/12/2016 31/03/2017 SEK thousand

G5. Net interest income/expense

G6. Premium earned, net

G7. Insurance compensation, net

G8. Other operating income

G9. General administrative expenses

G10. Credit losses

G11. Lending to the public and doubtful receivables

G12. Pledged assets, contingent liabilities and commitments

G13. Related-party transactions

Related-party transactions, significant influence

Resurs Holding Interim / Quarterly Report 2017