STOCKHOLM, Oct. 30, 2020 /PRNewswire/ --
"All markets have improved since the previous quarter and the total collection performance was 108% in the third quarter. In addition, the strong cash generation and strenghthened core capital proves the resiliance of our business model. Having made significant investments in the cost savings programme, the actual savings are now starting to materialise. Moreover, the focus on our customers and digital has continued. This quarter we launched a new platform to support customers in managing their finances, and we have recruited a Chief Digital Officer to the Executive Management Team. I am happy to see performance improving in the quarter, but we are mindful of the uncertainties from the second wave of Covid-19 and new potential lockdowns in our markets," says Klaus-Anders Nysteen, Hoist Finance CEO.
July - September 2020
- Total operating income amounted to SEK 679m (698).
- Profit/loss before tax totalled SEK 140m (146).
- Earnings per share amounted to SEK 0.98 (1.39).
- Return on equity was 9 per cent (12).
- Carrying value of acquired loan portfolios totalled SEK 22,432m (24,513).
- The total capital ratio was 16.14 per cent (14.01) and the CET1 ratio was 10.44 per cent (9.94).
Figures in brackets refer to the third quarter of 2019 for profit comparisons and to the 31 December 2019 closing balance for balance sheet items.
Events during the quarter:
- Collection performance is improving.
- Solid capital and liquidity management.
- Reduced cost levels, good traction in cost savings programme.
- Launch of a new platform to support customers with financial planning.
- The Swedish FSA has assessed and concluded that Significant Risk Transfer (SRT) is achieved in Hoist Finance's securitisations.
- Jarkko Heinonen new Chief Digital Officer and member of Executive Management Team.
This information is information that Hoist Finance AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication by Andreas Lindblom at 07:30 A.M. CET on 30 October 2020.
A teleconference for Investors, Analysts and Press will be held at 09:30 AM CET. To listen in to the conference live, please dial:
SE: +46850558359 UK: +443333009265 US: +18335268398
The presentation will be held in English and can also be followed live at: https://tv.streamfabriken.com/hoist-finance-q3-2020
For further information, please contact:
Andreas Lindblom, Head of Investor Relations
Telephone: +46 (0) 72 506 14 22
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SOURCE Hoist Finance