Welcome to Resurs Holding Q2 report for 2021. We have CEO Nils Carlsson and CFO and Head of IR, Sofie Tarring Lindell with us. During the first part of the meeting, you're in listening mode, and after the presentation, there's a possibility to ask questions. I'm going to give the floor to our first speaker. Thank you very much. Moving straight to page two. Good morning, everyone. Welcome. Nils Carlsson is my name. I'm the CEO of Resurs Bank. Together with our CFO, Sofie Tarring, we're going to be telling you about the developments during the Q2. Moving on to slide three straight away. Here we're going to briefly give you a summary of the quarter in numbers, and in a few moments, Sofie will tell you more about the details behind these numbers. The situation is lightening up in Norway with more and more openings in society. The Danish and Norwegian markets in particular were entirely closed during the Q1, and it's looking brighter now. The lending, excluding NPL sales, was up by 3% during the quarter compared to the same quarter last year, and the total lending volume amounts to SEK 31.1 billion. As you can see, the Swedish market is doing very well, whilst the situation is somewhat tougher in the other countries. All in all, we do assess, nevertheless, that we have a faster growth than the market. Solid is continuing their excellent development, and during the quarter, the technical result was up by as much as 14%. Moving on. Overall operating profit is 15% lower than last year as a result of lower income in Norway, as a result of lower lending with lower growth and income in Denmark and mixed effects within Payment Solutions explaining this situation. Compared to the Q1 2021, we saw operating profit up by 4% as a result of fairly stable revenue, lower costs, and a much improved credit loss level. Since we actively became more restrictive in credit lending at the start of the pandemic, we see a positive development of the underlying credit quality of our portfolios. This is what you can see translated into lower credit loss levels compared to the previous year and the previous quarter. Furthermore, during the quarter, we have received a higher credit rating, BBB, with the stated reason that an improved underlying Nordic consumer credit market and our strong position will attract new collaboration partners. We're very happy about this. We also have a strong total capital ratio, 17.4%, and provided that the regulatory authority restrictions are not extended in time or amended after September 30th this year, the board of directors intends to propose a dividend of SEK 3 per share to be paid out following an extraordinary general meeting during the Q4 of 2021. SEK 1.80 per share refers to the remainder of the predicted dividend up until 2020, and SEK 1.20 per share corresponds to 50% of the net result of the group for the first six months of 2021, and it is the ambition of the board of directors to continue with payments every six months. Moving on to slide four. To continue the summary, we see that we are through the Q2, and the work we do to transform the bank into a more competitive, sustainable, and digital player is something which is starting to pay off. As you can see in this quarterly report, we've also somewhat begun an upgrade of our visual image and expression in line with the journey of transformation that we've embarked upon in the market. During the Q2, a number of sustainable corporations have been initiated, digital wallets have been launched, and a responsible credit process has shown its results. In line with our strategy to offer sustainable credit solutions, we've started a cooperation with a player called Hemma, home. Together with Hemma, we'll be able to offer our customers the possibility to invest in climate smart solutions, where the condition is that the consumer loan granted by Resurs will be used for sustainable energy investments in the home. Furthermore, during the quarter, we broadened our offering of subscription-based solutions by entering into a partnership with Fairown in the Swedish and Norwegian markets, and together with Fairown, we will be offering the customers the possibility to subscribe to products in different sectors such as home electronics, construction and gardening, or watches. Developing different types of subscription solutions is both a matter of offering a very smooth customer journey to our customers, but also about sustainability and developing circular business models where older products can be traded in or sold, for example, in a secondhand market. Furthermore, during the quarter, we've also carried out our first comprehensive climate calculation in accordance with the GHG Protocol, and this will form the basis for future work to reduce the impact we have on the environment and the climate. We're going to be telling you more about this on our capital market day in September. We'll tell you a bit about our view when it comes to our sustainability strategy. Furthermore, we see that it continues to brighten in Norway. Thanks to our very clear Nordic focus and our new agile working methods, we will, in the future, be able to both launch and develop both products and services to all markets more rapidly. We launched, for example, the Resurs Bank app in Norway towards the end of the Q2. Furthermore, we've rolled out both Google Pay and Apple Pay to very sought-after payment services, allowing for smoother and more secure payments to our customers in the Nordic market. By adding your Mastercard from Resurs Bank to your digital wallet, our clients can make contactless, secure payments. For example, using their mobile phone in store, or by verifying using your phone when shopping online or in apps. Resurs thereby took yet another very conscious step towards a more digital customer journey and a positive customer experience. We also see a continued good growth in the use of our Swedish app, where downloads are up by 31% from the first to the Q2 2021. We're well on the way towards a quarter of a million downloads since the app was launched in Q4 2020. During this year, app launches to roll out the app have been scheduled for Denmark and Finland, for example. Solid continued its positive development. During the quarter, the board of directors of Resurs gave senior management the task of investigating and create the preconditions to pay out and have a separate listing of Solid Försäkring on the main Nasdaq Stockholm stock exchange. This is ongoing work in progress. The ambition is to report back to the shareholders with the outcome of this evaluation exercise and information on upcoming steps during the current year. Moving on to slide five then. Payment Solutions as a segment. During the Q2, new lending continued in the Swedish market. It developed in a positive direction. In particular, many of the larger retail finance partners of Resurs have survived and coped very well during the pandemic. In fact, many of them have seen an increase, a growth. That's a positive factor. However, at the same time, these corporations to us will entail a lower margin, which impacted the total NBI margin in a negative direction this time. In order to minimize the negative margin development, Resurs has worked in a very focused manner to activate partners where somewhat smaller ones, where we have a higher margin. We activate using, for example, the Partner Success Program, which was launched during the Q1. There we develop cooperation with existing partners using a new modern and automated level. Even if societies are open up a little more considering the pandemic, our assessment is that demand is not yet back at pre-pandemic normal levels in the Danish and Norwegian markets. We also see if we look at the Finnish market, that it is still impacted by lower demand. Continued demand in travel remains low. We have our own credit card, Supreme Card, which is impacted, but also other partners in that sector of industry. During the month of June, we saw the demand for travel begin to go up again, and that's a positive thing. As I mentioned on the previous slide, we broadened our offering of subscription-based solutions to our retailers through the partnership with Fairown in the Swedish and Norwegian markets. Through this partnership, during the first part of the Q2, successful cooperation was opened up with the e-commerce company, Komplett, in Norway. In the beginning of the Q3, we've scheduled a launch of Komplett in the Swedish market. We've also developed and simplified, to some extent, the application flow for Supreme Card. This led to a situation where a higher number of customers completed their applications. We see an increase by 24%, and that's very rewarding indeed. Moving on then to slide six, to have a look at consumer loans as a business area. During the Q2, consumer loans showed a stable lending growth. The Swedish market saw a strong development due to very efficient processing and use of the existing customer database. During the Q2, in excess of 85% of new sales in the Swedish market went to customers in our own database. When we work in this manner, we can make better credit assessments when traditional credit assessment has supplementary information using internal data, providing lower credit risk and lower acquisition cost, and contributing therefore to a sustainable credit process. In other markets, we do see, however, that demand is somewhat lower than it was pre-pandemic. Since the introduction of new legislation in Norway during 2019, if you look at the lending volumes in the Norwegian market, we see a drop overall. The new lending growth remains strong in the Norwegian market. However, the ratio of customers who repay their loans ahead of time remains a little bit too high for us. During the quarter, the segment has worked in different ways to improve the customer journey, and thereby being able to retain the customers for a somewhat longer time. For example, towards the end of the Q2, Resurs Bank app was rolled out in the Norwegian market, as I mentioned. As for the Danish market, it remained somewhat challenging during the quarter, with a lower demand. The possibilities of loan consolidation, which we launched towards the end of the Q1, continued to being calibrated, and towards the end of the Q2, we did see a positive impact on new lending. As a result of our risk-based pricing, our revenue margin or income margin in the Danish market will drop somewhat in the future since we're now offering loans with somewhat larger tickets with lower credit risk, but in total, it's going to have an impact on profitability. As for the Finnish market, in consumer loans, we have a lower demand as a result of the temporary rules against direct marketing, which came into force at the beginning of the Q3 2020. That's what we've been able to see so far. During the quarter, I can also mention that we've continued the work to improve and automate application processes for our customers in the Nordic market. Through a more simplified, automated application process, the customers who complete their loan application goes up. It becomes much more efficient. For example, we have an income verification which was launched at the end of the Q1 in Sweden, which has had a positive impact during the Q2. Moving on to slide seven, let's have a look at insurance, Solid insurance. Solid Försäkring. During the Q2, insurance showed growth both in premiums earned and the technical result, and at the same time, the combined ratio was improved in comparison to the same period last year. During the Q2, we also started up a new cooperation with Wästgöta Finans in security. Wästgöta Finans is a creditor providing consumer loans, and they are part of a group which also includes the successful retailer Jula. Wästgöta Finans opted to cooperate with Solid as a result of the company's long standing experience, both in bank and retail, and we're very happy about that. In business area products, we expanded the cooperation during the quarter with an existing partner that we've had for quite a number of years now, POWER, in one more geographical market. As of the autumn, the POWER group will be offering company's insurances to their customers in Denmark as well. The continued work to launch cooperation together with INTERSPORT in Norway is continuing and progressing according to plan. That was a quick run-through of the Q2. Now we're going to look more closely at the numbers in detail, and I'm going to give the floor to our CFO. Sofie, you have the floor. Thank you. Thank you, Nils. We will move straight away to page nine and the development of the loan book. As you can see, the loan book was up 1% compared to last year, amounting to SEK 31.1 billion. Since June last year, we have been selling NPL portfolios in 2021 as well, and that has had a negative impact on the loan book. Apart from those who sold NPL portfolios, growth in the year was 3%. A lower growth had to do mainly with the decreased loan book in Norway, together with the increasing number of customers ending their loans in advance. We see that that loss is being smaller and smaller month by month. Compared to the Q1 2021, lending was decreased with 1% in reported numbers, excluding the NPL sales in June. It was 1% in local currencies. We continue with page 10 and our operating income. Operating income was down 10%, amounting to, in total, SEK 840 million. The lower income compared to last year was mainly explained by the lower loan book in Norway, lower interest income in Denmark, and mix effects within Payment Solutions. The net financial transactions amounted to SEK 5 million in the quarter and was SEK 16 million lower than last year when the capital markets were recovering from the downturn due to the start of the pandemic. Compared to the Q1, income was down 1%, and if adjusted for net financial transactions, that was also increasing in Q1. Income was up 1% due to the net financial transaction being higher, and that had to do with higher activities with the smaller partners within Payment Solutions. The NBI margin amounted to 9.9% and was stable compared to Q1. Compared to last year, it was down 1.2 percentage points. This reduction is mainly due to mix effects within Payment Solutions and generally lower margins within consumer loans. I'm going to talk more about those margins and the segments in a bit. Now we will continue with slide 11. Operating expenses amounted to SEK 349 million in the quarter, which was a reduction with 3% compared to last year. The C/I ratio was 41.5% in the quarter, the increase compared to last year is totally an effect of the lower income. If we compare with the Q1, the C/I ratio was improved due to higher revenue within the banking segment and good cost controls. We're not happy with the C/I ratio at this level and work with the efficiencies in the operations so that we can reduce the C/I ratio is an important part of the transformation journey that we have embarked upon. We switch to page 12. Nils has already mentioned that we had more restrictive credit lending because of the pandemic, and we see a positive development of the credit quality, and we see that in the lower level compared to last year in credit losses. In the quarter, credit losses were SEK 179 million, and the ratio was 2.3%. The positive development is clear in banking segments and in all our Nordic markets. We still do not see any negative changes in the customers' payment patterns due to the pandemic, and we feel that the uncertainty has been reduced. As has been said before, we're conservative when it comes to risk, and that is why we have decided to keep the provision of SEK 75 million unchanged. If the macroeconomic uncertainty continues to decrease, that may change that outlook for the H2 of the year. As I've already mentioned, we sold NPL in Norway, and this was about NOK 800 million. The sales had a positive impact on our capital requirement and liquidity. We will continue with slide 13. To summarize, operating profit in total was 15% lower compared to last year, amounting to SEK 313 million. The reduction is due to lower revenue. What is positive is that compared to the Q1 of 2021, operating profit was up 4% due to stable income, lower costs, and an improved credit loss level. We continue with slide 14 where we have the segments. Here we have Payment Solutions and the development this quarter compared to last year. Loan book was down to 2% in Swedish krona and 1% in constant currencies. As Nils has already said, we've seen a positive development in Sweden, but it's been somewhat tougher in other markets and within credit cards due to the pandemic. The NBI margin was down with 0.9 percentage points compared to last year, and that is explained through the mix effect where our big partners, where we have lower margins, have had a strong tailwind during the pandemic, and that lower margin to a certain extent was compensated because of lower credit losses and the risk-adjusted NBI margin in total was reduced with 0.2 percentage point. We continue with loans and next page. Consumer loans loan book was up 3%, and this has mainly to do with Norway and Norway compared to last year. Lower income in absolute numbers, that is due to the lower loan book in Norway and also lower interest rate income in Denmark. The NBI margin was down 1.3 percentage points compared to last year, partly due to the more restrictive credit lending that we started beginning of 2020 and also the risk-based pricing that we have. With risk-based pricing, the margin is lower when we reduce risk, but at the same time, over time, that also means that we have lower credit losses, and we've seen the effects of this during the quarter. Compared to the Q1, the NBI margin was stable and credit losses were improved, and that gave an improved risk-adjusted NBI margin with 0.6 percentage points. We continue with page 16 on Solid. Solid continued a nice development in the quarter. Premiums earned were up with 6%. The increase has mainly to do with the business area Engine & Motor that had a positive development on the secondhand market. Technical result was up 14%. combined ratio was down with 0.8% due to higher income, lower claims cost, and good cost control. Operating profit compared to last year was down due to the strong developments in financial transactions in Q2 last year. We continue with page 17 where we have the capital position. As you can see, the capital position continues to stay strong with a total capital ratio of 17.4% and CET1 15.2%, which is well above the regulatory requirements and our internal targets. If regulatory authorities do not extend or change the restrictions, we plan an extraordinary AGM with a proposal of a dividend of 3% in Q4 2021. SEK 1.80 is the predicted dividends for 2020 and SEK 1.20, 50% of the earnings for the first six months of 2021. The ambition of the board is to continue with the dividends being paid out twice a year. We have the SEK 600 million that has already been deducted from the capital base. We, just as other banks, we expect will have Pillar 2 guidance that will be established by the FSA and we also expected to see requirements of systemic risk buffers in Norway. The exact timing we do not know today. We continue with slide 18. As Nils has already said, our credit rating from Nordic Credit Rating was improved in April to BBB flat with stable outlook, and that gives us every chance to have funding at good conditions in June. We also issued bonds in Sweden and Norway, SEK 600 million each, and we saw strong interest in our bonds. To issue like this is evidence that we're a Nordic actor and that we continue to have long-term thinking in our diversified funding. Liquidity is strong, and LCR was 292% in the quarter. That being said, I hand back to Nils. Sofie. Thank you very much, Sofie. We're going to move to the next slide, please. Slide 19. We have quite a high level of activity throughout our Nordic organization, and we have genuine work of transformation, which is accelerating on several fronts, and it's starting to show results. Our focus over the upcoming period is of course, as Sofie underlined as well, growth, focusing on growing our income. We've seen the margins stabilizing, but we'd like to see it grow again. Of course, improving our C/I ratio, which we are not happy with. I can also tell you that we continue currently to evaluate different suppliers for a new hyper-modern and competitive fintech platform on the tech side. At our Capital Market Day on September 29th, we're going to be telling you some more about our strategy surrounding all this and also talking more about sustainability and how we're going to become a more competitive and digital player in the market. All in all, we see that our financial position is very strong and stable. During the H2 of 2021, we believe that the pandemic-related restrictions will gradually be loosened, and we believe that this will be a positive impact for those sectors of industry who've seen a mainly negative impact of the pandemic, for example, in travel. To conclude, we very much look forward to, once again, being able to gather all our people in the office, even though we've been able to do a lot of work from home. Working together, we will continue our journey of transformation towards becoming a digital, sustainable and competitive player in the market. We have a positive outlook for the next quarter. With those words, we conclude this presentation. Thank you very much. Thank you. if your would like to ask a question press zero one on your phones and you will be placed on hold, zero one if you would like to ask a question. The first question comes from Jens Hallén from Carnegie. Thank you very much. Good morning. I'd like to talk about the margins first of all. If we focus on payment solutions, you mentioned, once again, the negative mix effect that has continued. Could you tell us a little bit about the state of the portfolio? Is it possible to define some sort of legacy portfolio, so that we can calculate which positive factors are, which are growing and which you might not want to grow at all, so that we have some sort of underlying growth established? It's difficult to do modeling otherwise. Good morning And no, we're not in a position to give you that. We cannot give that type of factor numbers that you're looking for here. So my answer is no, unfortunately no, to answer your question. Okay, let me put it this way, then. You talked about it as if you say that the mix effect will come to an end or diminish, that's how I've understood you. Yes, if you will w hat do you base that on, if so, and when do you expect that you will see this and why? There's a couple of things here. One is that we are in an unusual time. We see that some of our partners have very considerable growth, which is perhaps not normal either due to the fact that customers do what they do in the days and the times we are in. We also have smaller partners, I comment briefly, that where we have a better margin, in fact. They have not been normal, if I can put it that way. That's probably the easiest, the simplest solution or explanation why we believe that the margin can be improved in payments. Do you already see such a trend? Perhaps already in Q3 we'll be able to see this, or is this a conclusion that you've come to based on what you expect further down the line? No. Over the final month of the past quarter, we do see somewhat changed trends to what we've seen before. Okay. Leaving that to the side, I have a question about costs. You mentioned the transformation journey and the costs. It's down a little bit from the Q1 and from the Q2 last year. What is it that you have done to reduce your cost levels? Are you already impacted by the transformation journey? Perhaps a little bit of a provocative add-on question, don't you need a considerable investment to get well underway? No problem with slightly provocative questions. I don't mind them at all. If you think about our C/I ratio, the reason why it is as it is, it's mainly a result of the fact that we don't have revenues and growth that have got underway as we would have liked to see it. As for the cost element, as you say, we've continually reduced our costs from quarter to quarter over the past year. If you compare to the situation a year ago, we have much fewer full-time equivalents, for example. We're much more efficient, in fact. That's the main explanation. For example, in how we work using our technical solution. We're in two banking systems, for example. That's quite expensive to us. It's quite costly for us. We have been able to show quarter on quarter that we're reducing costs, we're improving efficiency, but we also see a major potential, of course, to becoming way more efficient in the future. That's also why I, for example, talk a great deal about technical components. I'm convinced that we can be a lot more efficient still. You ask your provocative question about the need for a substantial investment. I believe that in the next quarter, we will grow our marketing costs a little bit more probably than we have in previous quarters. As for investments, we will make investments to ensure that we have a much more modern technical platform than we've ever had before in the bank over the past 40 years. That's something we're going to tell you more about in September. That's our plan. Okay. We very much look forward to September 29th. I just conclude by a question which really has two parts? You mentioned both the Resurs app that has been rolled out in Norway and the subscription-based services. Intuitively, that sounds like something very positive. What is it that the customers do in the app, and what about the subscription services? A bit the same question there. Does this retain customers? Just so that we understand fully how the products work. Well, it's quite simple, as a matter of fact. If we look at the use of services from banking suppliers, be it Sweden or the Nordics, if you look at what customers do and how they use the services, usually it's through an app, maybe a cell phone. You might have well taken that for granted that we have an app in Norway, but Resurs doesn't. I think that is one way through which we can increase profit, improve margins, increase growth in Norway, where we have a bit of a tougher market, and therefore the app is very important to us. This is a way through which we can manage relationships, deal with the payments, invoices, and whatever the customer needs to do in his or her relationship with Resurs. That hasn't been possible as easily in Norway, Denmark, or Finland. We've only had that in Sweden. Maybe this is something that is self-evident that we should have one, and we also feel that it's very important to launch this app. An app in and by itself is nothing special. It's no rocket science, but we do believe that we can improve quite a bit with such an app. It's mainly about improving the customer experience, the simplicity. It should be easy to use Resurs, and maybe we will be more readily accessible this way in the future. Well, thank you. I think I'll stop there. Thank you. Well, thank you, Jens. Just a reminder, if you wish to ask a question, you press zero one on your phones now. Zero one if you wish to ask a question. We do not have any more questions, so I hand back to the speakers. Well, thank you. I want to say to everyone listening that I hope that you'll have a very nice continued summer, and perhaps we'll meet on September 29th on our Capital Markets Day. A continued nice day, continued nice summer from us at Resurs. Thank you.