Hoist Finance publishes on its website the 2023 results and reports the words of its CEO, Harry Vranjes:
“Hoist Finance has finished a very strong 2023. We have delivered profitable growth while implementing an extensive transformation programme. Profit before tax for the fourth quarter of SEK 265 million and full-year profit before tax of SEK 869 million shows that our new strategy and governance model is delivering. Now we continue the journey we have started – towards becoming Europe’s leading credit portfolio manager”.
Below the highlights for the fourth quarter:
- Profit before tax amounted to SEK 265 million, compared to SEK 5 million for the same quarter last year
- Return on equity amounted to 12 per cent. Adjusted for normalised capital levels, the return on equity was 15 per cent1)
- Strong capital and liquidity position, significantly above regulatory requirements with a CET1 ratio of 13.89 per cent
- Collection performance came in at 105 per cent, meaning we have generated five per cent higher cash flows than forecasted on our portfolios
- Investments in new portfolios totalled SEK 2.4bn in the fourth quarter
- Moody’s confirmed the company’s Baa3 senior unsecured ratings and changed the outlook to positive from negative
- Launch of HoistSpar in Poland, expanding the European deposit base and enabling increased currency matching between the asset and liability side
- The agreement on the banking package, containing the possibility of “Specialized Debt Restructurer”, was formally signed by the Council of the European Union (Coreper) and expected ratification by the European Parliament will take place in April. The package contains a possibility for an exemption to the backstop regulations for banks that meet the set criteria.
Here the official presentation of the report.
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