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SaveLend Group announces new future financial targets
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Finans |
| Industri | Övriga finansiella tjänster |
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The Board of Directors of SaveLend Group AB (“SaveLend Group” or the “Company”) has resolved to adopt new future financial targets for the Group. The new targets reflect the Company’s changed regulatory conditions and the planned application for authorization to conduct operations as a credit market company, as well as the changed Group structure following the divestment of Billecta AB. The targets focus on profitability through return on equity, growth in total capital, and the potential distribution of surplus capital.
When the financial targets for 2027 were originally established, they were based on a market environment and regulatory conditions that differ from those applicable today. They also included Billecta AB, the subsidiary that has now been divested.
Given the new conditions, where the authorization for consumer credit institutions has been removed and the Company must apply for authorization as a credit market company in order to broker consumer credits, the Board of Directors has resolved to adopt new future financial targets. Accordingly, the previously communicated financial targets for 2027 hereby cease to apply. The new future financial targets are conditional upon, and will become effective from, the Company being granted authorization to conduct operations as a credit market company and are formulated as follows:
SaveLend Group’s strategy is to maintain a sound risk-adjusted return for both its customers and shareholders, while at the same time complying with the capital requirements applicable to the business. Based on this strategy, the Board of Directors has adopted the following future financial targets.
- Profitability - SaveLend Group’s objective is to sustainably deliver return on equity at a level placing it among the ten most profitable credit institutions in Sweden, with a long-term ambition to exceed 20%.
- Growth - SaveLend Group’s objective is to increase total capital, consisting of investments on the platform and deposits from the public, by at least 15% annually.
- Dividend - SaveLend Group shall distribute any surplus capital to shareholders, taking into account the Group’s future plans and regulatory capital adequacy requirements.
“With changing regulatory conditions, a divested business, and a planned application for authorization to operate as a credit market company, the Board of Directors has identified a need to update the Company’s financial targets. The new targets are designed to support a controlled and profitable scaling of the business going forward,” says Håkan Nyberg, Chairman of the Board of SaveLend Group.
“The new targets provide a clear long-term direction for the business as the Company develops towards becoming a credit market company. The next step is to submit the application to the Swedish Financial Supervisory Authority and continue developing the business in accordance with the structure and requirements associated with such authorization,” says Peter Balod, CEO of SaveLend Group.