Handelsbanken’s Interim Report January – September 2019

Summary January – September 2019, compared with January – September 2018

  • The Bank is continuing to channel its resources towards core customers and core business, providing a foundation for further potential for growth and improved profitability.
  • The Bank is in the process of implementing a number of measures expected to reduce annual expenses by approximately SEK 1.5bn, all other things being equal. The first effects of these measures are anticipated in 2020. A restructuring cost of SEK -900m had a negative impact on profit in the third quarter.
  • Operating profit went down by 4% to SEK 16,101m (16,725). The underlying operating profit decreased by 2%.
  • Return on equity went down to 11.9% (13.2), but was 12.6% if the restructuring cost is excluded.
  • The period’s profit after tax decreased by 6% to SEK 12,544m (13,341).
  • Earnings per share decreased to SEK 6.43 (6.86).
  • Income grew by 2% to SEK 33,188m (32,687). Adjusted for non-recurring items, income increased by 4%.
  • Net interest income increased by 3% to SEK 24,045m (23,414).
  • Net fee and commission income increased by 4% to SEK 7,931m (7,636).
  • The C/I ratio rose to 48.8% (47.0), but fell to 46.1% if the restructuring cost is excluded.
  • The credit loss ratio was 0.05% (0.04).
  • The common equity tier 1 ratio decreased to 17.4% (21.7).

Summary of Q3 2019, compared with Q2 2019

  • Operating profit fell by 13% to SEK 4,641m (5,350). The underlying operating profit increased by 5%.
  • The period’s profit after tax decreased by 15% to SEK 3,571m (4,217).
  • Earnings per share decreased to SEK 1.82 (2.17).
  • Return on equity went down to 10.0% (12.3), but was 12.2% if the restructuring cost is excluded.
  • Income fell by 2% to SEK 11,113m (11,284).
  • Net interest income was largely unchanged at SEK 8,047m (8,064).
  • Net fee and commission income grew by 1% to SEK 2,724m (2,695).
  • The C/I ratio rose to 56.5% (48.8), but fell to 48.4% if the restructuring cost is excluded.
  • The credit loss ratio was 0.03% (0.07).

The slide presentation for today’s press conference will be available at 7:00 a.m. CET at handelsbanken.com/ir

For further information, please contact:
Carina Åkerström, President and Group Chief Executive
Tel: +46 (0)8 22 92 20

Rolf Marquardt, CFO
Tel: +46 (0)8 22 92 20

Lars Höglund, Head of Investor Relations
Tel: +46 (0)8 701 51 70, laho01@handelsbanken.se

This information is of the type that Handelsbanken is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication through the agency of the contact person set out above, at 7:00 a.m. CET on 23 October 2019.

For more information about Handelsbanken, please go to: handelsbanken.com

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