Handelsbanken has joined Swedish peers
Nordea, SEB and Swedbank by posting full year results ahead of
analyst forecasts.
Handelsbanken’ net profit for the 12
months to 31 December rose by 8% to SEK11.02bn
($1.72bn).
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Net fee and commission
income increased by 9% to SEK8.02bn but net interest income
declined by 3% to SEK21.34bn.
Positive metrics
included:
- A reduction in
Handelsbanken’s loan loss ratio to 0.10 from
0.21; - Loan losses
declined by 56% to SEK1.51bn; - The Tier 1 ratio
according to Basel II went up to 16.5% from 14.2%,
and - Total expenses decreased by 1% to
SEK15.01bn.
Less positive was a
slight increase in Handelsbanken’s cost-income ratio to 48% from
47.1% a year earlier.
While Handelsbanken’s
total average volume of deposits fell slightly during fiscal 2011
by 0.6% to SEK541bn, retail deposits increased by 2%.
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By GlobalDataSector highlights
included an 18% rise in operating profit to SEK2.98bn at the bank’s
461-branch-strong unit.
In the UK, operating
profit more than doubled to SEK431m in fiscal 2010, during which UK
branch numbers increased from 63 to 82 outlets.
