Handelsbanken Q2 Results Stable QoQ, But Core Revenues Under Pressure
Svenska Handelsbanken AB (Handelsbanken or the Bank) reported net income of SEK 4 billion in Q2 2020, up 1% Quarter-on-Quarter (QoQ) and down 6% Year-on-Year (YoY). For H1 2020, the Bank reported net income of SEK 7.9 billion, down 12% compared to SEK 9 billion in H1 2019, albeit H1 2019 included SEK 854 million positive one-off items, largely attributable to the Bank's profit sharing scheme. Excluding the positive one-off items in H1 2019, net income would have decreased by around 3% YoY in H1 2020. The Bank's cost of risk decreased to almost 0 bps in Q2 2020 from to 8 bps in Q1 2020. It remained at a very low 4 bps in H1 2020, compared to 6 bps in H1 2019.
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