Handelsbanken Underlying Profit Stable YoY. Restructuring Driving Up Operating Expenses
Svenska Handelsbanken AB (Handelsbanken or the Bank) reported a net profit of SEK 15,588 million in 2020, down 8% vs. 2019. The reduction has been mainly affected by one-off restructuring provisions of SEK 1,470 million (vs. SEK 930 million in 2019) and a provision for the Oktogonen profit sharing scheme of SEK 213 million (vs. reversal of SEK 829 million in 2019). Excluding non-recurring items, the Bank's profit before taxes increased by 1% Year-on-Year (YoY). On a quarterly basis, Handelsbanken's net profit was SEK 4,370 million in 4Q 2020, up 32% Quarter-on-Quarter (QoQ) and almost unchanged YoY. In 2020, Handelsbanken reported a statutory Return-on-Equity (ROE) of 10% (underlying ROE of 11%), decreasing from 11.9% in 2019 but in line with Swedish peers and above the European average.
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