Handelsbanken Posts Lower Net Profit Due to One-off Impact: Operational Performance Is Intact
Narrow moat Handelsbanken reported net income of SEK 16.1 billion for 2017, indicating a 1% decline versus 2016. While we will reflect 2017 full-year results and roll our model, we don’t expect major shift in our fair value estimate. We also maintain our moat rating for Handelsbanken.In the main revenue items, net interest income and fee income showed good performance and increased 7% and 6%, respectively, which were also in line with our expectation. However, due to the one-off income booked ...
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