Handelsbanken Posted Good Results for Second-Quarter 2018; Fair Value Estimate Remains Unchanged
Narrow-moat Handelsbanken posted net income of SEK 9.2 billion for the first half of 2018, translating into a 13% growth compared with the same period in 2017. Revenue growth was in line with our expectations, while cost growth tracked ahead of our full-year estimates. As a result, we increase our full-year estimate for operating costs to reflect the bank's expansion in the U.K. and Netherlands. The cost increase in 2018 is more than offset by the corporate tax rate reduction announced by the Sw...Svenska Handelsbanken is a commercial bank for both private and corporate customers. Co. has six home markets: Sweden, the U.K., Denmark, Finland, Norway and the Netherlands. Co. has four business areas: Handelsbanken Capital Markets, which includes operations for investment banking, asset management, and also pensions and insurance; Stadshypotek, a mortgage provider; Forestry and Farming, which provides financial advice to forest owners and farmers; and Handelsbanken Direkt, which is engaged in business and product development of standardised banking services for the private and corporate market. At Dec 31 2013, Co. had total assets of SEK 2.49 trillion and deposits of SEK 825.21 billion.
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