Handelsbanken Reports 1H in Line With Our Expectations; Fair Value Maintained
Narrow-moat Handelsbanken reported first-half 2019 results largely in line with our expectations for the full year. Profit for the period was SEK 9 billion compared with our full-year assumption of SEK 17.5 billion. Cost development was a negative in first-half 2019, however. Excluding Oktogonen provisions for comparability, costs increased 10% vis-a-vis last year, of which 3.5% are related to one-off charges. The largest outlier were anti-money laundering, or AML, costs, which came in at SEK 25...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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