We Reinitiate on Handelsbanken; Shares Slightly Undervalued
Handelsbanken, or SHB, reported first-quarter 2019 results of SEK 4.8 billion, compared with SEK 4 billion in 2018, after its board decided to cancel employee profit-sharing payouts for 2018. This resulted in a provision write-back of SEK 827 million and a material uplift in operating and bottom-line figures. Excluding this effect, operating profit was virtually flat in the quarter at SEK 5.6 billion. Net interest income grew 4% compared with 2018, owing to higher volumes because currency effect...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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