Handelsbanken 1Q18: While NII and Net Fees Supportive, Higher Costs Decelerated Net Income
Narrow-moat Handelsbanken posted net income of SEK 4 billion for the first quarter of 2018, indicating a 3% decline year over year but a 6% increase quarter over quarter. While this is behind our 5% net income for the full year, we believe the first quarter is always mildly slower for the bank, and so we maintain our full-year estimates for the time being. During the quarter, Handelsbanken's top line looks healthy, supported by decent net interest income and fee growth. While declining loan-loss...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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