Handelsbanken Reports Full-Year 2016: Operationally Resilient, Profit Remains Stable
Handelsbanken reported SEK 16.3 billion net income for 2016; while this was slightly below our full-year estimate, profitability remained flattish compared with 2015. Overall, we view results as operationally decent in both Sweden and other home markets. We are planning to increase our fair value estimate of SEK 118 per share in the range of 5%-10% to reflect the time value of money, and adjusting for the full-year results. We maintain our wide moat rating for the bank.The bank's board of direc...
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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