Summary of UK results January – December 2022 figures compared with January – December 2021 (1):
- UK income increased by 28% to £693.8m
- Expenses down by 3%
- UK results before credit losses up by 116% to £303.0m
- UK operating profits up by 101% to £299.4m
- UK deposits up 5% to £20.1bn: household deposits up 5% to £5.8bn, corporate deposits up 5% to £14.3bn
- UK lending down 4% to £19.9bn: household lending (largely mortgages) down 7% to £6.1bn, corporate lending down 3% to £13.8bn
UK relationship bank Handelsbanken reports its best ever UK annual results following a year where the global economy has faced multiple tests. Results before credit losses were up by 116% on the previous year to £303m. Corporate lending was down, reflecting higher repayments from customers. Additionally, despite negative market movements, in 2022 Handelsbanken has seen positive net new business flows into its wealth management business, excluding discontinued operations.
Mikael Sorensen, UK CEO, says: “Handelsbanken’s reputation as one of the world’s safest banks (2) is borne out by another set of pleasing results earned during a time when our high quality personal service is needed more than ever by our customers.
“Once again, we have seen deposits grow and Handelsbanken continues to see significant growth potential in the UK market for both our banking and wealth management services. We also look forward to further enhancing our services as we continue to develop our digital offering to improve the ways we can serve customers.
“Our results reflect the success of Handelsbanken’s unique business model. Branch teams are trusted to make financial decisions because they know their customers best and this decentralised approach is one of the fundamental parts of our success as a bank.
“Our customers can discuss their banking and wealth management needs with branch teams who work without short-term incentives such as bonuses or sales and product targets. Instead, they will use their expertise and deep knowledge to provide a high quality advisory service and help customers make financial decisions that work best for them.
“Our financial strength (3) and high levels of service (4) help cement long-term relationships based on sustainable values of financial prudence, trust and respect. We are pleased that our customers value the service they are experiencing, as evidenced by us achieving the highest levels of customer satisfaction for the 14th year running, according to EPSI Rating Group (5).”
“Finally, we recognise the external headwinds facing the UK and global economy as we move into the next financial year, but our very strong capital and liquidity position means we are well placed to support our customers through the good as well as more challenging times.”
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For more information please contact:
Pernille Sahl Taylor, Chief Communications Officer UK
+447767162563