Summary of Handelsbanken UK Q1 2022 results, January-March 2022 figures compared with January-March 2021 (1):
- UK operating profits up by 9% to £44.4m
- UK income increased by 5% to £142.7m
- UK profits before credit losses up by 20% to £45.7m
Mikael Sorensen, UK CEO, says: “We are pleased that our customers continue to place their trust in the strength and stability of Handelsbanken.
“Our first quarter results show a solid start to 2022 amid a challenging economic and geopolitical environment. As a bank which is rightly proud of the long-term relationships it builds with customers, we are glad to be able to support our customers during tough times.
“Growth is being led by historical and current performance and across our branch network we are seeing increased business with existing and new customers. In Handelsbanken Wealth and Asset Management (HWAM), we are also seeing an increased level of business activity and a growing pipeline of new business potential. Customers know they can access the services they need, such as banking and wealth management, all under one roof.
“As a values-led, customer-focused bank, we are constantly listening to learn ways we can help customers. We believe as a bank that it is our responsibility to set a good example and encourage people to do the right thing. That’s why in our sustainability strategy we have committed to helping our customers achieve their sustainability goals so that they can financially align their values, address their ESG risks, and grasp opportunities from the transition to a sustainable economy. To support our customers in making more sustainable life choices, we launched our first Green Vehicle Finance product in February.
“Finally, throughout 2022 and beyond, we will continue to enhance our digital services, with a view to ensuring these complement the excellent in-person service our customers receive; and providing our customers with an ever greater choice when it comes to how and when they interact with us.”
Handelsbanken forms long-term, personal relationships with customers, through its distinct local relationship banking model. Customers have direct access to experienced branch teams who are empowered to make decisions locally, based on each customer’s specific needs and without product or sales targets.
This formula has led to Handelsbanken being top-ranked for satisfaction, for both personal and business banking, in an independent survey of British bank customers (2). In addition, for the eighth time, the Bank has topped recommendations for relationship-led banking in the Competition and Markets Authority’s independent service quality survey for business banking, the results of which were most recently published in February 2022 (3).
Handelsbanken launched in the UK in 1982 and, over the years, has developed its UK business, based on customer demand for its personal approach to banking.
In December 2018, in a demonstration of its long-term commitment to the UK, Handelsbanken became a fully licensed UK bank, Handelsbanken plc, a wholly-owned subsidiary of its Swedish parent, Svenska Handelsbanken AB (publ).
Handelsbanken has since continued to invest in its UK infrastructure, strengthening its foundations for ongoing growth and securing its long-term presence in the UK.
Handelsbanken plc has been assigned a long-term credit rating of AA with a stable outlook by international credit ratings agency, Fitch. Handelsbanken plc also has a long-term credit rating of AA- by Standard & Poor’s4. The ratings are the same as those given for the subsidiary’s Swedish parent, Svenska Handelsbanken AB (publ), and confirm the Bank’s strength, stability and creditworthiness.
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For more information please contact:
Sonia Rothwell, External Communications Manager UK