Summary of Q2 2021 results, January-June 2021 figures compared with January-June 20201:
- Deposits up 14% to £19.2bn (corporate deposits up 17% to £13.7bn)
- Lending down 4% to £20.9bn (corporate lending down 4% to £14.3bn)
- Assets under management up 19% to £4.4bn
- Income decreased by 5% to £269.8m
- Result before credit losses down by 24% to £73.7m
- Loan loss ratio of -0.04%
- Operating profits down by 10% to £78.8m
Mikael Sorensen, UK CEO, says: “At this time of continuing uncertainty, with economic recovery still at an early, tentative stage, our naturally responsible banking approach feels as relevant as ever. We continue to take a prudent, long-term view in our decision-making, and remain focused on helping our customers navigate the challenges and opportunities that lie ahead of them.
“We value greatly the high levels of trust our customers have in us demonstrated through the strong development we are seeing in deposits and increased levels of investment through our wealth and asset management arm.
"As well as our branches' daily efforts to provide their customers with the best possible banking and wealth management service, we are focusing on enhancing our digital offering. Our aim is to provide customers with a Handelsbanken quality of service however and wherever they choose to interact with us and to use digital opportunities to make much more of the strong, real-world relationships that characterise our approach."
“As the Government's plans for decarbonising the economy become clearer through the rest of this year and beyond, we will be engaging more with our customers on how these changes may affect their homes, lifestyles and businesses, and how we can support them in their own transitions to Net Zero, in turn helping us reach our own ambitious 2040 commitment.”
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, for the sixth time, led to the Bank topping recommendations for overall quality of service in the Competition and Markets Authority’s independent service quality survey for business banking, the results of which were most recently published in February 20212. In addition, for the twelfth year in a row, Handelsbanken has been top-ranked for satisfaction, for both personal and business banking, in an independent survey of British bank customers3.
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 negative outlook by international credit ratings agency, Fitch. Handelsbanken plc also has a long-term credit rating of AA- with a stable outlook by Standard & Poor’s. 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:
Mariana Wall, Corporate Communications UK
07483 036 936