Summary of Handelsbanken UK Q2 2022 results, January-June 2022 figures compared with January-June 2021 (1):
- UK result before credit losses up by 55% to £114.1m
- UK operating profits up by 43% to £112.8m
- UK income increased by 13% to £304.7m
- UK deposits up 2% to £19.5bn: household deposits up 3% to £5.6bn, corporate deposits up 1% to £13.9bn
Mikael Sorensen, UK CEO, says: “As we mark 40 years in the UK, we are happy to celebrate with our best ever quarterly results.
They build on the firm foundations of the first quarter, and the increase in overall deposits shows that our customers continue to view us as a trusted place to put their money.
Although we can attribute part of the growth to changes in the Bank of England base rate, our Q2 results indicate that our UK business is robust and growing sustainably. This strength is further evidenced by Handelsbanken being awarded the highest credit rating of any UK commercial bank, and higher than the UK sovereign rate (2).
As a bank which is committed to forming lasting relationships with its customers, the results are testament to our unique relationship approach continuing to bring solid results for Handelsbanken.
The services we and our colleagues in Handelsbanken Wealth and Asset Management provide, which offer our customers the benefit of having their banking and wealth management under one roof, are even more important as the global economy faces yet more uncertainty.
We are proud to be a values-led bank with customers at the centre of our work. With that in mind, we are continuing to look at ways we can help our customers live and work more sustainably as well as take advantage of the opportunities which the transition to a more sustainable economy offers.”
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 (3). 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 (4).
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.
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For more information please contact:
Sonia Rothwell, External Communications Manager UK
+44 (0)7790 887513