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Supporting customers remains priority for Handelsbanken UK during post-pandemic recovery

20 October 2021

Summary of Handelsbanken UK Q3 2021 results, January-September 2021 figures compared with January-September 2020 (1): 

  • Deposits up 11% to £19.1bn (corporate deposits up 13% to £13.6bn)
  • Lending down 4% to £20.9bn (corporate lending down 4% to £14.2bn)
  • Assets under management up 18% to £4.4bn
  • Income decreased by 3% to £405.5m
  • Result before credit losses down by 27% to £106.8m 
  • Loan loss ratio of -0.04% 
  • Operating profits down by 17% to £114.4m

Mikael Sorensen, UK CEO, says: “As we welcome the continued positive steps being taken towards post-pandemic recovery, our priority remains our customers, and working to meet the distinct financial needs of each at this time of adaptation and change.

“As we celebrate our 150th anniversary, the ongoing increases in deposits and assets under management once again this quarter pay testament to the strength and stability of Handelsbanken and our continued ability to support our customers no matter the economic climate. 

“The strong relationships we form with our customers have always been a cornerstone of the high levels of customer service we are proud to deliver. We are delighted to see this being appreciated by our customers who have ranked us top for customer satisfaction for the 13th year in a row (2). We look forward to doing our utmost to continue to meet the high standards our customers have come to expect of us.

“A significant part of this will be our ongoing work to enhance our digital solutions, 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, for the thirteenth year in a row, 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 seventh 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 August 2021 (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. 

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- 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.

- ENDS -

For more information please contact: 

Mariana Wall, Corporate Communications UK

07483 036 936

mariana.wall@handelsbanken.co.uk


Notes to editors

1 Please note that the release reports Svenska Handelsbanken AB (publ)’s UK segment figures for Q3 2021. Segment reporting presents income / expenses and assets / liabilities broken down by business segments. A business segment is a part of the Group and runs operations which generate external or internal income and expenses; and of which the profit / loss is regularly assessed and followed up by the company management, as part of corporate governance. 

2 EPSI Rating, September 2021. For more information, please visit - https://www.epsi-rating.com/wp-content/uploads/2021/09/EPSI-Bank-UK-2021.pdfOpens in a new window.

3 EPSI Rating, September 2021. For more information, please visit - https://www.epsi-rating.com/wp-content/uploads/2021/09/EPSI-Bank-UK-2021.pdfOpens in a new window.

4 Competition and Markets Authority, August 2021. For more information, please visit: https://www.bva-bdrc.com/products/business-banking-service-quality-great-britain/Opens in a new window.

For photos and logos, please visit: www.handelsbanken.co.uk/media.

Handelsbanken is the trading name of Handelsbanken plc, which is incorporated in England and Wales with company number 11305395. Registered office: 3 Thomas More Square, London, E1W 1WY, UK. Handelsbanken plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 806852.

Handelsbanken plc is a wholly-owned subsidiary of Svenska Handelsbanken AB (publ).

Svenska Handelsbanken AB (publ) is one of Sweden's leading banks with approximately 600 branches across six home markets, and over 12,000 employees.

Handelsbanken was established in Stockholm in 1871 and has operated in the UK since 1982. The UK is one of Handelsbanken’s six “home market” countries, where the bank offers relationship banking to domestic market customers, the other countries being Sweden, Denmark, Norway, Finland and the Netherlands. 

In the UK, Handelsbanken is a relationship bank with a decentralised way of working, a strong local presence due to a nationwide network of branches and a long-term approach to customer relations. Handelsbanken specialises in providing personalised and competitive banking services to both businesses and individuals, as well as wealth and investment management services through its UK subsidiary Handelsbanken Wealth & Asset Management. Each Handelsbanken branch operates as a small business enabling it to make decisions at a local level and provide a service that is bespoke. The focus is always on the need of the individual customer and not on the sale of specific products, hence neither the bank nor its wealth and asset management subsidiary offers its staff bonuses.

For information regarding sustainability at Handelsbanken, please see here: https://www.handelsbanken.co.uk/sustainability.