Summary of UK Q3 results January – September 2022 figures compared with January – September 2021(1):
- UK result before credit losses up by 81% to £193.0m
- UK operating profits up by 69% to £193.5m
- UK income increased by 19% to £483.7m
- UK lending down 4% to £20.1bn
- UK deposits up 4% to £19.8bn: household deposits up 5% to £5.7bn, corporate deposits up 3% to £14.1bn
Handelsbanken UK reported a 69% increase in operating profits to £193.5m thanks to strong income development and lower costs. The return on equity was a healthy 12.9%.
The latest results which are Handelsbanken UK’s best ever quarterly figures, build on Q2 results which were the Bank’s previous best ever quarterly results.
Mikael Sorensen, Handelsbanken UK’s CEO said: “These solid results mark not only our best quarter, but our best nine months ever. In such a volatile economic environment, we particularly welcome this news.
“Financial strength and stability is a cornerstone of Handelsbanken as acknowledged in the recent rating of Handelsbanken as the safest commercial bank in Europe (2). We have always seen it as our responsibility to support our customers through the good and more challenging times and are grateful for the trust that our customers place in us as shown in the 4% increase in UK deposits compared to last year.
“The results also testify to the business advantages of our decentralised model. Within this model colleagues are empowered to make business decisions at a local level to build sustainable, long-term customer relationships.
“Customers can access both routine banking services and investment advice in one place and benefit from speaking to a branch team of experts who really understand their customer and their financial circumstances.”
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).
For the 14th year in a row, Handelsbanken has been ranked top for customer satisfaction, for both personal and business banking, in an independent survey by EPSI Rating Group(3). In addition, for the ninth 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 2022(4).
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 international credit ratings agency 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.
Handelsbanken continues 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