Handelsbanken reports increase in core deposits and strong growth in assets under management

09 February 2022

Summary of 2021 annual results, January-December 2021 figures compared with January-December 2020(1): 

  • UK deposits up 9% to £19.1bn: household deposits up 7% to £5.5bn, corporate deposits up 9% to £13.6bn  
  • UK lending down 4% to £20.8bn: household lending down 5% to £6.6bn, corporate lending down 4% to £14.2bn  
  • UK operating profits down by 16% to £148.8m
  • UK result before credit losses down by 25% to £140.0m  
  • UK income decreased by 3% to £541.5m 
  • Handelsbanken Wealth & Asset Management’s assets under management and administration was up 12% to £4.4bn 

Mikael Sorensen, UK CEO, says: “Handelsbanken is one of the world’s strongest banks, as confirmed by credit ratings from Fitch Ratings(2) and Standard and Poor’s. We are proud that our customers continue to place their trust in us and believe in our financial strength, as shown by yet another annual increase in our core deposits.

“The trust our customers place in us is built through the close relationships our branch colleagues form with customers who, like us, take a long-term view of their finances and who appreciate that Handelsbanken is a business built on timeless and sustainable values of financial prudence, trust, and respect.   

“Our customers know that Handelsbanken’s branch teams don’t have sales and product targets and are not paid bonuses. Instead, our branches use their expertise and deep knowledge to help customers make financial decisions that work best for them. 

“As testament to that, we are immensely proud to have come top of EPSI Rating Group’s customer satisfaction survey for the 13th year running(3).

“We’re looking to the future with a sense of optimism about the growth potential Handelsbanken sees in the UK and the demand we are experiencing for our unique relationship banking. We are working to enhance our digital offering to strengthen the customer experience and the ways we engage with our customers. Also, we look forward to building on our sustainability commitments by supporting our customers with guidance on how to align their finances with sustainable values, address ESG risks, and grasp opportunities from the transition to a sustainable economy.”

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 Ratings – a position affirmed in July 2021. Handelsbanken plc also has a long-term credit rating of AA- by Standard & Poor’s. The ratings are closely aligned to 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: 

Sonia Rothwell, External Communications UK



Notes to editors

1 Please note that the release reports Svenska Handelsbanken AB (publ)’s UK segment figures for Q4 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 Handelsbanken Plc Credit Ratings :: Fitch Ratings. To see other agencies’ ratings please visit our investor relations page: https://www.handelsbanken.com/en/investor-relations/debt-investors/rating Opens 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.pdf 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).

Handelsbanken was established in Stockholm in 1871 and in Sweden, it is one of the country’s leading banks with a nationwide branch network. The Bank’s home markets are Sweden, Norway, the Netherlands, and the UK. It also has operations in Luxembourg and the USA.

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, individuals, and property investors, and offers 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 bespoke service. The focus is always on the need of the individual customer and not on the sale of specific products.

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