Handelsbanken announces best ever UK annual results

08 February 2023

Summary of UK results January – December 2022 figures compared with January – December 2021 (1):

  • UK income increased by 28% to £693.8m
  • Expenses down by 3%
  • UK results before credit losses up by 116% to £303.0m
  • UK operating profits up by 101% to £299.4m 
  • UK deposits up 5% to £20.1bn: household deposits up 5% to £5.8bn, corporate deposits up 5% to £14.3bn 
  • UK lending down 4% to £19.9bn: household lending (largely mortgages) down 7% to £6.1bn, corporate lending down 3% to £13.8bn 

UK relationship bank Handelsbanken reports its best ever UK annual results following a year where the global economy has faced multiple tests. Results before credit losses were up by 116% on the previous year to £303m. Corporate lending was down, reflecting higher repayments from customers. Additionally, despite negative market movements, in 2022 Handelsbanken has seen positive net new business flows into its wealth management business, excluding discontinued operations.

Mikael Sorensen, UK CEO, says: “Handelsbanken’s reputation as one of the world’s safest banks (2) is borne out by another set of pleasing results earned during a time when our high quality personal service is needed more than ever by our customers.

“Once again, we have seen deposits grow and Handelsbanken continues to see significant growth potential in the UK market for both our banking and wealth management services. We also look forward to further enhancing our services as we continue to develop our digital offering to improve the ways we can serve customers.

“Our results reflect the success of Handelsbanken’s unique business model. Branch teams are trusted to make financial decisions because they know their customers best and this decentralised approach is one of the fundamental parts of our success as a bank. 

“Our customers can discuss their banking and wealth management needs with branch teams who work without short-term incentives such as bonuses or sales and product targets. Instead, they will use their expertise and deep knowledge to provide a high quality advisory service and help customers make financial decisions that work best for them. 

“Our financial strength (3) and high levels of service (4) help cement long-term relationships based on sustainable values of financial prudence, trust and respect. We are pleased that our customers value the service they are experiencing, as evidenced by us achieving the highest levels of customer satisfaction for the 14th year running, according to EPSI Rating Group (5).” 

“Finally, we recognise the external headwinds facing the UK and global economy as we move into the next financial year, but our very strong capital and liquidity position means we are well placed to support our customers through the good as well as more challenging times.” 

- ENDS -

For more information please contact: 

Pernille Sahl Taylor, Chief Communications Officer UK



Notes to editors

1  Please note that the release reports Svenska Handelsbanken AB (publ)’s UK segment figures for January – December 2022 figures compared with January – December 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 Global Finance magazine, September 19, 2022 https://d2tyltutevw8th.cloudfront.net/media/document/press-release-worlds-safest-bank-awards-2022-w-1663602256.pdf Opens in a new window

3  To see ratings agencies’ ratings please visit our investor relations page: https://www.handelsbanken.com/en/investor-relations/debt-investors/rating Opens in a new window

4  CMA Business Banking Quality survey August 2022 https://www.bva-bdrc.com/products/business-banking-service-quality-great-britain/ Opens in a new window

5 EPSI Rating, September 19, 2022. For more information, please visit – https://www.epsi-rating.com/wp-content/uploads/2022/09/EPSI-Bank-2022-UK.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.