Local and personal approach seals another ‘best-ever’ quarter for relationship bank Handelsbanken

26 April 2023

Summary of UK Q1 results January – March 2023 figures compared with January – March 2022 (1):

  • UK income increased by 56% to £222.3m (partly due to increased business volumes)
  • UK result before credit losses up by 161% to £119.1m 
  • UK operating profits up by 167% to £118.4m 
  • UK deposits up 7% to £20.5bn: household deposits up 1% to £5.6bn, corporate deposits up 9% to £14.9bn 
  • UK lending down 7% to £18.9bn: household lending (largely mortgages) down 9% to £5.7bn, corporate lending down 6% to £13.2bn 

Handelsbanken plc reports a strong first quarter result that underlines the benefits of its local relationship banking model. The Bank’s low risk tolerance and commitment to a local and personal banking approach means it is also reporting a low level of credit losses. Asset quality continues to be robust.

Mikael Sorensen, UK CEO, says: “Handelsbanken is a prudent lender with a conservative risk tolerance - something which remains consistent throughout the economic cycle. We tend to work with customers who share our values of long-term thinking and having a prudent approach to finances. This means we have a high quality loan book and a long standing record of low loan losses. All of this is reflected in this latest set of results which is another ‘best ever’ quarter for the Bank. 

“At Handelsbanken we see it as our responsibility to support our customers through the good as well as more challenging times, and I am pleased to see that our customers are trusting us to do this as demonstrated by the increase in deposits, reported in today’s results. Handelsbanken has a very strong capital and liquidity position, evidenced by our very strong credit ratings (2) which makes us Europe’s safest commercial bank (3) and part of one of the world’s strongest banking groups. It’s an exciting time for our bank in the UK as we develop our plans for the future by investing in, among other things, our technology and customer experience. We are therefore well-placed to support our customers with their financial needs and ambitions both in the short and long term.”

Chris Teasdale, Chief Branch Officer says: “At Handelsbanken we know every customer personally thanks to our UK wide branch network. Each one has a dedicated relationship manager who knows them and their financial requirements and this means we can deliver very high levels of customer service (4). 

“Handelsbanken employees take pride in building and nurturing long-term relationships with customers. We are finding that our customers really appreciate being able to talk to a team of experts who know them and their financial circumstances and who are able to provide tailored advice on both their banking and wealth management needs (5), especially in the current turbulent times. Our excellent quarterly results today are testament to the success of the unique relationship banking approach that characterises Handelsbanken.”

 - ENDS -

For more information please contact: 

Sonia Rothwell, External Communications Manager 


+44 (0)7790 887513

Notes to editors

1  Please note that the release reports Svenska Handelsbanken AB (publ)’s UK segment figures for January – March 2023 figures compared with January – March 2022. 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 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

3  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

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.