Annual Report 2019 - Cision Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015

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  • Annual Report


  • This is Handelsbanken Handelsbanken was founded in 1871. The Bank has a nationwide branch network in Sweden, the UK, Norway, Denmark, Finland and the Netherlands. We have a decentralised way of working with a strong local presence and a long-term approach to our customer relations. Our goal is to have better profitability than the average of peer competitors in our home markets. We mainly achieve this goal by having more satisfied customers and lower costs.

    branches in our six home markets.



    Handelsbanken was founded in

    1871 than the sector average in

    all six of our home markets.*

    More satisfied


    SATISFIED CUSTOMERS IN ALL SIX HOME MARKETS Every year, EPSI Rating – which includes SKI (Swedish Quality Index) – carries out independ- ent surveys of customer satisfaction. This year’s surveys showed that Handelsbanken has more satisfied private and corporate customers than the average for the banking sector in all six of the Bank’s home markets.

    In addition, the survey shows that Handels- banken’s customers are significantly more loyal than the customers of other competitors, and that they give the Bank’s digital services high marks. The fact that digital customer meetings are perceived positively is important for fostering long-term, strong customer relationships, and contributes to reinforcing the Bank’s strong position in terms of customer satisfaction.

    In Sweden, Handelsbanken has had the most satisfied private customers for 30 years running, according to SKI.*

    HANDELSBANKEN’S CREDIT RATING IS TOP OF GLOBAL BANKS No other bank in the world has a higher rating than Handelsbanken in terms of bank ratings from Fitch, Moody’s and Standard & Poor’s.

    The Bank’s newly formed UK subsidiary, Handels banken Plc, has been assigned the same high rating as Handelsbanken by Fitch and Standard & Poor’s.

    CONTINUED ORGANIC GROWTH Satisfied customers result in more business. Which is why Handelsbanken is a growing bank. In total, the average volume of loans to the public increased by 5 per cent, while the average volume of deposits from the public increased by 6 per cent. Business volumes increased during the year in all six home markets: in the UK, lending grew by 5 per cent and deposits grew by 10 per cent; in Norway, the corresponding increases were 5 and 8 per cent, respectively; and in Denmark, 3 and

    5 per cent, respectively. In Finland, lending rose by 4 per cent while deposits grew by 5 per cent, and in the Netherlands, the average volume of lending increased by 14 per cent while the average volume of deposits was up by 18 per cent. But it is not just in our home markets outside Sweden that Handels- banken is growing.

    In Sweden, where Handelsbanken was founded in 1871, 2019 was another year marked by growth and large inflows of new business volumes – in terms of both savings and lending. For the third consecutive year, Handelsbanken was the largest player for new savings on the mutual fund market in Sweden. New savings in the Bank’s mutual funds in Sweden amounted to SEK 27 billion, equivalent to a market share of just over 21 per cent, to be viewed in the light of the Bank’s share of the total managed volume in the Swedish mutual fund mar- ket, of 11.2 per cent. At the same time, Handels- banken’s market share of household deposits in Sweden increased.

    * According to EPSI Rating/SKI (Swedish Quality Index). Since SKI surveys started in 1989, Handelsbanken has had the most satisfied private customers among the four major Swedish banks – Handelsbanken, Nordea, SEB and Swedbank.


    Highlights of the year

    Operating profit fell by 1 per cent to SEK 21,796 million (22,013). Adjusted for foreign exchange effects, non-recurring items and special items, operating profit grew by SEK 55 million.

    Return on equity decreased to 11.9 per cent (12.8).

    The period’s profit after tax declined by 2 per cent to SEK 16,925 million (17,357).

    Earnings per share decreased to SEK 8.65 (8.93).

    Income grew by 2 per cent to SEK 44,564 million (43,770). Adjusted for foreign exchange effects and non-recurring items, income increased by 3 per cent.

    Net interest income rose by 3 per cent to SEK 32,135 million (31,286).

    Net fee and commission income rose by 4 per cent to SEK 10,697 million (10,247).

    Expenses rose by 4 per cent to SEK -21,743 million (-20,890). Adjusted for foreign exchange effects, non-recurring items and special items, expenses grew by 5 per cent.

    The C/I ratio rose to 48.8 per cent (47.7). Adjusted for foreign exchange effects, non-recurring items and special items, the C/I ratio was 48.3% (47.3).

    The credit loss ratio was 0.04 per cent (0.04).

    The common equity tier 1 ratio increased to 18.5 per cent (16.8).

    The Board proposes a dividend of SEK 5.50 per share (5.50), and that the existing mandate to repurchase shares is extended for a further year.

    Average growth in equity 2007–2019*











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    Adjusted equity per share Accumulated dividends since 2008 * Including dividends.

    Total return since the start of the financial crisis 30 June 2007–31 December 2019









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    Source: SNL, as at 31 December 2019 (dividends reinvested).


    Brief information

    Handelsbanken’s Annual General Meeting 2020 Location: Grand Hôtel, Winter Garden, Stallgatan 4, Stockholm. Time: Wednesday, 25 March 2020 at 9:30 a.m.

    Notice of attendance Shareholders wishing to attend the AGM must be entered in the register of shareholders kept by Euroclear Sweden AB, by Thursday, 19 March 2020 at the latest. Notice of attendance is to be made to, telephone +46 8 701 19 84 or to Handelsbanken Group Governance, SE-106 70 Stockholm, Sweden, by Thursday, 19 March 2020 at the latest.

    To be entitled to take part in the meeting, shareholders whose shares are nominee-registered must also request a temporary entry in the register of shareholders kept by Euroclear. Shareholder must inform the nominee of this well before Thursday, 19 March 2020, by which date this entry must have been effected.

    Dividends The Board proposes that the record day for the dividend be Friday, 27 March 2020, which means that Handelsbanken’s shares will be traded ex-dividend on Thursday, 26 March 2020. If the meeting resolves in accordance with the proposal, Euroclear expects to distribute the dividend on Wednesday, 1 April 2020.

    Financial calendar 2020 5 February Highlights of Handelsbanken’s Annual Report 2019 25 March Annual General Meeting 22 April Interim report January – March 2020 15 July Interim report January – June 2020 21 October Interim report January – September 2020

    Financial information The following reports can be downloaded or ordered from • annual reports • interim reports • risk and capital management reports • corporate governance reports • fact books • sustainability reports.

    Distribution The Annual Report can be ordered from Investor Relations, phone +46 (0)8 701 10 00 or at

    Handelsbanken’s Sustainability Report 2019 In addition to Handelsbanken’s Annual Report 2019, Handelsbanken also publishes a separate Sustain- ability Report. The Sustainability Report is a separate publication covering activities and results in 2019. The report is prepared in accordance with the ‘Core’ level of the Global Reporting Initiative (GRI) Stand- ards for sustainability reporting and has been examined by the Bank’s external auditors. Handelsbanken reports the Group’s sustainability activities annually, and the Sustainability Report provides information about the entire Group, unless otherwise stated.

    The report constitutes Handelsbanken’s Communication on Progress for the UN Global Compact.

    Handelsbanken’s statutory sustainability reporting can be found on pages 43 to 61 of this Annual Report. A more detailed report on the Bank’s sustaina