Svenska Handelsbanken (AO) | Reduce | Q2: Low growth and weaker margins

研报英文原文证据摘录

Svenska Handelsbanken (AO) | Reduce | Q2: Low growth and weaker margins

News comment

Release date: 16 July 2026

Markus Sandgren

Equity Research Analyst

+468 7 235 183

msandgren@keplercheuvreux.com

ReduceSvenska Handelsbanken

Sweden | Banks & Asset Managers Beta Profile: MCap: SEK274.7bn

Target Price: SEK136.00 Bloomberg: SHBA SS Reuters: SHBa.ST

Current Price: SEK138.75 Free float 74.0%

Up/downside: -2.0% Avg. daily volume (SEKm) 1,003.2

YTD abs performance 3.3% Market data: 15 July 2026

52-week high/low (SEK) 146.85/114.00

Q2: Low growth and weaker margins

Key points:

SHB’s Q2 EPS missed consensus by 5%, mainly due to weaker income. NII was 2% below consensus, while most of the trading

shortfall reflected negative Treasury valuation effects rather than weaker customer activity. Costs and credit losses were better

than expected. We make only marginal cuts to our EPS forecasts, leave our SEK136 target price unchanged and reiterate our

Reduce rating.

Our investment conclusion remains unchanged. We continue to view SHB’s structurally low growth as a consequence of its

conservative risk appetite and preference for balance-sheet resilience over top-line expansion, limiting its medium-term growth

and profitability potential. Q2 again demonstrated strong cost discipline and best-in-class asset quality, but these strengths

remain insufficient to offset persistent challenges around growth and returns.

NII: Flat QOQ at SEK10.0bn. Slightly higher volumes (+0.6% QOQ), an FX tailwind and one additional day were offset by margin

pressure and higher funding costs, including weaker Swedish margins and the Norwegian repricing lag.

NCI: Up 2% QOQ, supported by high savings-related income, payments and cards.