Handelsbanken: A weaker than expected quarter

研报英文原文证据摘录

Handelsbanken: A weaker than expected quarter

Global Research

15 July 2026ab

First Read

EquitiesHandelsbanken

A weaker than expected quarter Sweden

Banks, Ex-S&L

12-month rating Sell

SHB reported pre-tax income of SEK 6.7 bn (-4% vs. consensus)

Q2 pre-tax income is weaker than expected with revenues 4% light, partially offset by 12m price target SKr128.00

2% better costs and loan losses ¼ of expectations. Within the revenues we note that net

interest income came in 2% light (in part due to timing effects) while fee income was

Price (14 Jul 2026) SKr143.85

marginally ahead (+1%). The largest deviation is in trading income (-79%) which is

unlikely to be extrapolated. Cost control remains good, with another quarter of better RIC: SHBa.ST BBG: SHBA SS

than expected costs - a long standing trend at SHB by now. Credit quality remains very Trading data and key metrics

strong. Overall we see modest downside risk to consensus estimates on the back of Q2

52-wk range SKr146.85-114.00

numbers and would expect a negative reaction today. Full details on the next page or

Market cap. SKr285b/US$29.5b

in Excel here.

Shares o/s 1,980m (ORD)

A clearer cost outlook would be welcome Free float 75%

Avg. daily volume ('000) 4,767

SHB has clearly improved cost control over the last two years and we have seen a

number of quarters where the bank has delivered better than expected cost Avg. daily value (m) SKr647.4

performance. At the same time, the bank keeps reiterating that the cost cutting Common s/h equity (12/26E) SKr188b

measures are behind them. We think that a clearer guidance around costs could be a P/BV (12/26E) 1.5x

positive for shares and would welcome more details around either expectations around Tier 1 ratio 18%

absolute cost levels or levels of expected cost growth.