Svenska Handelsbanken

Svenska Handelsbanken's corporate loans rose 7.05% yoy to SEK 1,070,560 mil in 3Q2019

By Helgi Analytics - November 19, 2019

Svenska Handelsbanken's loans reached SEK 2,289,280 mil in the third quarter of 2019, up from SEK 2,271,420 mil when compare...

Svenska Handelsbanken's market capitalisation (end of period) fell 4.08% to USD 18,524 mil in 3Q2019

By Helgi Analytics - November 19, 2019

Svenska Handelsbanken stock traded at 92.0 per share at the end of third quarter of 2019 implying a market capitalization of USD 18,5...

Svenska Handelsbanken's npls (as % of loans) rose 2.93% yoy to 0.370% in 3Q2019

By Helgi Analytics - November 19, 2019

Svenska Handelsbanken's non-performing loans reached 0.370% of total loans at the end of 2019-09-30, up from 0.360% compared to t...

Profit Statement 2016 2017 2018
Net Interest Income SEK mil 28,171 30,357 31,504
Net Fee Income SEK mil 9,156 9,718 10,247
Other Income SEK mil 3,299 2,830 2,920
Total Revenues SEK mil 40,626 42,905 44,671
Staff Cost SEK mil 12,542 12,472 ...
Operating Profit SEK mil 22,889 23,695 23,618
Provisions SEK mil 1,724 1,683 881
Net Profit SEK mil 16,244 16,099 17,354
Balance Sheet 2016 2017 2018
Interbank Loans SEK mil 38,840 26,857 64,744
Customer Loans SEK mil 1,956,130 2,059,150 2,180,040
Debt Securities SEK mil 181,526 192,659 186,810
Total Assets SEK mil 2,627,580 2,766,980 2,978,170
Shareholders' Equity SEK mil 136,381 141,604 142,261
Interbank Borrowing SEK mil 180,353 176,892 200,245
Customer Deposits SEK mil 829,336 941,967 1,008,490
Issued Debt Securities SEK mil 1,295,160 1,309,490 1,445,730
Ratios 2016 2017 2018
ROE % 12.3 11.6 12.2
ROA % 0.631 0.597 0.604
Costs (As % Of Assets) % 0.689 0.712 0.733
Costs (As % Of Income) % 43.7 44.8 47.1
Capital Adequacy Ratio % 31.4 28.3 21.0
Net Interest Margin % 1.09 1.13 1.10
Loans (As % Of Deposits) % 236 219 216
NPLs (As % Of Loans) % 0.395 0.385 0.354
Provisions (As % Of NPLs) % 59.9 64.9 49.2
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 27,160 26,577 21,339
Share Price (End Of Period) 125 110 96.8
Price/Earnings (P/E) 15.2 13.5 11.0
Price/Book Value (P/BV) 1.80 1.54 1.34
Dividend Yield % 3.95 4.90 5.60
Earnings Per Share (EPS) 8.23 8.15 8.79
Book Value Per Share 69.1 71.7 72.0
Dividend Per Share 4.93 5.42 5.42

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summary Unit 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                              
Net Interest Income SEK mil                                                 26,233 26,830 27,495 28,021 28,171    
Total Revenues SEK mil                                                 36,435 37,808 39,883 41,974 40,626    
Operating Profit SEK mil                                                 19,741 20,759 22,559 23,720 22,889    
Net Profit SEK mil                                                 14,037 14,295 15,183 16,342 16,244    
balance sheet                                                              
Interbank Loans SEK mil                                                 123,310 78,609 94,197 57,398 38,840    
Customer Loans SEK mil                                                 1,646,680 1,680,630 1,783,980 1,858,720 1,956,130    
Debt Securities SEK mil                                                 147,406 170,171 188,490 149,677 181,526    
Total Assets SEK mil                                                 2,383,950 2,484,720 2,816,680 2,522,130 2,627,580    
Shareholders' Equity SEK mil                                                 103,850 111,339 126,827 128,268 136,381    
Interbank Borrowing SEK mil                                                 212,440 202,073 220,890 166,186 180,353    
Customer Deposits SEK mil                                                 669,929 817,601 1,022,100 753,855 829,336    
Issued Debt Securities SEK mil                                                 1,172,590 1,166,610 1,242,900 1,279,580 1,295,160    
ratios                                                              
ROE %                                                 14.2 13.3 12.7 12.8 12.3    
ROA %                                                 0.580 0.587 0.573 0.612 0.631    
Costs (As % Of Assets) %                                                 0.690 0.700 0.654 0.684 0.689    
Costs (As % Of Income) %                                                 45.8 45.1 43.4 43.5 43.7    
Capital Adequacy Ratio %                                                 20.7 21.6 25.6 27.2 31.4    
Net Interest Margin %                                                 1.08 1.10 1.04 1.05 1.09    
Interest Income (As % Of Revenues) %                                                 72.0 71.0 68.9 66.8 69.3    
Fee Income (As % Of Revenues) %                                                 20.2 20.6 21.5 22.2 22.5    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             66.9 66.9 67.9 68.9 70.7   ...
Equity (As % Of Assets) %                                                 4.36 4.48 4.50 5.09 5.19    
Loans (As % Of Deposits) %                                                 246 206 175 247 236    
Loans (As % Assets) %                                                 69.1 67.6 63.3 73.7 74.4    
NPLs (As % Of Loans) % ... ... ... ... ... ...                                     0.444 0.412 0.487 0.475 0.395    
Provisions (As % Of NPLs) % ... ... ... ... ... ...                                     56.4 56.2 47.2 54.5 59.9    
valuation                                                              
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... ...                                     22,611 31,260 29,873 25,508 27,160    
Number Of Shares (Average) mil                                                 1,950 1,943 1,959 1,972 1,973    
Share Price (End Of Period) ... ... ... ... ... ...                                     75.4 103 119 109 125    
Earnings Per Share (EPS)                                                 7.20 7.36 7.75 8.29 8.23    
Book Value Per Share                                                 53.3 57.3 64.7 65.0 69.1    
Dividend Per Share                                                 3.49 5.40 5.68 5.80 4.93    
Price/Earnings (P/E) ... ... ... ... ... ...                                     10.5 14.1 15.3 13.2 15.2    
Price/Book Value (P/BV) ... ... ... ... ... ...                                     1.42 1.80 1.84 1.68 1.80    
Dividend Yield % ... ... ... ... ... ...                                     4.63 5.22 4.77 5.31 3.95    
Earnings Per Share Growth % ...                                               12.6 2.22 5.32 6.93 -0.640    
Book Value Per Share Growth % ...                                               8.60 7.61 13.0 0.475 6.28    
income statement Unit 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                              
Interest Income SEK mil                                                 62,966 54,624 51,150 43,333 40,178    
Interest Cost SEK mil                                                 36,733 27,794 23,655 15,312 12,007    
Net Interest Income SEK mil                                                 26,233 26,830 27,495 28,021 28,171    
Net Fee Income SEK mil                                                 7,369 7,804 8,556 9,320 9,156    
Other Income SEK mil                                                 2,833 3,174 3,832 4,633 3,299    
Total Revenues SEK mil                                                 36,435 37,808 39,883 41,974 40,626    
Staff Cost SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             11,167 11,404 11,766 12,581 12,542   ...
Depreciation SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             464 476 462 487 495   ...
Other Cost SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             5,063 5,169 5,096 5,186 4,700   ...
Operating Cost SEK mil                                                 16,694 17,049 17,324 18,254 17,737    
Operating Profit SEK mil                                                 19,741 20,759 22,559 23,720 22,889    
Provisions SEK mil                                                 1,251 1,195 1,781 1,597 1,724    
Extra and Other Cost SEK mil                                                 1,382 1,476 1,566 1,648 532    
Pre-Tax Profit SEK mil                                                 17,108 18,088 19,212 20,475 20,633    
Tax SEK mil                                                 3,092 3,915 4,069 4,277 4,401    
Minorities SEK mil                                                 1.00 0 1.00 1.00 1.00    
Net Profit SEK mil                                                 14,037 14,295 15,183 16,342 16,244    
Dividends SEK mil                                                 6,804 10,488 11,124 11,442 9,721    
growth rates                                                              
Net Interest Income Growth % ...                                               10.4 2.28 2.48 1.91 0.535    
Net Fee Income Growth % ...                                               -3.96 5.90 9.64 8.93 -1.76    
Total Revenue Growth % ...                                               6.84 3.77 5.49 5.24 -3.21    
Operating Cost Growth % ...                                               7.97 2.13 1.61 5.37 -2.83    
Operating Profit Growth % ...                                               5.90 5.16 8.67 5.15 -3.50    
Pre-Tax Profit Growth % ...                                               3.46 5.73 6.21 6.57 0.772    
Net Profit Growth % ...                                               13.9 1.84 6.21 7.63 -0.600    
market share                                                              
Market Share in Revenues %                         ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Market Share in Net Profit %         ...                                       23.7 20.0 17.3 21.2 ... ... ...
Market Share in Employees %                         ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
balance sheet Unit 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                                              
Cash SEK mil                                                 248,915 369,954 505,579 236,748 224,889    
Interbank Loans SEK mil                                                 123,310 78,609 94,197 57,398 38,840    
Customer Loans SEK mil                                                 1,646,680 1,680,630 1,783,980 1,858,720 1,956,130    
Mortgage Loans SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             674,194 719,920 783,054 844,359 920,213    
Consumer Loans SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             69,260 68,575 69,412 68,158 62,427    
Corporate Loans SEK mil ... ... ... ... ... ... ... ... ... ...                             827,969 814,855 862,648 861,027 893,671    
Debt Securities SEK mil                                                 147,406 170,171 188,490 149,677 181,526    
Fixed Assets SEK mil                                                 9,415 10,040 10,371 10,602 11,780    
Total Assets SEK mil                                                 2,383,950 2,484,720 2,816,680 2,522,130 2,627,580    
Shareholders' Equity SEK mil                                                 103,850 111,339 126,827 128,268 136,381    
Of Which Minority Interest SEK mil                                                 2.00 2.00 3.00 4.00 6.00    
Liabilities SEK mil                                                 2,280,100 2,373,380 2,689,850 2,393,860 2,491,200    
Interbank Borrowing SEK mil                                                 212,440 202,073 220,890 166,186 180,353    
Customer Deposits SEK mil                                                 669,929 817,601 1,022,100 753,855 829,336    
Retail Deposits SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             267,450 287,319 318,750 356,432 404,112   ...
Corporate Deposits SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             598,718 709,510 903,591 561,193 604,005   ...
Sight Deposits SEK mil                                                 515,826 591,646 703,632 689,373 775,803    
Term Deposits SEK mil                                                 154,103 225,955 318,467 64,482 53,533    
Issued Debt Securities SEK mil                                                 1,172,590 1,166,610 1,242,900 1,279,580 1,295,160    
Other Liabilities SEK mil                                                 225,139 187,102 203,958 194,241 186,345    
asset quality                                                              
Non-Performing Loans SEK mil ... ... ... ... ... ...                                     7,325 6,944 8,702 8,844 7,746    
Gross Loans SEK mil                                                 1,650,810 1,684,530 1,788,090 1,863,540 1,960,770    
Provisions SEK mil                                                 1,251 1,195 1,781 1,597 1,724    
growth rates                                                              
Customer Loan Growth % ...                                               4.39 2.06 6.15 4.19 5.24    
Retail Loan Growth % ... ... ... ... ... ... ... ... ... ... ...                           4.25 6.06 8.11 7.04 7.68    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           4.40 6.78 8.77 7.83 8.98    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           2.83 -0.989 1.22 -1.81 -8.41    
Corporate Loan Growth % ... ... ... ... ... ... ... ... ... ... ...                           6.96 -1.58 5.87 -0.188 3.79    
Total Asset Growth % ...                                               -2.87 4.23 13.4 -10.5 4.18    
Shareholders' Equity Growth % ...                                               9.87 7.21 13.9 1.14 6.33    
Customer Deposit Growth % ...                                               -6.55 22.0 25.0 -26.2 10.0    
Retail Deposit Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           4.50 7.43 10.9 11.8 13.4   ...
Corporate Deposit Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           27.7 18.5 27.4 -37.9 7.63   ...
market share                                                              
Market Share in Customer Loans %                         ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Market Share in Corporate Loans % ... ... ... ... ... ... ... ... ... ...     ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Market Share in Consumer Loans % ... ... ... ... ... ... ... ... ... ...     ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Market Share in Total Assets %                         ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Market Share in Customer Deposits %                         ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
ratios Unit 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                                              
ROE %                                                 14.2 13.3 12.7 12.8 12.3    
ROA %                                                 0.580 0.587 0.573 0.612 0.631    
Costs (As % Of Assets) %                                                 0.690 0.700 0.654 0.684 0.689    
Costs (As % Of Income) %                                                 45.8 45.1 43.4 43.5 43.7    
Capital Adequacy Ratio %                                                 20.7 21.6 25.6 27.2 31.4    
Tier 1 Ratio % ... ... ... ... ... ...                                     20.4 21.0 22.1 23.8 27.9    
Net Interest Margin %                                                 1.08 1.10 1.04 1.05 1.09    
Interest Spread % ...                                               1.02 1.05 0.995 1.02 1.07    
Asset Yield %                                                 2.60 2.24 1.93 1.62 1.56    
Cost Of Liabilities % ...                                               1.58 1.19 0.934 0.602 0.492    
Payout Ratio %                                                 48.5 73.4 73.3 70.0 59.8    
Interest Income (As % Of Revenues) %                                                 72.0 71.0 68.9 66.8 69.3    
Fee Income (As % Of Revenues) %                                                 20.2 20.6 21.5 22.2 22.5    
Other Income (As % Of Revenues) %                                                 7.78 8.40 9.61 11.0 8.12    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             12,277 12,667 11,789 10,923 10,156   ...
Cost Per Employee (Local Currency) SEK per month ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             83,147 82,616 83,861 88,706 88,882   ...
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             66.9 66.9 67.9 68.9 70.7   ...
Equity (As % Of Assets) %                                                 4.36 4.48 4.50 5.09 5.19    
Loans (As % Of Deposits) %                                                 246 206 175 247 236    
Loans (As % Assets) %                                                 69.1 67.6 63.3 73.7 74.4    
NPLs (As % Of Loans) % ... ... ... ... ... ...                                     0.444 0.412 0.487 0.475 0.395    
Provisions (As % Of NPLs) % ... ... ... ... ... ...                                     56.4 56.2 47.2 54.5 59.9    
Provisions (As % Of Loans) % ... ... ... ... ...                                       0.251 0.232 0.230 0.259 0.237    
Cost of Provisions (As % Of Loans) %                                                 0.078 0.072 0.103 0.088 0.090    
other data Unit 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                                              
Branches ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             786 822 846 861 832   ...
Employees                                                 11,192 11,503 11,692 11,819 11,759    
Sight (As % Of Customer Deposits) %                                                 77.0 72.4 68.8 91.4 93.5    

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Svenska Handelsbanken's net profit fell 13.0% yoy to SEK 3,570 mil in 3Q2019

By Helgi Analytics - November 19, 2019

Svenska Handelsbanken made a net profit of SEK 3,570 mil under revenues of SEK 11,551 mil in the third quarter of 2019, down 13% and up 3.34% respectively when compared to the same period last year. Historically, the bank’s net profit reached an all time ...

Svenska Handelsbanken's net interest margin rose 1.14% yoy to 1.02% in 3Q2019

By Helgi Analytics - November 19, 2019

Svenska Handelsbanken's net interest margin amounted to 1.02% in the third quarter of 2019, down from 1.04% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 1.16% in 4Q2017 and an all time low of...

Svenska Handelsbanken's price/earnings (P/E) fell 4.13% yoy to 12.7 in 3Q2019

By Helgi Analytics - November 19, 2019

Svenska Handelsbanken stock traded at 92.0 per share at the end third quarter of 2019 implying a market capitalization of USD 18,524 mil. Since the end of 3Q2014, the stock has depreciated by -15.9 % implying an annual average growth of -3.41 %. In absolute terms, the...

Svenska Handelsbanken's net interest income rose 2.31% yoy to SEK 8,047 mil in 3Q2019

By Helgi Analytics - November 19, 2019

Svenska Handelsbanken generated total banking revenues of SEK 11,551 mil in the third quarter of 2019, up 3.34% when compared to the same period of last year and down 1.72% when compared to the previous quarter. Historically, the bank’s revenues c...

Svenska Handelsbanken's capital adequacy ratio fell 18.5% yoy to 22.1% in 3Q2019

By Helgi Analytics - November 19, 2019

Svenska Handelsbanken's capital adequacy ratio reached 22.1% at the end of third quarter of 2019, up from 21.7% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 31.4% in 4Q2016 and an all time low of 19.0% in 3Q2...

Svenska Handelsbanken's share price (end of period) fell 16.7% yoy to 92.0 in 3Q2019

By Helgi Analytics - November 19, 2019

Svenska Handelsbanken stock traded at 92.0 per share at the end of third quarter of 2019 implying a market capitalization of USD 18,524 mil. Over the last five years, the stock has depreciated by -15.9 % implying an annual average growth of -3.41 %. In absolute terms,...

Svenska Handelsbanken's equity (as % of assets) rose 6.69% yoy to 4.88% in 3Q2019

By Helgi Analytics - November 19, 2019

Svenska Handelsbanken's Equity reached of total assets in the 3Q2019, up from 64.4% for the previous year. As a share of net customer loans, the ratio amounted to at the end of the third quarter of 2019. ...

Svenska Handelsbanken's Cost of Risk fell 19.2% yoy to 0.024% in 3Q2019

By Helgi Analytics - November 19, 2019

Svenska Handelsbanken's Cost of Risk (loan loss provisions as % of total assets) amounted to 0.024% in the third quarter of 2019, down from 0.056% when compared to the previous quarter. Historically, the bank’s cost of risk reached an all time high of 0.157% in ...

Svenska Handelsbanken's customer loan growth fell 38.9% yoy to 4.56% in 3Q2019

By Helgi Analytics - November 19, 2019

Svenska Handelsbanken's customer loan growth reached 4.56% in 2019-09-30, down from 7.46% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 9.09% in 2018-06-30 and an all time low of 0.304% in 2010-12-31. In ...

Svenska Handelsbanken's net profit rose 7.80% to SEK 17,354 mil in 2018

By Helgi Analytics - November 19, 2019

Svenska Handelsbanken made a net profit of SEK 17,354 mil under revenues of SEK 44,671 mil in 2018, up 7.80% and 4.12% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of SEK 17,354 mil in 2018 and an all time low o...

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Finance

Svenska Handelsbanken has been growing its revenues and asset by 3.71% and 3.27% a year on average in the last 10 years. Its loans and deposits have grown by 3.97% and 6.49% a year during that time and loans to deposits ratio reached 216% at the end of 2018. The company achieved an average return on equity of 12.8% in the last decade with net profit growing 3.65% a year on average. In terms of operating efficiency, its cost to income ratio reached 47.1% in 2018, compared to 45.0% average in the last decade.

Equity represented 4.78% of total assets or 6.53% of loans at the end of 2018. Svenska Handelsbanken's non-performing loans were 0.354% of total loans while provisions covered some 49.2% of NPLs at the end of 2018.

Valuation

Svenska Handelsbanken stock traded at 96.8 per share at the end of 2018 resulting in a market capitalization of USD 21,339 mil. Over the previous five years, stock price fell by 6.4% or 1.31% a year on average. That’s compared to an average ROE of 12.3% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 11.0x and price to book value (PBV) of 1.34x in 2018.

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