Svenska Handelsbanken AB Class A

SHB A: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 943.00	Ndryzzp	Hysyqpnll

Handelsbanken Earnings: Commercial Real Estate Exposure Moves Into Focus

Niklas Kammer

Apr 26, 2023

Narrow-moat Handelsbanken reported good first-quarter results with operating profits up 12% to SEK 8.52 billion on a sequential basis. Income, up 7%, supported by good growth in net interest income as well as net fee and commission income met with marginally lower expenses (negative 1%), reducing the cost/income ratio to 38.5% from 41.5% last quarter. Return on equity came in at 15.0%. We maintain our SEK 115 per-share fair value estimate.

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