Svenska Handelsbanken AB Class A

SHB A: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 239.00	Vxlxsb	Flcgtrfb

Svenska Handelsbanken Earnings: Lower Net Interest Income and Higher Staff Costs Disappoint

Niklas Kammer

Apr 24, 2024

Handelsbanken reported first-quarter results below expectations. Operating profit declined 3% to SEK 8.267 billion versus the same period last year and 9% if we compare the quarter with fourth-quarter 2023. The culprits were weaker net interest margins weighing on net interest income as well as higher operating expenses. We maintain our fair value estimate of SEK 137 per share and narrow moat rating.

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