Svenska Handelsbanken AB Class A

SHB A: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	Qmm	LOCK\|Z#ZNm	LOCK\|lL>vrfd

Handelsbanken Earnings: Lower Operating Expenses and Net Credit Loss Reversals Stand Out

Niklas Kammer

May 5, 2025

Handelsbanken reported first-quarter operating profits of SEK 8.1 billion. Lower expenses and net credit loss recoveries stood out positively. We maintain our SEK 137 per share fair value estimate and narrow moat rating.

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Svenska Handelsbanken AB Class A

Handelsbanken Earnings: Lower Operating Expenses and Net Credit Loss Reversals Stand Out

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