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Handelsbanken report an impressively better than expected performance



  

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Wednesday, 20 July 2011
Handelsbanken reported an operating profit of Skr4.136 million in the second quarter. That compares with profit of Skr 3.539 million a year ago.
Analysts had, according to Reuters, on average, had expected an operating profit of Skr4.04 million.
According to reports, Handelsbanken's Swedish branch office operations reported loan recoveries of Skr 29 million in the second quarter, compared with recoveries of Skr29 million in the first quarter.

It provided a loan loss ratio of -0.01 percent for the Swedish office, to -0.01 percent in the previous quarter.

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Branch office operations outside Sweden, reported loan losses of Skr201 million, compared with Skr273 million in the first quarter.

This reflects a loan loss ratio of 0.19 percent for the foreign offices, against 0.26 percent the quarter before.

Most of the credit losses outside Sweden in the second quarter, Skr153 million, came from operations in Norway, compared to Skr81 million last quarter.

In Britain, where Handelsbanken is growing its office operations rapidly, losses were reported to be Skr26 million, down from Skr56 million the quarter before.

Total of Handelsbanken’s loan looses identifies stood at Skr172 million in the quarter, which was down compared with the reported Skr244 million kronor the previous quarter.

This corresponded to a loan loss ratio of 0.04 percent for the group, compared with 0.06 percent in the first quarter.
By Scancomark.se Team


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