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Annual Report This Is Handelsbanken Annual Report This is Handelsbanken Handelsbanken is a full-service bank for both private and corporate customers with a nationwide branch network in Sweden, the UK, Denmark, Finland and Norway. In January 2013, Handelsbanken started a regional bank in the Netherlands. The Bank regards these countries as its home markets. Handelsbanken was founded in 1871 and has operations in 24 countries. 774 branches in 41 24 countries. years running with higher profi tability than the average of peer banks. 141 years of availability. 24 years with the most satisfi ed customers according to Swedish Quality Index (SKI)*. SATISFIED CUSTOMERS IN OUR HOME lion. The results showed that Handelsbanken is A CDS (credit default swap) refl ects a bank’s or MARKETS one of the ten strongest banks in the world and a company’s funding cost. It can be compared Every year, Swedish Quality Index (SKI) and the strongest bank in Europe. This success is to a credit insurance premium which a lender EPSI carry out independent surveys of customer proof that Handelsbanken’s long-term business pays to insure the claim on a borrower. A low satisfaction, based on a European standard. model is of high quality. Bloomberg used fi ve CDS level implies a low credit risk and a low The results for 2012 showed that Handelsbanken different fi nancial measures to reach the result. insurance premium. had the most satisfi ed customers in Sweden. These included fi nancial strength, the ability to Handelsbanken has the lowest CDS level of Handelsbanken also had top positions in all manage risk and cost effi ciency. the European banks and can therefore borrow the Nordic countries and the UK, among both money at the lowest cost on the funding market. private and corporate customers. CONTINUED STRONG POSITION IN THE There was therefore continued large interna- INTERNATIONAL FUNDING MARKET tional interest in investing in Handelsbanken’s STRONGEST BANK IN EUROPE Handelsbanken continues to have the lowest bonds in 2012, and the Bank’s funding is ar- In spring 2012, the international news agency funding costs of the European banks. This is il- ranged until February 2014. Bloomberg published its review of the strongest lustrated by the Bank continuing to have the low- banks in the world with assets over USD 100 bil- est CDS levels of all the European banks in 2012. * According to SKI (Swedish Quality Index), since surveys started in 1989, Handelsbanken has had the most satisfi ed private customers among the major Swedish banks – Handelsbanken, Nordea, SEB and Swedbank. Highlights of 2012 The period’s profi t aft er tax for total The C/I ratio improved to 46.3 operations went up by 18 per cent per cent (47.1). to SEK 14,548 million (12,323) and earnings per share rose to The loan loss ratio was 0.08 per cent SEK 23.15 (19.78). (0.05). Changed corporate tax in Sweden The tier 1 capital ratio according to resulted in a reversal of previously Basel II rose to 21.0 per cent (18.4) and booked deferred tax of SEK 1,682 the core tier 1 capital ratio increased million; excluding this, earnings per to 18.4 per cent (15.6). share rose to SEK 20.47 (19.78). The Bank’s liquidity reserve Operating profi t increased by exceeded SEK 750 billion and all 6 per cent to SEK 17,564 million bonds maturing up to the end of (16,536). February 2014 have been prefi nanced. In branch offi ce operations outside Sweden, operating profi t increased In the UK, 29 new branches were by 47 per cent. opened, bringing the total to 133. Return on equity for total operations The Netherlands will become a new rose to 14.7 per cent (13.5). home market with a new regional bank. Income increased by 7 per cent to SEK 35,062 million (32,809). It is proposed that the dividend be increased to SEK 10.75 per share Net interest income rose by 10 per (9.75). cent to SEK 26,081 million (23,613). Average growth in equity 2008–2012* Total return in the past five years SEK % 250 60 225 40 200 CAGR: 15% 20 175 0 150 -20 125 -40 100 -60 75 -80 50 -100 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 SEB RBS UBS DNB BBVA HSBC Lloyds Nordea Barclays Unicredit Swedbank KBC Group Erste Group BNP Paribas Credit Suisse Credit Danske Bank Crédit Agricole Crédit Commerzbank Bank of Ireland Deutsche Bank Adjusted equity per share Handelsbanken Intesa-Sanpaolo Allied Irish Banks Société Générale Euro STOXX Banks Euro Accumulated dividends since 2007 * Including dividends. Chartered Standard Source: Macrobond, as at 31 December 2012 (dividends reinvested) HANDELSBANKEN | ANNUAL REPORT 2012 1 BRIEF INFORMATION ABOUT HANDELSBANKEN’S ANNUAL GENERAL MEETING 2013 Location: Grand Hôtel, Winter Garden, or online at www.handelsbanken.se/ireng by means that the Handelsbanken share will be Royal entrance, Stallgatan 4, Stockholm. Thursday, 14 March 2013 at the latest. traded ex-dividend on Thursday, 21 March Time: Wednesday, 20 March 2013 at 10 a.m. To be entitled to take part in the meeting, 2013. If the meeting resolves in accordance shareholders whose shares are nominee-re- with the proposal, Euroclear expects to dist- Notice of attendance gistered must also request a temporary entry ribute the dividend on Thursday, 28 March Shareholders wishing to attend the AGM in the register of shareholders kept by Euro- 2013. must be entered in the register of sharehol- clear. Shareholders must notify the nominee It is possible for private individuals who are ders kept by Euroclear Sweden AB (formerly of this well before Thursday, 14 March 2013, domiciled in Sweden, to donate dividends to VPC AB), by Thursday, 14 March 2013 at the when this entry must have been effected. non-profi t organisations without paying tax on latest. Notice of attendance is to be made them, under certain conditions. Shareholders to Handelsbanken, Corporate Governance, Dividend who are interested in this must contact their Kungsträdgårdsgatan 2, SE-106 70 Stock- The Board proposes that the record day for the bank or asset manager well in advance so that holm, Sweden, telephone +46 8 701 19 84, dividend be Monday, 25 March 2013, which the gift can be registered prior to the AGM. Contents THE GROUP CHIEF EXECUTIVE’S FINANCIAL REPORTS GROUP COMMENTS Contents Group 68 Solid growth 4 Income statement Group 69 ADMINISTRATION REPORT GROUP Statement of comprehensive income Group 70 Contents Administration Report 7 Balance sheet Group 71 Concept and goal 9 Statement of changes in equity Goal achievement 10 Group 72 Our concept 12 Cash flow statement Group 73 Organisation and working methods 14 Notes Group 74 We’re always there for our customers 16 ADMINISTRATION REPORT New home market in the Netherlands 18 PARENT COMPANY 141 Review of operations Financial overview 2012 19 FINANCIAL REPORTS PARENT COMPANY Review of operations 20 Contents Parent company 142 Five-year overview Group 22 Income statement Parent company 143 Key figures per year 24 Statement of comprehensive income Quarterly performance 25 Parent company 143 Business segments 26 Balance sheet Parent company 144 Branch office operations in Sweden 28 Statement of changes in equity Branch office operations outside Parent company 145 Sweden 30 Cash flow statement UK 31 Parent company 146 Denmark 32 Finland 33 Five-year overview Parent company 147 Norway 34 Notes Parent company 149 Handelsbanken International 35 Recommended appropriation Handelsbanken Capital Markets 36 of profits 175 The Handelsbanken share and shareholders 38 AUDITOR’S REPORT Auditor’s report 176 Corporate Governance Report Corporate Governance Report 2012 41 Contents Corporate Governance CONTACT US Report 41 Branches and branch managers 178 Corporate Governance structure 42 Subsidiaries 185 Board members 52 Addresses 186 Group Management, and Compliance and Internal Audit 54 OTHER Definitions and explanations 187 Information about Information about sustainability work sustainability work 2012 57 Financial calender 188 Contents sustainability work 57 Sustainability at Handelsbanken 58 Key figures for sustainability work 59 Our concept and organisation 59 Our customers 60 Employees 61 Svenska Handelsbanken AB (publ) Shareholders 62 Corporate identity no: 502007-7862 Registered office: Stockholm Society 63 www.handelsbanken.com This Annual Report is also available in Swedish. 3 THE GROUP CHIEF EXECUTIVE’S COMMENTS Solid growth q 0QFSBUJOHQSPGJUGPSXBT4&,CJMMJPO&BSOJOHTQFSTIBSFJODSFBTFEGSPN SEK 19.78 to SEK 23.15. q )BOEFMTCBOLFOTSFUVSOPOFRVJUZGPSUPUBMPQFSBUJPOTXBTQFSDFOU q 5IF$*SBUJPlPVSFYQFOTFTEJWJEFECZPVSJODPNFlXBTQFSDFOU 5IJTXBTBOJNQSPWFNFOUPGQFSDFOUBHFQPJOUT q 5IFDBQJUBMCBTFXBT4&,CJMMJPOBOEUIFDBQJUBMSBUJPBDDPSEJOHUP#BTFM**JODSFBTFE to 20.9 per cent. q 0WFSUIFQBTUGJWFZFBST )BOEFMTCBOLFOTFRVJUZ JODMVEJOHEJWJEFOETQBJEBOETIBSF repurchases, has grown by an average of 15 per cent per year. q 5IFSFIBTOPUCFFOBTJOHMFRVBSUFSEVSJOHUIFQBTUTFWFOZFBSTXIFOSFUVSOPO FRVJUZlBGUFSMPBOMPTTFTBOEUBYlIBTGBMMFOCFMPXQFSDFOU q 5IF/FUIFSMBOETXBTEFGJOFEBTBOFXIPNFNBSLFU SOLID GROWTH IN A TURBULENT must seek growth by attracting good, new Sweden ENVIRONMENT customers. We have succeeded with this – not Handelsbanken in Sweden has grown on a The year 2012 – when Handelsbanken had least by tirelessly continuing to open branches market with relatively weak demand. Our savings been operating for 141 years – was charac- in places where we have never been present business is growing, in terms of our volume of terised by very solid growth on all our home before – and also opening branches where our household deposits as well as our market share markets. The Bank continued to grow just customers on our home markets operate. of mutual funds savings. Our credit volumes are as before: branch by branch, customer by Handelsbanken is Scandinavia’s most inter- also increasing, on both the corporate and the customer. national bank, with operations in 24 countries private side.
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