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Annual and Sustainability Report 2020 This Is Handelsbanken Annual and Sustainability Report 2020 This is Handelsbanken Handelsbanken was founded in 1871. As the Bank now approaches its 150th anniversary, we are one of the world’s strongest banks. The Bank applies a decentralised way of working, with a strong local presence and an ambitious approach to sustainability. Our idea of how we should run our Bank is based on trust and respect for individuals, both customers and employees. We build long-term, deep customer relationships and our primary driver of growth is recommendations from satisfied customers. We have six home markets – Sweden, the UK, Norway, Denmark, Finland and the Netherlands. Handelsbanken’s goal is to have better profitability than the average of peer competitors in its home markets. The year in brief Operating profit, adjusted for foreign exchange The total net inflow to the Bank’s mutual funds movements and items affecting comparability, increased by 37 per cent to SEK 41 billion (30). increased by 1 per cent. Including these effects, profit decreased to SEK 20,135 million (21,796). Handelsbanken's market share of the total net inflows to the mutual fund market in Sweden Return on equity, adjusted for items affecting was 46 per cent. comparability and foreign exchange movements, was 11.0 per cent (11.9); including these items, it The underlying cost increase, adjusted for was 10.0 per cent (11.9). foreign exchange movements and items affecting comparability, was 1 per cent. Including Earnings per share decreased to SEK 7.87 (8.65). these effects, expenses increased to SEK -23,334 million (-21,743). The common equity tier 1 ratio increased to 20.3 per cent (18.5). Adjusted for foreign exchange movements and items affecting comparability, the C/I ratio was The credit loss ratio was 0.03 per cent (0.04). 48.8 per cent (48.3). Including these items, the C/I ratio was 52.7 per cent (48.8). Income, adjusted for foreign exchange movements and items affecting comparability, increased by 1 per cent. Including foreign exchange movements, income decreased by 1 per cent to SEK 44,248 million (44,564). HANDELSBANKEN | ANNUAL AND SUSTAINABILITY REPORT 2020 CCustomerustomer ssatisfactionatisfaction In all six home markets, Handelsbanken’s customers are more satisfied than the average* All of Handelsbanken’s business operations are centred on the customer. Customers’ demands and behaviour govern the development of meeting places, products and services. The results are indisputable. For a long time, Handelsbanken’s private and corporate customers have been more satisfied than the sector average in all our home markets. In the development of our digital meeting places, the goal is to build equally strong customer relationships digitally as we do at our branches. Every customer should receive the right offering at the right time – regardless of where they meet us. SSustainableustainable bbusinessusiness Handelsbanken is ranked as the most sustainable bank among peer competitors** Within its credit operations, the Bank has clear guidelines regarding human rights, working conditions, and environmental and climate-related concerns. The Bank’s green loans grew by 116 per cent compared with the previous year. In our assignment to manage customers’ savings, Handelsbanken unites the ambition to generate good returns with efforts to create a sustainable future. Handelsbanken Fonder has received numerous awards and honours for its sustainability work. A ssafeafe bbankank Handelsbanken was named the world’s safest bank in 2020*** Despite the pandemic, credit losses have remained very low in 2020, and capital adequacy has been good. No other privately owned bank anywhere in the world has a higher credit rating than Handelsbanken, whether from Fitch, Moody’s or Standard & Poor’s. In 2020, Global Finance named Handelsbanken – along with six other banks – the world’s safest bank. * According to EPSI Rating/SKI (Swedish Quality Index). ** Weighted average of rankings from ISS ESG, MSCI ESG Research, S&P Global SAM Corporate Sustainability Assessment, Sustainalytics. *** By Global Finance, together with six other banks globally. HANDELSBANKEN | ANNUAL AND SUSTAINABILITY REPORT 2020 1 Brief information Handelsbanken’s Annual General Meeting 2021 Handelsbanken’s annual general meeting for 2021 will be held on Wednesday, 24 March 2021. Shareholders wishing to attend the AGM must be entered in the register of shareholders kept by Euroclear Sweden AB, by Tuesday, 16 March 2021 at the latest, and have registered to attend the meeting by no later than 23 March 2021. To be entitled to take part in the meeting, shareholders whose shares are nominee-registered must also request a temporary entry in the register of shareholders kept by Euroclear. The shareholder must inform the nominee of this well before Thursday, 18 March 2021, by which date this entry must have been effected. Dividend The Board proposes that the record day for the dividend be 26 March 2021, which means that the Handels- banken share will be traded ex-dividend on 25 March 2021. Assuming that the meeting resolves to accept the proposal, the dividend is then expected to be disbursed by Euroclear on 31 March 2021. Financial overview 2021 3 February Highlights of Handelsbanken’s Annual Report 2020 24 March Annual general meeting 21 April Interim report January – March 2021 16 July Interim report January – June 2021 20 October Interim report January – September 2021 Financial information The following reports can be downloaded or ordered from handelsbanken.com: • annual reports and sustainability reports • interim reports • risk and capital management reports • corporate governance reports • remuneration report • fact books Distribution The Annual and Sustainability Report can be ordered from Investor Relations, phone +46 (0)8 701 10 00 or at handelsbanken.com/ir. Handelsbanken’s Sustainability Report 2020 Handelsbanken’s Annual and Sustainability Report 2020 contains Handelsbanken’s statutory sustain- ability reporting, found on pages 38 to 65. Together with Handelsbanken’s Sustainability Fact Book 2020, this reporting comprises Handelsbanken’s complete sustainability reporting for 2020. This is Handelsbanken’s eleventh Sustainability Report and has been prepared in accordance with the ‘Core’ level of the Global Reporting Initiative (GRI) Standards. The Sustainability Report has been examined by the Bank’s external auditors, whose report is reproduced on page 22 of the Sustainability Fact Book. Handelsbanken reports each year on the Group’s sustainability work and the results thereof in the Sustainability Report, which covers the entire Group, unless otherwise stated. The Sustainability Report constitutes Handelsbanken’s Communication on Progress Report to the UN Global Compact. The statutory sustainability reporting describes how Handelsbanken works with the most pertinent sustainability issues and includes disclosures on sustainability gover- nance, activities and results in 2020. The Sustainability Fact Book 2020 includes materiality analyses, detailed breakdowns of results, GRI indexes and Handels- banken’s reporting under the Principles for Responsible Banking (PRB). The Sustainability Fact Book is available from handelsbanken.com/en/sustainability. Svenska Handelsbanken AB (publ) Corporate identity no.: 502007-7862 Registered office: Stockholm handelsbanken.com This report is also available in Swedish. Every care has been taken in this translation into English. In the event of discrepancies, the Swedish original takes precedence over the English version. 2 HANDELSBANKEN | ANNUAL AND SUSTAINABILITY REPORT 2020 Contents The Group Chief Executive’s Customer-driven change 4 FINANCIAL REPORTS comments GROUP Contents 84 ADMINISTRATION REPORT Income statement, Group 85 GROUP Statement of comprehensive Contents 6 income, Group 86 Concept and goal 7 Balance sheet, Group 87 Goals and goal achievement 8 Statement of changes in equity, Our concept and working Group 88 methods 10 Cash flow statement, Group 90 Notes, Group 91 Review of operations Financial overview 2020 12 Review of operations 13 ADMINISTRATION REPORT PARENT COMPANY 201 Five-year overview, Group 16 Key figures per year 18 FINANCIAL REPORTS PARENT COMPANY Quarterly performance 19 Contents 202 Segment reporting 20 Income statement, Handelsbanken Sweden 22 Parent company 203 Handelsbanken UK 24 Statement of comprehensive Handelsbanken Norway 26 income, Parent company 204 Handelsbanken Denmark 28 Balance sheet, Parent company 205 Handelsbanken Finland 30 Statement of changes in equity, Parent company 206 Handelsbanken the Netherlands 32 Cash flow statement, Handelsbanken Capital Markets 34 Parent company 208 The Handelsbanken share and Five-year overview, shareholders 36 Parent company 209 Sustainability report Sustainability Report 2020 38 Notes, Parent company 211 SIGNATURES OF THE BOARD Corporate Governance Corporate Governance Report AND GROUP CHIEF EXECUTIVE Report 2020 66 Signatures of the Board and Corporate governance structure 68 Group Chief Executive 249 Board 80 AUDITOR’S REPORT Executive management 83 Auditor’s report 250 Auditor’s report on the sustainability reporting and Sustainability Report 254 CONTACT DETAILS Contents 255 Contact details 256 Branches and branch managers 258 Boards of subsidiaries 265 OTHER Definitions and explanations 266 The formal annual report which has been examined by the auditors comprises pages 6–37 and 66–249 and has the sections marked with the following colours The statutory sustainability report comprises pages 38–65 and has the section marked with the
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