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Handelsbanken Handelsbanken January – September 2020 21 October 2020 1 Summary Q3 2020 (Q2 2020) . Operating profit, adjusted for foreign exchange movements and items affecting comparability, increased by 14%. Profit was impacted by a provision for a restructuring reserve of SEK -1,470m. Including this item, operating profit decreased by 16% to SEK 4,227m (5,054). Return on equity, adjusted for non-recurring items, was 11.6%. Including these items, the return on equity was 8.4% (10.2). Earnings per share amounted to SEK 1.68 (2.00). Adjusted for foreign exchange effects, income grew by 5%. Including these effects, income increased by 4% to SEK 11,014m (10,625). Adjusted for items affecting comparability and foreign exchange, expenses fell by 3%. Including these effects, expenses rose by 23% to SEK -6,738m (-5,474). The C/I ratio, adjusted for non-recurring items, decreased to 47.7% (51.5). Including these items, the C/I ratio increased to 61.2% (51.5). The credit loss ratio was 0.00% (0.00). Expected credit losses in Stage 3 totalled SEK -28m (-11). 2 Summary January – September 2020 (2019) . Adjusted for foreign exchange effects and items affecting comparability, operating profit was virtually unchanged. Including these effects, profit decreased by 10% to SEK 14,423m (16,101). Return on equity, adjusted for non-recurring items, was 10.6% (12.6); including these items, it was 9.7% (11.9). Earnings per share decreased to SEK 5.66 (6.43). The common equity tier 1 ratio increased to 19.4% (17.4). The previously proposed dividend for 2019 is still deducted in own funds. The credit loss ratio was 0.03% (0.05). Income, adjusted for foreign exchange effects, was essentially unchanged. Including foreign exchange effects, income decreased by 1% to SEK 32,817m (33,188). The underlying cost increase, adjusted for foreign exchange effects and items affecting comparability, was 1.7%. Including these effects, expenses increased by 9% to SEK -17,718m (-16,189). Adjusted for non-recurring items, the C/I ratio was 49.3% (48.5). Including these items, the C/I ratio was 54.0% (48.8). In all its home markets, Handelsbanken has more satisfied customers – both private and corporate – than the average, according to SKI/EPSI 2020. 3 Income statement Compared to the previous quarter Q3 Q2 Volume effect: SEK -10m SEK m 2020 2020 Change Net effect of changed margins in the home markets and Net interest income 7,893 7,622 4% funding costs: SEK +312m Government fees: SEK +67m Net fee and commission income 2,672 2,530 6% Foreign exchange effects: SEK -91m Day count effects: SEK +33m Net gains/losses on financial transactions 358 409 -12% Risk result - insurance 52 23 126% Other income 39 41 -5% Total income 11,014 10,625 4% +5% adjusted for foreign exchange effects Staff costs -4,731 -3,464 37% Other expenses -2,007 -2,010 0% Total expenses -6,738 -5,474 23% -3% adjusted for foreign exchange effects and restructuring costs Profit before credit losses 4,276 5,151 -17% Net credit losses -49 -97 -49% Gains/losses on disposal of property, 0 0 0% equipment and intangible assets Operating profit 4,227 5,054 -16% +14% adjusted for foreign exchange effects and restructuring costs Taxes -905 -1,095 -17% Profit for the period 3,322 3,959 -16% 4 Operating profit* SEK m 5,800 5,735 5,600 5,400 +14% 14% increase compared to 5,200 the previous quarter 5,000 4,800 4,600 Q2 Q3 2020 2020 * Adjusted for foreign exchange effects and restructuring costs (SEK 1,508m Q3 2020) 5 Net interest income* SEK m 8,000 7,893 7,800 +5% 7,600 5% increase compared to 7,400 previous quarter 7,200 7,000 6,800 Q2 Q3 2020 2020 * Adjusted for foreign exchange effects 6 Net interest income Q3 compared to previous quarter SEK m 8,100 8,000 67 -58 7,900 -40 7,800 312 7,700 7,893 -10 7,600 7,500 7,622 7,400 NII Q220 Volumes Margins and Mandatory Foreign exchange Other NII Q320 home funding in government and markets home markets fees day count effects 7 Increased lending to the public* Household lending Corporate lending SEK bn SEK bn 1,240 1,100 1,090 1,230 1,080 1,220 1,070 1,210 1,060 1,050 1,200 SEK +44bn SEK +0bn (+4%) 1,040 (+0%) 1,190 1,030 1,180 1,020 Jul-20 Jul-20 Oct-19 Oct-19 Apr-20 Apr-20 Jun-20 Jan-20 Jun-20 Jan-20 Feb-20 Mar-20 Feb-20 Mar-20 Nov-19 Sep-20 Nov-19 Sep-20 Sep-19 Dec-19 Aug-20 Sep-19 Dec-19 Aug-20 May-20 May-20 * End of month, adjusted for foreign exchange effects 8 Increased deposits from the public* Household deposits Deposits and borrowing from corporates SEK bn SEK bn 570 850 560 800 550 750 540 700 530 650 520 SEK +41bn 600 SEK +141bn (+8%) (+23%) 510 550 500 500 Jul-20 Oct-19 Apr-20 Jun-20 Jan-20 Mar-20 Feb-20 Sep-20 Aug-20 Dec-19 Nov-19 Sep-19 Jul-20 May-20 Apr-20 Oct-19 Jun-20 Jan-20 Mar-20 Feb-20 Sep-20 Aug-20 Dec-19 Nov-19 Sep-19 May-20 * End of month, adjusted for foreign exchange effects 9 Expenses* SEK m -5,500 -5,450 -5,400 -5,350 -3% 3% decline of underlying -5,300 expenses compared to the -5,250 -5,230 previous quarter -5,200 -5,150 -5,100 -5,050 Q2 Q3 2020 2020 * Adjusted for foreign exchange effects and restructuring costs (SEK 1,508m Q3 2020) 10 Regained cost control (1) Expenses* per quarter SEK m -5,800 12% -5,600 10% -5,400 8% -5,200 6% -5,000 4% -4,800 -5,353 2% -4,600 -5,230 0% -4,400 -4,200 -2% -4,000 -4% Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q219 Q319 Q419 Q120 Q220 Q320 Expenses, adjusted Change from previous year * Adjusted for Oktogonen, restructuring costs and effects from changed pension plans 11 Regained cost control (2) Expenses*, 12-month rolling SEK m -23,000 10% 9% -22,000 8% 7% -21,000 6% -20,000 5% -21,889 -21,764 4% -19,000 3% 2% -18,000 1% -17,000 0% Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q219 Q319 Q419 Q120 Q220 Q320 Expenses, adjusted Change from previous year * Adjusted for Oktogonen, restructuring costs and effects from changed pension plans 12 Ongoing initiatives . Unchanged outlook: All else equal, SEK -1.5bn annualised cost savings by end of 2021 . Agreed/addressed: SEK 690m since Q4 2019 (SEK 140m in Q3 2020) . Restructuring reserve: SEK 315m utilised (SEK 93m in Q3 2020) of SEK 930m . Materialised: SEK ~400m lower annualised costs from Q3 2020 as a result of initiatives 690 310 500 SEK Xbn X SEK -1bn X SEK -1.5bn Annual cost base Agreed/ Annual cost base Annual cost base Q3 2019 addressed December 2020 December 2021 13 Net fee and commission income* SEK m 2,700 2,672 2,650 2,600 +6% 2,550 2,500 6% increase compared to 2,450 the previous quarter 2,400 2,350 2,300 2,250 2,200 Q2 Q3 2020 2020 * Adjusted for foreign exchange effects 14 Long-term growth in fee and commission income in the Group Net fee and commission income SEK m 2,800 CAGR: 4% 2,700 2,600 2,500 2,400 2,672 2,300 2,200 2,259 2,100 2,000 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q219 Q319 Q419 Q120 Q220 Q320 15 Highest quarterly level so far in the savings business Net fee and commissions from savings business* SEK m 1,600 CAGR: 10% 1,500 1,400 1,300 1,557 1,200 1,100 1,000 1,083 900 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q219 Q319 Q419 Q120 Q220 Q320 * Mutual funds, custody accounts and other asset management and insurance 16 Continued strong mutual fund flows Accumulated net inflows in the Market share of net inflows in the Swedish market: Swedish mutual fund market . 2010 – September 2020: 24.4% SEK bn 250 Market share in Sweden of total outstanding mutual fund 210 volume: 11.7% 200 Handelsbanken Net inflows 2020 in Sweden: 150 Bank 2 . Handelsbanken: SEK +15.6bn . The market: SEK -7.8bn 115 100 Bank 3 Net inflows into mutual funds since Q3 2019: Bank 4 50 . Sweden: SEK +30.5bn 36 . UK: SEK +0.3bn 28 Bank 5 . Other countries: SEK +3.9bn 0 39% larger mutual fund net inflows in the Group Jan-Sep 2020 compared to Jan-Sep 2019 -50 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Jan-Sep (SEK 17.9bn compared to SEK 12.9bn) 2020 Source: Swedish Investment Fund Association. Mutual fund volumes include equity, mixed, hedge and fixed income funds. 17 Competitor banks included are Danske Bank, Nordea, SEB and Swedbank Handelsbanken asset management Assets in Swedish Strong growth in mutual fund portfolio* Mutual fund fees’ share of total Private Banking driven by strong net inflows income almost doubled in 8 years SEK bn SEK bn SEK m 800 4,500 10% 160 141 9% 140 700 4,000 3,500 8% 120 600 7% 3,000 100 500 6% 2,500 80 400 5% 2,000 60 49 300 4% 1,500 3% 40 200 1,000 2% 20 100 500 1% 0 0 0 0% Accumulated net fund flows Market value excluding net fund flows Mutual fund fees % of total income #1 30% 90% In Morningstar’s sustainability ranking … of mutual fund volumes Market share net inflows in managed according to enhanced Q3 2020 sustainability criteria * Group mutual fund volumes, excluding Heartwood 18 ** September 2020, 12-month rolling Strengthened capitalisation CET1 ratio Q3 2020 SEK bn 22% 150 .
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