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View Annual Report Annual Report 2019 This is Handelsbanken Handelsbanken was founded in 1871. The Bank has a nationwide branch network in Sweden, the UK, Norway, Denmark, Finland and the Netherlands. We have a decentralised way of working with a strong local presence and a long-term approach to our customer relations. Our goal is to have better profitability than the average of peer competitors in our home markets. We mainly achieve this goal by having more satisfied customers and lower costs. Handelsbanken was founded in More 1871 satisfied customers than the sector average in all six of our home markets.* Over 750 branches in our six home markets. SATISFIED CUSTOMERS IN ALL HANDELSBANKEN’S CREDIT RATING 5 per cent, respectively. In Finland, lending rose by SIX HOME MARKETS IS TOP OF GLOBAL BANKS 4 per cent while deposits grew by 5 per cent, and Every year, EPSI Rating – which includes SKI No other bank in the world has a higher rating in the Netherlands, the average volume of lending (Swedish Quality Index) – carries out independ- than Handelsbanken in terms of bank ratings from increased by 14 per cent while the average volume ent surveys of customer satisfaction. This year’s Fitch, Moody’s and Standard & Poor’s. of deposits was up by 18 per cent. But it is not just surveys showed that Handelsbanken has more The Bank’s newly formed UK subsidiary, in our home markets outside Sweden that Handels- satisfied private and corporate customers than Handels banken Plc, has been assigned the same banken is growing. the average for the banking sector in all six of the high rating as Handelsbanken by Fitch and In Sweden, where Handelsbanken was founded Bank’s home markets. Standard & Poor’s. in 1871, 2019 was another year marked by growth In addition, the survey shows that Handels- and large inflows of new business volumes – in banken’s customers are significantly more loyal CONTINUED ORGANIC GROWTH terms of both savings and lending. For the third than the customers of other competitors, and Satisfied customers result in more business. consecutive year, Handelsbanken was the largest that they give the Bank’s digital services high Which is why Handelsbanken is a growing bank. player for new savings on the mutual fund market marks. The fact that digital customer meetings In total, the average volume of loans to the public in Sweden. New savings in the Bank’s mutual funds are perceived positively is important for fostering increased by 5 per cent, while the average volume in Sweden amounted to SEK 27 billion, equivalent long-term, strong customer relationships, and of deposits from the public increased by 6 per to a market share of just over 21 per cent, to be contributes to reinforcing the Bank’s strong cent. Business volumes increased during the year viewed in the light of the Bank’s share of the total position in terms of customer satisfaction. in all six home markets: in the UK, lending grew by managed volume in the Swedish mutual fund mar- In Sweden, Handelsbanken has had the most 5 per cent and deposits grew by 10 per cent; in ket, of 11.2 per cent. At the same time, Handels- satisfied private customers for 30 years running, Norway, the corresponding increases were 5 and banken’s market share of household deposits in according to SKI.* 8 per cent, respectively; and in Denmark, 3 and Sweden increased. * According to EPSI Rating/SKI (Swedish Quality Index). Since SKI surveys started in 1989, Handelsbanken has had the most satisfied private customers among the four major Swedish banks – Handelsbanken, Nordea, SEB and Swedbank. Highlights of the year Operating profit fell by 1 per cent to Net fee and commission income rose by SEK 21,796 million (22,013). Adjusted for 4 per cent to SEK 10,697 million (10,247). foreign exchange effects, non-recurring items and special items, operating profit Expenses rose by 4 per cent to SEK grew by SEK 55 million. -21,743 million (-20,890). Adjusted for foreign exchange effects, non-recurring Return on equity decreased to items and special items, expenses grew 11.9 per cent (12.8). by 5 per cent. The period’s profit after taxdeclined by The C/I ratio rose to 48.8 per cent (47.7). 2 per cent to SEK 16,925 million (17,357). Adjusted for foreign exchange effects, non-recurring items and special items, Earnings per share decreased to the C/I ratio was 48.3% (47.3). SEK 8.65 (8.93). The credit loss ratio was 0.04 per cent Income grew by 2 per cent to SEK 44,564 (0.04). million (43,770). Adjusted for foreign exchange effects and non-recurring The common equity tier 1 ratio items, income increased by 3 per cent. increased to 18.5 per cent (16.8). Net interest income rose by 3 per cent The Board proposes a dividend of to SEK 32,135 million (31,286). SEK 5.50 per share (5.50), and that the existing mandate to repurchase shares is extended for a further year. Average growth in equity Total return since the start of the financial crisis 2007–2019* 30 June 2007–31 December 2019 SEK % 200 250 175 200 150 150 125 100 100 50 75 50 0 25 -50 0 -100 ING SEB UBS BNP KBC DNB Erste BBVA HSBC Lloyds Natixis Nordea Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4 2019 Danske Barclays Soc Gen Unicredit Deutsche Santander Swedbank Credit Suisse Credit Credit Agricole Credit Commerzbank Adjusted equity per share Bank of Ireland Handelsbanken Accumulated dividends since 2008 * Including dividends. Euro STOXX Banks Euro Source: SNL, as at 31 December 2019 (dividends reinvested). HANDELSBANKEN | ANNUAL REPORT 2019 1 Brief information Handelsbanken’s Annual General Meeting 2020 Location: Grand Hôtel, Winter Garden, Stallgatan 4, Stockholm. Time: Wednesday, 25 March 2020 at 9:30 a.m. Notice of attendance Shareholders wishing to attend the AGM must be entered in the register of shareholders kept by Euroclear Sweden AB, by Thursday, 19 March 2020 at the latest. Notice of attendance is to be made to handelsbanken.com/en/about-the-group/annual-general-meeting, telephone +46 8 701 19 84 or to Handelsbanken Group Governance, SE-106 70 Stockholm, Sweden, by Thursday, 19 March 2020 at the latest. 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. Shareholder must inform the nominee of this well before Thursday, 19 March 2020, by which date this entry must have been effected. Dividends The Board proposes that the record day for the dividend be Friday, 27 March 2020, which means that Handelsbanken’s shares will be traded ex-dividend on Thursday, 26 March 2020. If the meeting resolves in accordance with the proposal, Euroclear expects to distribute the dividend on Wednesday, 1 April 2020. Financial calendar 2020 5 February Highlights of Handelsbanken’s Annual Report 2019 25 March Annual General Meeting 22 April Interim report January – March 2020 15 July Interim report January – June 2020 21 October Interim report January – September 2020 Financial information The following reports can be downloaded or ordered from handelsbanken.com/ir: • annual reports • interim reports • risk and capital management reports • corporate governance reports • fact books • sustainability reports. Distribution The Annual Report can be ordered from Investor Relations, phone +46 (0)8 701 10 00 or at handelsbanken.com/ir. Handelsbanken’s Sustainability Report 2019 In addition to Handelsbanken’s Annual Report 2019, Handelsbanken also publishes a separate Sustain- ability Report. The Sustainability Report is a separate publication covering activities and results in 2019. The report is prepared in accordance with the ‘Core’ level of the Global Reporting Initiative (GRI) Stand- ards for sustainability reporting and has been examined by the Bank’s external auditors. Handelsbanken reports the Group’s sustainability activities annually, and the Sustainability Report provides information about the entire Group, unless otherwise stated. The report constitutes Handelsbanken’s Communication on Progress for the UN Global Compact. Handelsbanken’s statutory sustainability reporting can be found on pages 43 to 61 of this Annual Report. A more detailed report on the Bank’s sustainability work and associated results is provided in Handelsbanken’s separate Sustainability Report, which is available from handelsbanken.com/en/sustainability. 2 HANDELSBANKEN | ANNUAL REPORT 2019 Contents The Group Chief FINANCIAL REPORTS Executive’s comments In a time of change 4 THE GROUP Contents 77 ADMINISTRATION REPORT Income statement, Group 78 THE GROUP Statement of comprehensive Contents 6 income, Group 79 Concept and goal 7 Balance sheet, Group 80 Goal achievement 8 Statement of changes in equity, Our concept 10 Group 81 Organisation and working Cash flow statement, Group 83 methods 12 Notes, Group 84 Enhanced focus – refined offering 14 ADMINISTRATION REPORT Review of operations Financial overview 2019 16 PARENT COMPANY 189 Review of operations 17 FINANCIAL REPORTS PARENT COMPANY Five-year overview, Group 20 Contents 190 Key figures per year 22 Income statement, Quarterly performance 23 Parent company 191 Business segments 24 Statement of comprehensive Handelsbanken Sweden 26 income, Parent company 192 Handelsbanken UK 28 Balance sheet, Parent company 193 Handelsbanken Norway 30 Statement of changes in equity, Handelsbanken Denmark 32 Parent company 194 Cash flow statement, Handelsbanken Finland 34 Parent company 196 Handelsbanken the Netherlands 36 Five-year overview, Handelsbanken Capital Markets 38 Parent company 197 The Handelsbanken share
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