Economy. , Handelsbanken reported a quarterly profit that was slightly better than analysts expected, itself. The bank claims to be well equipped for brexit.
Handelsbanken’s operating profit of 5.277 billion crowns for the second quarter of 2016. That compares with profit of 5.256 billion kronor corresponding period last year.
Analysts had, according to Reuters, on average, expected a profit of 4.917 billion crowns.
net interest income fell to 6.808 billion crowns from 7.019 billion crowns. It was in line with expectations. Net commission income fell to 2.28 billion kronor, from 2.359 billion crowns.
The bank’s expenses decreased from 4.607 billion to 4.417 billion crowns. Staff costs went down by about 200 million, equivalent to six percent.
Loan losses decreased to SEK 229 million from SEK 359 million.
Handelsbanken has extensive operations in the UK, with around 200 bank branches throughout the country. The report says the bank that it is well equipped to cope with difficult market conditions than in recent years, citing the bank’s “low tolerance of risks, sound capitalization and strong liquidity.”
“This applies even if the economy in the UK weakened by a future withdrawal from the EU, “writes one.
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