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Higher profits for Handelsbanken as operations out of Sweden prove to be more profitable

Tuesday, 17 July 2012
Handelsbanken reports an operating profit of Skr4.528 million in the second quarter. This compares with earnings of Skr4 136 million in the corresponding period last year.

Analysts expected on average profit of Skr4.394 million according to Reuters consensus.
Net interest income rose to Skr6 575 million, from Skr5.683 million. This represents an increase of 16 percent. Net commission income fell to Skr1.825 million, from skr1.949 million.

Total revenues amounted to Skr8.839 million, compared to Skr8 169 million the same period the year before.

Costs rose to Skr4.023 million, from Skr3.862 million. Loan losses increased to Skr 288 million, from Skr 172 million.

The bank's operations outside Sweden are reported to have been the driver for this growth in profits. In the first half, operating profit for the Swedish branch operations rose by 7 percent, while profits outside Sweden increased by 64 percent.

The increase in net interest income is a result of both rising trading volumes and higher interest margins, according to Handelsbanken.

Summary of Q2 2012, compared with Q1 2012
The period's profit after tax for total operations went up by 2 per cent to SEK 3,414 million (3,348) and earnings per share were SEK 5.44 (5.36)
Operating profit rose in all home markets outside Sweden
Summary of Handelsbanken's interim report from January to June  2012 is presented here as follows
Summary January - June 2012, compared with January - June 2011
The period's profit after tax for total operations went up by 11 per cent to SEK 6,762 million (6,068) and earnings per share increased by 11 per cent to SEK 10.81 (9.75)
All bonds maturing up to and including the first half of 2013 have been prefinanced and the Bank opted to increase the total liquidity reserve to over SEK 750 billion



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