Handelsbanken has revealed in its latest quarterly results that its UK lending increased by 7% to £21.1bn in Q1 2019 compared with the same period last year.
Handelsbanken secured a banking licence for its UK subsidiary Handelsbanken PLC in December last year.
Highlights from Handelsbanken’s Q1 2019 results (compared with Q1 2018) include:
- UK income up 7% to £142.3m
- UK operating profit up 8% to £54.6m (excluding a one-off positive effect in 2018 related to a change in the pension plan — by including it, operating profit would be down by 13%)
- UK corporate lending up 9% to £14.4bn
- UK household lending (largely mortgages) up 4% to £6.7bn
- UK deposits up 11% to £14.6bn (household deposits up 7% to £4.6bn, corporate deposits up 13% to £10bn)
“Having converted our UK operations to a subsidiary, and gained our UK banking licence last December, our priority has been to build strong and stable foundations for long-term, sustainable growth,” said Mikael Sorensen, UK CEO at Handelsbanken.
“Strengthening our foundations for future growth allows us to pave a steady path, as we continue to focus on what we are good at: consistently meeting the ongoing demand we see for our distinctive model, delivered through the long-term, personal relationships we form with our customers.
“As we build a bank for the future, it is encouraging to see our quarterly results confirm the health and soundness of our approach.”
In a recent exclusive Specialist Banking interview with Andrew Rowlands, branch manager at Handelsbanken Marylebone, it was revealed that 90% of the bank’s facilities were agreed at branch level.
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