Handelsbanken (SHB) Pre-close call summary

Executive summary

• The call served as a reminder of publicly communicated matters and aimed to help analysts with estimates and expectations ahead of the interim report, without providing new information or guidance.

Trading performance and revenue trends

• Swedish mortgage volumes saw a slight pickup, while corporate lending growth remained muted; gradual volume increases noted in the UK and Netherlands, with Norway remaining flat.

• Daily average stock market indices were up in Q1 compared to Q4, indicating a positive trend for savings-related fees.

• NFT income line remains minor and stable, averaging SEK 500–600 million per quarter, with customer-driven NFT at SEK 400–500 million.

Profitability and margins

• Lower policy rates negatively impact transaction account deposit margins, with effects typically filtering through in 1–2 quarters of flat rates.

• Swedish krona strengthened against euro and sterling, creating a headwind for sequential NII development.

• Q1 has two fewer days than Q4, with a net day count effect of SEK 20–30 million per day.