HandelsbankenSHB A
One of Sweden's four big banks, with Sweden, Norway, the UK and the Netherlands as home markets. It lends to households and companies and takes deposits, with a decentralised model where the branches make the decisions.
Handelsbanken had income of SEK 56.8bn in 2025. 75% was net interest income, the gap between what the bank earns on loans and what its money costs.
| Year | Net interest income | Net fees | Total income |
|---|---|---|---|
| 2021 | SEK 30.3bn | SEK 11.5bn | SEK 44.3bn |
| 2022 | SEK 36.6bn | SEK 11.0bn | SEK 50.4bn |
| 2023 | SEK 47.6bn | SEK 11.1bn | SEK 62.2bn |
| 2024 | SEK 46.8bn | SEK 11.7bn | SEK 62.3bn |
| 2025 | SEK 42.5bn | SEK 11.9bn | SEK 56.8bn |
Most of the income is net interest income: the gap between the rate the bank earns on its loans and what its money costs. The rest is mainly fees for funds, payments and advice. Mortgages are the largest part of lending.
Latest report: January–September 2026
| Now | Year before | |
|---|---|---|
| Net interest income | SEK 30,075m | SEK 32,902m |
| Net fee and commission income | SEK 9,538m | SEK 8,755m |
| Total income | SEK 42,193m | SEK 42,938m |
| Total expenses | SEK −17,711m | SEK −18,172m |
| Credit losses, net | SEK −70m | SEK +278m |
| Profit for the period | SEK 17,339m | SEK 17,759m |
| Return on equity | 13.3% | 13.0% |
| Cost/income | 42.0% | 42.3% |
| CET1 ratio | 17.0% | 18.2% |
Source: Handelsbanken, interim report January–September 2026, p. 3. Interim reports are not filed in ESEF, so these figures are read by hand from the report.
Net interest income and net fee income from the group income statement. Income = total operating income.
Of every 100 earned, 41 went to costs in 2025. Credit losses were a net reversal, worth 1.4 basis points of lending.
| Year | Costs | Cost/income | Credit losses (minus = reversal) | Basis points of lending |
|---|---|---|---|---|
| 2021 | SEK 19.8bn | 45% | SEK 43m | 0.2 |
| 2022 | SEK 21.2bn | 42% | SEK 47m | 0.2 |
| 2023 | SEK 23.2bn | 37% | SEK 141m | 0.6 |
| 2024 | SEK 25.2bn | 40% | −SEK 601m | −2.6 |
| 2025 | SEK 23.6bn | 41% | −SEK 313m | −1.4 |
Cost/income = total costs before credit losses divided by total income. Credit losses in basis points = the year's credit losses divided by lending to the public, times 10,000.
Return on equity was 12% in 2025. The dividend took 125% of earnings per share.
| Year | Net profit | Return on equity | EPS | DPS |
|---|---|---|---|---|
| 2021 | SEK 19.5bn | 11.2% | SEK 9.86 | SEK 8.42 |
| 2022 | SEK 21.7bn | 11.6% | SEK 10.95 | SEK 5.00 |
| 2023 | SEK 29.1bn | 14.6% | SEK 14.70 | SEK 8.00 |
| 2024 | SEK 27.5bn | 13.2% | SEK 13.86 | SEK 13.00 |
| 2025 | SEK 23.7bn | 11.6% | SEK 11.98 | SEK 15.00 |
Return on equity = profit to shareholders divided by average equity over the year. Dividends paid from the cash flow statement.
Customer deposits cover 57% of lending. The CET1 ratio was 17.0%, against a requirement of 14.5%.
| Year | Lending | Deposits | Deposits / lending | Equity / assets |
|---|---|---|---|---|
| 2021 | SEK 2,163bn | SEK 1,287bn | 59% | 5.3% |
| 2022 | SEK 2,316bn | SEK 1,319bn | 57% | 5.6% |
| 2023 | SEK 2,292bn | SEK 1,298bn | 57% | 5.8% |
| 2024 | SEK 2,298bn | SEK 1,311bn | 57% | 5.9% |
| 2025 | SEK 2,264bn | SEK 1,294bn | 57% | 5.9% |
Capital ratios: Interim report January–September 2026, pp. 1 and 7: CET1 ratio 17.0%, requirement including Pillar 2 guidance 14.5%.
Competitive advantages, our assessment
Deposits from and lending to the public from the balance sheet. Capital ratios from the bank's interim report, with the page named in the sources.
The bank trades at 1.55 times tangible equity. That needs a return on equity of about 13%, for good. Last year: 12%.
| Required return | Return on equity needed |
|---|---|
| 8% | 11% |
| 9% | 13% |
| 10% | 14% |
Market value SEK 297bn against tangible equity, a price of 1.55 times.
Justified price to tangible equity = (return on equity minus growth) divided by (required return minus growth). Required return 9%, growth 2.5%.
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Where every number comes from
| Item | Amount | Period | Source |
|---|---|---|---|
| Total income | SEK 56.8bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:RevenueAndOperatingIncome |
| Net interest income | SEK 42.5bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:InterestRevenueExpense |
| Costs | SEK 23.6bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:ExpenseByNature |
| Net profit, owners | SEK 23.7bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:ProfitLossAttributableToOwnersOfParent |
| Lending to the public | SEK 2,263.8bn | 2025-12-31 | Annual report (ESEF)ifrs-full:LoansAndAdvancesToCustomers |
| Equity | SEK 199.4bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:Equity |
| CET1 ratio | 17.0% | 2026-09-30 | Interim report January–September 2026, p. 1 |
| CET1 requirement | 14.5% | 2026-09-30 | Interim report January–September 2026, p. 7 |
The figures come from the company's annual reports in the machine-readable ESEF format, via filings.xbrl.org and the Swedish financial regulator. The latest filing wins, so restated comparatives replace the originals. Anything not tagged in ESEF is given with its source and page.
General analysis and educational material, not personal investment advice and not a recommendation to buy or sell. The figures are mechanical and can be rebuilt from the company's public reports; the text is the author's judgement. Author's position in Handelsbanken: not disclosed. Data to 2025-12-31, price as of 2026-10-23.