Handelsbanken (SHB) Pre-Close Call summary

Executive summary

• The call reiterated that no new information or guidance would be provided, focusing only on publicly available data and trends relevant to Q3 estimates and expectations.

• Volume growth in home markets remained subdued, with lower policy rates impacting deposit margins.

Trading performance and revenue trends

• Volume growth in core markets was subdued, as indicated by official statistics.

• Lower policy rates since June have pressured transaction account deposit margins.

• Lending and term deposit rates may be adjusted to partially offset margin pressure.

• Q3 has one more day than Q2, with a net day count effect of about SEK 30 million per day.

• FX movements across operating countries are expected to largely offset each other.

Profitability and margins

• No specific guidance on net interest margin (NIM) due to multiple influencing factors.

• Savings-related fees, about two-thirds of commissions, are expected to benefit from higher daily average stock market indices in Q3 versus Q2.

• NFT income line remains minor and stable, with no significant Q3 events highlighted.