SHB reported a Q2 EPS of SEK 2.0, in line with ARCe but some ~20% above consensus. The standout figures were a very weak NII (-7%), basically zero loan losses and a ~100bps capital build q/q. As such SHB continues to be exceedingly robust and is seemingly done with the crisis already. Our estimates are relatively unchanged as lower NII is mitigated by lower loan losses. We stick to our Hold recommendation and SEK 90 target price on the back of the report.
15 Jul 2020
Crisis? What crisis?
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Crisis? What crisis?
Svenska Handelsbanken AB Class A (SVHH:FRA) | 0 0 0.4% | Mkt Cap: 224,809m
- Published:
15 Jul 2020 -
Author:
Roy Tilley -
Pages:
10
SHB reported a Q2 EPS of SEK 2.0, in line with ARCe but some ~20% above consensus. The standout figures were a very weak NII (-7%), basically zero loan losses and a ~100bps capital build q/q. As such SHB continues to be exceedingly robust and is seemingly done with the crisis already. Our estimates are relatively unchanged as lower NII is mitigated by lower loan losses. We stick to our Hold recommendation and SEK 90 target price on the back of the report.