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May 24, 2012
Sweden's Handelsbanken reports plunging profits
Published: 10 Feb 09 10:57 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/17482/20090210/
Handelsbanken, one of Sweden's largest banks, has reported a fall in net profit of 29 percent for the fourth quarter.
- Skanska profits double but fail to beat forecasts (10 May 12)
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Net profit fell to 4.56 billion kronor from 6.40 billion kronor a year ago, when profit included a 4.08 billion kronor gain from the sale of life insurance and pension group SPP.
The bank, Sweden's second-biggest by capitalisation, has a more defensive profile than other big banks in Sweden after having mostly staying out of the recession-hit Baltic region.
Large specific exposures to risk-venture capitalists and Swedish and British industrial and manufacturing companies have caused significant losses in the past.
It also has a 174 million kronor exposure to collapsed US investment bank Lehman Brothers.
Shares in the company shot up, rising 9.49 percent to 129.75 kronor on the Stockholm stock exchange in early trade.
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