Sweden’s Handelsbanken (STO: SHBa.ST) underwhelmed in Q2 2025, hit by currency gains and margin pressure, though cost discipline and credit strength were bright spots:
* **Total income** fell to **SEK 13.62 b**, below expected SEK 14.52 b and down from SEK 15.46 b YoY ([Omni Ekonomi][1]).
* **Net interest income** dropped to **SEK 10.69 b**, missing forecasts of SEK 10.92 b and down from SEK 11.75 b in Q2 2024—mainly due to krona strength and absence of prior upside from repricing .
* **Operating profit** fell to **SEK 7.16 b**, versus expected SEK 7.54 b and SEK 8.51 b YoY ([Omni Ekonomi][1]).
* **EPS** came in at **SEK 2.77**, down from SEK 3.19 last year; **ROE** steady at 12.7% .
* **Efficiency improvements** continue: underlying costs dropped ~5%, staff count reduced ~2%, while the cost/income ratio improved to 44.2% ([Investing.com][2]).
* **Credit quality** remained solid with net reversals for the sixth straight quarter; CET1 ratio held strong at 18.4% ([Inderes][3]).
* **Market reaction:** Shares fell ~7–8%, bottoming out the STOXX index after the miss ([TradingView][4]).
**Key takeaways:**
* The **Swedish krona’s strength** and fading repricing gains weighed heavily on net interest income.
* **Disciplined cost management** cushioned the earnings blow.
* **Strong capital buffers** and credit reversals underline financial resilience.
* Share prices tumbled, reflecting concern over persistent margin pressure and macro uncertainty.
📌 *Tune into the call to hear management’s forecast for krona trends, repricing mechanisms, and resilience strategy amidst margin drag.*
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📢 **Disclaimer:**
This video includes segments from Handelsbanken AB’s Q2 2025 interim report and earnings call, used for educational purposes under fair use (Section 107, US Copyright Act). No affiliation or endorsement by Handelsbanken is implied. All rights remain with Svenska Handelsbanken AB. For more information, visit **[]()**. For inquiries, contact **[FyfullStore@gmail.com](mailto:FyfullStore@gmail.com)**.
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