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Swedish bank known for a decentralized, branch-driven retail and corporate banking model across the Nordics and UK.
Swedish bank known for a decentralized, branch-driven retail and corporate banking model across the Nordics and UK.
Earns mostly from the gap between loan and deposit rates, with each branch making its own lending decisions and carrying its own results, which keeps credit decisions close to customers. Oktogonen, its employee profit-sharing foundation, is among its largest shareholders.
In one line: A Swedish bank with a highly decentralized branch-manager model, unlike most US banks.
Moat: narrow (brand, distribution, process know-how). Distinctive branch-empowered culture drives customer satisfaction and low credit losses versus peers.
Headquarters: Stockholm, Sweden · Founded: 1871 · Employees: 11,600
Size Svenska Handelsbanken (SHB-A.ST) is a Sweden Financials company (Major Banks) with a market value of $32.6B, the 11th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 159.80 on 6 Nov 2026.
Performance Over six months the shares gained 23.2%, against +2.6% for the median peer and +8.2% for the Sweden market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue fell 13.8% over the last twelve months (peer median +5.8%); the operating margin is 51.5% (peer median 38.1%).
Valuation It trades at 1.68× book value against a peer median of 1.38× (9th most expensive of 21).
Price implies The share price implies a return on equity of about 9.0%; Svenska Handelsbanken delivers 12.2%, so the price asks less than the business earns today.
Credit Svenska Handelsbanken has 31 bonds outstanding ($23.8B), rated AA- by the agencies and trading like A+ at a weighted spread of 77 bp.
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 135B | SEK 145B | SEK 188B | SEK 176B | SEK 82.6B |
| Revenue growth | — | -23% | +7% | +113% | — |
| Net income | SEK 23.3B | SEK 23.7B | SEK 27.4B | SEK 29.1B | SEK 21.7B |
| Free cash flow | SEK 17.5B | SEK 54.2B | -SEK 33.6B | SEK 53.5B | -SEK 1.42B |
| Capital expenditure | SEK 1.05B | SEK 1.09B | SEK 1.63B | SEK 1.79B | SEK 1.50B |
| Total debt | SEK 1.64T | SEK 1.75T | SEK 1.92T | SEK 1.94T | SEK 1.74T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Svenska Handelsbanken SHB-A.ST | $32.6B | +23% | -14% | 12% | 1.68× | 9.0% |
| Skandinaviska Enskilda Banken SEB-A.ST | $42.9B | +20% | -8% | 14% | 1.80× | 9.5% |
| Swedbank SWED-A.ST | $46.0B | +25% | -5% | 14% | 2.09× | 13.2% |
| Danske Bank A/S DANSKE.CO | $42.4B | +11% | +8% | 14% | 1.68× | 6.1% |
| DNB Bank DNB.OL | $50.0B | +16% | -8% | 15% | 1.76× | 11.2% |
| NatWest NWG.L | $62.3B | +4% | +3% | 16% | 1.21× | 15.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SHB-A.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.4% | +0.5% | 4th highest of 21 |
| 6-month return | +23.2% | +2.6% | 5th highest of 21 |
| Return on equity | 12.2% | 12.5% | 10th lowest of 21 |
| Price / book | 1.68× | 1.38× | 9th most expensive of 21 |
| Trailing P/E | 13.6× | 11.9× | 6th most expensive of 20 |
| ROE the price implies | 9.0% | 8.6% | 11th least demanding of 21 |
| ROE delivered | 12.2% | 13.0% | 8th lowest of 19 |
| Bond spread | 77 bp | 84 bp | 3rd tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Svenska Handelsbanken SHB-A.ST | Sweden | $32.6B | +23% | -14% | 12% | 1.68× | 9.0% | 12.2% |
| Huntington Bancshares HBAN | United States | $31.2B | -3% | +24% | 9% | 1.06× | 10.2% | 9.1% |
| Ping An Bank 000001.SZ | China | $34.4B | +3% | -9% | 9% | 0.48× | 3.6% | 9.0% |
| BPER Banca BPE.MI | Italy | $30.4B | +2% | +15% | 15% | 1.49× | 18.6% | 14.9% |
| ShinhanGroup 055550.KS | South Korea | $29.2B | -13% | +32% | 9% | 0.78× | 5.2% | n/a |
| PKO Bank Polski PKO.WA | Poland | $36.5B | +18% | -2% | 20% | 2.56× | 31.9% | 20.1% |
| Credicorp BAP | United States | $27.6B | +5% | +24% | 21% | 2.47× | 17.9% | 20.6% |
| Banco Bradesco SA Sponsored ADR Pfd BBD | United States | $27.5B | -32% | +29% | 14% | 0.71× | 6.2% | 14.2% |
| Sumitomo Mitsui Trust Gp 8309.T | Japan | $27.4B | +38% | +5% | 11% | 1.18× | 7.5% | 10.9% |
| China Everbright Bank 6818.HK | Hong Kong | $26.6B | -10% | -3% | 5% | 0.28× | 3.9% | 5.5% |
| Citizens Financial CFG | United States | $26.5B | -1% | +4% | 9% | 1.16× | 11.5% | 8.9% |
| E Sun Financial 2884.TW | Taiwan | $25.2B | +55% | +36% | 15% | 2.70× | 7.6% | 14.7% |
| Danske Bank A/S DANSKE.CO | Denmark | $42.4B | +11% | +8% | 14% | 1.68× | 6.1% | 14.1% |
| Skandinaviska Enskilda Banken SEB-A.ST | Sweden | $42.9B | +20% | -8% | 14% | 1.80× | 9.5% | 13.5% |
| Axis Bank AXISBANK.NS | India | $43.6B | +2% | +7% | 14% | 1.78× | 25.1% | 13.9% |
| Regions Financial RF | United States | $24.1B | +2% | +1% | 12% | 1.46× | 13.2% | 12.4% |
| Mega Financial 2886.TW | Taiwan | $24.0B | +37% | +1% | 10% | 1.97× | 5.9% | 10.0% |
| Swedbank SWED-A.ST | Sweden | $46.0B | +25% | -5% | 14% | 2.09× | 13.2% | 14.3% |
| Bank of Nanjing 601009.SS | China | $22.8B | +5% | +6% | 12% | 0.77× | 2.8% | 11.9% |
| Banco BPM BAMI.MI | Italy | $22.8B | +1% | -4% | 12% | 1.30× | 13.5% | 12.5% |
| Hanafinancialgr 086790.KS | South Korea | $22.5B | -7% | +39% | 10% | 0.79× | 5.3% | n/a |
Svenska Handelsbanken has 31 bonds outstanding with $23.8B face value. The agencies rate it AA-; its bonds trade like A+. Weighted yield 3.96%, a spread of 77 bp over government bonds.