We model a Q2 EPS of SEK 2.76, with NII up 1% q/q driven by one extra interest day and modest volume growth, partially offset by higher funding costs and timing effects especially in Norway. We estimate opex for the second quarter being slightly up Q/Q, driven primarily by higher wage costs. We find more support from the rate path for Q3, given the last reported rate hikes will then be fully priced in, but remain a bit tentative on the growth outlook for SHB, particularly in Norway where competi ....
24 Jun 2026
Arctic: Svenska Handelsbanken - Q2e: Should be an ok quarter, but share feels fully priced
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Arctic: Svenska Handelsbanken - Q2e: Should be an ok quarter, but share feels fully priced
- Published:
24 Jun 2026 -
Author:
Roy Tilley | Christoffer Bergum Brørs -
Pages:
23 -
We model a Q2 EPS of SEK 2.76, with NII up 1% q/q driven by one extra interest day and modest volume growth, partially offset by higher funding costs and timing effects especially in Norway. We estimate opex for the second quarter being slightly up Q/Q, driven primarily by higher wage costs. We find more support from the rate path for Q3, given the last reported rate hikes will then be fully priced in, but remain a bit tentative on the growth outlook for SHB, particularly in Norway where competi ....