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Handelsbanken's Q3 profit falls 9% YOY

Svenska Handelsbanken AB (publ) reported third-quarter group profit attributable to shareholders of 4.17 billion Swedish kronor, down 9% from 4.56 billion kronor in the same period in 2016.

EPS declined year over year to 2.13 kronor from 2.32 kronor. The S&P Capital IQ consensus normalized EPS estimate for the quarter was 2.09 kronor.

Net interest income amounted to 7.59 billion kronor, up from 7.04 billion kronor a year earlier. Net fee and commission income rose over the same period to 2.36 billion kronor from 2.26 billion kronor.

Net gains on financial transactions fell on a yearly basis to 243 million kronor from 1.11 billion kronor, mainly due to seasonally lower activity in customer-driven foreign exchange trading, according to the company.

The Swedish lender booked a 140 million kronor charge from the depreciation, amortization and impairment of property, equipment and intangible assets, compared to 137 million kronor in the third quarter of 2016. Net loan losses narrowed year over year to 217 million kronor from 476 million kronor.

Return on equity reached 12.9% in the quarter, down from 14.7% a year earlier.

For the nine months ended Sept. 30, Handelsbanken's group attributable profit declined 4% on a yearly basis to 12.34 billion kronor from 12.80 billion kronor. EPS amounted to 6.29 kronor, compared to the year-ago 6.55 kronor.

The bank's CRR common equity Tier 1 ratio stood at 23.6% at the end of September, compared to 23.4% at the end of June and 24.0% a year ago. The CRR total capital ratio stood at 28.5% as of Sept. 30, compared to 29.0% as of June 30 and 30.1% at the end of September 2016.

As of Oct. 17, US$1 was equivalent to 8.16 Swedish kronor.