UPDATE 3-Sweden's Handelsbanken Q1 profits stand up to coronavirus shock [Reuters (UK)]
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Source: Reuters
Sweden's Handelsbanken first-quarter profits stand up to coronavirus shock - Reuters 3 Min Read STOCKHOLM (Reuters) - Sweden’s Handelsbanken ( SHBa.ST ) reported a smaller-than-expected fall in first-quarter net earnings as loan loss provisions caused by the financial strain of the coronavirus pandemic grew less than many analysts had estimated. The bank’s shares were up 4.7% 0845 GMT, outperforming the European banking index .SX7P, which gained 1.78%. “The quarter started very strong and we entered the crisis in a strong position,” new CFO Carl Cederschiold, in office since the start of the month, said on a conference call. “We are of course very humble about the way forward and the ongoing crisis.” Net profit fell 17% to 3.94 billion Swedish crowns ($389.8 million) from a year-ago 4.76 billion, beating a mean analysts’ forecast of 3.31 billion, Refinitiv data showed. Loan losses increased to 538 million crowns, compared to 288 million in the year-ago-period, as the novel coronavir
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