By Dominic Chopping
STOCKHOLM--Svenska Handelsbanken AB (SHB-B.SK) on Wednesday posted a 13% fall in third-quarter net profit as it laid out a comprehensive strategic plan.
Net profit at the Sweden-based bank in the period fell to 3.57 billion Swedish kronor ($370 million) from SEK4.11 billion a year earlier.
Third-quarter net-interest income at the bank rose to SEK13.43 billion from SEK12.8 billion, it said.
Handelsbanken's common equity Tier 1 ratio, a measure of financial strength, fell to 17.4% at the end of the quarter from 21.7% a year earlier.
The bank is working through a complete revamp, aiming to concentrate the business on a number of core areas to create conditions for long-term, sustainable profit growth.
In addition to previous measures, such as discontinuing certain products and services in areas where it has limited market potential, low earnings or elevated risk, the bank said it will concentrate its presence outside the six home markets to branches in Luxembourg and New York.
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(END) Dow Jones Newswires
October 23, 2019 02:57 ET (06:57 GMT)
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