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    SHB A   SE0007100599

SVENSKA HANDELSBANKEN AB

(SHB A)
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Delayed Nasdaq Stockholm  -  11:29:47 2023-01-27 am EST
108.05 SEK   +0.05%
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TOP NEWS: UK mortgage approvals fall in September as rates spike

10/31/2022 | 06:52am EST

(Alliance News) - UK mortgage approvals slowed substantially in September, figures from the Bank of England showed on Monday.

Approvals for house purchases, an indicator of future borrowing, fell to 66,789 last month from 74,000 in August.

Seb Zickus of Handelsbanken said "the drop in mortgage approvals is no surprise: we already knew that new buyer enquires fell in September and a typical two-year fixed-rate mortgage in October has reached around the 6% mark.

"A recent fall in interest rate expectations could ease rates somewhat in the future, but nonetheless it seems likely that rising interest rates could prompt a fall in nominal UK house price growth in the coming 12 to 18 months," Zickus added.

The 'effective' interest rate – the actual interest rate paid – on newly drawn mortgages increased by 29 basis points to 2.84% in September.

Net borrowing of mortgage debt remained at GBP6.06 billion in September, unchanged from the previous month, the Bank of England said.

Consumers borrowed an additional GBP740 million in consumer credit, below the additional GBP1.2 billion borrowed in August. This was entirely driven by "lower credit card borrowing", the central bank noted, with just of GBP100 million borrowed in September against GBP700 million in August.

Households deposited an additional GBP8.1 billion with banks and building societies in September, compared to GBP3.2 billion in August. This was the biggest increase of household deposits since June 2021.

Zickus said these figures suggest that many consumers are "increasing their savings in anticipation of growing costs associated with inflation and mortgage rates."

By Chris Dorrell; chrisdorrell@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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Financials
Sales 2022 49 481 M 4 795 M 4 795 M
Net income 2022 20 916 M 2 027 M 2 027 M
Net Debt 2022 - - -
P/E ratio 2022 10,2x
Yield 2022 7,08%
Capitalization 215 B 20 803 M 20 803 M
Capi. / Sales 2022 4,34x
Capi. / Sales 2023 3,87x
Nbr of Employees 10 880
Free-Float 86,1%
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 108,05 SEK
Average target price 120,70 SEK
Spread / Average Target 11,7%
EPS Revisions
Managers and Directors
Carina ┼kerstr÷m Corporate Officer
Carl Cederschi÷ld Chief Financial Officer & Deputy CEO
Pńr Boman Chairman
Katarina Berner Fr÷sdal Chief Operating Officer
Monika Bergstr÷m Chief Compliance Officer