Handelsbanken launches cost cutting drive, charge hits third-quarter profit
Reuters
Published Oct 23, 2019 06:18
Updated Oct 23, 2019 07:33
Handelsbanken launches cost cutting drive, charge hits third-quarter profit
STOCKHOLM (Reuters) - Sweden's Handelsbanken (ST:SHBa) reported quarterly net earnings below market expectations on Wednesday as it booked a restructuring charge to launch a sweeping cost-cutting plan.
Third-quarter net profit fell to 3.57 billion Swedish crowns ($369 million) from a year-ago 4.22 billion to come in well below an analysts' mean forecast of 4.11 billion, according to Refinitiv data.
The bank said it was booking a restructuring cost of 900 million crowns in the quarter for a programme to cut annual spending by about 1.5 billion crowns. The charge was not included in analysts estimates.
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Written By: Reuters
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