BREAKING NEWS

BREAKING NEWS

Handelsbanken first-quarter profit tops forecast on provision reversal

Handelsbanken first-quarter profit tops forecast on provision reversal
FILE PHOTO: A branch of Handelsbanken is seen in Wilmslow, Britain January 12, 2015. REUTERS/Phil Noble/File Photo -
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Phil Noble(Reuters)
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STOCKHOLM (Reuters) - Sweden's Handelsbanken reported first-quarter operating earnings above market expectations on Wednesday on the back of a reversal of provisions into the bank's profit sharing scheme for employees.

Operating profit in January through March rose to 6.11 billion Swedish crowns (£506.8 million) from a year-ago 5.16 billion, beating a mean forecast for 5.19 billion seen in a poll of analysts.

However, the result was boosted by the provision reversal amounting to 827 million crowns, a gain not included in analysts' estimates for the quarter.

(Reporting by Niklas Pollard and Esha Vaish, editing by Johannes Hellstrom)

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