April 17, 2019 / 5:17 AM / in 8 days

Handelsbanken Q1 profit tops forecast on provision reversal

STOCKHOLM, April 17 (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 ($661 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. ($1 = 9.2434 Swedish crowns) (Reporting by Niklas Pollard and Esha Vaish, editing by Johannes Hellstrom)

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