Handelsbanken said UK remains fastest-growing market

The bank, which operates in 25 countries worldwide, said customer deposits rose 13 per cent to £8.69bn. Handelsbanken said operating profits rose 36 per cent year on year thanks to its focus on customer satisfaction, prudent banking and cost efficiency. It delivered a healthy return on equity of 16.8 per cent.

During 2015, Handelsbanken also opened a fifth regional head office, in Leeds, to support branches throughout Yorkshire and the North East.

The lender has 206 branches in the UK, including 21 in Yorkshire. It expanded aggressively in the years following the financial crisis as larger UK rivals shrank their balance sheets.

Anders Bouvin, UK chief executive, said: “Personal relationships based on trust and responsibility are the traditional bedrock of banking, and they remain central to our culture.

“We continue to find that customers of all shapes and sizes appreciate the value of expert local advice and decisions, complemented rather than replaced by digital and other services.”

The group reported a fourth-quarter operating profit below expectations as income from commissions fell short of market forecasts.

Swedish banks’ interest margins have come under pressure from the country’s ultra-loose monetary policy. Negative interest rates mean Swedish banks have to pay to deposit money in the central bank’s accounts.