Barclays turns positive on Swedish banks as corporate lending recovers

Skandinaviska Enskilda Banken AB (publ)

09/10/2026 12:33

** Barclays turns positive on Swedish banks, particularly those with exposure to corporate lending, as it expects a cyclical recovery to support business loan growth
** The brokerage notes that the "return of Sweden" means it now "offers the most compelling corporate lending growth story in the Nordic region" following balance sheet repair
** It adds that its stance is also underpinned by the Swedish banks' rate sensitivity and continues to forecast two further 25-basis-point Riksbank hikes
** The broker adds that SEB SEBa.ST is its preferred way to capture a recovery in Swedish large-corporate borrowing and expects a re-acceleration in loan demand from this segment
** It highlights the bank can fund new loans through deposits due to its strong loan-to-deposit ratio
** Barclays double-cuts DNB DNB.OL cut to "underweight", citing stronger-than-expected competition in corporate lending and earnings forecasts below consensus    
     
COMPANY
NEW RATING
OLD RATING
NEW PT
OLD PT
Danske Bank DANSKE.CO
equal weight
overweight
DKK 391
DKK 385
DNB DNB.OL
underweight
overweight
NOK 282
NOK 333
SEB SEBa.ST
overweight
equal weight
SEK 262
SEK 204
Svenska Handelsbanken SHBa.ST 
equal-weight
underweight
SEK 146
SEK 127
Swedbank SWEDa.ST 
overweight
equal-weight
SEK 467
SEK 347

 (Reporting by Vera Dvorakova)
 ((vera.dvorakova@thomsonreuters.com))