Press releases

Interim report 1 January – 30 June 2011

Financial data for the group:

· Revenue amounted to SEK 1,041 (1,191) million. The decrease relates to terminated operations and lower revenue in commission and transaction services.
· Expenses before credit reserves amounted to SEK 964 million (1,071). Items affecting comparability increased expenses by SEK 28 million (8).
· Profit before credit reserves amounted to SEK 77 million (120). Adjusted for items affecting comparability, profit before credit reserves amounted to SEK 105 million (128). 
· Profit for the period amounted to SEK 57 million (163). 
· Strong financial position with equity amounting to SEK 2.5 billion, capital ratio of 19 percent, and Tier I capital ratio of 14 percent at the end of the second quarter. 

Company events:

· Carnegie ranked number one in equity capital markets transactions, measured by number of transactions completed in 2011.
· Carnegie was named “Best Equity House” by business magazine Euromoney during the quarter, and Carnegie’s analysis topped the ranking in a survey conducted by Financial Hearings.
· Successful launch of the integrated private banking operation.  
· Net inflow of SEK 700 million to Carnegie Funds during the first half-year of 2011.

 

President's comments

Volatile market climate

The uncertain macro-economic climate in the US and Europe continues to dominate the financial markets, resulting in declining stock prices. The expected increase in demand for advisory services related to equity capital market transactions has also dampened due to the current market situation.

Considering these market conditions, Carnegie stands strong. We performed the highest number of equity capital markets transactions in the market and were active in several major IPOs during the first six months of the year. Brokerage revenues have not been satisfactory but we can see that Carnegie’s improved customer satisfaction is strengthening our relative position with leading institutions. This has also attracted external attention and we received several awards during the quarter.

The Private Banking business area is showing a stable trend. During the second quarter, market investments in Sweden have promoted our high level of expertise and personal service. The Funds business area offers both equity and fixed-income funds, which is advantageous now that many customers are moving away from equity toward fixed-income funds amid the market turmoil. Overall, Carnegie Funds showed a capital inflow during the first half year and has increased its share of the Swedish fund market.

Profitability in our business activities is not satisfactory but is following the market trend. As such, we must continue enhancing our efficiency and adapting to market conditions. At the same time, we believe that our focus is right – to create the leading and most respected investment and private bank in the Nordic region. I see our recent awards as a sign that we are on the right track.

Frans Lindelöw

President and CEO


 

For further information, please contact:

Andreas Koch, Head of Communications, phone: 46 73 417 86 39, e-mail: andreas.koch@carnegie.se

Carnegie is a leading independent investment bank with Nordic focus. Carnegie provides value-added services in securities brokering, investment banking, private banking and asset management to institutions, corporations and private clients. Carnegie has approximately 900 employees in eight countries.

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