Press Releases

Interim report 1 January – 30 June 2010

-          Income amounted to SEK 825m (637), up 30 percent in relation to 2009

-          Operating expenses amounted to SEK 740m (818), a 10 percent decline compared with 2009

-          Profit before tax amounted to SEK 167m (loss: 181)

-          The earnings improvement was driven by increased income within all business areas

-          Peter Lagerlöf was recognized as Sweden’s best analyst in a survey conducted by Financial Hearings

-          Carnegie was recognized as Sweden’s best Private Banking by the business weekly Affärsvärlden

-          Pia Marions was appointed as new CFO


President’s comments

Carnegie reports improved market shares
Carnegie is gaining market shares in the transaction market during 2010, which is reflected in the six-month results. Income is increasing, and Carnegie delivered generally strong earnings for the first six months of the year.

The Investment Banking business area experienced a strong first half-year in terms of mergers and acquisitions (M&A) and equity capital market (ECM) transactions, including initial public offerings (IPO). This was despite a hesitant market climate with market volumes in the Nordic region that were lower than in the year-earlier period. According to independent ranking institutions, Carnegie has been the largest Nordic player within ECM transactions during 2010.

Among the many transactions in which Carnegie was the advisor during 2010, several were noteworthy. These included exchange listings of Byggmax and Wilh. Wilhelmsen; preferential share issues by PA Resources, Micronic Mydata and Medivir, for example; and private M&A transactions for such clients as Tricorona, SeaDrill, BW Offshore and Gunvor Group (in the purchase of Rörvik Timber).

Private Banking continued to show a stable earnings trend during the first six months driven by increased client activity, a greater proportion of discretionary mandates and an improved market position. Income in the Securities business area increased in relation to the previous year, but turnover on the stock exchanges remained on a low level. The market trend was positive on all the Nordic exchanges during the first half of 2010, although there is still a fundamental uncertainty about the economic climate resulting in low activity among institutional investors.

During the period, we supplemented our research department with additional top expertise to be able to deliver the best and most comprehensive research of Nordic companies to our clients. We are also pleased to note that Carnegie advanced in rankings and that we received a number of awards during the second quarter within Private Banking and Securities.

We are cautiously optimistic about market developments and confident of our own ability to take advantage of the business opportunities that will arise in the coming months. We have a strong organisation, an attractive offering and high ambitions. Earnings for the first six months confirm that we are on the right track.

Frans Lindelöw,

President and CEO

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