Carnegie: Year-end report 2005

Net profit 2005 SEK 667 million (SEK 401 million)

• Carnegie’s net profit for 2005 increased by 66% to SEK 667 million (SEK 401 million). Net profit for the fourth quarter increased by 69% Y/Y to SEK 267 million (SEK 158 million). Earnings per share for the full year were SEK 9.98 (SEK 6.01) and SEK 9.68 (SEK 5.94) after full dilution.
• The Board of Directors proposes a dividend of SEK 634 million, or SEK 9.19 (SEK 5.93) per share outstanding at the record date, corresponding to a Tier 1 ratio including the new share issue of SEK 94 million in January 2006, of 15%. The proposed dividend corresponds to a pay-out ratio of 95% (100%).
• Total income in 2005 was up 32% Y/Y to SEK 3,514 million (SEK 2,672 million). Total income in the fourth quarter was up 51% Y/Y to SEK 1,213 million. In 2005 Securities’ income increased by 25% to SEK 1,503 million, mainly reflecting the turnover increase of 28% in the Nordic stock markets. Investment Banking had a strong second half year and income for the full year increased by 44% Y/Y to SEK 733 million. Asset Management income increased by 61% to SEK 791 million, whereof performance fees accounted for SEK 268 million (SEK 34 million). Private Banking income increased by 4% Y/Y to SEK 486 million. On a like-for like-basis, reflecting structural changes, Private Banking income increased by 18%.
• Total expenses before profit-share for the full year were SEK 1,674 million (SEK 1,586 million), of which SEK 517 million (SEK 427 million) in the fourth quarter. Total expenses ended 5% above management’s estimated cost range for 2005, due to a provision of SEK 64 million, corresponding to Carnegie’s total commitment to the software development company Capital C, which was communicated in a press release during the last quarter. Based on current market conditions, management’s estimated cost range for 2006 is SEK 1,700-1,800 million.

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