Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>Annual</strong> Report <strong>2005</strong>Commenting on the results, Axel Miller,<strong>Dexia</strong>’s Chief Executive Officer, declared:“This year again, <strong>Dexia</strong>’s results have been excellent.In Public Finance, originations were record-high and a lot of profitablebusiness was done that will generate earnings for many years. Net in<strong>com</strong>egrowth exceeded 14% in <strong>2005</strong>, despite a very high <strong>com</strong>petitive pressure.In Personal Financial Services, this is the third consecutive year of high doubledigit earnings growth, with a solid revenue momentum and costs keepingunder control.Equally, Asset Management, Insurance, Fund Administration Services, andTreasury and Financial Markets have remarkably performed in terms ofefficiency, earnings growth and ROE.This year was excellent above all, because we increased our volume of businesswithout <strong>com</strong>promising with our key objectives: curbing down the cost-in<strong>com</strong>eratio – despite the fact that this has been a year of extensive development,domestically, internationally, and in terms of new activities –, delivering a highreturn on capital, and eventually increasing earnings per share and shareholdervalue.We are confident that <strong>Dexia</strong> will continue to deliver value at a strong pace,whilst planning and preparing its longer term future to occupy a strongposition in the very promising markets that we have ahead of us.”43
Change language