Net first-quarter profits at Carnegie nearly matched last year’s level at Skr127m (€13.6m) as the Swedish investment bank approaches the first anniversary of the proprietary trading scandal that landed it a record regulatory fine and sparked an overhaul of its board.

Carnegie said in a statement today that profits slipped 4% from the Skr132m earned in the first three months last year, shortly before the discovery of a proprietary trading scandal in early May pushed the bank to a second-quarter loss and landed it a Skr50m fine the following September.