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February 26, 2014updated 04 Apr 2017 2:28pm

Berenberg delivers record profits and plans UK expansion

Berenberg, the Germany-based bank, delivered record results in 2013 with a 13.5% rise in net income commission and a 9.8% rise in net profit compared to the same period last year.

By Patrick Brusnahan

Berenberg, the Germany-based bank, delivered record results in 2013 with a 13.5% rise in net income commission and a 9.8% rise in net profit compared to the same period last year.

Net commission income reached EUR234.4 million with net profit hitting EUR66.1 million. Assets under management (AuM) also increased over the year to EUR30.1 billion, a 6.8% rise compared to 2012. Overall revenue increased to EUR309.2 million from EUR289.7 million.

Over the year, expansion had continued in the financial centres of London, Frankfurt and New York with now over 250 employed in just those three cities.

Hendrik Riehmer, partner, said: "The solid market position we have developed, particularly in equities, makes it essential to have a strong presence on the ground in these markets. We will continue to bolster our position in all three centres."

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