German-based private bank Berenberg has posted a full year net profit of EUR104m for 2015, up 160% from EUR140m the previous year.
Assets under management for this year increased 11% to EUR40.1bn from EUR36.1bn a year earlier. The bank’s gross income for the year rose 37% from EUR309m to EUR423m.
Go deeper with GlobalData
Total assets in the twelve months to 31 December 2015 fell 4% to EUR4.5bn from EUR4.7bn in 2014.
Berenberg said that its net interest income slumped by 50% year-on-year to EUR27m.
The bank has increased the number of employees from 1,250 to 1,330 in 2015. It is planning to open a new office in Münster in mid-2016.
Berenberg spokesman of the managing partners Hans-Walter Peters said: "Such an unusually high net profit was only possible thanks to the first-class expertise and hard work of all colleagues. We have a long-term orientation, and we are pleased that were able to generate such an outstanding result in 2015 despite further capital expenditures.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData"This proves once again that the Berenberg business model is very successful. We have further increased diversification not only in our business segments, but also in the regions in which we operate, and have therefore become more independent of single developments. Also in 2016, we will continue to invest in the expansion of our business," Peters added.
