Rothschild & Co has posted net income – group share excluding exceptionals of €164m for the first half of 2018, a 56% jump compared to €105m a year ago.
The firm’s net income – group share including exceptionals soared 66% to €161m from €97m last year.
Compared to the previous year, earnings per share (EPS) excluding exceptionals increased 55% to €2.18 while EPS including exceptionals increased 63% to €2.14.
The firm’s revenue for the half year ended 30 June 2018 was €1bn, up 12% from €896m a year earlier.
Rothschild & Co’s Global Advisory business, which offers M&A advisory along with financing advisory, reported revenue of €636m in the first half of 2018. The figure marks a 15% rise from last year’s revenue of €554m.
Revenue in the firm’s Wealth & Asset Management business increased 3% year-on-year to €261m. The firm attributed the rise to organic growth in all geographies.
Assets under Management at the end of June 2018 totalled €68.9bn, versus €66.8bn in the previous year. The rise was driven by net inflows of €2bn.
Rothschild & Co executive chairman Alexandre de Rothschild said: “Our Global Advisory business delivered the highest revenue for the first half ever and has seen excellent progress, particularly in the UK market where we completed a number of high profile transactions. We have maintained our position as the leading M&A adviser globally based on number of deals, and our margin remains strong. We continue to recruit senior bankers in the US market to strengthen our position in this key growth area.
“In Wealth and Asset Management, net new assets grew significantly in both our French and Swiss businesses, with the rest of the world holding up well. Growth in this business means that we are close to achieving our 2020 operating margin target of 20%.”