Rothschild has reported net income – group share of €186m for the financial year 2016/2017, a slump of 20% compared to €232m a year ago.

Revenues during the period were €1.76bn, an increase of 11% compared to €1.59bn in the previous year. The increase in revenue, according to the company, was driven by a record year in Global Advisory, where revenues rose by €150m, and Merchant Banking, where revenues rose by €34m. In the Private Wealth and Asset Management division revenues rose €26m.

Operating income surged 34% to €429m from €319m last year, while pre-tax profit rose 3% year-on-year to €436m.

Staff costs were €1.01bn, up €62m from €954m a year ago. The company attributed the increase to higher variable staff compensation in connection with record revenues in Global Advisory.

Impairment charges and loan provisions were €11m as against €12m a year ago.