Subdued market activity and some business outflows reduced net revenues at the private banking arm of UK-listed Schroders in 2012, the firm reported today
Subdued market activity and some business outflows reduced net revenues at the private banking arm of UK-listed Schroders in 2012, the firm reported today. Net revenue declined 17 per cent last year from 2011 to stand at £94.4 million ($141.7 million).
The firm said that private banking net revenue was also affected by a further £7.9 million of loans losses on previously impaired loans, principally caused by the continued weakness in commercial property.
Private banking pre-tax profit was £11.8 million, down from £23.8 million in 2011. Costs fell by 9 per cent year-on-year to £82.6 million, Schroders said.
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Schroders said its private bank attracted continued money in the UK private client and charities business, while outflows happened in the cash management service and Swiss business. There were total outflows of £300 million, contrasting to £200 million of inflows in 2011.
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