Schroders Private Banking reported a fall in pre-tax profits last year, to £10.1 million ($16.3 million) from £20.1 million the year before.
Schroders Private Banking reported a fall in pre-tax profits last year, to £10.1 million ($16.3 million) from £20.1 million the year before.
Net revenue at the division was £103.3 million, slightly ahead of the previous year when net revenue was £97.7 million. However, increased costs impacted the profit figure, as the bank raised its headcount and increased its doubtful debt provisions.
Funds under management in private banking ended the year at £16.2 billion, 29 per cent higher than the previous year-end.
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