Net profits at German bank Berenberg reached EUR 60.5 million in 2019, an increase of 160 percent from the previous year (EUR 23.3 million), as it said it would focus on growing its wealth management arm.
Total assets under management went up from EUR 4.7 billion to EUR 5.1 billion.
Return on equity tripled to 28.6 percent (from 9.8 percent). The cost-income ratio also improved from 88.9 percent to 79.9 percent. The ratio of current net interest income to net commission income was still 15:85.
“The new record level of net commission income as well as the year-on-year drop in administrative expenses show that...
