Brown Shipley produced a profit before tax of £2 million in 2020, a slight fall on the £2.3 million recorded a year earlier, its annual report and accounts show.

The UK private bank, owned by Quintet, said its results were distorted by the impact of its purchase and integration of £1 billion Cambridge manager NW Brown. An underlying pre-tax profit of £6.7 million was more indicative of true performance, its report stated. This compared to 2019’s £7.1 million underlying profit figure.

Net operating income increase from £66.6 million in 2019 to £79.1 million, up 19 percent. However the bank said this statutory fi...