WBrief: Sal Oppenheim suffers €117m loss in 2008 - Spear's Magazine

WBrief: Sal Oppenheim suffers €117m loss in 2008

Luxembourg-based private bank Sal Oppenheim suffered a net loss of €117 million ($152.5 million) in 2008, reversing a net income of €225 million in the previous year as the firm was hit by the impact of market turmoil.

Luxembourg-based private bank Sal Oppenheim suffered a net loss of €117 million ($152.5 million) in 2008, reversing a net income of €225 million in the previous year as the firm was hit by the impact of market turmoil.

Market falls in nearly all asset classes hit Sal Oppenheim’s business in 2008, it said in a statement.

“The first few months of this year have already shown that we are on track – we closed the first quarter with a positive result,” concluded  Friedrich Carl Janssen, a partner at Sal Oppenheim.

Net interest income amounted to €344 million; the €95 million increase over the previous year was largely due to the rise in the average interest on client loans. Provision for loan losses amounted to just €1 million. Net commission income was below the prior-year figure at €573 million.

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