WBrief: Schroders PB profits down 50% - Spear's Magazine

WBrief: Schroders PB profits down 50%

Profits at the private banking arm of Schroders, the London-listed firm, slid by almost half to £20.1 million (around $30.3 million) in 2009 from £39.7 million in the previous year, hit by provision for doubtful debt, it said today.

Profits at the private banking arm of Schroders, the London-listed firm, slid by almost half to £20.1 million (around $30.3 million) in 2009 from £39.7 million in the previous year, hit by provision for doubtful debt, it said today.

Pre-tax profit for the entire firm, which covers sectors such as asset management, rose to £137.5 million from £123.1 million.

Private banking net revenue fell to £97.7 million from £111.3 million in 2008, reflecting reduced fees and commissions, and lower interest income in the low interest rate environment. Core operating expenses fell.

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