Goodbody Stockbrokers returned to profit before selling to AIB

0


[ad_1]

Goodbody Stockbrokers came back in the dark last year with pre-tax profit of 5.5 million euros. The latest accounts from Goodbody Stockbrokers Unlimited Company show that the return to profit came as revenue rose 12% from € 64.86 million to € 72.4 million.

The pre-tax profit of 5.5 million euros last year followed a pre-tax loss of 1.83 million euros in 2019. The breakdown of income shows that 67.33 million euros come from contracts with customers, while 5 million euros are commercial income.

In September, AIB finalized the purchase of Goodbody for 138 million euros. This includes the 56 million euros in cash surpluses of the stock market and wealth management group.

Last year, the remuneration of key executives fell 16%, from 4.17 million euros to 3.48 million euros. These are salaries of 3.34 million euros and pension contributions of 142,000 euros.

Directors’ remuneration fell by 21%, from 1.96 million euros to 1.55 million euros, including 1.33 million euros in salaries and 220,000 euros in pension contributions.

Volatility

In the accounts, the directors noted that the investment bank saw a strong result where Covid-19 led the agenda. Despite significant market volatility, “the division has experienced annual growth in revenue from trading, commission, research and business advisory fees,” they said. They also highlighted the growth of funds under management within the company’s wealth management branches.

Regarding the performance of the firm’s asset management activity, they underlined an “exceptional” investment performance. . . with all funds at or well ahead of the benchmark ”.

The company’s fee income increased 16% to € 32.2 million while commission income increased 22.5% to € 25.8 million. “Other income” increased slightly to 9.2 million euros.

The accounts show that during the financial year, transactions amounting to € 900,000 were carried out on behalf of the directors. This compared to transactions of € 300,000 in 2019.

Last year, the number of employees at the company was reduced from two to 316 and personnel costs amounted to 39.9 million euros, including 34.26 million euros in salaries.

The group has offices in Dublin, Cork and Galway as well as a branch in the United Kingdom.

No dividends were paid last year and the company had a retained earnings of 71.3 million euros at the end of the year.

[ad_2]

Share.

Comments are closed.