Wealth International, the international division of Standard Bank, has announced a positive set of results for 2016 which they say reflect “an encouraging year for the business.”
The bank also say their strong performance supported Jersey’s economy which, as measured by Gross Domestic Product, grew by 2% in real terms on an annual basis, totalling £4.1 billion, according to the latest States figures.
Standard Bank Wealth International, which this year celebrates the 25th anniversary of the business in Jersey, is 100% owned by Standard Bank Group.
Jonathan Peake, Chief Financial Officer of Standard Bank Wealth International, said: “This fantastic set of results reflects the collective efforts of a talented team committed to serving our clients, most of whom have a strong connection to Africa.
“This achievement is also built on the quality and reputation of the jurisdictions in which we operate, a relentless focus on delivering for our clients and the economic strength of the African continent. Our strong performance not only benefits Africa but also creates prosperity in Jersey, where Wealth International has been proud to be headquartered for 25 years.”
Headline earnings for Standard Bank Wealth International were £27.9 million for the full year - an 18% increase on the previous year’s results.
The business also achieved a return on equity of 15%, with a 20% increase in deposits to £4.8 billion, and Assets Under Management of £2.2 billion at 31 December 2016.
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