Dividend boosts profits at State Street Irish arm
Published 18/10/2016 | 02:30
The main Irish arm of financial services firm, State Street last year recorded pre-tax profits of €140.4m.
New accounts filed by State Street International (Ireland) Ltd show the firm enjoyed the large hike in profits as a result of a €140m dividend received from subsidiaries.
The firm received €70m from State Street Custodial Services (Ireland) Ltd and a further €70m from State Street Fund Services (Ireland) Ltd last year
Revenues at the firm in the 12 months to the end of December last, rose from €124.36m to €183m. In a year of expansion, the firm had 1,067 employed at the end of last year compared to 1,030 at the end of December 2014.
The US-owned firm provides management and administration services to its subsidiaries.
State Street employs over 2,500 at locations in Dublin, Drogheda, Kilkenny and Naas.
The directors said they were "satisfied with the business performance for the year" and expected operations to "continue as normal in the foreseeable future".
Staff costs rose from €62.27m to €66.46m. The pre-tax profit of €140m followed a much more modest figure of €106,532 in 2014.
The business recorded an operating profit of €1.69m last year and the €140m dividend received resulted in the pre-tax profits of €140.4m after a foreign exchange loss of €1.2m was taken into account
Shareholder funds at the end of last December totalled €52.8m. The cash pile during the year fell from €140m to €106m. The profit last year takes account of non-cash depreciation costs of €1.56m while the firm also paid out €4.9m in rental costs.