Profits double to €20.1m at Irish arm of JP Morgan
Pre-tax profits at an Irish arm of JP Morgan bank more than doubled to $22.68m (€20.1m) in 2017 in spite of an un-named key client of the bank exiting.
Accounts filed by JP Morgan Bank (Ireland) plc show that pre-tax profits rose by 126pc to $22.68m in the 12 months to the end of December 2017.
Revenues rose by 8.6pc, from $130.35m to $141.64m, during 2017. At the end of 2017, the bank had $306.5bn of 'assets under custody'.
The directors said that a decrease in assets-based fees to $40.2m was due to a key client exiting but this was offset by increased revenues from existing clients.
The firm's non-asset based fee revenues rose from $92m to $101.4m and the directors said "the increase in non-asset based fee revenues is due to a rise in the attribution of revenues from other group companies during 2017".
The business recorded operating profits of $15.99m and benefited from net interest payments of $6.6m. The business recorded post-tax profits of $19.24m in 2017 after paying corporation tax of $3.44m.
During 2017, the company purchased the 12,000 sq m 200 Capital Dock on Sir John Rogerson's Quay that has given the JP Morgan the capacity to double its Irish workforce to 1,000.
The accounts put a cost of $42m on the purchase of the site and associated costs of the building incurred in 2017 with work ongoing at year end.
Salary costs for staff in 2017 rose from $32.68m to $33.03m while other staff costs increased from $8.34m to $10.03m. Directors' remuneration increased by 35pc from $883,958 to $1.193m.
The bank's Investor Services arm provides an integrated range of products whose investor base is mainly located outside Ireland.
The company's Treasury Services group provides treasury and cash management outsourcing services to a global client base.
The directors' report said the company and its subsidiaries are confident that they will continue to meet client needs through the continued consolidation and expansion of its existing business.
At the end of 2017, the business had shareholder funds of $404m, including accumulated profits of $347.6m.
The global financial services company has been in Ireland since 1968.