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Profits Pick Up For Jersey Financial Services Firms

by Jason Gorringe, Lowtax.net, London
03 July, 2015

The net profits of Jersey banks, fund managers, investment trusts, accountancy, and legal firms were up 25 percent in 2014 to GBP1.47bn (USD2.29bn).

Total revenue was GBP2.3bn, an increase of two percent compared with 2013. Total expenditure on employment was essentially unchanged compared with 2013, at around GBP720m. Average (mean) employment costs were GBP61,000 per full-time equivalent employee, a decrease of two percent when compared with 2013.

Assistant Chief Minister Philip Ozouf said: "The results of the Survey of Financial Institutions are extremely welcome news and a further strong indication - together with strong growth in overall employment and in earnings - that the economy returned to growth in 2014."

"The survey backs up the anecdotal information that we have had from financial services industry and signals that we are on the right track. Industry profits growth last year was better than expected and shows very positive signs that the financial services industry is returning to more normal profit levels, despite a number of challenges remaining in the economy. The banking sector, in particular, is now in a strong position for the further restructuring which is to come over the next three to four years as UK banking sector reform is implemented."

"The banking sector showed the biggest increases but this is an industry-wide improvement driven by smaller sectors, such as trust and company administration and fund management as well as large institutions – an increase in activity in trusts and funds provides additional activity for banking. There is real growth in what financial services spends on goods and services in the local economy which is also positive for the non-finance sector."

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