The international division of Standard Bank, Wealth International – which is headquartered in Jersey but also has offices in the Isle of Man, Mauritius, London and South Africa – has announced a positive set of results for 2016.
The bank says its performance reflected the boost to Jersey’s economy, where GDP grew by two per cent in real terms on an annual basis, totalling £4.1bn, according to the latest States figures.
Headline earnings for Standard Bank Wealth International were £27.9 million for the full year – an 18 per cent increase on the previous year’s results.
The business achieved a return on equity of 15 per cent, with a 20 per cent increase in deposits to £4.8bn, and assets under management of £2.2bn at 31 December 2016.
Standard Bank Wealth International, founded in Jersey 25 years ago, is 100 per cent owned by Standard Bank Group, one of the largest banks in Africa by assets.