Profits surge at Irish arm of banking giant JP Morgan

Accounts just filed by JP Morgan Bank (Ireland) plc to the Companies Office show that the assets it had under management at the end of December last increased by 10pc from $260.7bn to $287.2bn.

Overall, the fees and commission generated by the firm increased by 14pc from $97.88m to $111.82m last year.

Fees based on the firm's asset-based revenues increased by 20pc from €40.9m to €49.6m with non asset-based revenues up 9pc from €57.2m to €62.2m

The directors state that the increase in asset based fees in 2013 "was due to rising markets".

Revenues

The directors also point out that the increase in non-asset based fee revenues is due to a rise in the attribution of revenues earned by other group companies during 2013.

The firm's administrative expenses increased from $95.17m to $105.1m.

The principal components offered to clients of the Irish entities include company administration, fund accounting and shareholder services.

Staff costs last year increased from $47.83m to $48.73m that includes salaries totalling $35m. Numbers employed fell from 458 to 451.

According to the directors' report "in 2013, the company improved profitability as a result of buoyant global markets and operational efficiencies".

"The company and its subsidiaries are confident they will continue to meet client needs through the continued consolidation and expansion of its existing business.