THE total annual profit made by Jersey’s finance industry has fallen for the third year running.
The combined profit of the banking, trust, accountancy and funds sectors last year was £1,050 million - some £39 million (3.6%) down on 2002.
But the downturn appears to be levelling off and the figures are slightly better than in 2002 - when profits fell by 4.2% - and 2001, when the total dropped by 5.5%.
Last year’s decrease occurred mainly in banking, which makes up nearly 80 per cent of the total.
Bank profit went down by 6%, to £833 million.
Profits in the accountancy sub-sector also dropped, by 14% to £17 million, although some accountancy firms are now doing more trust work.
Article posted on 8th July, 2004 - 12.00am
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