Finance industry’s profits still falling
Thursday 8th July 2004, 12:00AM BST.
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.
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