STANDARD Bank Offshore, which has its headquarters in Jersey, has reported profit before tax of £9.

million for the last financial year, a 22 per cent increase on the previous year.

In particular, growth has come from fund administration business, which increased by 24 per cent, with a 26 per cent increase in assets under management.

Banking business increased by 19 per cent.

Chief executive Ian Gibson said: ‘Our fund administration operation, which is entirely based in Jersey, had a particularly successful year and the signs for 2006 are that the momentum is continuing.

There has been considerable success in private equity, property and other specialist fund vehicles, assisted by the enhanced regulatory framework.

Mr Gibson said the bank was looking for acquisitions in the funds administration and trust sectors.

But he added that the challenge was to attract the right calibre of staff in order to meet the pace of growth.