Profit growth for finance

Wednesday 5th July 2006, 12:00AM BST.

THE overall profit from Jersey’s finance industry grew by 3.6% last year, to just over £1 billion – the first annual increase for five years.

Of that total profit, the banking sector produced £843 million (up 3%), trust and company administration £112 million (up 8%), fund management £80 million (up 4%) and accountancy £20 million (up 16%).

On average each employee in the sector produced £98,000 of profit, £2,000 more than in 2004.

According to figures from the States Statistics Unit the total revenue produced by the finance sector last year was £2.8 billion, of which three-fifths came from banking.

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