Finance industry profits soar

Wednesday 2nd July 2008, 6:54PM BST.

Profits for Jersey’s financial services sector rose by 12 per cent last year.

The survey of financial institutions, which includes the activities of banks, fund managers, trust and company administrators and accountancy firms, estimates total profit at £1.46 billion. After adjusting for inflation, this represents real-term growth of nine per cent.

Banks accounted for more than four fifths of the total, with their profits for 2007 increasing by 13 per cent. Profits for trust and company administrators, including legal firms and accountants, rose by 16 per cent and 17 per cent respectively.

However, profits for fund managers fell by nine per cent – the first decrease since 2002

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