Steep costs drag on British bank Panmure Gordon's 1st-half profit
ReutersReuters--British investment bank Panmure Gordon & Co. PLC's first-half profit fell 84 percent, hit by administrative costs associated with a restructuring program it undertook last year.
September 25, 2013, 12:08 am TWN
The 137-year-old bank, which advises over 110 London-listed companies ranging from FTSE-100s to small caps, said it expected pre-bonus operating costs to be lower in the second half of the year after the effects of its restructuring programme kick in.
Pretax profit from continuing operations increased to 335,000 pounds (US$537,100) in the six months ended June from 2.04 million pounds a year earlier.
The Bank's net commission and fee income rose 16 percent to 13 million pounds, but could not offset a near 40 percent rise in administrative expenses.