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MM Warburg reports rising profits in 2010

Independent private bank MM Warburg & CO KGaA has reported its 2010 financial results, including a pre-tax profit of €65.6m, a rise from the previous year when it made €61.3m.

Year-on-year, net commission income rose from €107m to €131m, and assets under management increased by €3.8bn to €36.1bn.

Dr. Christian Olearius, spokesman for the individually liable shareholders, has described the firm’s 2010 figures as excellent.

Dr. Olearius went on to state that the results demonstrated MM Warburg’s ability to consistently produce strong profits, which are then used to help the firm consolidate its position.

Looking to the future, the bank expressed optimism about 2011 and stated that the first quarter had been very promising.

Earlier this year Deutsche Postbank AG reported its 2010 preliminary results, including a consolidated pre-tax profit of €315m, marking a return to profitability after two years of losses.

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