Pre-tax profits at JP Morgan’s IFSC arm more than halve to €9m

Pre-tax profits at the IFSC arm of banking giant JP Morgan last year more than halved to $12m (€9m).

Accounts just filed by JP Morgan Bank (Ireland) plc with the Companies Office show the assets it had under management increased by 8% from $241bn to $260.7bn in the 12 months to the end of last December.

The figures show that fees based on these assets increased from $38.4m to $40.9m and the accounts state the increase in asset based fees in 2012 “was due to rising markets”.