Germany’s oldest private bank, Berenberg Bank, recorded net profits of €65.1 million ($87.8 million) for 2009, up 38 per cent compared to the previous year. The bank said that its assets under management increased by €1.6 billion to €21.9 billion during the same period.

The Hamburg-based bank said that its annual net profits of €65.1 million, compared to last year’s €47.1 million, represents the best result in the firm’s history, which goes back 420 years.  

“We have been able to gain 1000 new clients, and the net asset inflows into the private banking business alone reached a record with €1.4 billion,” said Dr Hans-Walter Peters, spokesperson of the individually liable partners at Berenberg.

The firm has increased its liable equity to €212 million, from €177 million in the previous year.

In 2009, the private bank has also increased the amount of offices from eight to nine, and is now represented in Hamburg, Bielefeld, Braunschweig, Bremen, Düsseldorf, Munich, Salzburg, Stuttgart and Wiesbaden.

Looking into the future, Dr Peters said: “Barenberg Bank has a coherent business model and is well positioned for the future. For the current year, we plan to continue our growth strategy.”