Rothschild Bank in Zurich reported a 6 per cent rise in operating profit in the year to March 31 2005, to SFr43.8 million ($34.3 million), a...

Rothschild Bank in Zurich reported a 6 per cent rise in operating profit in the year to March 31 2005, to SFr43.8 million ($34.3 million), according to reports in the Swiss media. Revenues also rose by 6 per cent to SFr133.2 million. The reported net profit increased 11 per cent to SFr31.6 million. The results cover the parent bank and subsidiaries: Equitas in Geneva, Rothschild Bank Switzerland (Channel Islands) in Guernsey and Rothschild Vermogensverwaltungs in Frankfurt. In addition, the bank last year established a subsidiary in Spain, Rothschild Gestion, based in Madrid, and converted its representative office in Singapore into a subsidiary. Based in Zurich, the bank employed 320 people in March, with 193 in Switzerland. Client assets amounted to SFr10.3 billion (up 3 per cent year-on-year), including Sfr2.5 billion of fiduciary deposits (up 18 per cent). The bank is 66.5 per cent owned by Rothschild Continuation Holdings, which itself is 21.8 per cent owned by Rothschild family interests and 9.5 per cent owned by Banque Privee Edmond de Rothschild, Geneva.