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Financial Institutions 2013 report published

02 July 2014

​The Statistics Unit has today (2 July) released the 2013 Survey of Financial Institutions report. The Survey of Financial Institutions covers banks, fund managers, investment trusts, accountancy and legal firms.

  • total net profit was £1,180 million, a similar level to that recorded in each of the two previous years (2011 and 2012)
  • the banking sub-sector accounted for almost four-fifths of total net profit
  • the net profit for the fund management sub-sector increased by more than a third (38%) in 2013; smaller increases were recorded by the trust and company administration and accountancy sub-sectors of 3% and 4%, respectively
  • the banking sub-sector recorded a small decrease in net profit in 2013, down by 2% compared with 2012, whilst the legal sub-sector saw a fall in net profit of 9%
  • net profit per full-time equivalent (FTE) employee, across all sub-sectors, was £101,000
  • total revenue was £2.34 billion, an increase of 4% compared with 2012
  • mean employment costs were £62,000 per FTE employee, an increase of more than 3% compared with 2012
  • the mean bonus payment was £5,900 per FTE employee, a similar level to that in 2012
  • total expenditure on goods and services was £710 million; more than two-fifths of all such expenditure occurred on-Island
  • the number of local staff recruited directly from school and university was 310 FTEs; the number of local new recruits was some 100 higher than in each of the previous four years, from 2009 to 2012, and was at a similar level to that in 2008

Download 2013 Survey of Financial Institutions report (size 166kb)


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