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Sal. Oppenheim exceeds own growth targets in H1

German private bank Sal. Oppenheim has reported beating its own growth goals as international expansion helped the company deliver a pre-tax profit of E139.9 million in the first six months of the year.

As at June 30, 2006, the Cologne-based private banking group posted net income before tax of E139.9 million, representing a 47% increase on the E95.1 million recorded in the first six months of 2005.

The positive result means Sal. Oppenheim is well placed to face the second half of the financial year. Eligible capital is currently in excess of E2 billion, the cost/income ratio improved to 74.3% in the first half, and assets under management climbed from E123 billion at the end of 2005 to E136 billion as at June 30, 2006, the company said in a statement.

Furthermore, in view of the fact that the capital markets are beginning to recover and increasing cost synergies are being achieved, Sal. Oppenheim expects to sustain its positive performance over the remainder of the financial year and anticipates that existing forecasts for the company will be exceeded.