Securities service provider KAS BANK has announced profit growth of 7 percent, despite a weak third quarter.
Its assets under administration increased by 4 percent to €320 billion. The commercial results in the institutional market are increasing modestly, while the transaction market improved slightly compared to 2012.
Total profits increased to €11.7 million, up 7 percent compared to 2012.
The introduction of the European Market Infrastructure Regulation contributed to growth in turnover to a limited extent.
Interest income fell approximately 20 percent short of the previous year, in line with expectations.
There is little prospect of an increase in the short-term interest rate, which means the bank will still suffer from the unfavourable short-term interest rate for the time being.
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