Hamburg-headquartered Berenberg Bank, one of the oldest banks in the world, said gross earnings rose 11 per cent in 2011 from a year before to €264 million (around $349.3 million), while it logged a net profit of €56 million.

The bank, which can trace its origins to 1590, reported that assets under management rose by €500 million to €26 billion. The firm provides a mix of private banking and investment banking services.

It had a core capital ratio of 14.1 per cent at the end of December, Berenberg Bank said in a statement yesterday.

Net commission income was 17.3 per cent higher, year-on-year, at €178.2 million (2010: €152.0 million), whereas net interest income was 3.1 per cent lower at €31.8 million (2010: €32.9 million), due to lower interest rates.

Berenberg Bank has private banking offices in Germany, the UK, Austria and Switzerland. It employs 1,100 staff.