Reports

Profits Surge on Flat Revenues at Allianz Private and Business Clients

Nick Parmee, 14 November 2006

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At Munich-based Allianz Group, third quarter operating revenue in its private and business clients banking division hardly moved at €754 mil...

At Munich-based Allianz Group, third quarter operating revenue in its private and business clients banking division hardly moved at €754 million ($968 million), up only €10 million from the same period in 2005.

However, operating profits rose by just under a third to €145 million from €109 million in Q3 last year. For the nine months to 30 September 2006 revenue was up just 6 per cent to €2.42 billion while operating profits rocketed by 44 per cent to €573 million from €398 million.

Allianz operate their banking activities principally via Dresdner, which owns the Kleinwort Benson private banking unit in the UK.

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