Bear Stearns profits up 38%

18 December 2006

Bear Stearns has reported its best ever quarter with profits up 38 per cent.

The US investment bank reported net income for the last quarter of $563. The full year results brought net revenues of $9.2 billion, up 25 per cent, and net income increases of $2.1 billion, up 40 per cent.

Bear Stearns chief executive and chairman James Cayne said: "We are pleased to announce Bear Stearns' fifth consecutive year of record net income and earnings per share.

"Our continued success is a testament to our unwavering focus on serving our clients with excellence; attracting and retaining professionals and profitably expanding our broad and diverse franchise."

He added that the firm was looking to continue international and US expansion in 2007.

The firm's revenues from capital markets were up 26 per cent for the last quarter ending November 30th to $1.8 billion. Wealth management saw revenue up by 33 per cent and global clearing services had increases of seven per cent.

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