Numis has reported pre-tax profits slumped by almost three quarters compared to a year ago, weighed on by a large fall in equity capital markets business.
Pre-tax profits at the bank for the year to the end of September were £201m, down 72% versus 2021 figures. Numis appoints Simon Bowler as head of research Revenue was £144m, down 33% compared to a year ago, which the bank blamed on market conditions having "deteriorated from highly supportive levels". Among the most obvious contributors to the poor performance was a significant fall in equity capital markets (ECM) business during the period. Capital markets revenues were down 62% as UK ECM volumes dropped to a ten year low, the bank reported. Investment banking revenues declined...
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