Noble Grossart profits up 81%
EDINBURGH-BASED merchant bank Noble Grossart has recorded an 81 per cent hike in profits to £14.7 million over the past year.
The firm, which is run by Scotland's best-known merchant banker, Sir Angus Grossart, reported the rise in accounts submitted to Companies House covering the year to January 31.
The leap in pre-tax profits follows several years of laboured performance for the bank, which attributed the rise to a recovery in free income and an increase in dividends from its investments in stock market-listed companies.
The accounts also show that the remuneration of the highest paid shareholder – believed to be Sir Angus – rose by 35,000 to 514,000 over the past year.
The 70-year-old is a former vice-chairman of banking giant RBS.
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