Curtis Banks profits soar

Curtis Banks profits soar

The self-invested personal pension (Sipp) provider Curtis Banks saw its pre-tax profits grow to £5m in the first six months of the year, as the provider continued to benefit from buying Suffolk Life.

Besides a hike of 85 per cent on its profits, Curtis Banks also had a 98 per cent increase in its operating revenue to £21.4m, according to its results announced today (4 September).

The company provides now 74,900 Sipps and has £23.1bn in assets under administration.

According to Rupert Curtis, group chief executive of Curtis Banks, the increase in the firm’s profits are due to high levels of organic growth and the acquisition of Suffolk Life.

This transaction was concluded last May, with the number of Sipps administered by Curtis Banks doubling after the deal.

Will Self, group deputy chief executive, said that “it has now been over a year since Suffolk Life became part of the Curtis Banks Group and the acquisition has helped propel the business forward”.

Mr Curtis said: “The integration of Suffolk Life continues apace and we have established a group management committee and new group brand. 

“We have also made considerable progress in rationalising our office network and delivering efficiencies.”

He added: “As in previous years, we expect performance will be weighted towards the second half of the year and we remain confident about delivering further profitable growth in the future.”

Curtis Banks also announced that Chris Macdonald, founder and chief executive of Brooks Macdonald Group, has been appointed non-executive chairman, replacing Chris Banks.

Mr Curtis said that Mr Banks “huge knowledge and experience will not be lost to the group”.

“I am delighted that he will continue to be involved in the growth of our business in the role of founder and strategic adviser,” he said.