more-arw search

Finance Firms Saw Better Growth In Q2, Says Survey

Firms working in the finance sector experienced strong growth during the durin

Firms working in the finance sector experienced strong growth during the during the three-month period to June, but also reported declining optimism about business conditions, according to a recent report conducted by CBI/PWC.

Of the 108 finance firms that participated in the survey, 59 percent experienced rising volume and 21 percent reported a decrease. The companies that took part indicated a resulting rounded balance of 39 percent represents a greater increase in the growth rate. The second quarter of 2012 was also the ninth period of growth in a row.

The participating firms indicated rising incomes. Roughly two-fifths, or 43 percent of respondents said that their incomes grew as a result of premiums, fees and commissions, whereas 37 percent cited trading, net interest and investment.

"The financial services sector has seen another quarter of robust growth, with business volumes, income and profitability all rising solidly once again," Ian McCafferty, CBI chief economic adviser stated, according to Director of Finance. "However, businesses are less optimistic than in the previous survey, have reduced headcount and are reappraising investment plans. Regulatory compliance is an increasing factor shaping investment, activity and intentions." 

Topics:
Products and Companies: