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 million. 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 welcomed a 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 says.
Cayne 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 30 November to $1.8 billion. Wealth management saw revenue up by 33 per cent and global clearing services had an increase of seven per cent.