Annual Report
2009 was a year that saw significant volatility on the financial markets and with respect to economic data. The DAX reached its low for the year of 3,589 points in March 2009, only to experience an unusually fast rally to 6,000 points at the year-end. GDP fell by 5% – a unique development in the period since the end of the war.
The labor market was remarkably stable. Unemployment rose from 3.26 million to 3.42 million. National governments had to inject substantial liquidity into the global economy to avoid a major crisis. The ECB’s key rates were reduced successively to 1%. The euro fell steadily against the US dollar after its highs of November 2009.
In this environment the Warburg Banking Group, which comprises M.M.Warburg & CO, six subsidiary institutions in Germany and one each in Luxembourg and Switzerland, generated encouraging net income for the year. The Group’s income before taxes rose by 26.3% year-on-year to €65.7 million (previous year: €52.0 million).
The parent bank M.M.Warburg & CO KGaA generated net income before taxes of €61.3 million in 2009, up 31% year-on-year (previous year: €46.8 million).
ANNUAL REPORTS OF PREVIOUS YEARS
- Annual Report 2010
- Annual Report 2009
- Annual Report 2008
- Annual Report 2007
- Annual Report 2006
- Annual Report 2005
