Rothschild Bank and Co, the listed entity of the Rothschild financial group, anticipates a net profit halved in the first half of 2023 and annual losses of the same order, according to a press release on Monday.
According to the bank’s best estimates, net income (group share) for the first half of 2023 should be around 125 million euros, compared to 249 million euros recorded in the same period the previous year, the bank announced.
In addition, the net result (group share) for the year 2023 should be around 280 million euros, the bank still anticipates, while in 2022, it amounted to 606 million euros.
The investment bank will publish its first half results on August 3 and had already warned in May that 2023 will be a more difficult year given the macroeconomic and geopolitical environment.
The title of Rothschild and Co is to disappear from the Paris Stock Exchange, the holding company of the Rothschild family, Concordia, having filed in early June a public tender offer for the shares of the bank.
The group is valued at more than 3 billion euros on the Paris stock market. The share price stood at 46.40 euros at the close, its price having remained stable during the session on Monday.
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With nearly 40% of the shares, the Concordia holding seeks to acquire the securities it does not hold and which are not held either by the other members of the shareholders’ pact concluded in February, ie around 45% of the shares.
Several big names in French capitalism, present in this shareholders’ pact, including the Peugeot and Wertheimer (Chanel) families, must thus enter the capital of the investment bank as part of this operation.