Pre-tax profits at a financial services firm, which merged with its European operations last year in response to Brexit, increased more than eight fold to $643m (€594m).

According to new accounts filed by the Dublin-based Bank of America Merrill Lynch International DAC, the business recorded the sharp increase in pre-tax profits in the 12 months to the end of December.

That came after its total operating income soared more than 10 fold from $252m to $2.585 billion.

Up until 1st December 2018 the company only had its head office in Dublin, with a single branch in London.

However, in response to Brexit and in order to have a scaleable EU-domiciled credit institution owned by immediate parent - Bank of America National Association - the business carried out a merger on that resulted in the addition of seven units across Europe to its Dublin headquartered business.

As a result, BAMLI now counts branches at Frankfurt, Amsterdam, Brussels, Paris, Zurich, Madrid and Milan amongst the Dublin-registered business.

According to the directors' report, the merger resulted in $50.3 billion on assets being purchased by the company on 1st December 2018.

Revenues are derived from the company’s core global banking and markets activities and its support services.

Numbers employed by the company increased from 613 to 5,594 and wages and salaries at the company totalled $839m for the year, resulting in average pay of $149,932.

Nine directors at the firm shared directors’ pay of $19.12m. 

The pay was made up of $18.35m in emoluments, $705,000 in non-executive directors’ fees and $64,000.

Emoluments to directors more than doubled from $8.13m in 2018 to $18.35m last year.

The company’s revenues were made up of net interest income of $498m; net fee and commission income of $362m, dealing profits of $360m; other operating income of $1.28 billion that was mainly made up of service income of $1.22 billion.

The company’s expenses include non-cash cost of depreciation and amortisation charges of $104m, along with an impairment charge of $140m while administrative expenses totalled $1.3 billion.

On the impact of coronavirus on business, a note attached to the accounts states that the company cannot predict its effects but that the company is taking actions to mitigate the impact.

At the end of last year, the company had assets of $58.9 billion. The company’s shareholder funds totalled $11.84 billion, which included accumulated profits of $2.68 billion.