Goodbody Stockbrokers returned to profit last year to record pre-tax profits of €5.5m.

That is according to new accounts for Goodbody Stockbrokers Unlimited Company which show that the business returned to pre-tax profits after revenues increased by 12% from €64.86m to €72.4m.

The pre-tax profit of €5.5m last year followed a pre-tax loss of €1.83m in 2019.

The revenues are made up of €67.33m from contracts with customers and €5m from trading income.

In September, AIB completed the purchase of Goodbody for €138m including the stockbroking and wealth management group's €56m of surplus cash, in a deal that would protect bonuses for staff of the securities firm.

The group has offices in Dublin, Cork and Galway along with a branch in the UK.

The directors said that investment banking experienced a strong out-turn where Covid-19 drove the agenda and despite the backdrop to significant volatility in markets "the division experienced year on year revenue growth from trading, commission, research and corporate advisory fees".

The directors also said that Goodbody’s wealth management business experienced growth in funds under management.

On the performance of the firm’s asset management business, they said "the investment performance of the funds was exceptional during the year with all funds at or well ahead of benchmark".

The company's fee income increased by 16% to €32.2m, while commission income rose by 22.5% to €25.8m while 'other income’ increased marginally to €9.2 million.

The accounts show that pay to key management personnel last year declined by 16% from €4.17m to €3.48m made up of salaries of €3.34m and pension contributions of €142,000.

Directors’ pay reduced by 21% from €1.96m to €1.55m made up of €1.33m in salaries and €220,000 in pension contributions.

The accounts disclose that during the year, transactions with a value of €900,000 were executed on behalf of directors.

This compared to transactions of €300,000 in 2019.

Numbers employed at the business last year remained static at 316 and staff costs totalled €39.9 million, that includes €34.26m in salaries.

No dividend was paid last year and the company had retained earnings of €71.3million at the end of the year.