Rothschild & Co expects a 50% decline in profit ahead of going private later this year, citing a challenging environment for its units focusing on deals.
The Paris-based bank sees its net income for the first half of the year at around €125 million ($137 million), and at about €280 million for the full year 2023, it said in a statement Monday. In 2022, Rothschild’s profit was €249 million in the first half, and €606 million for the entire year.
The firm said it still sees “strong performance” for its wealth and asset management business.
Rothschild is set to leave the stock market after its main shareholder filed a tender offer to take it private. The deal, which involves several of France’s wealthiest dynasties, including the Dassault, Peugeot and Wertheimer families, values the bank about €3.7 billion. The firm now expects its shareholders’ equity to be at €3.6 billion as of June 30.
Read more: Rothschilds Map Bank’s New Path With $4 Billion Go-Private Deal
The bank will publish its earnings for the first half of the year on August 3.
