U.S. Markets

Rothschild sees tougher 2019 as it posts higher annual profits

PARIS (Reuters) - Rothschild reported a 23 percent rise in annual net profits for 2018, although it warned of tougher conditions ahead in 2019 as issues such as Brexit weigh on markets.

The family-controlled bank said net profits had risen to 303 million euros ($342 million) from 247 million euros a year earlier.

“Whilst 2018 was a very strong year, we anticipate 2019 to be more challenging due to the increased uncertainty surrounding the macro environment and its consequential effects on financial markets,” Rothschild said in a statement.

Rothschild & Co is headed by Alexandre Rothschild, a scion of the banking dynasty founded by Mayer Amschel Rothschild in the 18th century which has worked on historic deals, including helping finance Britain’s war against Napoleon’s France.

($1 = 0.8858 euros)

Reporting by Sudip Kar-Gupta; Editing by Inti Landauro