NM Rothschild, the UK banking business of Rothschild, has recorded a 15% rise in pre-tax profits but is unlikely to follow in the footsteps of Lazard, its main rival, and consider seeking a stock market flotation.

Four months ago, David de Rothschild took over as chairman from Sir Evelyn de Rothschild. Last year, David de Rothschild brought NM Rothschild and French side of the bank under one roof, a holding company called Concordia where he is also chairman.