Sesame Bankhall Group has reported pre-tax profits of £4.1m for 2012 despite its network arm reporting a £9.3m loss largely due to its £6m FCA fine.
The profit is almost double the £2.2m profit reported by SBG for the previous year. The network arm reported a £2.4m loss for 2011.
The network made a complaints provision of £12m for the year whilst paying out £10.6m in claims.
The highest paid director at the business received £539,000 for the year.
Turnover increased 6 per cent to £180.2m, up from £170.3m in 2011.
Sesame says part of the reason for the difference in performance between its network arm and the overall group was down to Bankhall PMS posting a £3.3m pre-tax profit.
Sesame announced in June it had been fined £6m for failing to ensure investment advice was suitable and for failings in the systems and controls that governed the oversight of its appointed representatives.
Sesame had a total of 2,252 registered individuals at the end of 2012, up 1 per cent from 2,222 in 2011.
The firm had a financial surplus of £14.9m, down from £21.9m the previous year, SBG attributes the majority of the drop to the FCA fine.
Sesame chief executive George Higginson says: “In challenging market conditions we have continued to see healthy increases in revenue, adviser productivity and new advisers. Through our multi-million pound investment in technology and a new broader range of services for advisers, we are positioning the group strongly for the future.”