Stern Groep said its first-half normalized net income was €3.1 million, a rise from €241,880 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue rose 14.8% on an annual basis to €516.0 million from €449.6 million, and total operating expenses grew 13.8% year over year to €508.9 million from €447.2 million.

Reported net income increased from the prior-year period to €3.4 million, or 60 cents per share, from €631,000.