An analysis of Goodbody Stockbroker’s 2020 financials give a sense of what AIB was paying for, when it acquired the Dublin stockbroker last September. The company’s core business bounced back in 2020 after a dip in 2019. Trading revenue was flat, but fee income and commission income rose significantly. Overall, revenue increased from €57.9 million to €67.3 million. The €7.8 increase in revenue dropped almost entirely to the bottom line, with net income increasing from a loss of €1.9 million in 2019 to €4.8 million in 2020. This shows the business has high operational leverage. Its costs are mainly fixed.…

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