German-owned BW Bank, which employs 23 people at Dublin's International Financial Services Centre, has reported a sharp rise in profits last year. Pre-tax profits increased from DM4.8 million (£1.9 million) to DM12.8 million (£5.1 million) in 1997. Its total assets also increased, mainly due to a DM85 million contribution from its parent. BW Bank was established in 1994 and provides corporate banking, treasury and corporate management services for its customers. Its managing director, Mr Bryan Higgins, said the bank is interested in setting up an Irish deposit base and is also considering the potential for subordinated debt issues in the Irish market.