The City of London has made £243.5 million from its investments in just two months following the end of lockdown.
The Central London borough has seen its assets shoot up in value between May and July 2021.
A report to the City of London’s Financial Investments Board on September 14 revealed the borough’s investments struggled throughout the lockdown months but have since bounced back.
The City of London had a market value of £1,222.6 million in investments on July 31 with money invested in a wide range of places.
The report showed the borough had invested £175 million in British banks including a £90 million investment in Natwest Bank.
A further £40 million was invested in Lloyds Bank by the borough.
The City of London had also invested money into two local authorities.
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The borough’s finance team invested £5million into the London Borough of Waltham Forest and a further £10 million into Stockport City Council.
The borough has also expanded its investment in foreign banks since the pandemic.
The report to City of London’s Financial Investments Board also showed that the Corporation has invested £50 million into German bank Helaba and £10 million into banks in Australia and New Zealand.
City of London’s finance officers now believes that the borough’s investments will not decline further as the financial sector starts to recover from the pandemic.
In the last financial year, the City of London lost £67.6 million in short term investments as a result of low-interest rates.
The latest finance report states the borough’s investments were unable to make as much money as hoped since the Bank of England was forced to cut interest rates to 0.1 percent to help deal with the financial crisis of the pandemic.
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