Accounts

KBL epb half-year net profit up 19 per cent to EUR50 million

KBL European Private Bankers (KBL epb) has reported a net profit of EUR50 million for the first half of 2014, an increase of over 19 per cent on the same period last year (EUR41.9m).

This positive performance was driven by increased income – especially in Luxembourg – significant affiliate contributions and the bank’s capacity to leverage market conditions.
 
Total assets under management increased over the six-month period, and were up by EUR1.7 billion as of 30 June 2014, compared to the end of last year.
 
Yves Stein, group CEO, KBL epb, says: “During the first half of this year, we continued to focus on the implementation of our business Transformation Programme and on the long-term development of the group, in line with the strategy put in place following the acquisition by Precision Capital, our shareholder.
 
“Over the same period, the group achieved solid organic growth in Luxembourg and among our key European affiliates, including Puilaetco Dewaay in Belgium, Theodoor Gilissen in the Netherlands, Brown Shipley in the UK, KBL Richelieu in France and Merck Finck in Germany.
 
“Here and across our network, we are pleased with our positive performance but remain firmly focused on the future. Today, we continue to accelerate our investments in the development of our product and service offering – and in the skills of our specialist staff. In areas such as credit, financial planning and asset management, in particular, we are now significantly enhancing the way we serve our clients.”
 
According to Stein, the top-line growth announced today can also be attributed to the group’s Luxembourg-headquartered global financial markets and life insurance business lines, which performed positively over the six-month period. As well, a number of non-recurring capital gains enhanced the group’s profitability in the first half of this year.
 
“A key factor driving our overall performance was our capacity to rapidly adapt our offering to meet the needs of today’s private and professional clients in Luxembourg,” he says. “As the leading European private bank headquartered in the Grand Duchy, we are able to quickly respond to the often complex needs of clients in our home country.”

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