Luxembourg-based KBL European Private Bankers (KBL epb), the parent company of UK-based Brown Shipley, has reported a net profit of EUR81m for 2015, a rise of 22% compared to the prior year.
For the 12-month period ending 31 December 2015, the group’s revenues stood at EUR548m, up 1.6% from EUR539m a year ago.
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The group’s core private banking assets under management increased 8% to EUR49bn, while assets under custody stood largely stable.
KBL epb Group CEO Yves Stein said: "At a time when our sector is consolidating, we are strengthening our footprint, enhancing our range of products and services, and, most importantly, demonstrating our enduring commitment to meeting the individual needs of each client we serve."
The group recently agreed to acquire Dutch private bank Insinger de Beaufort from BNP Paribas Wealth Management, and plans to merge Insinger de Beaufort with its Theodoor Gilissen business.
"As we review our group’s many recent accomplishments, we must also recognize that the first quarter of 2016 proved difficult for our sector, reflecting prevailing market conditions. Our group will nevertheless continue to make significant long-term investments, including strategic acquisitions, the enhancement our IT and Operations activities, and the training and professional development of our staff," Stein added.
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