Luxembourg-based KBL European Private Bankers (KBL epb) has reported a net profit of 50 million for the first half of 2014, an increase of more than 19% compared to 41.9 million for the same period last year.
This positive performance was driven by increased income – especially in Luxembourg – significant affiliate contributions and the bank’s capacity to leverage market conditions, the bank said.
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Total assets under management increased over the six-month period, and were up by 1.7 billion as of 30 June 2014, compared to the end of last year.
Commenting on these results, KBL epb group CEO Yves Stein said: "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.
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