Luxembourg headquartered private bank KBL reported first half profits 41.9 million (£35.8 million) for the half year to end of June 2013.
The bank which operates in nine nations has seen a 331% increase in profitability from the same period the previous year when it made 9.7 million.
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The bank claimed that the increase in net profits comes from a combination of cutting operating costs, increased income and ‘significantly reduced impairment provisions’ over the past year.
"Today, we have a healthy balance sheet, strengthened senior management, significant growth ambitions and the full support of our shareholder to realise our long-term goals," Group CEO Jacques Peters said.
Growth by acquisition
Earlier this year, Peters set out a renewed strategy for the group that set a profitability target of 50 million for 2013, which the bank looks on target to achieve.
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By GlobalDataIn addition he said the bank is looking to make more than 100 million in profits by 2015.
To help achieve this growth KBL is looking to potentially acquire other businesses and hopes to make the first announcement of such an acquisition by the end of the year, it said in its half year report.
The half yearly figure comes as a part of the banks increased communication with clients and investors. Previously the bank only reported year end results.
