Luxembourg-based wealth manager Quintet Private Bank has reported a net loss of €20.3m for the year 2020 compared to a net loss of €43.7m in 2019.

The wealth manager, known as KBL until last year, said that its total group income during the year surged by 16% to €513 million, which include an undisclosed one-off capital gain.

Quintet Private Bank’s total client assets increased to €85bn as of 31 December 2020 from €81.5bn at the end of 2019.

The company’s group expenses over the same stood at €534m, an increase of 13% compared to 2019.

The company in its annual earnings statement note that its Basel III tier-one ratio during the year rose to 23.6%, while liquidity coverage ratio stood at 139%, which is well above the regulatory thresholds.

Quintet Private Bank Group CEO Jakob Stott said: “Our 2020 results reflect the significant investments we are making in the future.

“As the world is slowly healing and the pace of global economic recovery accelerates, we will continue to pursue our long-term strategic plan, which remains on track, endorsed by the Board of Directors and fully supported by our shareholder.

“Our focus on the transformation of Quintet remains unwavering, as does our commitment to become the most trusted fiduciary of family wealth.”

Quintet forayed into a number of new markets last year, hired over 350 professionals across its operations as well as diversified its long-term funding sources.