(L-R) Camille Fohl, Chairman of the Board of Directors at Spuerkeess, Françoise Thoma, Chief Executive Officer of Spuerkeess; Credit: Spuerkeess

On Wednesday 22 April 2026, Luxembourg bank Spuerkeess (Banque et Caisse d'Épargne de l'État, Luxembourg) presented its financial results for 2025.

Spuerkeess stated that in an economic environment marked by a gradual normalisation of market conditions and evolving banking practices, it recorded improved revenues. This performance reflected the resilience of its banking model, the momentum of its commercial activities and rigorous risk management.

The bank reported that its banking income reached €1,239.6 million, an increase of 5.8% year-on-year, mainly driven by net interest income (€930.7 million, +10.1%), commissions (€208.0 million, +12.5%) and income from participations (€90.0 million). Net profit amounted to €529.5 million, up 32.3% compared to 2024, allowing the bank to propose a profit distribution of €210 million to the Luxembourg State while strengthening its financial base.

Customer loans reached €29.2 billion (+7.6%), reflecting a gradual recovery in financing demand, while customer deposits rose to €43.5 billion (+3.1%), confirming sustained customer confidence. Total assets stood at €60.2 billion, up 5.3% compared to the end of 2024.

Operating expenses increased by 13.2%, reflecting continued recruitment, salary developments and investments in cybersecurity, risk control, compliance and the expansion of digital services.

In Retail and Private Banking, the bank welcomed more than 18,000 new clients, bringing the total to 551,000, while strengthening relationships with existing customers. Mortgage lending activity increased with more than 5,560 new housing loan files, mainly driven by the existing residential market, while the off-plan segment remained slow to recover.

Customer assets increased by 6.1%, while discretionary assets under management rose by 16.1%, reflecting market performance and confidence in the bank’s investment solutions. The Net Promoter Score stood at 44, with nearly one in two clients considering Spuerkeess as their main bank.

In Corporate Banking, more than 1,330 new companies became clients (+11%), while leasing activity increased by 10.7%. The bank also participated in financing wind farms for a total of €60 million and became the first Luxembourg bank to sign the InvestEU agreement in cooperation with the European Investment Fund.

Institutional Banking saw deposits rise to €12.7 billion (+11%), with more than 430 new relationships established with funds and asset managers.

In 2025, the bank recruited 175 new employees, increasing its workforce by 50 people, and delivered 67,000 hours of training (an average of 34 hours per employee), while continuing to develop an inclusive and attractive working environment.

The bank noted that the cost of risk decreased significantly to €45.4 million (seven basis points), compared to €196.2 million (31 basis points) in 2024, mainly due to an improvement in the risk profile of the residential real estate loan portfolio, despite continued pressure in the commercial real estate segment.

Spuerkeess also reported strong solvency levels, with a CET1 capital ratio of 26.9% and regulatory capital of €5.85 billion. Its liquidity position remained solid, supported by a loans-to-deposits ratio of 67% and a high-quality liquid investment portfolio of €16.5 billion.

On Tuesday 21 April 2026, rating agency Moody's upgraded the bank’s deposit rating from Aa2 to Aa1, reflecting the strength of its capitalisation, its central role in Luxembourg’s economy and the high likelihood of state support.

The bank noted that its 2025 results are part of its Strategy 2030, aimed at responding to economic, technological and societal developments while maintaining its role as a key financial institution in Luxembourg. The strategy focuses on strengthening its commercial model, accelerating digital transformation, maintaining strong client relationships and ensuring prudent risk management.