KBL European Private Bankers (KBL epb), headquartered in Luxembourg and operating in 50 cities across Europe, today announced its financial results for the 12-month period ending 31 December 2018.
KBL epb reported a group core operating profit of €38.6 million for 2018. Group revenues reached €444.8 million for the same period, while group expenses declined to €433.6 million.
Group assets under management and assets under custody stood at a combined total of €72.6 billion as of 31 December 2018, demonstrating the strength of KBL epb’s core activities across its pan-European footprint.
At the end of 2018, the group’s Basel III common equity tier-1 capital ratio similarly stood at 17.2%, underscoring KBL epb’s strong solvency position.
“We’re actively investing in the future, including in areas such as client experience, product development, sales marketing, digital innovation, staff training and external recruitment,” said Group CEO Peter Vandekerckhove. “Our 2018 results reflect the scale of those ongoing investments and our growth ambitions.”
Last year, according to Vandekerckhove, KBL epb hired over 60 private bankers and remains focused on creating additional scale through both semi-organic initiatives and M&A activity, following a string of successful acquisitions over the past five years. He added: “We have put in place a client-focused strategy and core principles that will serve as the foundation for the group’s future growth”, noting that KBL epb last year conducted a deep review of its existing structures, leading to a streamlining of decision-making processes at this highly agile organization.
Since the start of this year, KBL epb has witnessed a return to more robust organic growth, supported by more favourable market conditions, according to Nicholas Harvey, Deputy Group CEO. “Our business, like that of our peers, is by nature cyclical,” he said.
Finally, in recognition of client-centricity, KBL epb was named for the fourth consecutive year one of the “Outstanding Private Banks in Europe” at the Private Banker International Global Wealth Awards. KBL Luxembourg was similarly named the best private bank in the Grand Duchy for the third consecutive year at the PWM/The Banker Global Private Banking Awards and InsingerGilissen, the group’s Dutch affiliate, was named the best private bank in the Netherlands at the IEX Gouden Stier Awards.