Chris Allen, Group CEO at Quintet Private Bank; Credit: Quintet Private Bank

On Thursday 27 March 2025, Luxembourg-headquartered Quintet Private Bank announced its financial results for 2024 and revealed full-year net profits of €68 million, up 45% from the €46.9 million recorded in 2023.

Quintet reported that this represents its third year of profitability growth despite the influence of external factors such as evolving interest rates and sustained inflationary pressure.

According to Quintet’s report, in 2024, total group income remained largely stable at €571.8 million, down from €602.4 million in 2023. Group expenses declined to €495.1 million in 2024, compared to €522.1 million the previous year and, as of 31 December 2024, total client assets stood at €100.6 billion, up from €92 billion at the end of 2023. Quintet attributed these increases to a rise in both private banking assets under management and institutional assets under custody.

Quintet also reported that its Basel III common equity tier 1 ratio stood at 20.3% at the end of 2024, up from 19.6% at the end of the previous year and above the regulatory threshold. The firm’s liquidity coverage ratio stood at 137.4% at the end of 2024, compared to 147.9% at the end of 2023, also above the regulatory threshold. Quintet advised that the current sources of funding and liquidity remain stable.

Interim Chair of the Board of Directors at Quintet, Marco Mazzucchelli, stated: “In 2024, we continued to execute our strategic plan, achieving significant financial, operational and prudential milestones.” He added: “Backed by our deeply committed shareholder, Quintet operates from a solid foundation and with a shared focus on sustainable growth.”

Group CEO, Chris Allen, commented: “We are proud to deliver another year of growth. Moving forward, we will continue to pursue our ambitious growth agenda, including by increasing organisational agility and efficiency.”

Quintet Private Bank (Europe) SA, was founded in 1949 and is headquartered in Luxembourg. It operates across Europe and the UK, serving a broad range of institutional and professional clients, including family offices, foundations and external asset managers.

SM