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Find out more about our financial results for 2019 in Overview, our annual publication which presents key information about Banque de Luxembourg.
Net profit stable in a complex global environment
The Bank closed the 2019 financial year with consolidated net profit of 63.5 million euros, a stable performance compared to the previous financial year, in a global environment that continues to be characterised by low interest rates and higher costs (mainly related to strict compliance with regulatory constraints).
Solvency ratio underlines our solidity
At 31 December 2019, our equity capital totalled 1 007 billion euros. The ‘Common Equity Tier 1’ solvency ratio of 27.19%, well above requirements, also reflects the Bank’s solidity and is a logical expression of our prudent approach over the long term.
Favourable development for our five business lines
In a complex environment, all five main business areas delivered robust performance.
Private Banking is continuing to develop its wealth management services, with assets under management totalling EUR 23.2 billion at 31 December 2019. The transition to MiFID II has also been an opportunity to rethink the services we offer our target clients, whose sophisticated needs require high value-added services, personalised support and bespoke solutions. This banking experience is being extended online, and we are investing in new communication channels to satisfy our increasingly mobile clients.
BLI – Banque de Luxembourg Investments is Banque de Luxembourg's asset management company. It specialises in fund management and the analysis and selection of high quality stocks, applying the principles of ‘Business Like Investing’. 2019 was a good year on the equity markets overall but it saw spells of high volatility. In this context, BLI - Banque de Luxembourg Investments’ assets under management increased by 16.5%, exceeding the EUR 12 billion mark. 2019 also marked the start of a new sales organisation.
BUSINESSES & ENTREPRENEURS
This activity expanded significantly in 2019. At 31 December 2019, the team supported more than 800 client groups, with assets under management in excess of EUR 3 billion. The division is increasingly active on the credit market. In the medium term, its ambition is to be the partner of choice for family businesses and real estate professionals in Luxembourg and the Greater Region.
LOANS & CREDITS
In 2019, we continued to work proactively with our clients, private and professional, in financing their projects. At 31 December 2019, outstanding loans totalled EUR 3.37 billion. In a complex and competitive environment, the Bank can rely on its solid fundamentals and expertise to position this activity as a growth driver for the years to come.
Professional Banking delivered positive growth, both in terms of services offered to investment funds and services to independent asset managers and life insurance companies. Thanks to the teams’ major sales efforts on the one hand, and the development of business with existing clients on the other, the Investment Fund Services department and the Independent Investor Services department (services for independent fund managers) made significant progress. Assets under administration at IFS increased to EUR 63.6 billion, while assets under management at iiS reached a total of EUR 7.9 billion.
Banque de Luxembourg remains confident in its financial and operational stability in the face of recent public health developments, which are affecting populations and markets worldwide. In this regard, watch the video message (in French) from Pierre Ahlborn, Administrateur Délégué of Banque de Luxembourg.