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20 March 2014

KBL reports over performing net profit of €85m in Q4 

Private Banker International reports better than expected 2013 full-year result for KBL epb and that expansion is on the horizon

KBL European Private Bankers (KBL), parent of UK-based Brown Shipley, announced its financial results for the 12-month period ending December 31.

The Luxembourg-headquartered group, which operates in nine countries throughout Europe, reported a net profit of €84.5 million (£70.4m) for 2013, a positive performance compared to the earlier announced full-year target of €50m.

In 2013, the group's revenues reached €540.6 million, an increase of 37% compared to the previous year. KBL said the growth can also be attributed to the contribution of the group's global investor services, global financial markets, asset management and life insurance business lines.

Over the same period, the group recorded an increase in both assets under management (AuM) and assets under custody (AuC). As of December 31, AuM stood at €42.2 billion, compared to €40.9bn on the same date in 2012. AuC stood at €41.3bn as of December 31, 2013, compared to €38.6bn in 2012.

Commenting on these results, Yves Stein, group CEO, KBL said: "We are very pleased with the performance of the group in 2013 - a period marked by a return to profitability and the full implementation of our long-term growth strategy.

Outside Luxembourg, all of the group's onshore affiliates are now profitable, while the bank's greenfield Spanish branch also delivered above-budget performance in 2013, KBL said.

Acquisitions on the horizon

"At the same time, we remain committed to establishing a leading presence in every market in which we currently operate - including through potential acquisitions," Stein added.

Though not revealing any specificity on the acquisition plans, a KBL's spokesperson told PBI: "We are not looking at market outside Europe, but we are definitely focusing on expanding the clientele base in our existing markets." The spokesperson also said there are ongoing discussions over potential deals, including acquisition prospects in the UK. He didn't comment further.

KBL was among the final bidders for the Credit Suisse's German private banking business last year, which saw ABN AMRO's Bethmann Bank snapping up the unit.

 - Private Banker International