29 August 2013
KBL European Private Bankers (KBL epb) announced today its positive financial results for the six months ending June 30, 2013, demonstrating the group’s overall resilience and its sustained progress towards meeting the longer-term profitability targets communicated by the group earlier this year. KBL epb reported a net profit of €41.9 million for the first half of 2013, up more than 300% compared to €9.7 million for the same period last year.
This robust performance reflects the group’s increased income, lower operating expenses and significantly reduced impairment provisions compared to the corresponding period in 2012.
Earlier this year, Jacques Peters, Group CEO, KBL epb, unveiled the group’s longterm growth strategy, highlighting its profitability targets of €50 million for 2013 and €100 million for 2015.
“KBL European Private Bankers is back,” Peters said. “Today, we have a healthy balance sheet, strengthened senior management, significant growth ambitions and the full support of our shareholder to realize our long-term goals.”
Operating in nine countries in Europe, KBL epb is currently focused on achieving critical mass across its network – including through potential acquisitions in select markets – and hopes to be able to announce the first acquisition this year, subject to market conditions.
“By establishing a leading presence in every market in which we currently operate – while also increasingly seizing emerging opportunities abroad – I am confident that we will realize our vision to become a top 20 European private banking group by 2015,” Peters said.
In line with its reinvigorated approach to growth and increased focus on dialogue, KBL epb is investing in enhanced communication with all its stakeholders, including now communicating its financial results on both an annual and semi-annual basis.