21 mars 2014
KBL European Private Bankers (KBL epb),the parent company of KBL Richelieu, on 20 March announced solid annual results for the fiscal year ending on 31 December 2013. KBL epb, which has operations in nine European countries, earned net profits of EUR84.5m in 2013, which represents a considerable improvement compared with the previous year. This positive performance, which far exceeded the previously-announced annual objective of EUR50m, has resulted in an increase in revenues for the group, a decline in operating costs, and a significant reduction in value corrections compared with 2012.
In 2013, earnings for the group totalled EUR540.6m, up 37% compared with the previous year, in a sign of the good performance of private banking activities at the group throughout its pan-European network. This success is also due to the global investor services, global financial markets, asset management and life insurance divisions. In this period, the group has posted an increase in its assets under management and under custody. As of 31 December 2013, assets under management totalled EUR42.2m, compared with EUR40.9m on the same date in 2012. Assets under custody totalled EUR41.3bn as of 31 December 2013, compared with EUR38.6bn on the same date in 2012.
Abroad, all onshore affiliates of the group are now profitable. The Spanish affiliate of the group, founded four years ago, exceeded its objectives for 2013.