Luxembourg-based Quintet Private Bank has reported an increase in its net profit for the full-year of 2024, with figures reaching €68m ($73.3m), a 45% rise from €46.9m ($50.5m) in 2023.
This marks the bank’s third straight year of “profitability growth”.
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Quintet’s total group income for 2024 was €571.8m, down from €602.4m in the previous year.
The bank’s group expenses reduced to €495.1m in 2024 from €522.1m in 2023.
As of 31 December 2024, total client assets grew to €100.6bn from €92bn a year earlier, driven by gains in “private banking assets under management and institutional assets under custody”.
The bank’s Basel III common equity tier 1 ratio stood at 20.3% at the end of 2024, an increase from 19.6% in the prior year and “well above” the regulatory requirement.
Its liquidity coverage ratio was 137.4% at the close of 2024, versus 147.9% in the previous year, again exceeding regulatory norms.
Quintet Private Bank CEO Chris Allen said: “Moving forward, we will continue to pursue our ambitious growth agenda, including by increasing organisational agility and efficiency so we have more time to focus on meeting the needs of the families we serve.
“Building on our strong and consistent risk-adjusted 2024 investment performance supported by our partnership with BlackRock, the leading global asset manager, we will offer our clients an even broader range of investment options, reflecting our open-architecture approach and ‘protect and grow’ investment philosophy.”
Quintet Private Bank caters to affluent individuals and families, as well as a diverse array of institutional and professional clients, including family offices, foundations, and external asset managers.
In November 2024, Quintet Private Bank appointed Stephane Pardini as the head of wealth management in Luxembourg.
