Client assets rise 15% at Degroof Petercam bank
Rising markets and new cash from customers caused a record 15% jump in client assets over 2021 at Degroof Petercam, a Brussels-based private bank which employs more than a quarter of its staff in Luxembourg.
Client assets rose by €11 billion to €86 billion, the bank in its consolidated annual report for 2021, which came out on Thursday. "2021 was a good year,” Chief Executive Officer Hugo Lasat was quoted as saying in a statement.
“This growth is mainly due to sustained commercial activity in the asset management and private banking activities," the bank said.
While one in five Luxembourg banks failed to make a profit last year, net profit at Degroof Petercam rose by almost 20% to €47.6 million, while net revenues were up 16% to €545.7 million.
The bank operates in three entities in Luxembourg: Banque Degroof Petercam Luxembourg S.A., Degroof Petercam Asset Services S.A. and Degroof Petercam Insurance Broker S.A.