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Client assets rise 15% at Degroof Petercam bank
Banking

Client assets rise 15% at Degroof Petercam bank

by Andréa OLDEREIDE 06.05.2022
Belgian bank employs more than a quarter of its staff in Luxembourg
Degroof Petercam Luxembourg operates in three entities located in the La Cloche d'or area
Degroof Petercam Luxembourg operates in three entities located in the La Cloche d'or area
Photo credit: Pierre Matgé

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.


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