Quintet makes a profit for first time in years
Quintet Private Bank made a profit for the first time in four years with a net profit of €18.1 million in 2022, the bank said on Thursday, just a month after the firm announced plans to cut 9% of its global workforce.
The bank reported an income for the entire group, which includes subsidiaries in Germany, the Netherlands, Belgium and the UK, of €524 million last year – up 14% compared to 2021, the bank said in a press release.
Increased lending boosted revenue growth, which reached €4.9 billion – a 10% increase on 2021, the company added.
The bank had not posted a profit since 2018 and saw steep losses of €110 million in 2021, a source close to the company previously told the Luxembourg Times.
In February, Quintet announced global layoffs as part of its long-term cost-cutting strategy but it will not need a negotiated deal with trade unions in Luxembourg, known as a social plan, the company said at the time.
Last year, group expenses remained stable at €493.2 million – a 2% decline compared to 2021, the bank said.
The private bank’s headquarters are in Luxembourg and it has operations in 50 cities across Europe and employs over 2,000 people. Known as KBL European Private Bankers until 2020, Quintet unites a family of private banks that includes InsingerGilissen in the Netherlands, Merck Finck in Germany, Brown Shipley in the UK and Puilaetco in Belgium.
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