News entreprises
Income largely stable at €571.8 million.
Quintet Private Bank, headquartered in Luxembourg and operating across Europe and the UK, announced today its positive 2024 financial results, including a full-year net profit of €68 million, up 45% from €46.9 million in 2023.
Quintet’s third consecutive year of profitability growth comes despite challenging external factors – including evolving interest rates and sustained inflationary pressure – and was supported by limited impairment provisions compared to the previous year.
In 2024, total group income remained largely stable at €571.8 million, down from €602.4 million in 2023. Group expenses declined to €495.1 million in 2024, compared to €522.1 million the previous year. As of December 31, 2024, total client assets stood at €100.6 billion, up from €92 billion at the end of 2023. This reflects increases in both private banking assets under management and institutional assets under custody.
Quintet’s Basel III common equity tier 1 ratio stood at 20.3% at the end of 2024, up from 19.6% at the end of the previous year and well above the regulatory threshold. The firm’s liquidity coverage ratio stood at 137.4% at the end of 2024, compared to 147.9% at the end of 2023 and likewise well above the regulatory threshold. Current sources of funding and liquidity remain extremely stable.
“In 2024, we continued to execute our strategic plan, achieving significant financial, operational and prudential milestones,” said Marco Mazzucchelli, interim Chair of the Board of Directors. “Backed by our deeply committed shareholder, Quintet operates from a solid foundation and with a shared focus on sustainable growth. The Board of Directors reaffirms Quintet’s commitment to delivering the best advice and service to our valued clients – throughout economic cycles and across generations.”
“We are proud to deliver another year of growth,” said Group CEO Chris Allen. “Moving forward, we will continue to pursue our ambitious growth agenda, including by increasing organizational 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,” he added.
“We will further invest this year in standardizing and enhancing key processes, such as client onboarding and strategic data management, as well as staff training and long-term career development. We will also continue to invest in strengthening our culture,” Allen said. “All of that will support our ability to attract and retain professionals who share our values and commitment to client-centric collaboration, which is the core driver of Quintet’s sustainable profitability and growth.”