BIL profits rise despite ‘difficult environment’

Banque Internationale à Luxembourg (BIL) published its business results for 2016 on Monday showing a healthy 3% rise in profits compared to the previous year, according the the report.

BIL’s activities with both private and corporate clients, the institutional sector, asset management and financial markets, all developed solidly.

The bank reported an adjusted operating profit before tax of 124 million euros, a 3% increase, while net profit after tax showed 110 million euros. The company continued to gain new customers and expanded its market share both in Luxembourg and internationally, according to a press release.

Assets under management increased from 35.5 billion to 37.7 billion, mainly as a result of an influx of 1.9 billion in the asset management segment.

Despite the continuing low-interest environment, BIL’s customer deposits rose by 7.4% to 16.1 billion euros, while customer loans rose to 12 billion euros, an increase of 5.9%.

These figures will now be submitted to the Annual General Meeting to be held on April 28.

“We are satisfied with our results in 2016. Despite a difficult environment, we were able to achieve growth in all business segments,” said CEO Hugues Delcourt.

“Thanks to our clear strategic objectives, the commitment of our employees, the trust of our customers and the support of our shareholders – Precision Capital and the Grand Duchy of Luxembourg, BIL is growing steadily and is well positioned for the next few years,” stated Luc Frieden, BIL’s Chairman of the Board.