Financial Results

Quintet Private Bank Profits Up In 2023

Amanda Cheesley Deputy Editor 2 April 2024

Quintet Private Bank Profits Up In 2023

Luxembourg-headquartered Quintet Private Bank, parent of UK wealth manager Brown Shipley, has just released its 2023 financial results.

Despite the challenging economic environment, Quintet Private Bank has announced positive 2023 financial results, including a full-year net profit of €46.9 million ($51 million), up from €18.1 million in 2022. 

In 2023, total group income rose to €602.4 million, up 15 per cent compared with €524 million in 2022. Group expenses remained largely stable at €522.1 million in 2023, compared with €493.2 million the previous year, the bank said in a statement. Consequently, Quintet’s 2023 cost-to-income ratio stood at 86.7 per cent, compared with 94.1 per cent in 2022. 

As of 31 December 2023, total client assets stood at €92 billion, up 6 per cent from €86.7 billion at the end of 2022, the firm continued. 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 19.6 per cent at the end of 2023, up from 18.4 per cent at the end of the previous year – above the regulatory threshold. The firm’s liquidity coverage ratio stood at 147.9 per cent at the end of 2023, compared with 153.2 per cent at the end of 2022 – also above the regulatory threshold. Current sources of funding and liquidity remain stable, the bank added.

“2023 was another positive year for Quintet,” said group CEO Chris Allen. “Overall financial performance was robust over a 12-month period when we strengthened the foundation of our firm to support sustained growth, including by increasing organisational agility and collaboration in service to our clients,” he added. “We also extended our investment capabilities last year through a refreshed philosophy and partnerships with firms such as BlackRock and Moonfare, further enhancing our client proposition.” 

While evolving macroeconomic conditions will create new demands for the sector this year, Allen remains confident about the outlook.

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