Belgian-based KBC Group, which owns banks such as UK private bank Brown Shipley, said its net profit in the three months ending on 30 June was €493 million ($762.6 million), a drop of 47 per cent from the same period a year ago and down by 11 per cent on the previous quarter.

Underlying net profit – excluding exceptional items – also fell, by 42 per cent to €510 million.

At its European private banking business unit, however, profits rose by 17 per cent over the same quarter last year to €47 million, the bank said in a statement.

Brown Shipley is owned by  KBL European Private Bankers which, from Luxembourg, heads a European network of private bankers. KBL European Private Bankers is part of KBC Group.