The Luxembourg-headquartered private banking group reported a robust set of financial results for last year.

KBL European Private Bankers, which owns the UK's Brown Shipley, boosted its net profit by 22 per cent year-on-year to €81 million ($92 million) in 2015.

Revenues rose from €539 million in 2014 to €548 million last year as private banking assets under management grew 8 per cent to €49 billion. The group's assets under custody remained stable and its Basel III core tier one capital ratio stood at 13.8 per cent at the end of the year.

Group chief executive Yves Stein said the growth came in spite of historically low interest rates and volatile market conditions. He highlighted the positive revenue contribution made by KBL's institutional and professional services business line, which serves family offices, foundations, external asset managers and investment funds, though figures for this were not given.

Earlier this month, the group agreed to acquire Insinger de Beaufort, a Netherlands-based private bank, from BNP Paribas Wealth Management, for an undisclosed sum. The acquisition, expected to close in the second half of this year, follows KBL's recent purchases of UK-based financial planning firm Hampton Dean and UBS’s private bank in Belgium.

“As we review our group’s many recent accomplishments, we must also recognise that the first quarter of 2016 proved difficult for our sector, reflecting prevailing market conditions,” Stein said. 

“Our group will nevertheless continue to make significant long-term investments, including strategic acquisitions, the enhancement our IT and operations activities, and the training and professional development of our staff,” he said.