Quintet Private Bank, the Luxembourg-headquartered parent of Brown Shipley, has just released its financial results for 2024.

Quintet Private Bank has just announced positive 2024 financial results, including net profit of €68 million ($73 million), up 45 per cent from €46.9 million in 2023.

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 with €522.1 million the previous year. 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, the firm said in a statement.

Quintet’s Basel III common equity tier 1 ratio stood at 20.3 per cent at the end of 2024, up from 19.6 per cent at the end of the previous year and well above the regulatory threshold. The firm’s liquidity coverage ratio stood at 137.4 per cent at the end of 2024, compared with 147.9 per cent at the end of 2023 and likewise well above the regulatory threshold. Current sources of funding and liquidity remain extremely stable.

“We are proud to deliver another year of growth,” Chris Allen, group CEO, said. “Building on our strong and consistent risk-adjusted 2024 investment performance supported by our partnership [with] BlackRock, a 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.” 

“We will further invest this year in standardising 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 continued. “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.”

Quintet’s family of private banks includes Brown Shipley (UK), InsingerGilissen (Netherlands), Merck Finck (Germany), Puilaetco (Belgium), Quintet Danmark (Denmark), Quintet Luxembourg (Luxembourg).