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Luxembourg Banks Post Mixed Results in 2022 Financial Year

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The Luxembourg financial sector has reported a mixed bag of results for the 2022 financial year, with some banks posting significant profits while others struggled to stay afloat.

Profit Increases and Decreases

According to data released by the Luxembourg Stock Exchange, several major banks in the country have seen their profits increase significantly over the past year. These include:

  • Union Bancaire Privée (Europe) S.A., which saw its profits soar by 63.64% to €30.06 million
  • Advanzia Bank S.A., which reported a profit of €122.41 million, up 1.40% from the previous year

On the other hand, some banks have struggled to make ends meet, with:

  • Société Générale Financing and Distribution S.A. reporting a massive loss of €1.37 million, down from a profit of €0.09 million in 2021
  • Bankinter Luxembourg S.A. reporting a loss of €4.44 million, down from a profit of €6.96 million the previous year

Declining Profits

Several banks have also seen their profits decline, including:

  • Pictet & Cie (Europe) S.A., which reported a 9.42% drop in profits to €268.45 million
  • RBC Investor Services Bank S.A., which saw its profits fall by 8.94% to €175.33 million

Resilience and Recovery

Despite the mixed results, the overall trend suggests that the Luxembourg financial sector is showing signs of resilience and recovery from the pandemic-related challenges of recent years.

“It’s clear that some banks have performed better than others in this challenging environment,” said a banking industry expert. “However, it’s also encouraging to see that many banks are adapting to the changing landscape and finding ways to grow their profits.”

Full List of Bank Results

The full list of bank results for the 2022 financial year can be found below:

Bank Profit Results

  • Advanzia Bank S.A.: €122.41 million (up 1.40%)
  • Agricultural Bank of China (Luxembourg) S.A.: €0.64 million (down 44.77%)
  • Banco Bradesco Europa S.A.: €21.11 million (up 324.02%)
  • Bank GPB International S.A.: €61.43 million (up 239.13%)
  • …and many more.

Source

Luxembourg Stock Exchange, January 2023