However, facing low interest rates, net banking income fell by 2% to €1,352.2 million.

The bank, located in Kirchberg, has increased its loans to companies by 1.5%. In wealth management, a good performance of an increase of 5% in assets under management has been recorded. Income on stocks and shares have increased significantly (from €47.1 million to €158.3 million).

General costs have been kept down, decreasing by 1%. Its network of 41 branches has been entirely renovated and modernised; there are now also 123 ATMs in the country. BGL BNP Paribas also offers now the possibility to open an account completely online through its web banking.

Carlo Thill, chair of the board of governors at BGL BNP Paribas, said:

“If we don’t count the exceptional elements in 2015 and 2016, our growth is around 5%, which mitigates the results. In order to deal with the difficult situation in terms of income, we don’t have any possibility other than basing our growth on new activities and new clients. It’s not our current client base which will bring us money. Commercially, we cannot be dissatisfied with our 2016 report.”

Its solvency ratio is 23.1%. The group is 34% owned by the Luxembourg state, which will receive €62.5 million out of the €184 million in dividends.

You can find the original article (in French) here.