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Banque Raiffeisen reported rises of just more than 8% in both its total balance sheet and net income on Tuesday. Library picture: Raiffeisen’s Luxembourg headquarters, in Leudelange, seen in February 2019. Photo credit: Nader Ghavami/Maison Moderne 

The cooperative bank posted net income of €18.8m for the 2020 financial year, a gain of 8.1% over 2019, but compared to €18.7m in 2018.

Its total balance sheet rose by 8.2% between 31 December 2019 and 31 December 2020, to €9.6bn, the bank reported on 20 April 2021. The bank said its balance sheet was €8.9bn at the end of 2019 and said it was “nearly €9bn” at the end of 2018.

Client deposits were up by 7.6% year-on-year. The bank said two-thirds of this figure was due to private clients simply spending less during the crisis.

Assets under management rose by 7.9%, largely driven by a 16% increase in wealth management services.

Raiffeisen said it employed 654 staff at the end of 2020 (compared to 661 at the end of 2019 and 650 at the end of 2018) and had 40,503 members (compared to 36,804 at the end of 2019 and 33,937 at the end of 2018).