- Net profit stands at €18.1 million
- Income rises to €524 million, up 14%
- Loan book expands to €4.9 billion, up 10%
- Expenses decline to €493.2 million, down 2%
- CET1 ratio rises to 18.4%, well above regulatory threshold
Quintet Private Bank announced today its 2022 financial results, highlighting the ongoing growth of its core business over a 12-month period marked by the firm’s
return to profitability.
Total group income rose to €524 million in 2022, up 14% compared to €460.8 million in 2021. Revenue growth was supported by increased lending, which reached €4.9 billion, up 10% from €4.5 billion in 2021. In 2022, group expenses remained largely stable at €493.2 million, a 2% decline compared to €504.6 million in 2021.
Despite significant market volatility last year and sustained inflationary pressure, Quintet reported a 2022 net profit of €18.1 million. That represents a turnaround from 2021, when one-off expenses weighed on the firm’s bottom line.
As of December 31, 2022, total client assets stood at €86.7 billion, a 10.2% decline from the end of 2021 primarily due to a price impact linked to volatile financial markets. The firm expects total client assets to recover as markets stabilize.
Quintet’s Basel III common equity tier 1 ratio stood at 18.4% at the end of 2022, well above the regulatory threshold and up from 18% at the end of the previous year. The firm’s liquidity coverage ratio stood at 153.2% at the end of 2022, up from 138.5% at the end of 2021 and likewise well above the regulatory threshold. Current sources of funding and liquidity remain extremely stable.
“We are pleased with our 2022 results, which reflect Quintet’s many strengths, starting with robust geographic coverage across Europe and the UK,”
said Rory Tapner, Chair of the Board of Directors.
“Our clients value our rich heritage, local proximity and personalized service. At the same time, they prize our ability to provide broader perspective and expert independent advice,”
“Thanks to that unique combination of proximity and perspective, Quintet will continue to stand apart as a reliable wealth manager with the protection of client wealth firmly at the center of its approach.”
Group CEO Chris Allen, who assumed the leadership of Quintet in July 2022, said: “We are strengthening the foundation of our firm to support sustained growth. That includes through our strategy refresh – a series of measures we will implement consistently over the course of this year and 2024 – and our new five-year business plan.
“We will seize the opportunity, especially following the 2020 merger of our EU subsidiaries, to create additional economies of scale, reduce organizational complexity and increase collaboration in service to our clients,”
“We also intend to make further investments in the bank this year,including in areas such as client experience, digitization and staff training. In combination, these measures will lead to greater productivity, increased revenues and lower expenses.”
“Backed by our deeply committed shareholder, we will continue to chart our path to sustained profitability and long-term growth. We will further establish Quintet as a firm that earns the trust of its clients by placing their interests right where they belong: at the heart of our organization.”