BIL is present in the financial centres of Luxembourg, Switzerland, Denmark, the Middle East, and China.

Banque Internationale à Luxembourg said that its 2019 core operating income before tax rose by 20 per cent year-on-year to €136 million ($146.5 million).

The bank predicts that lower revenues and risk costs will rise this year as a result of the pandemic, although it is too early to measure the impact on its financial numbers.

“Nevertheless, it should be noted that the bank’s capital and liquidity positions remain solid with significant buffers in excess of regulatory requirements,” BIL said.

Assets under management rose by 10.3 per cent on a year ago to €43.5 billion. Customer deposits of €19 billion, up were up by 10 per cent. Net income after tax, however, fell  by 14 per cent to €113 million, mainly because the 2018 figure had been boosted by one-off items.

The firm’s Common Equity Tier 1 Capital Ratio stood at 12.47 per cent, widening from 12.04 per cent a year before.

Last year BIL launched a new strategic plan, envisaging investment of €400 million until 2025. 

BIL is present in the financial centres of Luxembourg, Switzerland, Denmark, the Middle East, and China.