Banque Internationale à Luxembourg S.A. (BIL) today reported that its financial results for the first half of 2015 affirm the profitabiliy of the bank, with its positioning and long-term sustainability expected to be strengthened with its new 'BIL 2020' corporate strategy.
BIL reported a 38% increase in pre-tax income from June 2014, with capital gains in the January sale of the bank's shareholding in Luxempart resulting in a pre-tax income of €130 million for the first half-year of 2015. Retail, corporate and wealth management activities were also found to have combatted a difficulte macroeconomic environment and yielded a 9% increase in profitability.
Client funds and client deposits were up 6.7% and 6.3%, respectively, whilst client loans also saw an increase of 5.7%.
The banking association claimed its recent signing of the InnovFin guarantee with the European Investment Bank (EIB) had lended itself to innovation in BIL's strategic framework, with the announcement in April 2015 of the 'BIL2020' programme. The BIL2020 strategy aims to strengthen the bank's position as a leading international bank in Luxembourg and its capacity as a wealth management actor in certain designates markets and countries.
Other actions made in the first half of 2015 by the bank have included the acquisition of the Swiss affiliate of KBL epb, due to be concluded by the year's end; the March inauguration of a new branch in Dubai; and the closure of its Singaporean offices in May 2015.
BIL also referenced certain accolades it has received so far in 2015, including the upgrade from 'A3' to 'Baa1' of its long-term deposit and senior unsecured debt ratings by Moody's and the 'Best Bank in Luxembourg' award received from Euromoney magazine, in the capacity of the 2015 Awards for Excellence.
