Degroof Petercam on Saturday 6 May that its net profit had increased by 61%, rising from €47.6m in 2021 to €76.8m in 2022, primarily due to the evolution of interest rates and reduced operational costs. However, the company’s gross operating profits declined by €19.9m, from €126.6m in 2021 to €106.7m in 2022, or a decrease of 16%, due to “lower commission-based fees.”

, CEO of Degroof Petercam, said: “Financial markets were confronted with a valuation reset in 2022 in a context of the Ukrainian war and energy crisis. Degroof Petercam, and the industry in which we operate, went through a challenging year.”

Net revenues in 2022 slightly increased to €559m, compared to €546m the previous year.

Private banking operating revenues made up 46% of the total group revenues, with a slight increase from 2021, driven by higher interest margins and credit activity growth, which compensated for lower commission fees for asset management. Institutional asset management revenues contributed 24% to the total revenue, while investment banking contributed 16%.

Although net client assets declined to €71.1bn from €86bn at the end of 2021, total net revenues improved to €559m from €545.7m in 2021. “Despite these headwinds, our business lines generated solid results,” said Lasat.

Degroof Petercam operates in several countries, including Belgium, Luxembourg, France, Switzerland, Spain, the Netherlands, Germany, Italy, and Hong Kong. The company has approximately 390 employees in Luxembourg.

Degroof Petercam has reportedly recently received and is considering “its strategic options.”