Luxembourg banking insights 2023

How does your bank compete with others in Luxembourg’s banking sector?

Explore KPMG’s annual analysis of the banking market, based on statistical and annual accounts data.

Home Insights Luxembourg banking insights 2023

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Introduction

As the global economy experiences massive fluctuations due to supply chain obstacles, increased compliance regulations, the ongoing conflict in Ukraine, and other formidable challenges, the banking sector is in the midst of an important but crucial transformation. With statistical analyses and data from over 70 of Luxembourg’s banking institutions, we invite you to delve into our data, discover financial trends, read about the industry from Luxembourg’s banking experts, and learn about your bank’s positioning against others in Luxembourg’s financial ecosystem.

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Our key highlights

Our Head of Banking, Stanislas Chambourdon, reveals several major findings in Luxembourg’s banking sector from the past year.

Banking income increased to EUR 14 billion.

2022 saw major growth in banking income in Luxembourg, increasing by 11% compared to 2021. This is mostly due to interest margin soaring by 39%.

Total expenses also increased, but at a lower rate than before

At 3% in 2022, it is one of the lowest in years. The following contributions are still causing high cost levels for the banks:

  1. ongoing investments in infrastructure
  2. restructuring
  3. regulatory compliance
  4. and wage indexation

Banks successfully raised their pre-provision and pre-tax profits by 22% to EUR 6 billion in 2022, surpassing the figures of the previous year.

However, when accounting for taxes and provisions, the net profits exhibited a more modest growth of 2% to EUR 4.1 billion in 2022, compared to 2021.

It is important to note that banks in Luxembourg managed to surpass pre-pandemic levels in terms of operating profits, indicating a positive trajectory. However, the increase in the interest margin was primarily influenced by decisions made by the European Central Bank (ECB) rather than by the banks' own operational performance.

Man opening a door

Foreword: The leader’s perspective

Luxembourg Minister of Finance Yuriko Backes, Director General of the CSSF Claude Marx and the CEO of the ABBL Guy Hoffmann, give their view on banking in 2022, and an outlook on the year ahead.

We need to think long-term – and that’s exactly what we’re doing.

Yuriko Backes, Luxembourg Minister of Finance

Read interview

Despite the stability of the banking system, I don’t think the wave of consolidation is over.

Claude Marx, Director General of the CSSF

Read interview

Don’t kill the goose that lays the golden egg.

Guy Hoffmann, Chairman of the ABBL

Read interview

Social policy and many of the benefits we enjoy here in Luxembourg are only possible because of the strength of our banks.

Alessandra Simonelli, Head of Sustainability at the Banque Internationale à Luxembourg (BIL)

Read interview

...

Our banking insights 2023

Delve deep into the key trends, challenges, and opportunities shaping the banking sector in Luxembourg.

New regulations and challenges ahead

Benedikt Barz – Director at KPMG – discusses a few challenges the market is facing and how they are being tackled.

Interactive bank rankings 31. December 2022Expand Close

Get the most from our banking insights report by filtering the data by factors that interest you.

  • Overview
  • Total assets
  • Amount owed to customers
  • Equity
  • Net interest income
  • Net fee and commission income
  • Profit for the financial year
  • Staff

Overview (rank by category)

Bank Total assets Amounts owed to customers Net interest income Net fee and commission income Profit for the financial year Equity Staff
Advanzia Bank S.A. 35 27 4 28 9 41 28
Agricultural Bank of China (Luxembourg) S.A. 70 60 67 51 55 68 52
Banco Bradesco Europa S.A. 42 46 31 45 30 22 51
Bank GPB International S.A. 31 38 23 33 16 40 38
Bank Julius Baer Europe S.A. 32 20 33 19 26 42 19
Bank of China (Europe) S.A. 19 21 16 42 33 21 24
Bank of Communications (Luxembourg) S.A. 49 57 44 59 67 35 48
Bankinter Luxembourg S.A. 54 40 49 43 62 55 57
Banque BCP S.A. 56 50 43 63 58 64 45
Banque de Luxembourg S.A. 12 7 14 12 15 17 8
Banque de Patrimoines Privés S.A. 53 43 50 38 43 62 41
Banque Degroof Petercam Luxembourg S.A. 34 25 39 24 22 38 22
Banque et Caisse d'Epargne de l'Etat, Luxembourg 1 1 2 10 4 2 3
Banque Havilland S.A. 51 49 45 44 69 43 34
Banque Internationale à Luxembourg S.A. 4 4 3 6 6 6 2
Banque J. Safra Sarasin (Luxembourg) SA 25 22 17 23 21 25 25
Banque Raiffeisen Société Coopérative 16 11 11 30 29 28 10
Banque Transatlantique Luxembourg S.A. 50 42 51 55 47 57 58
BGL BNP Paribas S.A. 3 2 1 8 1 1 1
BPER Bank Luxembourg SA 52 44 52 57 48 59 61
Brown Brothers Harriman (Luxembourg) S.C.A. 66 63 64 13 20 50 16
CA Indosuez Wealth (Europe) S.A. 11 12 19 15 11 72 11
China Construction Bank (Europe) S.A. 37 54 28 41 68 23 27
China Everbright Bank (Europe) S.A 67 63 63 62 53 70 71
China Merchants Bank (Europe) S.A. 71 63 66 67 63 65 67
CIBC Capital Markets (Europe) SA 57 63 54 47 56 29 65
Clearstream Banking S.A. 9 30 8 1 2 14 13
Clearstream Fund Centre S.A. 62 63 69 68 39 36 46
Commerzbank Finance & Covered Bond S.A. 24 39 13 61 70 11 69
Crédit Suisse (Luxembourg) S.A. 27 16 32 16 24 24 17
Delen Private Bank Luxembourg S.A. 60 51 61 17 13 60 53
Deutsche Bank Luxembourg S.A. 5 24 5 71 5 3 20
DNB Luxembourg S.A. 41 35 34 58 36 49 56
DZ PRIVATBANK S.A. 6 6 12 11 12 13 6
Edmond de Rothschild (Europe) 28 17 26 21 28 44 15
EFG Bank (Luxembourg) S.A. 33 23 37 27 27 46 29
Eurobank Private Bank Luxembourg S.A. 39 31 27 52 35 39 40
European Depositary Bank (formerly M.M. Warburg & CO Luxembourg S.A.) 46 34 40 26 50 58 23
Fortuna Banque s.c. 65 56 57 66 64 69 64
Freie Internationale Sparkasse S.A. 69 58 62 64 60 71 63
HSBC Private Bank (Luxembourg) S.A. 20 36 72 46 66 30 43
Industrial and Commercial Bank of China (Europe) S.A., en abrégé ICBC (Europe) S.A. 23 18 24 35 7 37 18
ING LUXEMBOURG S.A. 7 5 7 14 10 15 7
Intesa Sanpaolo Bank Luxembourg S.A. 8 28 10 25 72 5 32
Intesa Sanpaolo Wealth Management S.A. 44 32 46 31 38 53 35
John Deere Bank S.A. 36 63 21 60 18 26 33
Lombard Odier (Europe) S.A. 45 33 36 20 32 52 26
MEDIOBANCA INTERNATIONAL (LUXEMBOURG) S.A. 22 62 38 53 42 32 66
Mirabaud & Cie (Europe) S.A. 61 52 56 34 59 67 59
Mitsubishi UFJ Investor Services and Banking (Luxembourg) S.A. 21 15 25 18 17 27 31
Mizuho Trust & Banking (Luxembourg) SA 48 48 53 29 51 51 30
Natixis Wealth Management Luxembourg 29 45 29 48 37 18 44
Nomura Bank (Luxembourg) S.A. 30 19 60 22 31 31 21
NORD/LB Luxembourg S.A. Covered Bond Bank S.A. 18 26 18 72 34 19 36
Northern Trust Global Services SE 26 14 47 5 19 16 14
PayPal (Europe) S.a r.l. et Cie, S.C.A. 15 63 6 2 14 9 42
Pictet & Cie (Europe) S.A. 17 13 20 3 8 20 12
Quintet Private Bank (Europe) S.A. 13 10 15 4 41 12 4
Rakuten Europe Bank S.A. 68 61 70 39 61 66 55
RBC Investor Services Bank S.A. 10 8 22 7 25 10 9
RBS International Depositary Sservices S.A 72 63 68 50 54 8 60
RiverBank S.A. 64 55 42 65 65 61 49
SMBC Nikko Bank (Luxembourg) S.A. 58 47 65 36 45 45 47
Société Générale Capital Market Finance S.A. 14 9 71 40 57 54 72
Société Générale Financing and Distribution S.A. 59 63 55 70 71 47 70
Société Générale Luxembourg 2 3 9 9 3 4 5
Société Nationale de Crédit et d'Investissement 47 59 58 69 23 7 68
Sumitomo Mitsui Trust Bank (Luxembourg) S.A. 63 63 59 56 52 63 62
Swissquote Bank Europe SA 55 41 48 49 49 56 54
UniCredit International Bank (Luxembourg) S.A. 40 53 35 54 46 34 50
Union Bancaire Privée (Europe) S.A. 38 29 30 32 40 33 37
VP Bank (Luxembourg) S.A. 43 37 41 37 44 48 39

Total assets (€ million)

Bank 2022 2021 % change
Advanzia Bank S.A. 3 248.45 3 126.10 3.91%
Agricultural Bank of China (Luxembourg) S.A. 50.62 39.19 29.16%
Banco Bradesco Europa S.A. 2 099.60 2 731.11 -23.12%
Bank GPB International S.A. 4 634.11 3 519.12 31.68%
Bank Julius Baer Europe S.A. 4 085.83 3 016.33 35.46%
Bank of China (Europe) S.A. 8 622.95 6 905.10 24.88%
Bank of Communications (Luxembourg) S.A. 992.81 759.68 30.69%
Bankinter Luxembourg S.A. 839.45 899.15 -6.64%
Banque BCP S.A. 784.82 784.14 0.09%
Banque de Luxembourg S.A. 14 632.70 14 177.91 3.21%
Banque de Patrimoines Privés S.A. 847.10 808.47 4.78%
Banque Degroof Petercam Luxembourg S.A. 3 346.33 3 671.02 -8.84%
Banque et Caisse d'Epargne de l'Etat, Luxembourg 56 905.62 53 764.03 5.84%
Banque Havilland S.A. 938.85 992.35 -5.39%
Banque Internationale à Luxembourg S.A. 32 412.31 32 445.72 -0.10%
Banque J. Safra Sarasin (Luxembourg) SA 6 216.58 5 875.57 5.80%
Banque Raiffeisen Société Coopérative 10 754.48 10 156.44 5.89%
Banque Transatlantique Luxembourg S.A. 976.65 753.57 29.60%
BGL BNP Paribas S.A. 50 986.30 51 642.50 -1.27%
BPER Bank Luxembourg SA 875.69 910.87 -3.86%
Brown Brothers Harriman (Luxembourg) S.C.A. 118.75 112.16 5.87%
CA Indosuez Wealth (Europe) S.A. 15 077.48 14 150.99 6.55%
China Construction Bank (Europe) S.A. 3 164.42 2 688.33 17.71%
China Everbright Bank (Europe) S.A 103.76 152.00 -31.73%
China Merchants Bank (Europe) S.A. 44.82 49.69 -9.81%
CIBC Capital Markets (Europe) SA 770.38 541.26 42.33%
Clearstream Banking S.A. 17 174.44 14 578.99 17.80%
Clearstream Fund Centre S.A. 376.17
Commerzbank Finance & Covered Bond S.A. 6 379.20 8 030.26 -20.56%
Crédit Suisse (Luxembourg) S.A. 5 290.44 8 731.28 -39.41%
Delen Private Bank Luxembourg S.A. 631.03 735.68 -14.22%
Deutsche Bank Luxembourg S.A. 29 507.24 27 530.47 7.18%
DNB Luxembourg S.A. 2 431.69 2 173.92 11.86%
DZ PRIVATBANK S.A. 24 812.73 20 915.15 18.64%
Edmond de Rothschild (Europe) 5 147.30 5 027.70 2.38%
EFG Bank (Luxembourg) S.A. 3 550.13 3 294.85 7.75%
Eurobank Private Bank Luxembourg S.A. 2 790.61 2 838.27 -1.68%
European Depositary Bank (formerly M.M. Warburg & CO Luxembourg S.A.) 1 619.00 1 564.95 3.45%
Fortuna Banque s.c. 174.80 256.56 -31.87%
Freie Internationale Sparkasse S.A. 53.04 52.32 1.38%
HSBC Private Bank (Luxembourg) S.A. 8 565.99 5 466.32 56.70%
Industrial and Commercial Bank of China (Europe) S.A., en abrégé ICBC (Europe) S.A. 7 403.55 6 246.16 18.53%
ING LUXEMBOURG S.A. 20 933.24 23 303.49 -10.17%
Intesa Sanpaolo Bank Luxembourg S.A. 18 365.97 21 091.95 -12.92%
Intesa Sanpaolo Wealth Management S.A. 1 981.86 1 812.64 9.34%
John Deere Bank S.A. 3 184.60 2 605.47 22.23%
Lombard Odier (Europe) S.A. 1 840.80 2 224.22 -17.24%
MEDIOBANCA INTERNATIONAL (LUXEMBOURG) S.A. 7 482.49 7 128.45 4.97%
Mirabaud & Cie (Europe) S.A. 466.41 617.95 -24.52%
Mitsubishi UFJ Investor Services and Banking (Luxembourg) S.A. 7 698.40 9 596.63 -19.78%
Mizuho Trust & Banking (Luxembourg) SA 1 318.68 1 365.03 -3.40
Natixis Wealth Management Luxembourg 4 918.58 4 811.00 2.24%
Nomura Bank (Luxembourg) S.A. 4 858.21 3 251.30 49.42%
NORD/LB Luxembourg S.A. Covered Bond Bank S.A. 9 154.70 10 579.50 -13.47%
Northern Trust Global Services SE 6 108.92 7 436.85 -17.86%
PayPal (Europe) S.a r.l. et Cie, S.C.A. 11 572.93 11 185.12 3.47%
Pictet & Cie (Europe) S.A. 10 391.24 11 622.63 -10.59
Quintet Private Bank (Europe) S.A. 13 010.00 12 851.00 1.24%
Rakuten Europe Bank S.A. 53.77 60.16 -10.62%
RBC Investor Services Bank S.A. 16 413.78 20 581.82 -20.25%
RBS International Depositary Services S.A 15.65 15.80 -0.94%
RiverBank S.A. 246.48 197.14 25.03%
SMBC Nikko Bank (Luxembourg) S.A. 712.24 671.11 6.13%
Société Générale Capital Market Finance S.A. 12 059.47 10 904.11 10.60%
Société Générale Financing and Distribution S.A. 671.85 801.96 -16.22%
Société Générale Luxembourg 52 415.58 51 333.61 2.11%
Société Nationale de Crédit et d'Investissement 1 602.56 1 566.94 2.27%
Sumitomo Mitsui Trust Bank (Luxembourg) S.A. 329.65 338.53 -2.62%
Swissquote Bank Europe SA 792.64 426.98 85.64%
UniCredit International Bank (Luxembourg) S.A. 2 482.29 2 416.71 2.71%
Union Bancaire Privée (Europe) S.A. 3 038.94 1 880.23 61.63%
VP Bank (Luxembourg) S.A. 2 096.80 1 590.67 31.82%

Amount owed to customers (€ million)

Bank 2022 2021 % change
Advanzia Bank S.A. 2 355.66 2 221.26 6.05%
Agricultural Bank of China (Luxembourg) S.A. 25.00 15.00 66.67%
Banco Bradesco Europa S.A. 522.37 698.60 -25.23%
Bank GPB International S.A. 1 213.29 1 918.72 -36.77%
Bank Julius Baer Europe S.A. 3 682.90 2 556.57 44.06%
Bank of China (Europe) S.A. 3 336.25 3 002.62 11.11%
Bank of Communications (Luxembourg) S.A. 100.00 150.00 -33.33%
Bankinter Luxembourg S.A. 717.18 751.07 -4.51%
Banque BCP S.A. 475.50 453.58 4.83%
Banque de Luxembourg S.A. 12 673.63 12 357.82 2.56%
Banque de Patrimoines Privés S.A. 617.63 605.19 2.06%
Banque Degroof Petercam Luxembourg S.A. 2 562.96 3 073.54 -16.61%
Banque et Caisse d'Epargne de l'Etat, Luxembourg 41 214.95 36 993.03 11.41%
Banque Havilland S.A. 489.47 551.58 -11.26%
Banque Internationale à Luxembourg S.A. 21 040.95 20 688.15 1.71%
Banque J. Safra Sarasin (Luxembourg) SA 3 258.35 3 269.32 -0.34%
Banque Raiffeisen Société Coopérative 9 525.70 8 891.28 7.14%
Banque Transatlantique Luxembourg S.A. 640.62 490.17 30.69%
BGL BNP Paribas S.A. 37 712.30 36 318.70 3.84%
BPER Bank Luxembourg SA 587.03 715.06 -17.90%
CA Indosuez Wealth (Europe) S.A. 7 999.55 7 351.34 8.82%
China Construction Bank (Europe) S.A. 315.14 353.42 -10.83%
Clearstream Banking S.A. 2 164.47 1 503.89 43.92%
Commerzbank Finance & Covered Bond S.A. 790.12 1 017.37 -22.34%
Crédit Suisse (Luxembourg) S.A. 4 294.94 7 839.29 -45.21%
Delen Private Bank Luxembourg S.A. 430.51 535.19 -19.56%
Deutsche Bank Luxembourg S.A. 2 860.52 2 535.79 12.81%
DNB Luxembourg S.A. 1 461.55 1 064.32 37.32%
DZ PRIVATBANK S.A. 15 131.48 12 295.53 23.06%
Edmond de Rothschild (Europe) 4 084.64 4 158.43 -1.77%
EFG Bank (Luxembourg) S.A. 3 187.28 2 960.33 7.67%
Eurobank Private Bank Luxembourg S.A. 1 842.59 1 839.64 0.16%
European Depositary Bank (formerly M.M. Warburg & CO Luxembourg S.A.) 1 473.73 1 469.50 0.29
Fortuna Banque s.c. 155.45 231.07 -32.72%
Freie Internationale Sparkasse S.A. 41.22 40.26 2.38%
HSBC Private Bank (Luxembourg) S.A. 1 332.39 847.32 57.25%
Industrial and Commercial Bank of China (Europe) S.A., en abrégé ICBC (Europe) S.A. 3 947.85 2 975.41 32.68%
ING LUXEMBOURG S.A. 17 556.40 18 833.27 -6.78%
Intesa Sanpaolo Bank Luxembourg S.A. 2 237.40 3 004.37 -25.53%
Intesa Sanpaolo Wealth Management S.A. 1 821.02 1 682.04 8.26%
Lombard Odier (Europe) S.A. 1 674.63 2 075.63 -19.32%
MEDIOBANCA INTERNATIONAL (LUXEMBOURG) S.A. 12.43 63.55 -80.44%
Mirabaud & Cie (Europe) S.A. 416.80 564.11 -26.11
Mitsubishi UFJ Investor Services and Banking (Luxembourg) S.A. 4 549.41 6 362.57 -28.50%
Mizuho Trust & Banking (Luxembourg) SA 512.73 703.16 -27.08%
Natixis Wealth Management Luxembourg 577.75 933.02 -38.08%
Nomura Bank (Luxembourg) S.A. 3 852.11 2 597.80 48.28%
NORD/LB Luxembourg S.A. Covered Bond Bank S.A. 2 371.20 2 821.90 -15.97%
Northern Trust Global Services SE 5 090.38 6 466.32 -21.28%
Pictet & Cie (Europe) S.A. 6 963.13 10 221.02 -31.87
Quintet Private Bank (Europe) S.A. 10 719.00 9 710.00 10.39%
Rakuten Europe Bank S.A. 17.12 20.25 -15.44%
RBC Investor Services Bank S.A. 12 259.61 17 257.68 -28.96%
RiverBank S.A. 189.81 138.55 37.00%
SMBC Nikko Bank (Luxembourg) S.A. 515.43 477.57 7.93%
Société Générale Capital Market Finance S.A. 11 483.89 10 425.61 10.15%
Société Générale Luxembourg 24 720.46 23 064.24 7.18%
Société Nationale de Crédit et d'Investissement 30.00 30.00 0.00%
Swissquote Bank Europe SA 709.76 383.84 84.91%
UniCredit International Bank (Luxembourg) S.A. 374.36 475.19 -21.22%
Union Bancaire Privée (Europe) S.A. 2 184.81 1 269.02 72.17%
VP Bank (Luxembourg) S.A. 1 287.08 1 317.20 -2.29%

Equity (€ million)

Bank 2022 2021 % change
Advanzia Bank S.A. 221.27 262.14 -15.59%
Agricultural Bank of China (Luxembourg) S.A. 22.19 21.04 5.50%
Banco Bradesco Europa S.A. 511.74 476.92 7.30%
Bank GPB International S.A. 227.55 270.87 -15.99%
Bank Julius Baer Europe S.A. 203.34 169.30 20.11%
Bank of China (Europe) S.A. 533.60 511.22 4.38%
Bank of Communications (Luxembourg) S.A. 288.71 300.65 -3.97%
Bankinter Luxembourg S.A. 74.54 67.58 10.30%
Banque BCP S.A. 51.69 65.29 -20.82%
Banque de Luxembourg S.A. 727.88 721.99 0.82%
Banque de Patrimoines Privés S.A. 53.82 58.22 -7.57%
Banque Degroof Petercam Luxembourg S.A. 259.21 299.59 -13.48%
Banque et Caisse d'Epargne de l'Etat, Luxembourg 5 110.41 4 900.35 4.29%
Banque Havilland S.A. 189.24 206.06 -8.16%
Banque Internationale à Luxembourg S.A. 1 948.61 1 966.10 -0.89%
Banque J. Safra Sarasin (Luxembourg) SA 487.22 486.73 0.10%
Banque Raiffeisen Société Coopérative 454.87 435.41 4.47%
Banque Transatlantique Luxembourg S.A. 70.31 44.61 57.61%
BGL BNP Paribas S.A. 5 447.80 5 445.30 0.05%
BPER Bank Luxembourg SA 64.41 60.75 6.03%
Brown Brothers Harriman (Luxembourg) S.C.A. 98.85 86.65 14.07%
CA Indosuez Wealth (Europe) S.A. 454.44
China Construction Bank (Europe) S.A. 511.00 516.96 -1.15%
China Everbright Bank (Europe) S.A 13.59 13.48 0.80%
China Merchants Bank (Europe) S.A. 48.74 49.74 -2.01%
CIBC Capital Markets (Europe) SA 376.29 380.77 -1.18%
Clearstream Banking S.A. 1 029.10 1 262.25 -18.47%
Clearstream Fund Centre S.A. 285.73
Commerzbank Finance & Covered Bond S.A. 1 110.26 1 142.74 -2.84
Crédit Suisse (Luxembourg) S.A. 492.64 438.32 12.39%
Delen Private Bank Luxembourg S.A. 63.34 63.34 0.01%
Deutsche Bank Luxembourg S.A. 4 694.92 4 697.99 -0.07%
DNB Luxembourg S.A. 118.50 118.05 0.38%
DZ PRIVATBANK S.A. 1 088.68 826.94 31.65%
Edmond de Rothschild (Europe) 187.30 164.18 14.08%
EFG Bank (Luxembourg) S.A. 167.02 142.30 17.37%
Eurobank Private Bank Luxembourg S.A. 258.38 249.53 3.55%
European Depositary Bank (formerly M.M. Warburg & CO Luxembourg S.A.) 67.39 48.44 39.12%
Fortuna Banque s.c. 20.99 5.48 283.29%
Freie Internationale Sparkasse S.A. 13.50 11.52 17.19%
HSBC Private Bank (Luxembourg) S.A. 341.88 273.44 25.03%
Industrial and Commercial Bank of China (Europe) S.A., en abrégé ICBC (Europe) S.A. 556.81 555.63 0.21%
ING LUXEMBOURG S.A. 969.79 960.13 1.01%
Intesa Sanpaolo Bank Luxembourg S.A. 2 576.24 2 458.69 4.78%
Intesa Sanpaolo Wealth Management S.A. 84.60 78.73 7.46%
John Deere Bank S.A. 471.34 427.07 10.37%
Lombard Odier (Europe) S.A. 92.14 84.53 9.01%
MEDIOBANCA INTERNATIONAL (LUXEMBOURG) S.A. 336.04 330.78 1.59%
Mirabaud & Cie (Europe) S.A. 30.60 28.24 8.35%
Mitsubishi UFJ Investor Services and Banking (Luxembourg) S.A. 459.33 418.72 9.70%
Mizuho Trust & Banking (Luxembourg) SA 97.83 84.10 16.32%
Natixis Wealth Management Luxembourg 711.63 714.78 -0.44%
Nomura Bank (Luxembourg) S.A. 340.70 342.21 -0.44%
NORD/LB Luxembourg S.A. Covered Bond Bank S.A. 611.99 665.98 -8.11%
Northern Trust Global Services SE 747.77 750.31 -0.34%
PayPal (Europe) S.a r.l. et Cie, S.C.A. 1 157.44 982.28 17.83%
Pictet & Cie (Europe) S.A. 563.81 509.30 10.70%
Quintet Private Bank (Europe) S.A. 1 108.37 1 254.72 -11.66%
Rakuten Europe Bank S.A. 35.71 39.82 -10.32%
RBC Investor Services Bank S.A. 1 142.82 1 130.65 1.08%
RBS International Depositary Services S.A. 1 170.67 1 144.77 2.26%
RiverBank S.A. 55.60 58.73 -5.33%
SMBC Nikko Bank (Luxembourg) S.A. 174.27 165.23 5.47%
Société Générale Capital Market Finance S.A. 81.28 81.28 0.01%
Société Générale Financing and Distribution S.A. 125.02 21.10 492.51%
Société Générale Luxembourg 2 787.58 2 496.55 11.66%
Société Nationale de Crédit et d'Investissement 1 239.03 1 161.17 6.71%
Sumitomo Mitsui Trust Bank (Luxembourg) S.A. 51.92 48.79 6.43%
Swissquote Bank Europe SA 70.47 32.49 116.90%
UniCredit International Bank (Luxembourg) S.A. 302.61 304.75 -0.70%
Union Bancaire Privée (Europe) S.A. 304.17 188.01 61.78%
VP Bank (Luxembourg) S.A. 122.35 117.06 4.52%

Net interest income (€ million)

Bank 2022 2021 % change
Advanzia Bank S.A. 361.74 310.71 16.42%
Agricultural Bank of China (Luxembourg) S.A. 0.09 -0.09 -202.27%
Banco Bradesco Europa S.A. 29.34 18.70 56.92%
Bank GPB International S.A. 50.00 28.66 74.45%
Bank Julius Baer Europe S.A. 27.41 14.41 90.17%
Bank of China (Europe) S.A. 87.90 72.78 20.76%
Bank of Communications (Luxembourg) S.A. 10.24 5.15 98.72%
Bankinter Luxembourg S.A. 7.98 4.83 65.31%
Banque BCP S.A. 10.47 10.52 -0.48%
Banque de Luxembourg S.A. 100.67 59.39 69.50%
Banque de Patrimoines Privés S.A. 7.39 2.13 247.62%
Banque Degroof Petercam Luxembourg S.A. 15.67 8.59 82.34%
Banque et Caisse d'Epargne de l'Etat, Luxembourg 488.33 399.95 22.10%
Banque Havilland S.A. 10.03 8.28 21.21%
Banque Internationale à Luxembourg S.A. 362.48 291.09 24.52%
Banque J. Safra Sarasin (Luxembourg) SA 76.60 56.85 34.74%
Banque Raiffeisen Société Coopérative 129.65 113.73 14.00%
Banque Transatlantique Luxembourg S.A. 6.61 4.13 60.01%
BGL BNP Paribas S.A. 524.30 452.00 16.00%
BPER Bank Luxembourg SA 5.81 4.28 35.84%
Brown Brothers Harriman (Luxembourg) S.C.A. 0.21 -0.05 -566.39%
CA Indosuez Wealth (Europe) S.A. 72.60 37.75 92.34%
China Construction Bank (Europe) S.A. 31.32 15.47 102.46%
China Everbright Bank (Europe) S.A 0.46 0.37 26.50%
China Merchants Bank (Europe) S.A. 0.14 -0.05 -362.57%
CIBC Capital Markets (Europe) SA 3.35 1.69 98.77%
Clearstream Banking S.A. 249.91 51.30 387.16%
Clearstream Fund Centre S.A. 0.02
Commerzbank Finance & Covered Bond S.A. 111.07 120.37 -7.73%
Crédit Suisse (Luxembourg) S.A. 28.72 36.42 -21.14%
Delen Private Bank Luxembourg S.A. 1.36 -0.11 -1299.12%
Deutsche Bank Luxembourg S.A. 294.43 325.42 -9.53%
DNB Luxembourg S.A. 22.25 17.78 25.14%
DZ PRIVATBANK S.A. 117.53 67.95 72.96%
Edmond de Rothschild (Europe) 37.78 9.26 308.15%
EFG Bank (Luxembourg) S.A. 18.45 5.31 247.48%
Eurobank Private Bank Luxembourg S.A. 36.26 28.13 28.91%
European Depositary Bank (formerly M.M. Warburg & CO Luxembourg S.A.) 12.89 5.57 131.41%
Fortuna Banque s.c. 3.09 3.35 -7.83%
Freie Internationale Sparkasse S.A. 0.83 0.63 31.12%
HSBC Private Bank (Luxembourg) S.A. -14.22 1.92 -841.91%
Industrial and Commercial Bank of China (Europe) S.A., en abrégé ICBC (Europe) S.A. 45.83 44.20 3.68%
ING LUXEMBOURG S.A. 250.18 180.65 38.49%
Intesa Sanpaolo Bank Luxembourg S.A. 130.50 109.03 19.70%
Intesa Sanpaolo Wealth Management S.A. 9.61 4.88 96.97%
John Deere Bank S.A. 70.46 68.92 2.23%
Lombard Odier (Europe) S.A. 18.90 6.67 183.50%
MEDIOBANCA INTERNATIONAL (LUXEMBOURG) S.A. 17.25 15.76 9.45%
Mirabaud & Cie (Europe) S.A. 3.16 1.91 65.52%
Mitsubishi UFJ Investor Services and Banking (Luxembourg) S.A. 45.70 13.33 242.93%
Mizuho Trust & Banking (Luxembourg) SA 5.07 0.40 1163.73%
Natixis Wealth Management Luxembourg 30.28 22.10 37.05%
Nomura Bank (Luxembourg) S.A. 2.19 5.86 -62.56%
NORD/LB Luxembourg S.A. Covered Bond Bank S.A. 75.38 98.15 -23.20%
Northern Trust Global Services SE 9.29 -3.80 -344.11%
PayPal (Europe) S.a r.l. et Cie, S.C.A. 258.15 174.53 47.91%
Pictet & Cie (Europe) S.A. 71.84 14.32 401.68%
Quintet Private Bank (Europe) S.A. 98.05 49.74 97.12%
Rakuten Europe Bank S.A. -0.03 0.17 -118.34%
RBC Investor Services Bank S.A. 69.36 50.56 37.18%
RBS International Depositary Services S.A. 0.03 -0.01 -528.57%
RiverBank S.A. 10.51 6.12 71.68%
SMBC Nikko Bank (Luxembourg) S.A. 0.18 0.28 -35.36%
Société Générale Capital Market Finance S.A. -4.02 -5.22 -22.92%
Société Générale Financing and Distribution S.A. 3.23 1.90 70.32%
Société Générale Luxembourg 197.79 149.47 32.33%
Société Nationale de Crédit et d'Investissement 2.50 -1.49 -267.47%
Sumitomo Mitsui Trust Bank (Luxembourg) S.A. 2.45 0.99 148.44%
Swissquote Bank Europe SA 8.14 2.83 187.43%
UniCredit International Bank (Luxembourg) S.A. 19.86 11.21 77.20%
Union Bancaire Privée (Europe) S.A. 30.12 7.34 310.02%
VP Bank (Luxembourg) S.A. 10.76 7.86 37.03%

Net fee and commission income (€ million)

Bank 2022 2021 % change
Advanzia Bank S.A. 41.67 27.14 53.54%
Agricultural Bank of China (Luxembourg) S.A. 7.53 6.01 25.42%
Banco Bradesco Europa S.A. 11.82 8.90 32.85%
Bank GPB International S.A. 28.88 25.84 11.75%
Bank Julius Baer Europe S.A. 81.85 77.44 5.70%
Bank of China (Europe) S.A. 14.03 10.69 31.22%
Bank of Communications (Luxembourg) S.A. 3.74 1.21 209.35%
Bankinter Luxembourg S.A. 12.37 11.94 3.53%
Banque BCP S.A. 2.88 3.16 -8.78%
Banque de Luxembourg S.A. 137.71 140.38 -1.90%
Banque de Patrimoines Privés S.A. 18.35 15.69 16.95%
Banque Degroof Petercam Luxembourg S.A. 47.72 53.35 -10.55%
Banque et Caisse d'Epargne de l'Etat, Luxembourg 162.97 157.27 3.62%
Banque Havilland S.A. 12.15 11.04 9.97%
Banque Internationale à Luxembourg S.A. 224.21 231.39 -3.11%
Banque J. Safra Sarasin (Luxembourg) SA 51.58 46.00 12.13%
Banque Raiffeisen Société Coopérative 33.71 31.00 8.73%
Banque Transatlantique Luxembourg S.A. 6.52 8.73 -25.32%
BGL BNP Paribas S.A. 168.20 162.00 3.83%
BPER Bank Luxembourg SA 6.20 6.11 1.52%
Brown Brothers Harriman (Luxembourg) S.C.A. 127.54 141.21 -9.69%
CA Indosuez Wealth (Europe) S.A. 96.16 80.80 19.01%
China Construction Bank (Europe) S.A. 14.23 12.13 17.38%
China Everbright Bank (Europe) S.A 3.04 2.35 29.20%
China Merchants Bank (Europe) S.A. 0.01 -0.01 -220.00%
CIBC Capital Markets (Europe) SA 10.86 9.47 14.72%
Clearstream Banking S.A. 633.49 573.10 10.54%
Clearstream Fund Centre S.A. 0
Commerzbank Finance & Covered Bond S.A. 3.22 5.44 -40.86%
Crédit Suisse (Luxembourg) S.A. 94.89 113.45 -16.37%
Delen Private Bank Luxembourg S.A. 86.57 87.39 -0.94%
Deutsche Bank Luxembourg S.A. -14.74 -55.43 -73.41%
DNB Luxembourg S.A. 4.48 4.31 3.94%
DZ PRIVATBANK S.A. 157.33 151.79 3.65%
Edmond de Rothschild (Europe) 59.01 62.60 -5.74%
EFG Bank (Luxembourg) S.A. 44.07 40.19 9.65%
Eurobank Private Bank Luxembourg S.A. 7.12 7.35 -3.10%
European Depositary Bank (formerly M.M. Warburg & CO Luxembourg S.A.) 44.35 39.95 10.99%
Fortuna Banque s.c. 0.73 0.78 -6.15%
Freie Internationale Sparkasse S.A. 2.19 2.95 -25.66%
HSBC Private Bank (Luxembourg) S.A. 11.28 7.23 55.94%
Industrial and Commercial Bank of China (Europe) S.A., en abrégé ICBC (Europe) S.A. 23.09 15.70 47.03%
ING LUXEMBOURG S.A. 107.02 110.31 -2.98%
Intesa Sanpaolo Bank Luxembourg S.A. 44.37 47.81 -7.20%
Intesa Sanpaolo Wealth Management S.A. 33.70 39.27 -14.18%
John Deere Bank S.A. 3.47 2.80 24.00%
Lombard Odier (Europe) S.A. 62.43 59.01 5.79%
MEDIOBANCA INTERNATIONAL (LUXEMBOURG) S.A. 6.94 1.36 409.46%
Mirabaud & Cie (Europe) S.A. 27.73 32.74 -15.31%
Mitsubishi UFJ Investor Services and Banking (Luxembourg) S.A. 85.02 63.76 33.35%
Mizuho Trust & Banking (Luxembourg) SA 36.84 38.43 -4.15%
Natixis Wealth Management Luxembourg 9.10 12.71 -28.42%
Nomura Bank (Luxembourg) S.A. 55.77 53.74 3.77%
NORD/LB Luxembourg S.A. Covered Bond Bank S.A. -38.75 -50.49 -23.25%
Northern Trust Global Services SE 235.44 269.34 -12.59%
PayPal (Europe) S.a r.l. et Cie, S.C.A. 347.13 345.22 0.55%
Pictet & Cie (Europe) S.A. 268.45 296.36 -9.42%
Quintet Private Bank (Europe) S.A. 237.31 230.79 2.82%
Rakuten Europe Bank S.A. 17.41 15.36 13.37%
RBC Investor Services Bank S.A. 175.33 192.53 -8.94%
RBS International Depositary Services S.A 7.55 4.96 52.12%
RiverBank S.A. 0.97 0.88 9.88%
SMBC Nikko Bank (Luxembourg) S.A. 21.03 21.10 -0.34%
Société Générale Capital Market Finance S.A. 14.73 15.95 -7.70%
Société Générale Financing and Distribution S.A. -1.37 0.09 -1561.70%
Société Générale Luxembourg 163.87 173.62 -5.61%
Société Nationale de Crédit et d'Investissement -0.25 -0.20 27.14%
Sumitomo Mitsui Trust Bank (Luxembourg) S.A. 6.34 6.66 -4.80%
Swissquote Bank Europe SA 8.76 10.18 -14.01%
UniCredit International Bank (Luxembourg) S.A. 6.86 6.60 3.97%
Union Bancaire Privée (Europe) S.A. 30.06 18.37 63.64%
VP Bank (Luxembourg) S.A. 20.12 23.39 -13.95%

Profit for the financial year (€ million)

Bank 2022 2021 % change
Advanzia Bank S.A. 122.41 120.73 1.40%
Agricultural Bank of China (Luxembourg) S.A. 0.64 1.16 -44.77%
Banco Bradesco Europa S.A. 21.11 4.98 324.02%
Bank GPB International S.A. 61.43 18.12 239.13%
Bank Julius Baer Europe S.A. 27.11 19.47 39.23%
Bank of China (Europe) S.A. 14.37 26.37 -45.51%
Bank of Communications (Luxembourg) S.A. -9.00 -11.88 -24.27%
Bankinter Luxembourg S.A. -4.44 6.96 -163.74%
Banque BCP S.A. -0.31 -13.59 -97.71%
Banque de Luxembourg S.A. 72.11 65.15 10.69%
Banque de Patrimoines Privés S.A. 6.37 0.57 1023.10%
Banque Degroof Petercam Luxembourg S.A. 37.62 42.86 -12.22%
Banque et Caisse d'Epargne de l'Etat, Luxembourg 234.69 236.79 -0.89%
Banque Havilland S.A. -27.77 -16.82 65.06%
Banque Internationale à Luxembourg S.A. 152.93 135.45 12.91%
Banque J. Safra Sarasin (Luxembourg) SA 47.68 50.49 -5.56%
Banque Raiffeisen Société Coopérative 23.72 19.81 19.69%
Banque Transatlantique Luxembourg S.A. 3.91 3.80 2.79%
BGL BNP Paribas S.A. 433.00 373.10 16.05%
BPER Bank Luxembourg SA 3.36 5.67 -40.73%
Brown Brothers Harriman (Luxembourg) S.C.A. 50.58 52.97 -4.50%
CA Indosuez Wealth (Europe) S.A. 82.37 6.19 1230.76%
China Construction Bank (Europe) S.A. -16.13 -21.07 -23.43%
China Everbright Bank (Europe) S.A 1.06 0.11 885.98%
China Merchants Bank (Europe) S.A. -4.54 -1.00 354.00%
CIBC Capital Markets (Europe) SA 0.08 -3.14 -102.63%
Clearstream Banking S.A. 432.24 236.93 82.44%
Clearstream Fund Centre S.A. 8.44
Commerzbank Finance & Covered Bond S.A. -54.25 -33.71 60.92%
Crédit Suisse (Luxembourg) S.A. 28.81 50.59 -43.06%
Delen Private Bank Luxembourg S.A. 73.77 71.60 3.04%
Deutsche Bank Luxembourg S.A. 186.43 147.59 26.31%
DNB Luxembourg S.A. 11.15 8.45 31.94%
DZ PRIVATBANK S.A. 79.44 23.37 239.96%
Edmond de Rothschild (Europe) 26.02 38.12 -31.74%
EFG Bank (Luxembourg) S.A. 26.55 -5.43 -588.64%
Eurobank Private Bank Luxembourg S.A. 13.56 8.85 53.23%
European Depositary Bank (formerly M.M. Warburg & CO Luxembourg S.A.) 2.85 8.95 -68.16%
Fortuna Banque s.c. -5.26 7.76 -167.78%
Freie Internationale Sparkasse S.A. -2.31 0.00
HSBC Private Bank (Luxembourg) S.A. -7.40 -6.09 21.58%
Industrial and Commercial Bank of China (Europe) S.A., en abrégé ICBC (Europe) S.A. -147.71 1.18 -12617,80 %
ING LUXEMBOURG S.A. 119.57 90.90 31.55%
Intesa Sanpaolo Bank Luxembourg S.A. -153.83 160.84 -195.64%
Intesa Sanpaolo Wealth Management S.A. 8.55 9.18 -6.89%
John Deere Bank S.A. 58.94 45.17 30.49%
Lombard Odier (Europe) S.A. 14.48 -3.39 -527.83%
MEDIOBANCA INTERNATIONAL (LUXEMBOURG) S.A. 6.97 5.26 32.45%
Mirabaud & Cie (Europe) S.A. -1.03 2.20 -146.82%
Mitsubishi UFJ Investor Services and Banking (Luxembourg) S.A. 59.06 13.86 326.15%
Mizuho Trust & Banking (Luxembourg) SA 2.72 8.03 -66.06%
Natixis Wealth Management Luxembourg 9.26 -3.15 -394.03%
Nomura Bank (Luxembourg) S.A. 18.17 11.65 56.00%
NORD/LB Luxembourg S.A. Covered Bond Bank S.A. 13.72 -4.08 -435.99%
Northern Trust Global Services SE 54.10 72.47 -25.34%
PayPal (Europe) S.a r.l. et Cie, S.C.A. 73.19 145.87 -49.82%
Pictet & Cie (Europe) S.A. 136.20 79.93 70.41%
Quintet Private Bank (Europe) S.A. 7.63 -140.12 -105.44%
Rakuten Europe Bank S.A. -3.68 -4.11 -10.44%
RBC Investor Services Bank S.A. 28.78 14.56 97.70%
RBS International Depositary Services S.A 0.94 0.44 111.54%
RiverBank S.A. -6.75 -6.13 10.04%
SMBC Nikko Bank (Luxembourg) S.A. 5.08 9.04 -43.75%
Société Générale Capital Market Finance S.A. 0.07 0.08 -11.90%
Société Générale Financing and Distribution S.A. -74.17 0.52 -14418.92
Société Générale Luxembourg 343.51 262.89 30.66%
Société Nationale de Crédit et d'Investissement 35.63 77.86 -54.24%
Sumitomo Mitsui Trust Bank (Luxembourg) S.A. 1.24 1.14 8.91%
Swissquote Bank Europe SA 2.86 2.98 -4.23%
UniCredit International Bank (Luxembourg) S.A. 4.75 2.43 95.56%
Union Bancaire Privée (Europe) S.A. 8.13 1.24 557.05%
VP Bank (Luxembourg) S.A. 5.46 -0.44 -1336.20%

Staff (Total number)

Bank 2022 2021 % change
Advanzia Bank S.A. 188 187 0.53%
Agricultural Bank of China (Luxembourg) S.A. 52 52 0.00%
Banco Bradesco Europa S.A. 58 57 1.75%
Bank GPB International S.A. 108 100 8.00%
Bank Julius Baer Europe S.A. 361 312 15.71%
Bank of China (Europe) S.A. 227 227 0.00%
Bank of Communications (Luxembourg) S.A. 72 77 -6.49%
Bankinter Luxembourg S.A. 39 33 18.18%
Banque BCP S.A. 83 89 -6.74%
Banque de Luxembourg S.A. 965 956 0.94%
Banque de Patrimoines Privés S.A. 103 110 -6.36%
Banque Degroof Petercam Luxembourg S.A. 280 275 1.82%
Banque et Caisse d'Epargne de l'Etat, Luxembourg 1841 1858 -0.91%
Banque Havilland S.A. 154 157 -1.91%
Banque Internationale à Luxembourg S.A. 1851 1824 1.48%
Banque J. Safra Sarasin (Luxembourg) SA 208 172 20.93%
Banque Raiffeisen Société Coopérative 662 648 2.16%
Banque Transatlantique Luxembourg S.A. 37 38 -2.63%
BGL BNP Paribas S.A. 2152 2140 0.56%
BPER Bank Luxembourg SA 27 24 12.50%
Brown Brothers Harriman (Luxembourg) S.C.A. 392 381 2.89%
CA Indosuez Wealth (Europe) S.A. 590 625 -5.60%
China Construction Bank (Europe) S.A. 193 193 0.00%
China Everbright Bank (Europe) S.A 6 6 0.00%
China Merchants Bank (Europe) S.A. 17 0
CIBC Capital Markets (Europe) SA 22 18 22.22%
Clearstream Banking S.A. 557 544 2.39%
Clearstream Fund Centre S.A. 83
Commerzbank Finance & Covered Bond S.A. 11 10 10.00%
Crédit Suisse (Luxembourg) S.A. 371 364 1.92%
Delen Private Bank Luxembourg S.A. 51 49 4.08%
Deutsche Bank Luxembourg S.A. 311 318 -2.20%
DNB Luxembourg S.A. 43 44 -2.27%
DZ PRIVATBANK S.A. 1052 1010 4.16%
Edmond de Rothschild (Europe) 439 446 -1.57%
EFG Bank (Luxembourg) S.A. 183 201 -8.96%
Eurobank Private Bank Luxembourg S.A. 105 114 -7.89%
European Depositary Bank (formerly M.M. Warburg & CO Luxembourg S.A.) 241 200 20.50%
Fortuna Banque s.c. 23 28 -17.86%
Freie Internationale Sparkasse S.A. 26 29 -10.34%
HSBC Private Bank (Luxembourg) S.A. 93 57 63.16%
Industrial and Commercial Bank of China (Europe) S.A., en abrégé ICBC (Europe) S.A. 363 373 -2.68%
ING LUXEMBOURG S.A. 969 898 7.91%
Intesa Sanpaolo Bank Luxembourg S.A. 165 165 0.00%
Intesa Sanpaolo Wealth Management S.A. 144 145 -0.69%
John Deere Bank S.A. 156 161 -3.11%
Lombard Odier (Europe) S.A. 206 205 0.49%
MEDIOBANCA INTERNATIONAL (LUXEMBOURG) S.A. 18 18 0.00%
Mirabaud & Cie (Europe) S.A. 35 30 16.67%
Mitsubishi UFJ Investor Services and Banking (Luxembourg) S.A. 166 170 -2.35%
Mizuho Trust & Banking (Luxembourg) SA 180 163 10.43%
Natixis Wealth Management Luxembourg 91 109 -16.51%
Nomura Bank (Luxembourg) S.A. 295 299 -1.34%
NORD/LB Luxembourg S.A. Covered Bond Bank S.A. 124 134 -7.46%
Northern Trust Global Services SE 522 491 6.31%
PayPal (Europe) S.a r.l. et Cie, S.C.A. 102 108 -5.56%
Pictet & Cie (Europe) S.A. 574 552 3.99%
Quintet Private Bank (Europe) S.A. 1387 1417 -2.12%
Rakuten Europe Bank S.A. 47 44 6.82%
RBC Investor Services Bank S.A. 877 1094 -19.84%
RBS INTERNATIONAL DEPOSITARY SERVICES S.A 34 25 36.00%
RiverBank S.A. 69 56 23.21%
SMBC Nikko Bank (Luxembourg) S.A. 81 78 3.85%
Société Générale Capital Market Finance S.A. 5 5 0.00%
Société Générale Financing and Distribution S.A. 8 5 60.00%
Société Générale Luxembourg 1074 1101 -2.45%
Société Nationale de Crédit et d'Investissement 14 15 -6.67%
Sumitomo Mitsui Trust Bank (Luxembourg) S.A. 27 24 12.50%
Swissquote Bank Europe SA 48 42 14.29%
UniCredit International Bank (Luxembourg) S.A. 69 67 2.99%
Union Bancaire Privée (Europe) S.A. 114 74 54.05%
VP Bank (Luxembourg) S.A. 108 125 -13.60%

Meet our team

Stanislas Chambourdon

Stanislas Chambourdon

Head of Banking
KPMG Luxembourg

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Marco Weber

Marco Weber

Partner, Banking
KPMG Luxembourg

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Benedikt Barz

Benedikt Barz

Director, Audit
KPMG Luxembourg

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