The group reported a broadly positive set of numbers for the first half of this year.

Banque Internationale à Luxembourg (Suisse) this week reported that it has made a net profit of SFr10 million ($11.2 million) for the first six months of 2023, having suffered a loss of SFr3.9 million a year earlier. 

The lender, part of the Luxembourg-headquartered BIL Group, said it had “maintained a strong balance sheet” with a total capital ratio of 31 per cent and a “solid” liquidity position.

The profit figure meant that the Swiss business was able to contribute to BIL Group’s €103 million ($110.6 million) profit figure for the first half of 2023. 

Assets under management rose by 7 per cent compared with the figure for the end of last year, standing at SFr4.3 billion, with the BIL Group figure standing at €44.1 billion for the same period.

“These strong results confirm that our constant focus on clients' needs, through our growing entrepreneur and wealth offering and the expertise of our international teams are all contributing to generating sustainable growth,” Hans-Peter Borgh, CEO of BIL Suisse, said. “We are firmly committed to executing our ambitious growth strategy, encompassing both expanding our business and the recruitment of additional front-line staff in Zurich, Geneva and Lugano.”