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Banque Raiffeisen reported a record net profit of 28.1 million euros for 2024, reflecting a slight recovery in Luxembourg's housing market and a 1.7% increase in interest margin. Despite strong growth in customer savings deposits, loan demand remains low, indicating ongoing economic caution among households. The bank plans to invest in technology and maintain its branch network while celebrating its 100th anniversary next year.
Banque Raiffeisen reported a net profit of €28.1 million for 2024, a decline of over a third from €43.9 million in 2023, which included a one-time gain of €18.4 million from restructuring. Excluding this gain, the bank's profit improved by 10%. Customer deposits rose by 7.8% to €10.3 billion, while lending activity increased by 2% to €7.86 billion, reflecting a slight recovery in the housing market. Despite a modest growth of 1.7% in net interest income, overall banking income grew by 3.6% to €246 million, with operating costs rising due to higher staff expenses.
On the eve of its 100th birthday, Banque Raiffeisen reported a net profit of 28.1 million euros for 2024, reflecting a 10% year-on-year increase. Despite rising deposits indicating economic caution, the bank aims to utilize these funds for credit and support economic development, while expanding its physical presence with new hubs. The Chairman expressed concern over unemployment rates, emphasizing the bank's commitment to finding financing solutions for active individuals.
Banque Raiffeisen announced the opening of two new branches and a renovated one, increasing its total to 29 in Luxembourg. This comes as ING plans to close its mass retail banking services in the country. The latest survey revealed a decline in bank branches and ATMs in Luxembourg, with Banque Raiffeisen holding the second most branches.
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