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Staying resilient in a challenging macroeconomic context<\u002fstrong>\n2023 was a complex year, be it for its geopolitical challenges, macroeconomic events or for BIL specific development. After the robust post-pandemic expansion in 2021 and 2022, the economy lost momentum in 2023. Europe faced multiple macroeconomic challenges, induced by on-going conflict in Eastern Europe and in the Middle East. The rate hike campaigns launched in 2022 by monetary authorities to curb inflation reached a peak during the second half of 2023. In the eurozone, higher interest rates had the effect of reducing the financing capacity of households and businesses, thus contributing to the slowdown of economic activity. In Luxembourg, construction has been affected by the current downturn in the real estate sector and as a consequence, slowed down lending activity. In such a challenging environment, the Bank is committed to support its clients and to offer adapted solutions to their projects and situation. <\u002fp>\n\n

Implementation of a new core banking system to enhance services<\u002fstrong>\nIn this ever-changing business environment, BIL has risen to these external challenges by staying on track of its transformation and, embracing emerging trends, new technologies and evolving market dynamics to build long-term sustainable growth. In 2023, BIL successfully completed the changeover of its Core Banking System, a project of unprecedented scale, while continuing to cater to clients\u2019 needs. BIL has now a strong foundation to develop new services and to improve client experience for the years to come. <\u002fp>\n\n

Sound performance of commercial activities <\u002fstrong>\nBIL Group reported a net income after tax of 202 million euros, driven by solid revenue growth, partly offset by an increase in expenses and cost of risk. This good financial performance can be attributed to the Bank\u2019s business resilience and a solid risk management culture. Customer deposits, standing at 18.5 billion euros decreased mainly due to clients moving their deposits to higher return investments and proceeding to the early repayment of their variable rate loans in the context of higher interest rates. Customer loans, at 16.3 billion euros are stable compared to last year, due to the combined effect of a significant slowdown in mortgage loan production in Luxembourg and early mortgage loan repayments which continued throughout the second half of 2023. In the past year, domestic market housing demand has been hard hit by rapidly rising interest rates, coupled with a sharp reduction in construction activity caused by the downturn in the real estate sector and rising raw material costs. Assets under Management amounted to EUR 43.8 billion compared with EUR 43.5 billion at year-end 2022, up by +0.7%. \nAt the end of 2023, BIL showcased sound asset quality and strong capital and liquidity indicators. Its CET- 1 ratio stood at 14.41% after profit allocation compared with 14.03% in 2022, and its Liquidity Coverage Ratio also improved compared to 2022, at 174% versus 153%.\n<\u002fp>\n\n

2024, ready for the future<\u002fstrong>\nAs the global economy is changing rapidly, in 2024, BIL's primary focus will be on its clients: fostering robust relationships, reaching a higher level of quality of service and constantly adapting the value proposition to their needs.\nThe Bank will remain focused on the implementation of the key initiatives of its 2020-2025 strategic plan, whose purpose is to be fit for the future: <\u002fp>\n

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