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“Survival in a demanding environment”
Now the final banking results are in for 2012, it is time to take a closer look at the figures. Banking income has shot up by 10%, a sprint finish surpassing 2009 levels. Even more positively, net profit has leapt up to €3.5 billion, a jump of 42% from a year ago. So with such healthy figures on the revenue side, are we seeing a full recovery? “Hold the champagne.” says KPMG Managing Partner Georges Bock. Luxembourg Banks- Insights 2013, KPMG’s in-depth analysis of the banking industry, reveals that rather than growth, the real factors behind this year’s profits were improved market conditions and a reversal of prior year provisions. The full story from Luxembourg’s banks is actually quite mixed as recurring revenues...
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