Quirin Privatbank : 2023 Geschäftsbericht (Englisch)
QB7.DE
Annual Report
2023
klug anlegen. besser leben.
klug anlegen. besser leben.
Quirin Privatbank AG
WKN: 520230 ISIN: DE 0005202303 31 December 2023
Key figures
Shareholders
Annual net profit
Berliner Effektengesellschaft AG
25.3%
€9.5 m
Management Board of Quirin Privatbank AG
19.0%
Riedel Group
14.9%
Free float
40.8%
2022 €8.0 m
Balance sheet total assets
€1,456 m
2022 €497 m
Equity capital
Number of employees
€76 m
300
2022 €70 m
2022 256
Total capital ratio
Share price on
More details
31 December 2023
33.8%
€3.38
2022 31.5%
2022 €3.22
quirinprivatbank.de/2023
Annual Report 2023 of Quirin Privatbank AG
3
How Money
Brings
Happiness
4
How Money Brings Happiness
Foreword by the Management Board
8
Money. Happiness.
12
Management Report
Underlying economic conditions
39
Business model
40
Business development
43
Risk report and description of risk management
48
Opportunities, risk and forecast report
59
Annual Financial Statements
Balance sheet
66
Profit and loss account
70
Annex
74
Additional Information
Independent auditor's report
95
Report of the Supervisory Board
102
Locations/Contact/Imprint
105
Annual Report 2023 of Quirin Privatbank AG
5
How Money Brings Happiness
Foreword by the Management Board
8
Money. Happiness.
12
Karl Matthäus Schmidt
Johannes Eismann
Chairman of the Management Board,
CFO and Board Member, Capital Markets,
Quirin Privatbank AG
Quirin Privatbank AG
8
How Money Brings Happiness
Dear Shareholders, Clients,
Business Partners and
Friends of Quirin Privatbank,
Interest, Interest, Interest - that would probably be the title if the 2023 investment year were a film. The year was marked by rapid and significant increases in the ECB's key interest rate. Media coverage therefore tended to revolve around this subject. After a decade of negligible and sometimes negative interest rates, these increases were a long-awaited change for many savers.
Not all banks have enabled their clients to benefit from the improved interest rate situation. Many have long delayed passing on increased interest rates, have done so only temporarily or to a minor extent. By contrast, Quirin Privatbank immediately passed on the increased interest rates on credit balances to its own and quirion clients. We flanked this with "Cash-Invest", a money market asset management system, which saves investors bothersome interest rate hopping. The demand for this money market investment option as well as for interest accounts was huge. This was probably also due
to the inverted yield curve in Europe and the US. As a result, interest rates were significantly higher for short-term securities than for long-term ones - an anomaly that seldom occurs.
In addition, 2023 was marked by falling, but still high inflation, economic stagnation in Germany and various crises, along with their impact on the econo- my, such as the ongoing Russia-Ukraine war and the renewed flare-up of the Middle East conflict.
The positive development on the stock markets in the past financial year therefore came as a complete surprise. After the lamentable stock market performance of 2022, the international capital markets reached a new peak in 2023. The DAX increased by some 20%, the MSCI World by 22% and the S&P 500 by as much as 24%. After the harsh realities of the 2022 stock market, accompanied by high losses in shares and bonds, the stock markets performed exceptionally well in 2023 despite rising and fluctuating interest rates during the year.
Annual Report 2023 of Quirin Privatbank AG
9
Year-end close for 2023 with a profit of €9.5 million
Quirin Privatbank, which is the only bank in Germany to advise clients without conflicts of interest or commission fees, continued to grow in 2023 and did so at a faster rate than the previous year. The positive market environment outlined above also contributed to this, resulting in the Bank reaping a net profit of €9.5 million. The previous year's result was exceeded by €1.5 million, an increase of approximately 18%. The result achieved is also significantly higher than originally anticipated. This successful business development can be largely ascribed to private banking, the sharp increase in client deposits and the resulting interest margins in the Bank's treasury. As the Management Board, we would like to take this opportunity to thank all our employees for this extremely successful financial year.
Private banking assets under management grow by 16%
Against a backdrop of a fluctuating, yet ultimately friendly stock market envi- ronment, assets under management rose to a total of €5.8 billion in 2023. This represents a growth of €0.8 billion or 16%. Net inflows in 2023 were significantly higher than in the previous year - they amounted to €380 million, 31% higher than the year before.
quirion continues to grow strongly
For the past decade, our digital subsidiary quirion has been offering investors easy, affordable access to professional investment. In terms of quality, it reveals its shared DNA with Quirin Privatbank. quirion has continued its path of exceptional growth. Compared to 2022, net inflows more than tripled to €850 million. The number of clients has risen by 32% to around 78,000, while assets under management have grown by 80% to around €2.3 billion as of the balance sheet date.
An unbeatable duo: Quirin Privatbank and quirion
Together, the two brands Quirin Privatbank and quirion now manage assets of some €8.1 billion for more than 90,000 clients. The number of clients increased by 28% compared to 2022, and assets under management by 29%.
Challenging conditions continue to hold sway in the capital market business
The adverse economic conditions that affected the capital market business in 2022 continued to prevail in the previous financial year. High inflation, the simultaneous rise in interest rates and, in some cases, the volatility in the capital markets have exacerbated the situation. This has greatly hindered the carrying out of capital market transactions, in some cases making them outright impossible, resulting in a corresponding impact on business development. Due to the stable and economically less vulnerable capital market services sector, the capital market business has still achieved a positive operating result overall.
9.5
€ million net profit
32%
growth
90,000
clients
10
How Money Brings Happiness
Disclaimer
quirin Privatbank AG published this content on 11 September 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on September 11, 2024 at 13:39:05 UTC.