Munsbach/Luxembourg, May 3, 2017
Advanzia Bank S.A. in Luxembourg, specialising in the issuing of credit cards, continues to enjoy success and once again posted a growth in profit for the 2016 fiscal year. Earnings grew by 13% year-on-year, coming to EUR 40.2 million after tax.
The net credit volume increased by 22% to EUR 890 million, and the number of credit card customers rose by 20% in the same period to 997,000. The capital ratio (tier 1 including result from 2016 fiscal year) was 13.8% with a balance sheet total of EUR 1,234 million.
Alongside the existing markets in Germany, Luxembourg and France, the Austrian market saw rapid growth in 2016, adding almost 20,000 new customers.
“2016 was another record year for Advanzia Bank, and I am very pleased that our mission to provide transparent and fee-free bank products is proving successful in a growing number of European markets,” announced CEO Marc Hentgen.
His focus for this year is on further expansion of core markets. In the reporting year, 25 new employees were appointed to underpin the bank’s expansion.
“This dynamic growth means that there will also be new jobs created in Luxembourg in the near future,” adds CEO Marc Hentgen.