Luxembourg bank announces net profit of €398 million for 2020

The bank thus managed to increase its profits by 15% compared to 2019. BGL presented these figures during a press conference alongside a detailed account of how it supported businesses over the course of the coronavirus pandemic through loans.

The bank stated that the crisis brings about enormous challenges for many companies and self-employed workers. Revenues had dropped substantially in many industries. BGL stressed that in times like these, it was their job to support their clients by granting loans.

While BGL's activities mostly continued as normal during the pandemic, a number of safety measures were taken, e.g. teams were split across several locations and every employee working from home is using secure IT equipment provided by the bank. All of the bank's 2,400 employees are at the moment working remotely.