This extraordinary increase - up by 41% compared to 2022 - is largely down to the bank selling off its historic headquarters.
The actual increase in profit was around eight percent, not counting the revenue from the building sale. The Luxembourg government, which became a shareholder of the bank as a result of the financial crisis in 2008, will consequently receive 120.5 million euros in dividends from BGL. The state also has a small stake in the bank's parent company BNP Paribas, through which it will receive between 55 and 60 million euros in dividends for the last year.
Last year, the economic environment in Luxembourg was difficult, as performance suffered due to high inflation. However, BGL reported the outstanding amount of loans, both general and for mortgages, experienced a slight positive development. Bank management said there had been relatively few delays in repayment of mortgage loans.
