Increasing costs strain profit from Spuerkeess

The Banque et caisse d’épargne de l’état (Bcee), better known as Spuerkeess, presented its business figures for the past year on Friday.

It increased the bank product (the « sales ») by 9.4 percent to 1.172 billion euros, but also had to shoulder a increased cost of 475 million euros by 2.1 percent. The institute founded in 1856 generated a net profit of 400.4 million euros (0.1 percent less than in the previous year). The state – the only shareholder of the BceE – receives a dividend of 120 million euros, plus tax payments of 100 million euros.

« The year 2024 was shaped by many uncertainties, » says Françoise Thoma, CEO of Spuerkeess, « but we are happy about the good result, which allows us to fulfill our mission, and that is the promotion of the local economy. A good result is the key. » Last year, the Spuerkeess supported company donations for 80 million euros. The new headquarters of the CFL, the “Skypark” project on the Findel or the new building of the Center Hospitalier de Luxembourg also co -financed.

The decline in interest was formative for the business last year. Nevertheless, some customers have come into trouble when repaying their real estate loans. Overall, however, the number is very low, and with 99 percent of these customers, a solution satisfactory for all sides has been found, Romain Wehles notes, as a director responsible for the bank’s commercial business.

The decline in interest was formative for the business last year. Nevertheless, some customers have come into trouble when repaying their real estate loans. Overall, however, the number is very low, and with 99 percent of these customers, a solution satisfactory for all sides has been found, Romain Wehles notes, as a director responsible for the bank’s commercial business.

As far as the real estate business is concerned, the haunted keys were able to conclude 4,500 new loan contracts last year. Nevertheless, Weehes has to admit that the “Prologue” project, with which Bcee, along with some other banks, wanted to boost construction activity in the country, is not accepted by the promoters. This is « a bit disappointing », says Wehehes, who is still convinced of the project: With pre -financing of 30 percent, prologue can buy real estate projects, so that their completion is guaranteed.

22,000 new customers

The real estate business has been wins again since the last quarter of 2024. Overall, the Spuerkeess 2024 loans over 27.2 billion euros, most of them real estate loans, compared to 27.0 billion 2023. At the same time, customers’ credit rose by five percent to 42.2 billion euros. This also has to do with the fact that 22,000 new customers, including 1,200 companies, newly opened an account with Spuerkeess, a significant part of them also former Ing customers.

At the same time, however, the costs have also increased: the expenses for personnel rose by five percent (the bank also hired 134 new employees), and 196 million euros had to be put aside for the risk provision.

And it was also invested a lot in digitization, according to Aly Kohll, deputy general director of the bank: 58 million euros. The bank set up 7.7 million euros for its real estate, including to reduce CO₂ emissions.