Hauck Aufhäuser Lampe achieves record result again in 2024

Press release

18. March 2025

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HAL Group's adjusted earnings grow by 19.0% to €98.7 million Euro
Group-wide earnings increase by 4.9% at a high level to around €460 million Euro
Assets under service & management reach €280 billion Euro at the end of 2024
Key figures show dynamic growth rates over the long term
Current financial year influenced by planned acquisition by ABN AMRO

Frankfurt am Main, 18 March 2025 – Hauck Aufhäuser Lampe Privatbank AG (HAL) has once again achieved record results in the 2024 financial year. The bank succeeded in significantly increasing all key figures and thus continuing the positive trend of recent years: In the reporting year, net profit after tax grew by 19% to around €99 million Euro, thus approaching the €100 million mark. Consolidated revenues rose by around 5% to around €460 million Euro, continuing the trend of the past few years. This encouraging development was driven by all business divisions.

In the current financial year, the focus is on successfully continuing organic growth and on closing the acquisition by the Dutch bank ABN AMRO.

”Fiscal year 2024 was an outstanding year for Hauck Aufhäuser Lampe. Today, in terms of our performance, our size and, not least, our profitability, we are a leading provider in the German private banking and wealth management market. This development reflects not only the great trust of our customers, but also the successful implementation of our strategic priorities and the adaptability of our diversified business model in a persistently challenging market environment. Our bank has been characterised by dynamic business development for years and has thus written a sustainable growth story in German banking."

Michael Bentlage, Chairman of the Management Board of Hauck Aufhäuser Lampe

Key figures at a glance

Group-wide earnings increased by 4.9% to around €460 million Euro in 2024 (previous year: around €438 million Euro).
Net interest income rose by 6.2% to €151. 7 million Euro (previous year: €142.9 million Euro). At the same time, net fee and commission income increased by 4.2% to €269.0 million Euro (previous year: €258.2 million Euro).
Earnings before taxes (EBT) grew disproportionately by 15.9% to €131.4 million Euro (previous year: €113.4 million Euro).
Net profit increased by 19.0% to €98.7 million Euro, almost reaching triple digits for the first time (previous year: €83.0 million Euro).
The cost-income ratio (CIR) amounted to 72.2 per cent (previous year: 71.6 per cent).
The return on equity (ROE) improved to 16.8 per cent (previous year: 13.3 per cent).

Key figures in the long-term view

Since 2020, group-wide revenues have almost doubled, showing a compound annual growth rate of 19 %. Profit before tax more than doubled over the same period, growing at a rate of 24 % per year. Profit after tax also more than doubled, growing at a rate of 21 % per year. The assets under service and management rose at a compound annual growth rate of 15% to around €280 billion (as of the end of 2024).

Successful development of the business units

In Private & Corporate Banking, HAL expanded its capacities in its nationwide branches by 15% in the 2024 financial year, which led to even greater customer proximity both regionally and nationally. The increase in personnel was accompanied by a series of product initiatives and cross-departmental solutions for specific customer requirements, as well as high-profile events to expand the customer network. In addition, a NextGen Advisory Board with notable members was established.

In Asset Servicing, the bank once again maintained its leading position in the BVI depositary statistics and, for the fourth year in a row, is among the ten largest depositories in Germany, with top rankings in the real assets, open-ended real assets special funds and open-ended mutual securities funds segments. Key developments in the reporting year also included the expansion of the service portfolio in the area of digital assets and a strong presence at the real estate industry trade fairs Expo Real and MIPIM.

Change of ownership with ABN AMRO

On 27 May 2024, the Dutch bank ABN AMRO signed a purchase agreement with the Chinese company Fosun International to acquire Hauck Aufhäuser Lampe. Subject to regulatory approvals, HAL will thus have a new owner based in Europe with an international reach. The closing is planned for the first half of 2025.

The change of ownership of Hauck Aufhäuser Lampe marks a significant expansion of ABN AMRO's presence in Germany in the areas of wealth management, asset management and corporate banking. The planned bundling of HAL's wealth management activities with Bethmann Bank, under which ABN AMRO manages its private banking business in Germany, will create the third-largest private bank in Germany, with total assets under management of around €70 billion and full access to ABN AMRO's international resources.

In asset servicing, ABN AMRO and Fosun International are planning to cooperate, with Fosun remaining the owner of Hauck & Aufhäuser Fund Services (HAFS) and its subsidiaries Hauck & Aufhäuser Administration Services (HAAS) and HAL Fund Services Ireland (HALFI). The cooperation includes the successful one-stop-shop model for offering all fund administration services from a single source. This will also enable the targeted expansion of the depositary business at ABN AMRO.

Michael Bentlage: “The change of ownership will create a new heavyweight in the German private banking market, offering clients a significantly wider range of products and services. It will also make us a leading provider of financial services for family businesses and German medium-sized companies, as well as for institutional clients in asset management and investment banking. At this new scale, we are ideally positioned to play a decisive role in shaping our industry, which is characterised by far-reaching regulatory and technological developments, and to create added value for our customers."

About Hauck Aufhäuser Lampe Privatbank AG

HAUCK AUFHÄUSER LAMPE looks back on a tradition of around 230 years. The company emerged from the merger of three traditional private banks: Georg Hauck & Sohn Bankiers in Frankfurt am Main, founded in 1796, Bankhaus Lampe, which was established in Bielefeld in 1852, and Bankhaus H. Aufhäuser, which has been operating in Munich since 1870. The two houses, Georg Hauck and Bankhaus H. Aufhäuser, merged in 1998, and Bankhaus Lampe joined them in 2021. The bank's Management Board consists of the Chairman of the Management Board Michael Bentlage and the members of the Management Board Oliver Plaack, Madeleine Sander, Dr Holger Sepp and Gordan Torbica. HAUCK AUFHÄUSER LAMPE sees itself as a traditional and at the same time modern private bank.

The private bank focuses on the four core business units of Private and Corporate Banking, Asset Management, Asset Servicing and Investment Banking. The bank's business activities centre on providing comprehensive advice and managing the assets of private and corporate clients, asset management for institutional investors, comprehensive fund services for financial and real assets in Germany, Luxembourg and Ireland, and cooperation with independent asset managers. In addition, Hauck Aufhäuser Lampe offers research, sales and trading activities specialising in small and mid-cap companies in German-speaking countries, as well as individual services for IPOs and capital increases.