KBL European Private Bankers’ group, which incorporates the private banking subsidiaries of the Belgian financial services group KBC, reported second quarter 2007 underlying profits rising by 30 per cent year-on-year to €57 million. Assets under management of the group rose 12 per cent year-on-year to €58 billion and five per cent quarter-on-quarter. The group’s cost-income ratio was recorded at 63 per cent in the first half of 2007, compared with 73 per cent for 2006. Subsidiaries of KBL European Private Bankers comprise: Merck Finck & Co Privatbankiers in Munich; Puilaetco Dewaay Private Bankers in Brussels; KBL France in Paris and Aballea Finance in Brest; Brown Shipley & Co. in London; KBL Finance Ireland in Dublin; Banque Puilaetco Dewaay Luxembourg and Kredietrust Luxembourg in Luxembourg; KB Luxembourg in Monaco; Theodoor Gilissen Bankiers in Amsterdam; and Kredietbank (Suisse) and Privagest in Geneva. Overall, the KBC Group posted a 27 per cent rise in second-quarter net profit, helped by a €14 million gain from the sale of Italian wealth manager Banca Fumagalli and solid growth in all business units. Net profit rose to €936 million.