Profits more than doubled at the Luxembourg-based business to €46.9m (£40m), up from €18.1m (£15.47m).

Total client assets at the end of the year stood at €92bn (£78.65bn), up 6% from €86.7bn (£74.12bn) at the end of 2022.

The company said the improvement reflected increases in both private banking assets under management and institutional assets under custody.

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Chris Allen, group chief executive at Quintet, said: “Overall financial performance was robust over a 12-month period when we strengthened the foundation of our firm to support sustained growth, including by increasing organisational agility and collaboration in service to our clients.

 “We also extended our investment capabilities last year through a refreshed philosophy and partnerships with firms such as BlackRock and Moonfare, further enhancing our client proposition.”

Group expenses climbed to €522.1m (£446.34m) in 2023, compared with €493.2m (£421.63m) the previous year. As a result, Quintet’s 2023 cost-to-income ratio stood at 86.7%, compared with 94.1% in 2022.

Quintet’s Basel III common equity tier 1 ratio stood at 19.6% at the end of the year, up from 18.4% at the end of the previous year, leaving it remaining above the regulatory threshold.

The firm’s liquidity coverage ratio stood at 147.9% at the end of 2023, compared with 153.2% at the end of 2022, also above the regulatory threshold.

The bank said current sources of funding and liquidity remain stable.

Looking to the future, Mr Allen said he remains positive despite the continuing economic turmoil: “While evolving macroeconomic conditions will create new challenges for our sector this year, we remain confident about the future and are focused on delivering for our clients, who value our proximity to them.

"Most of all, our clients value the time we commit to them as we strive to protect and grow their family wealth.”

Quintet Private Bank, heads a major European network of private banks and wealth managers from its Luxembourg base. Its UK business Brown Shipley has offices in London, Manchester, Birmingham, Cambridge, Leeds, Edinburgh, Norwich and Nottingham.