Van Lanschot Kempen: net profit of over €83 million and capital
return proposal
Amsterdam/’s-Hertogenbosch, the Netherlands, 27 August 2019
Van Lanschot Kempen: net profit of over €83
million and capital return proposal
- Net profit moved significantly ahead of H1 2018
(€83.6 million compared with €39.3
million) on the back of book profits from the sale
of two holdings
- Underlying net result amounts to €92.5 million (H1
2018: €47.2 million)
- Client assets rise 20% to €97.3 billion while AuM adds
23% to €82.6 billion on the back of net inflows of €8.7 billion and
a positive stock market performance of €6.9 billion
- Fully loaded CET 1 ratio increases to 22.7% (2018:
21.4%)
- Capital return proposal in the amount of €1.50 per
share
Van Lanschot Kempen today released its 2019 half-year results.
Karl Guha, Chairman, said: “Our net result for the first half is
significantly up on the year-earlier total and reflects book
profits on the sale of our holdings in AIO II (€36.0 million net)
and VLC & Partners (€16.1 million net). Ignoring the results of
these holdings, our net profit is in line with last year. Our
capital ratio increased further to 22.7% and our ample capital
position enables us to propose a capital return to our shareholders
in the amount of €1.50 per share.
“Conditions in the first six months of 2019 were turbulent,
bringing market uncertainties and exceptionally low market rates.
Our wealth management strategy makes us less dependent on interest
income, but the pressure on interest income will increase if market
rates fall further. We note more client uncertainty and a greater
need for advice in these conditions.”
Net inflows of assets under management (AuM) and a favourable
stock market performance added an impressive €16.1 billion to
client assets, to €97.3 billion. AuM was up €15.6 billion to
€82.6 billion, with strong net inflows fed in particular by Asset
Management (€8.8 billion) landing the Stichting Pensioenfonds
PostNL fiduciary mandate. Geopolitical and economic uncertainties
across the world have made our clients more cautious about
investing, and some have taken profits. As a result, savings were
up by €0.4 billion, whereas Private Banking faced a minor net
AuM outflow of €0.1 billion.
Over the past few years, we have nurtured Evi’s growth into a
mature organisation with a strong brand. It’s now time for the next
stage for Evi and we see opportunities to further enhance our
proposition for mass affluenti clients. We have determined our next
steps to this end, one of which will be to step up collaboration
between Evi and Private Banking.
Commission income has been lower (−5%) in the wake of such
factors as a changing AuM mix and lower fee income at Merchant
Banking. Meanwhile interest income came down by 6% in the wake of
persistently low interest rates. We are pleased with the 9%
reduction in operating expenses to €190.4 million. Our aim for 2019
is a net cost level at around €390 million and we’re on course to
stay within this range. Our efficiency ratio stands at 75.5% (H1
2018: 81.1%).
Our CET1 ratioii has gone up to 22.7% from 21.4%. Our strong
capital base enables us to propose a capital return of €1.50 per
share. If carried, this will lead to a pay-out to our shareholders
– expected in December – of over €60 million. We will continue
to optimise our capital base going forward, while leaving room for
possible acquisitions. If possible, we will also consider paying
out capital to our shareholders, subject to approval by the
regulator.
FINANCIAL REPORT/ PRESENTATION/WEBCASTFor a
detailed discussion of Van Lanschot Kempen’s results and balance
sheet, please refer to our performance report and presentation on
the 2019 half-year results at
www.vanlanschotkempen.com/en/financial/financial-results.
In a conference call for analysts on 27 August at 9.00 am CET,
we will discuss our 2019 half-year figures in greater detail. This
may be viewed live at
www.vanlanschotkempen.com/en/financial/financial-results and played
back at any later date.
ADDITIONAL INFORMATIONFor additional
information, go to
www.vanlanschotkempen.com/financial.
FINANCIAL CALENDAR 9 October 2019
Extraordinary general meeting 31 October 2019
Publication of Q3 trading update 20
February 2020 Publication of 2019 annual
results
Media Relations: +31 20 354 45 85;
mediarelations@vanlanschotkempen.com Investor Relations: +31 20 354
45 90; investorrelations@vanlanschotkempen.com
About Van Lanschot Kempen Van Lanschot Kempen,
a wealth manager operating under the Van Lanschot, Evi and Kempen
brand names, is active in Private Banking, Asset Management and
Merchant Banking, with the aim of preserving and creating wealth
for its clients. Van Lanschot Kempen, listed at Euronext Amsterdam,
is the Netherlands’ oldest independent financial services company
with a history dating back to 1737.
Disclaimer and cautionary note on forward-looking
statements This press release may contain forward-looking
statements on future events and developments. These forward-looking
statements are based on the current insights, information and
assumptions of Van Lanschot Kempen’s management about known and
unknown risks, developments and uncertainties. Forward-looking
statements do not relate strictly to historical or current facts
and are subject to such risks, developments and uncertainties which
by their very nature fall outside the control of Van Lanschot
Kempen and its management.
Actual results, performances and circumstances may differ
considerably from these forward-looking statements as a result of
risks, developments and uncertainties relating to, but not limited
to, (a) estimates of income growth, (b) costs, (c) the
macroeconomic and business climate, (d) political and market
trends, (e) interest rates and currency exchange rates, (f)
behaviour of clients, competitors, investors and counterparties,
(g) the implementation of Van Lanschot Kempen’s strategy, (h)
actions taken by supervisory and regulatory authorities and private
entities, (i) changes in law and taxation, (j) changes in ownership
that could affect the future availability of capital, and (k)
changes in credit ratings.
Van Lanschot Kempen cautions that forward-looking statements in
this press release are only valid on the specific dates on which
they are expressed, and accepts no responsibility or obligation to
revise or update any information, whether as a result of new
information or for any other reason.
Van Lanschot Kempen’s semi-annual accounts are prepared in
accordance with International Financial Reporting Standards as
adopted by the European Union (‘IFRS-EU’). In preparing the
financial information in this press release, except as described
otherwise, the same accounting principles are applied as in the
2018 Van Lanschot Kempen consolidated annual accounts.
The financial data in this press release have not been audited,
unless specifically stated otherwise. Small differences in tables
may be the result of rounding.
This press release does not constitute an offer or solicitation
for the sale, purchase or acquisition in any other way or
subscription to any financial instrument and is not a
recommendation to perform or refrain from performing any
action.
Elements of this press release contain information about Van
Lanschot Kempen NV and/or Van Lanschot NV within the meaning of
Article 7(1) to (4) of EU Regulation No. 596/2014.
This press release is a translation of the Dutch language
original and is provided as a courtesy only. In the event of any
disparities, the Dutch language version will prevail. No rights can
be derived from any translation thereof.
i Mass affluent clients are high net worth individuals with
investable assets up to €500,000.
ii Fully loaded, excluding retained earnings.
- Press release half-year results 2019
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