Van Lanschot Kempen trading update: third quarter 2019
Amsterdam/’s-Hertogenbosch, the Netherlands, 31 October 2019
- Quarterly results in line with first two quarters of
the year (excluding book profitsi)
- Client assets add 4% to €101.1 billion and AuM 5% to
€86.6 billion
- Net AuM inflow of €0.8 billion at Asset Management and
Private Banking
- Fully loaded CET1 ratio (excluding retained earnings)
of 22.0%
- DNB intends to introduce a minimum floor for risk
weights of mortgage loans in the autumn of 2020. First estimates
suggest that the proposed measure will increase RWA by
10-12%
Van Lanschot Kempen today released its trading update for the
third quarter of 2019.
Constant Korthout, Van Lanschot Kempen’s Chief Financial &
Risk Officer, said: “Our third-quarter result is similar to our
performance in the first two quarters of the year if we exclude
book profitsi. Interest income was relatively stable in the third
quarter, but we expect falling market rates to put greater pressure
on interest income going forward. We’re on track to stay within our
target cost range of around €390 million net in 2019.
“Our client assets rose to €101.1 billion from €97.3 billion on
the back of a net inflow of €0.8 billion in assets under
management (AuM) and a positive stock market performance. Our AuM
advanced to €86.6 billion from €82.6 billion.
“Asset Management has had a good quarter and we’re delighted to
report robust net inflow from investment strategies. Despite net
inflow appearances, our Private Banking clients remain reluctant to
invest in uncertain market conditions. Meanwhile, low market rates
are an ongoing theme for our clients. We are guiding them with
advice and by offering appropriate wealth management solutions –
our European Private Equity Fund being an excellent example.
“Merchant Banking was party to various transactions in the third
quarter, in particular in Life Sciences. The team acted as
co-manager in Genmab’s initial public offering on Nasdaq and was
involved in a number of capital market transactions, including
Transgene and the secondary placement of Fagron shares.
“In October, our shareholders approved the proposed capital
return of €1.50 per share (totalling over €60 million), which
is expected to be paid on 23 December 2019. This will take the
amount we’ll have paid to shareholders since 2016 to a total of
over €330 million, in the shape of dividends and capital
returns.
“Both our risk profile and our capital position remain robust.
Leaving out our proposed capital return, our fully loaded CET1
ratio amounts to 22.0%, excluding retained earnings.
“De Nederlandsche Bank (DNB) intends to introduce a minimum
floor for risk weights of mortgage loans in the autumn of 2020,
impacting our Dutch mortgage portfolio. First estimates suggest
that the proposed measure will increase total risk-weighted assets
(RWA) by 10-12%. We expect early absorption of the previously
communicated Basel IV impact for Van Lanschot Kempen.”
FINANCIAL CALENDAR Proposed payment of capital
return
23 December 2019 Publication of 2019 annual results
20 February 2020
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.
For more information, see www.vanlanschotkempen.com
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.
The financial data in this press release have not been audited,
unless specifically stated otherwise.
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.
iBook profits on the sale of AIO II and VLC & Partners in
the first quarter of 2019 and book profit on the sale of Marfo Food
Group in the third quarter of 2019.
- Press release trading update Q3
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