Van Lanschot Kempen: robust performance and proposal to return capital
29 August 2017 - 3:30PM
-
Net profit up significantly to
€62.3 million (H1 2016: €31.5 million)
-
Underlying net result advances
to €69.6 million (H1 2016: €37.7 million)
-
Net AuM inflows and positive
market performance boost client assets to €72.0 billion, compared
with €69.4 billion at year-end 2016
-
Capital position strengthens
further: CET I ratio[i] at 19.6%
(year-end 2016: 18.6%)
-
Proposal to return €1 per share
to shareholders
's-Hertogenbosch, the
Netherlands, 29 August 2017
Van Lanschot Kempen today released its 2017
half-year results. Karl Guha, Chairman, said: "Our wealth
management strategy generated robust results in the first six
months of the year. Our focus on preserving and creating wealth for
our private and institutional clients has increased assets under
management (AuM) and sparked a 13% advance in commission income.
We're delighted with our takeover of UBS's wealth management
activities in the Netherlands - completed only last week - as it
significantly strengthens our position in the market for ultra-high
net worth private individuals, family offices and foundations &
charities.
"At €62.3 million, our net profit was the
strongest half-year performance in many years, while our underlying
net result rose to €69.6 million. This was driven in part by the
proceeds from the sale of a stake in our portfolio of participating
interests and from sales of stakes in our investment funds.
"Combined with our very strong capital base, these
results enable us to propose a capital return payment of €1 per
share. This represents the next step in realising our ambition to
return at least €250 million in capital to our shareholders before
the end of 2020.
"Client assets rose to €72.0 billion from €69.4
billion, with Private Banking, Evi and Asset Management all
contributing to the increase in AuM from €57.5 billion to €60.1
billion. AuM growth reflects a total €1.6 billion in net inflows
and €0.9 billion in positive market performance. Net inflows break
down into €1.3 billion at Asset Management and €0.3 billion at
Private Banking.
"Evi continues to invest in optimising its service
and is seeing its clients increasingly opting to invest rather than
save. Merchant Banking enjoyed improved results on last year thanks
to a number of successful transactions in the second quarter, while
Corporate Banking ran down its portfolio as intended, by nearly
€250 million. This has helped to boost our CET I ratioi
to 19.6% (year-end 2016: 18.6%).
"Our operating expenses were comparable to last
year's level, despite additional costs related to the Staalbankiers
acquisition. The quality of our loan portfolio benefited from the
positive economic climate, prompting a net release from loan loss
provisions of €1.9 million."
FINANCIAL REPORT / PRESENTATION /
WEBCAST
For a detailed discussion of Van
Lanschot Kempen's results and balance sheet, please refer to our
financial report and presentation on the 2017 interim results at
www.vanlanschotkempen.com/results. In a conference call for
analysts on 29 August at 9.00 am CET, we will discuss our 2017
half-year figures in greater detail. This may be viewed live at the
webpage mentioned above and played back at any later date.
ADDITIONAL
INFORMATION
For additional information, go to
www.vanlanschotkempen.com/financial.
2017 FINANCIAL
CALENDAR
11 October Extraordinary General Meeting of
Shareholders
3 November Publication of 2017 Q3 trading update
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.
vanlanschotkempen.com
Disclaimer and cautionary note on
forward-looking statements
This document 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 that by their very nature fall
outside the control of Van Lanschot Kempen and its management.
Actual results and circumstances may differ
considerably as a result of risks, developments and uncertainties
relating to Van Lanschot Kempen's expectations regarding, but not
limited to, estimates of income growth, costs, the macroeconomic
and business climate, political and market trends, interest rates
and currency exchange rates, behaviour of clients, competitors,
investors and counterparties, actions taken by supervisory and
regulatory authorities and private entities, and changes in law and
taxation.
Van Lanschot Kempen cautions that forward-looking
statements are only valid on the specific dates on which they are
expressed, and accepts no responsibility or obligation to revise or
update any information following new information or changes in
policy, developments, expectations or other such factors.
The financial data in this document have not been
audited. This document 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 an opinion or a
recommendation to perform or refrain from performing any
action.
Parts of this document may provide insider
information about Van Lanschot Kempen N.V. and/or F. van Lanschot
Bankiers N.V. as meant in Articles 7(1) up to and including (4) of
EU Regulation 596/2014.
This document is a translation of the Dutch
original and is provided as a courtesy only. In the event of any
disparities, the Dutch version will prevail. No rights can be
derived from the translated document.
[i] Fully
loaded, excluding retained earnings. Year-end 2016 including
retained earnings.
H1 2017 Press release
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Van Lanschot Kempen via Globenewswire
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