Van Lanschot trading update third quarter 2011
(Thomson Reuters ONE) -
* Strong solvency and liquidity position: Core Tier I: 10.4%, funding ratio:
91.1%
* Negative market performance impact on assets under management offset by
inflow of new assets
* Commission under pressure; operating expenses slightly down
* Net profit for third quarter of 2011 under severe pressure due to
developments in the financial markets
Constant Korthout, CFO/CRO Van Lanschot: "The solidity of Van Lanschot is
inherent in the low risk profile of a typical Private Bank. The results of the
third quarter of 2011 came under pressure. We saw high volatility in market
interest rates and credit spreads. Falling share prices led to lower commission
income. In terms of profitability versus risk, we consciously opted to put
solidity first, for example by placing our substantial surplus liquidity at the
ECB."
Van Lanschot's Core Tier I ratio at 30 September 2011 increased further to
10.4% (consolidated) compared with 10.1% at 30 June 2011, as a result of profit
retention and a reduction in risk weighted assets. Following the successful
redemption of the perpetual loans, the Core Tier I ratio increased further by
approximately 25bp in October. The low risk profile is reflected in the low
leverage of 13.3 (at 30 September 2011). Moreover, the bank has no investments
in Greece, Portugal, Spain, Italy and Ireland. Van Lanschot meets the published
Basel III requirements, with a pro forma Liquidity Coverage Ratio (LCR) of
221.0% and a pro forma Net Stable Funding Ratio (NSFR) of 109.7%.
The funding ratio (the extent to which the loan book is funded by customer
deposits) rose in the third quarter to 91.1% (30 June 2011: 87.8%), partly
thanks to an inflow of client savings and deposits. The bank has already met its
funding requirements for 2011 and 2012. The surplus liquidity has been placed at
the ECB which has had a slight adverse impact on the interest margin.
The third quarter saw a continued net inflow of assets under management, in
particular institutional discretionary mandates. Despite the negative market
performance, total assets under management were on balance slightly up.
Securities commission fell compared with the first two quarters of 2011, as
clients carried out fewer transactions and due to the negative market
performance translating into lower management fees.
Operating expenses decreased slightly compared with the first two quarters of
2011. The addition to loan loss provisions was slightly higher that the first
two quarters of the year. Van Lanschot's net profit for the third quarter of
2011 was significantly lower than in the first two quarters of 2011.
Outlook
The bank expects the current difficult economic circumstances to continue
throughout the fourth quarter of this year. In these circumstances, the bank
puts solvency and liquidity before profitability. The net profit will therefore
remain under pressure. The bank is acting on this by focusing on further cost
control. The extent and pace of the economic recovery will determine in part the
time it will take for Van Lanschot to return to normalised profit levels.
Publication date of 2011 annual results
The publication date of the 2011 annual results has been moved forward to
Thursday 8 March 2012.
's-Hertogenbosch, 8 November 2011
Van Lanschot Media Relations: Etienne te Brake, Media Relations Manager
Telephone +31 (0)73 548 30 26; mobile +31 (0)6 12 505 110; e-mail
e.tebrake(at)vanlanschot.com
Van Lanschot Investor Relations: Geraldine Bakker-Grier, Investor Relations
Manager
Telephone +31 (0)73 548 33 50; mobile +31 (0)6 13 976 401; e-mail
g.a.m.bakker(at)vanlanschot.com
Van Lanschot NV is the holding company of F. van Lanschot Bankiers NV, the
oldest independent bank in the Netherlands with a history dating back to 1737.
Van Lanschot focuses on three target groups: high net-worth individuals, medium-
sized businesses (including family businesses) and institutional investors. Van
Lanschot stands for high-quality services founded on integrated advice, personal
service and customised solutions. Van Lanschot NV is listed on Euronext
Amsterdam.
The press release can be downloaded from the following link:
Press release (PDF) :
http://hugin.info/133415/R/1561731/483418.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Van Lanschot via Thomson Reuters ONE
[HUG#1561731]
Unternehmensinformation / Kurzprofil:
Datum: 08.11.2011 - 07:31 Uhr
Sprache: Deutsch
News-ID 84893
Anzahl Zeichen: 5282
contact information:
Town:
's-Hertogenbosch
Kategorie:
Business News
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