Van Lanschot trading update: Q3 2013
(Thomson Reuters ONE) -
* Higher income and lower costs drive positive underlying profitability
* Modest net profit in third quarter after reorganisation charges
* Client assets grow to ? 51.8 billion
* Core Tier I ratio increases further to 12.6%
* Execution of strategy on track
's-Hertogenbosch, 8 November 2013
Van Lanschot today publishes its Q3 2013 trading update. Constant Korthout,
Chief Financial & Risk Officer: "The underlying profitability is positive,
driven by higher income and lower costs. The interest margin, and therefore
interest income, was up slightly in the third quarter compared with the first
two quarters of this year. Securities commission was stable compared with the
same period and higher than in the third quarter of 2012.
The cost reduction programme is well on course, partly due to the accelerated
decrease in the workforce. The associated non-recurring charges impact the
results for the second half of this year. Despite the reorganisation charges and
the continuing elevated level of loan impairment charges, a modest net profit
was realised in the third quarter.
Total client assets amounted to ? 51.8 billion at 30 September 2013, up ? 0.5
billion compared with 30 June 2013. Our private banking clients continue to opt
for discretionary asset management.
The pro forma Core Tier I ratio increased further to 12.6%, compared with 12.5%
at 30 June 2013 and 11.0% at year-end 2012. The funding ratio was stable at
77%. Our solid capital base is reflected in the strong leverage ratio which
remained high at 7.4%.
The execution of our strategy - based on focus, simplification and growth - is
well on track. The third quarter saw the launch of the marketing campaign for
"Evi"; this new service concept not only responds to a growing demand from
clients for online wealth management services, but moreover represents the
implementation our strategic aim to also focus on starters in the wealth
management market. The campaign has just started and the initial response is
encouraging. Furthermore, the Corporate Banking unit - responsible for the run-
off of the corporate loan book - has been fully operational as from the start of
November. Our other strategic plans as announced in May are proceeding as
planned."
FINANCIAL CALENDER 2014
Publication of 2013 annual results 11 March 2014
Publication of Q1 2014 trading update 15 May 2014
Publication of 2014 half-year results 26 August 2014
Media Relations: +31 73 548 35 25; mediarelations(at)vanlanschot.com
Investor Relations: +31 73 548 33 50; investorrelations(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, a wealth manager operating under the Van Lanschot and Kempen & Co
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 NV is listed on Euronext Amsterdam.
DISCLAIMER
Forward-looking statements
This press release contains forward-looking statements concerning future events.
Those forward-looking statements are based on the current information and
assumptions of the Van Lanschot management concerning known and unknown risks
and uncertainties. Forward-looking statements do not relate to definite facts
and are subject to risks and uncertainty. The actual results may differ
considerably as a result of risks and uncertainties relating to Van Lanschot's
expectations regarding such matters as the assessment of market risk or income
growth or, more generally, the economic climate and changes in the law and
taxation. Van Lanschot cautions that expectations are only valid on the specific
dates, and accepts no responsibility for the revision or updating of any
information following changes in policy, developments, expectations and the
like. The financial data regarding forward-looking statements concerning future
events included in this document have not been audited.
The press release can be downloaded from the following link:
Press release (PDF):
http://hugin.info/133415/R/1741641/585232.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#1741641]
Unternehmensinformation / Kurzprofil:
Datum: 08.11.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 314290
Anzahl Zeichen: 5257
contact information:
Town:
's-Hertogenbosch
Kategorie:
Business News
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