Van Lanschot trading update: provisional annual results 2009
(Thomson Reuters ONE) - * Recovery in income that began in Q2 2009 continued in the second half of the year * Net profit for the second half of 2009 of approximately EUR 31 million (H1 2009: net loss of EUR 46.3 million) * Solid funding ratio of over 78% at 31 December 2009 * Impact of recession still being felt: addition to loan loss provision in 2009 of around 79 basis points of the risk weighted assets * Provision of EUR 7.6 million formed in Q4 for the bank's obligations under the deposit guarantee scheme in connection with the bankruptcy of DSB BankFloris Deckers, Chairman of the Board of Managing Directors of Van Lanschot:"2009 was an exceptional and turbulent year for banks. As a private bank, we areincreasingly gearing our services to high net-worth individuals and theentrepreneur and his business. Van Lanschot came through the banking crisisbased on its own strength, showing a recovery of the operating results as fromthe second quarter of 2009. Following a net loss in the first half of the year,the bank posted a net profit in the second half year. For the full year 2009, alimited net loss was reported. Excluding the one-off items for write-offs on theIT project and the provision for DSB, net profit for 2009 totalled approximatelyEUR 20 million."As an independent private bank, Van Lanschot uses its balance sheet solely forclient-related activities. The bank's capital base remained solid, with a BIStotal capital ratio of nearly 12% at year-end 2009. Van Lanschot financed itsloans and advances largely from the funds entrusted by its clients. At 31December 2009, the bank had a funding ratio of over 78%.Early in 2009 the banking crisis evolved into a recession, resulting in a higherprovision for loan losses. The addition to the loan loss provision for the fullyear reached a high level for Van Lanschot; it totalled approximatelyEUR 113 million for 2009, i.e. approximately 79 basis points of risk weightedassets (2008: 15 basis points).Income recovery continuesInitially, the financial crisis and the resulting recession had a major impacton the level of the bank's income. However, a steady recovery in income set inin the second quarter of 2009. The items securities & associates and profit onfinancial transactions made a good contribution to total income in 2009.Assetsunder management were up by 19% to approximately EUR 29 billion.At the beginning of 2009, the bank announced several cost control and efficiencymeasures, leading among other things to around a 9% reduction in the workforce,bringing it to 2,050 FTEs at the end of 2009. The full impact of these measureswill become visible in the bank's operating expenses from 2010.In August 2009, Van Lanschot acquired all shares in Robein Leven from theexisting shareholder. Robein Leven's results are fully consolidated in thebank's figures. The interest in Robein Leven made a positive contributiontowards Van Lanschot's results in the second half of 2009. De bank still intendsto dispose of its interest in Robein Leven in due course.In the fourth quarter, Van Lanschot formed a provision of EUR 7.6 million for itsobligations under the deposit guarantee scheme in connection with the bankruptcyof DSB Bank. The amount of the provision is influenced by the fact that VanLanschot has many clients with savings balances exceeding the EUR 100,000 limitfor the deposit guarantee scheme.The recovery in operating results led to a net profit for the second half of theyear of approximately EUR 31 million. On balance, the bank reported a net loss ofapproximately EUR 15 million for the full year 2009 (2008: net profit of EUR 30.1million).Publication of 2009 full-year resultsVan Lanschot will publish its full annual figures for 2009 on 12 March 2010before market opening.'s-Hertogenbosch, the Netherlands, 26 January 2010Van Lanschot Media Relations: Etienne te Brake, Corporate CommunicationspokespersonTelephone +31 (0)73 548 30 26; mobile +31 (0)6 12 505 110;e-maile.tebrake(at)vanlanschot.com
Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: hugin
" alt="Legend Gold Extends Zones 1 & 2 at Lakanfla - Encouraging Results Prompt New Drill Program
Datum: 26.01.2010 - 08:00 Uhr
Sprache: Deutsch
News-ID 48208
Anzahl Zeichen: 4961
contact information:
Town:
's-Hertogenbosch
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 193 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Van Lanschot trading update: provisional annual results 2009"
steht unter der journalistisch-redaktionellen Verantwortung von
Van Lanschot (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
