Van Lanschot: further growth in results in third quarter 2010
(Thomson Reuters ONE) -
Van Lanschot's operating result for the third quarter of 2010 is markedly higher
than for the first and second quarters of this year. Third-quarter interest
income rose thanks to the higher interest margin. The conversion of the
preference shares into ordinary shares in June 2010 also lowered interest
expense. Assets under management were up in the third quarter, as a result of
both an inflow of new assets and the favourable market performance. Assets under
discretionary management in particular posted a healthy increase. Third-quarter
transaction volumes and commission were in line with the first six months of the
year. Costs remained stable at the level of the first two quarters of 2010.
The bank's Core Tier I ratio at 30 September 2010 (core activities) was 9.3%,
the Tier I ratio 11.6% and the BIS total capital ratio 13.7%. In the third
quarter, the scale-down of the risk-weighted assets in the corporate portfolio
was continued. The 13.7 leverage at 30 September 2010 reflects the bank's low
risk profile and is well below the maximum of 33 as applied under Basel III. Van
Lanschot largely finances its loans and advances from the funds entrusted by its
clients. This is expressed in the bank's funding ratio, which stood at over 81%
at 30 September 2010.
The trend in the third quarter is a positive sign for the further recovery in
results. The gradual revival of the economy is expected to translate into
reduced additions to the loan loss provision. If the upward economic trend
persists and the sentiment on the securities investment market improves, Van
Lanschot expects to be able to make significant headway in the full year 2010
towards achieving normalised profit levels.
Publication of 2010 annual results
The publication date of the 2010 annual results has been moved to Friday 18
March 2011.
's-Hertogenbosch, the Netherlands, 12 November 2010
Van Lanschot Media Relations: Etienne te Brake, Corporate Communication
spokesperson
Telephone +31 (0)73 548 30 26; Mobile phone +31 (0)6 12 505 110; E-
maile.tebrake(at)vanlanschot.com
Van Lanschot Investor Relations: Geraldine Bakker-Grier, Investor Relations
Manager
Telephone +31 (0)73 548 33 50; Mobile phone +31 (0)6 13 976 401; E-
mailg.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.
The bank 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.
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 possible acquisitions, or business
expansion and premium growth and investment income or cash flow predictions 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 or the like. The
financial data included in this press release have not been audited.
[HUG#1461799]
Press release (PDF):
http://hugin.info/133415/R/1461799/400956.pdf
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Source: Van Lanschot via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 12.11.2010 - 07:30 Uhr
Sprache: Deutsch
News-ID 48708
Anzahl Zeichen: 4895
contact information:
Town:
's-Hertogenbosch
Kategorie:
Business News
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