First quarter 2011: Increase in assets under management continues
(Thomson Reuters ONE) -
Van Lanschot's financial performance for the first quarter of 2011 confirms the
trend seen at the end of 2010. In terms of revenues, a further shift was seen
from transaction commission to management fees. The underlying interest margin
stabilised, while operating expenses were slightly down on the last quarter of
2010. The addition to the loan loss provision also decreased in the first
quarter of 2011.
In the first three months of the year, the increase in assets under management
continued steadily. This increase can almost fully be attributed to the inflow
of new assets from both private and institutional clients. A positive
development in this respect was the further increase in discretionary mandates
within asset management: of the total assets under management for Private &
Business Banking clients at the end of the first quarter of 2011, 34% comprised
assets under discretionary management, versus 32% at year-end 2010.
In the first quarter of 2011, Van Lanschot Belgium showed the same trend, with
assets under management rising further. The bank's subsidiary Kempen won a
number of large institutional mandates in the first quarter of the year and
posted a further growth in assets under management for existing clients.
The bank's liquidity position remained solid. The funding ratio was 87.4% at the
end of the first quarter of 2011 (at year-end 2010: 86.2%). A further
diversification of Van Lanschot's funding mix was achieved by issuing ? 500
million in 3-year senior bonds to institutional investors in April 2011.
The capital ratios (based on the core activities) at 31 March 2011 increased
further, i.e. Core Tier I: 9.8%, Tier I: 12.3%, BIS total capital ratio: 13.6%.
As already indicated, the bank expects to be able to make further progress this
year towards achieving normalised profit levels, provided that the economic
recovery continues.
Refined financial targets
During the Annual General Meeting of Shareholders to be held today, Van Lanschot
will present several refined financial targets. The amended targets have been
determined based on the current interpretation of the new Basel III guidelines.
These financial targets are as follows:
* Core Tier I ratio: at least 10%, in due course to 12%
* Leverage: ratio of total assets / equity less than 20
* Net Stable Funding Ratio: higher than the Basel III requirement, at least
100%
* Liquidity Coverage Ratio: higher than the Basel III requirement, at least
100%
* Return on Equity (Core Tier I capital): within 12-18 months approx. 10%, in
the medium term higher than 12%
* Growth in earnings per share: at least 5% per annum, after a return to
normal profit levels of at least ? 4 per share in 2013
* Dividend policy: 40-50% of net profit attributable to ordinary shareholders
In addition to the above financial targets, Van Lanschot has also defined
targets in terms of market share, clients and employees, such as the client is
key, client satisfaction, investment performance and employer status.
The full presentation for the Annual General Meeting of Shareholders will be
available on the website from 4 p.m. today (please visit
www.vanlanschot.nl/aboutvanlanschot).
's-Hertogenbosch, the Netherlands, 11 May 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.
Press release (PDF):
http://hugin.info/133415/R/1514337/450343.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#1514337]
Unternehmensinformation / Kurzprofil:
Datum: 11.05.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 54490
Anzahl Zeichen: 5191
contact information:
Town:
's-Hertogenbosch
Kategorie:
Business News
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