Van Lanschot Kempen: robust performance and proposal to return capital
(Thomson Reuters ONE) -
* Net profit up significantly to ?62.3 million (H1 2016: ?31.5 million)
* Underlying net result advances to ?69.6 million (H1 2016: ?37.7 million)
* Net AuM inflows and positive market performance boost client assets to ?72.0
billion, compared with ?69.4 billion at year-end 2016
* Capital position strengthens further: CET I ratio[i] at 19.6% (year-end
2016: 18.6%)
* Proposal to return ?1 per share to shareholders
's-Hertogenbosch, the Netherlands, 29 August 2017
Van Lanschot Kempen today released its 2017 half-year results. Karl Guha,
Chairman, said: "Our wealth management strategy generated robust results in the
first six months of the year. Our focus on preserving and creating wealth for
our private and institutional clients has increased assets under management
(AuM) and sparked a 13% advance in commission income. We're delighted with our
takeover of UBS's wealth management activities in the Netherlands - completed
only last week - as it significantly strengthens our position in the market for
ultra-high net worth private individuals, family offices and foundations &
charities.
"At ?62.3 million, our net profit was the strongest half-year performance in
many years, while our underlying net result rose to ?69.6 million. This was
driven in part by the proceeds from the sale of a stake in our portfolio of
participating interests and from sales of stakes in our investment funds.
"Combined with our very strong capital base, these results enable us to propose
a capital return payment of ?1 per share. This represents the next step in
realising our ambition to return at least ?250 million in capital to our
shareholders before the end of 2020.
"Client assets rose to ?72.0 billion from ?69.4 billion, with Private Banking,
Evi and Asset Management all contributing to the increase in AuM from ?57.5
billion to ?60.1 billion. AuM growth reflects a total ?1.6 billion in net
inflows and ?0.9 billion in positive market performance. Net inflows break down
into ?1.3 billion at Asset Management and ?0.3 billion at Private Banking.
"Evi continues to invest in optimising its service and is seeing its clients
increasingly opting to invest rather than save. Merchant Banking enjoyed
improved results on last year thanks to a number of successful transactions in
the second quarter, while Corporate Banking ran down its portfolio as intended,
by nearly ?250 million. This has helped to boost our CET I ratio(i) to 19.6%
(year-end 2016: 18.6%).
"Our operating expenses were comparable to last year's level, despite additional
costs related to the Staalbankiers acquisition. The quality of our loan
portfolio benefited from the positive economic climate, prompting a net release
from loan loss provisions of ?1.9 million."
FINANCIAL REPORT / PRESENTATION / WEBCAST
For a detailed discussion of Van Lanschot Kempen's results and balance sheet,
please refer to our financial report and presentation on the 2017 interim
results at www.vanlanschotkempen.com/results. In a conference call for analysts
on 29 August at 9.00 am CET, we will discuss our 2017 half-year figures in
greater detail. This may be viewed live at the webpage mentioned above and
played back at any later date.
ADDITIONAL INFORMATION
For additional information, go to www.vanlanschotkempen.com/financial.
2017 FINANCIAL CALENDAR
11 October Extraordinary General Meeting of Shareholders
3 November Publication of 2017 Q3 trading update
Media Relations: +31 20 354 45 85; mediarelations(at)vanlanschotkempen.com
Investor Relations: +31 20 354 45 90; investorrelations(at)vanlanschotkempen.com
About Van Lanschot Kempen
Van Lanschot Kempen, a wealth manager operating under the Van Lanschot, Evi and
Kempen 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 Kempen, listed at Euronext Amsterdam, is the Netherlands' oldest
independent financial services company with a history dating back to 1737.
vanlanschotkempen.com
Disclaimer and cautionary note on forward-looking statements
This document may contain forward-looking statements on future events and
developments. These forward-looking statements are based on the current
insights, information and assumptions of Van Lanschot Kempen's management about
known and unknown risks, developments and uncertainties. Forward-looking
statements do not relate strictly to historical or current facts and are subject
to such risks, developments and uncertainties that by their very nature fall
outside the control of Van Lanschot Kempen and its management.
Actual results and circumstances may differ considerably as a result of risks,
developments and uncertainties relating to Van Lanschot Kempen's expectations
regarding, but not limited to, estimates of income growth, costs, the
macroeconomic and business climate, political and market trends, interest rates
and currency exchange rates, behaviour of clients, competitors, investors and
counterparties, actions taken by supervisory and regulatory authorities and
private entities, and changes in law and taxation.
Van Lanschot Kempen cautions that forward-looking statements are only valid on
the specific dates on which they are expressed, and accepts no responsibility or
obligation to revise or update any information following new information or
changes in policy, developments, expectations or other such factors.
The financial data in this document have not been audited. This document does
not constitute an offer or solicitation for the sale, purchase or acquisition in
any other way or subscription to any financial instrument and is not an opinion
or a recommendation to perform or refrain from performing any action.
Parts of this document may provide insider information about Van Lanschot Kempen
N.V. and/or F. van Lanschot Bankiers N.V. as meant in Articles 7(1) up to and
including (4) of EU Regulation 596/2014.
This document is a translation of the Dutch original and is provided as a
courtesy only. In the event of any disparities, the Dutch version will prevail.
No rights can be derived from the translated document.
--------------------------------------------------------------------------------
[i] Fully loaded, excluding retained earnings. Year-end 2016 including retained
earnings.
H1 2017 Press release:
http://hugin.info/133415/R/2129740/813597.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Van Lanschot Kempen via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: hugin
" alt="Symbility Solutions Resports Record Revenue for the Second Quarter of 2017Datum: 29.08.2017 - 07:30 Uhr
Sprache: Deutsch
News-ID 558032
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Town:
's-Hertogenbosch
Kategorie:
Business News
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