Van Lanschot posts net profit for third quarter 2009
(Thomson Reuters ONE) - The recovery in Van Lanschot's results that began in the secondquarter continued into the third quarter of the year. Both interestand commission income were up on the second quarter, while operatingexpenses decreased. The impact of the recession is still being felt;the loan loss provision remained at a level that can be termed highfor Van Lanschot. All in all, these developments led to Van Lanschotreporting a net profit for the third quarter of 2009.Commission income was up thanks to climbing share prices and highertransaction volumes. The interest margin showed a slight increase.The efficiency measures are slowly starting to pay off in terms ofdeclining operating expenses. The number of FTEs is dropping in linewith the announced measures. At year-end 2009, the workforce willcomprise approx. 2,000 FTEs (year-end 2008: 2,241 FTEs). The costsavings will fully be reflected in the 2010 results.Assets under management saw a major increase thanks to the inflow ofnew funds, from private and institutional clients alike, and thefavourable market performance.Sound balance sheetThe bank's liquidity position remained robust. With a funding ratioof 83.0% Van Lanschot largely finances its lending activities withfunds entrusted by its clients. The net profit for the third quarterand the slight decrease in the loans portfolio led to an increase inthe capital ratios compared with those at the end of June 2009.Exceptional itemsOwing to the bankruptcy of DSB Bank, Van Lanschot will have to pay acontribution under the deposit guarantee scheme. The amount involvedis not yet known. This charge is expected to be accounted for in thefourth quarter.'s-Hertogenbosch, the Netherlands, 6 November 2009Van Lanschot Media Relations: Etienne te Brake, CorporateCommunication spokespersonTelephone +31 (0)73 548 3026; Mobile phone +31 (0)6 12 505 110;E-mail e.tebrake(at)vanlanschot.comVan Lanschot Investor Relations: Geraldine Bakker-Grier, InvestorRelations ManagerTelephone +31 (0)73 548 3350; Mobile phone +31 (0)6 13 976 401;E-mail g.a.m.bakker(at)vanlanschot.comVan Lanschot NV is the holding company of F. van Lanschot BankiersNV, the oldest independent bank in the Netherlands with a historydating back to 1737. The bank focuses on three target groups: highnet-worth individuals, medium-sized businesses (including familybusinesses) and institutional investors. Van Lanschot stands forhigh-quality services founded on integrated advice, personal serviceand customised solutions. Van Lanschot NV is listed on the EuronextAmsterdam Stock Market.The press release can be downloaded from the following link:http://hugin.info/133415/R/1353087/327674.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 06.11.2009 - 08:02 Uhr
Sprache: Deutsch
News-ID 8016
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