Van Lanschot Kempen: net profit exceeds €98 million in 2019
Amsterdam/’s-Hertogenbosch, the Netherlands, 20 February
2020
- Net profit staged a significant increase to €98.4
million (2018: €80.3 million), with underlying net result up to
€108.8 million (2018: €103.0 million)
- Operating expenses came down by 3% to €384.1 million
and stayed within the target for 2019 of €390 million
- Client assets grew by 26% to €102.0 billion, with AuM
adding 31% to €87.7 billion on the back of €9.9 billion net
inflows
- CET 1 ratio increased to 23.8% (2018:
21.1%)
- Dividend proposal of €1.45 per share (2018: €1.45 per
share)
Van Lanschot Kempen today released its 2019 full-year results.
Karl Guha, Chairman, said: “We’re proud of what we’ve achieved in
2019. Our net profit added €18.1 million to €98.4 million, while
cost-saving measures have helped us cut operating expenses to
€384.1 million and keep costs levels below the €390 million target
figure we had previously issued. Our client assets surged to
€102.0 billion on the back of a net inflow in assets under
management (AuM) at both Asset Management and Private Banking. Our
robust capital position enabled us to pay yet another capital
return of €1.50 per share in December, and we have completed our
strategic investment programme on schedule with the achievement of
the final milestone – the migration to the new payments
platform.”
Ignoring exceptional items, the impact of the sale of the
company’s stakes in AIO II and VLC & Partners, and the
impairment of goodwill in Merchant Banking, net profit rose by 22%
on the back of lower operating expenses and higher securities
commissions. At the same time, interest result is being squeezed by
persistently low interest rates. Despite the uncertainties facing
the financial markets, economic sentiment in 2019 turned out more
sanguine than previously expected, and investor clients also had a
good year: Van Lanschot Kempen managed to achieve high returns on
clients’ investment portfolios.
Van Lanschot Kempen is delighted with the €20.8 billion increase
in total client assets to €102.0 billion, driven by a positive
market performance and net AuM inflows at Asset Management and
Private Banking – with Stichting Pensioenfonds PostNL (€9.0
billion) onboarded at Asset Management in 2019. It was also pleased
with the net inflows into investment strategies to the tune of €0.7
billion. Private Banking recorded an inflow of €0.5 billion,
breaking down into a slight net AuM inflow of €0.1 billion and an
increase in savings of €0.4 billion. Assets under management in
sustainable propositions at Private Banking surged by 55% to €2.0
billion.
Securities commissions edged up by 1%, while other commissions
came down. Merchant Banking had another good year, although
commission income is slightly lower than the very robust 2018.
Van Lanschot Kempen’s capital position is very solid: the CET 1
ratio worked out at 23.8% (2018i: 21.1%) and enables the company to
propose a dividend for 2019 of €1.45 per share. It achieved a
return on equityii of 10.5% (2018: 9.8%) and improved the
efficiency ratio to 75.5% (2018: 79.4%).
FINANCIAL REPORT/PRESENTATION/WEBCAST For a
detailed discussion of Van Lanschot Kempen’s results and balance
sheet, please refer to our performance report and presentation on
the 2019 annual results at www.vanlanschotkempen.com/results.
In a conference call for analysts on 20 February at 9.00 am CET,
we will discuss our 2019 full-year results in greater detail. This
may be viewed live at www.vanlanschotkempen.com/results and played
back at a later date.
ADDITIONAL INFORMATIONFor additional
information, go to www.vanlanschotkempen.com/financial
FINANCIAL CALENDAR
27 February 2020 Publication of 2019 annual report22 April
2020 Publication of Q1
trading update28 May 2020
Annual General Meeting (AGM)1 June 2020
Ex-dividend date9 June
2020 2019 dividend
payment date 26 August 2020 Publication of 2020
half-year results
Media Relations: +31 20 354 45 85;
mediarelations@vanlanschotkempen.com Investor Relations: +31 20 354
45 90; investorrelations@vanlanschotkempen.com
About Van Lanschot Kempen Van Lanschot Kempen,
a wealth manager operating under the Van Lanschot, Kempen and Evi
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 press release 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 which
by their very nature fall outside the control of Van Lanschot
Kempen and its management.
Actual results, performances and circumstances may differ
considerably from these forward-looking statements as a result of
risks, developments and uncertainties relating to, but not limited
to, (a) estimates of income growth, (b) costs, (c) the
macroeconomic and business climate, (d) political and market
trends, (e) interest rates and currency exchange rates, (f)
behaviour of clients, competitors, investors and counterparties,
(g) the implementation of Van Lanschot Kempen’s strategy, (h)
actions taken by supervisory and regulatory authorities and private
entities, (i) changes in law and taxation, (j) changes in ownership
that could affect the future availability of capital, and (k)
changes in credit ratings.
Van Lanschot Kempen cautions that forward-looking statements in
this press release are only valid on the specific dates on which
they are expressed, and accepts no responsibility or obligation to
revise or update any information, whether as a result of new
information or for any other reason.
Van Lanschot Kempen’s annual accounts are prepared in accordance
with International Financial Reporting Standards as adopted by the
European Union (‘IFRS-EU’). In preparing the financial information
in this press release, except as described otherwise, the same
accounting principles are applied as in the 2018 Van Lanschot
Kempen consolidated annual accounts. The annual financial
statements for 2019 are in progress and may be subject to
adjustments from subsequent events. All figures in this press
release are unaudited. Small differences are possible in the tables
due to rounding.
This press release 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 a
recommendation to perform or refrain from performing any
action.
Elements of this press release contain information about Van
Lanschot Kempen NV and/or Van Lanschot Kempen Wealth Management NV
within the meaning of Article 7(1) to (4) of EU Regulation No.
596/2014.
This press release is a translation of the Dutch language
original and is provided as a courtesy only. In the event of any
disparities, the Dutch language version will prevail. No rights can
be derived from any translation thereof.
i Some amounts differ from previously published reports,
reflecting changes that result from the accounting changes related
to provisions for pensions.
ii Return on average Common Equity Tier 1 based on underlying
net result attributable to shareholders.
- Press release annual results 2019
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