Van Lanschot Kempen: net profit of nearly €10 million in first half
Amsterdam/’s-Hertogenbosch, the Netherlands, 26 August
2020
- Net profit of €9.5 million in H1 2020; strong second
quarter performance with a net profit of nearly €20
million
- Strong net inflows of €4.7 billion, of which €4.4
billion in AuM. Client assets increase to €103.4 billion
(2019: €102.0 billion)
- Good underlying operating performance, notwithstanding
incidental items in Q1 due to Covid-19
- Limited credit exposure – addition to loan loss
provisions of €1.3 million
- Robust capital ratio at 24.0%
- Successful next step in growth strategy: acquisition of
Hof Hoorneman Bankiers, bringing in client assets of €1.9
billion
Van Lanschot Kempen today published its 2020 half-year figures.
Karl Guha, Chairman, said: “Covid-19 has been a defining factor for
the first half of this year – at a societal and an economic level.
For our clients, this has been a period of profound uncertainty
about the present and future. Our past investments in omni-channel
capabilities have served us well, in the sense that we were able to
serve our clients well and be there for them in their time of need.
We were rewarded with meaningful growth in client assets during
this period. For this we are very grateful to our clients. As such,
our strong operational performance during a challenging first half,
is a testimony to the investments we have made in the past in
technology and in our people.
“We are absolutely delighted with the acquisition of Hof
Hoorneman Bankiers – a respected Dutch wealth management house.
This transaction is in line with our stated goal of pursuing growth
via acquisitions. Furthermore, this is an important step in our
pursuit of an integrated and focused wealth management strategy.
Notwithstanding the economic challenges and market volatility
confronting us as a result of Covid-19, we believe that we are well
positioned from a capital and asset quality perspective to weather
the storm. In no small part this is due to our focused wealth
management strategy in a stable and wealthy corner of Europe. We
believe that our unique integrated wealth management proposition
will continue to allow us to serve our private, institutional and
mass affluent clients well in the present and in the future.”
In the last six months client assets increased, from €102.0
billion to €103.4 billion driven by net inflow of €4.7 billion in
assets under management (AuM) and savings. AuM increased from €87.7
billion to €89.2 billion. The strong net inflows of €4.4 billion
derived from AuM from both new and existing clients, and materially
offset the negative market impact of €2.9 million. Savings and
deposits were at €9.8 billion (2019: €9.5 billion).
The acquisition of Hof Hoorneman Bankiers as announced last week
will increase our client assets by €1.9 billion. Hof Hoorneman
Bankiers is an excellent fit in terms of client mix, investment
policy, corporate culture and personal approach, for both Private
Banking and Evi. The acquisition is subject to the approval of the
regulators and is expected to be completed by the end of 2020.
The first half saw a net result of €9.5 million (H1 2019: €31.4
million excluding one-time gains from two salesi). Following the
outbreak of Covid-19 in the first quarter of 2020, we have
implemented cost-saving measures to improve our operating
performance. The solid operational performance combined with cost
savings generated second-quarter net profits of €19.9 million (Q1
2020: -€10.5 million).
PERFORMANCE 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 2020 half-year results at www.vanlanschotkempen.com/results. In
a conference call on 26 August at 9:00 am CET, we will discuss our
2020 half-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 CALENDAR29 October 2020
Publication of 2020 third-quarter trading update 25 February
2021 Publication of 2020 annual 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, Evi and Kempen
brand names, is active in Private Banking, Asset Management and
Merchant Banking, with the aim of preserving and creating wealth,
in a sustainable way, for both its clients and the society of which
it is part. Listed at Euronext Amsterdam, Van Lanschot Kempen is
the Netherlands’ oldest independent financial services company,
with a history dating back to 1737.
For more information, please visit 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, (k) changes
in credit ratings and (l) evolution and economic and societal
impact of the Covid-19 pandemic.
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 semi-annual accounts are prepared in
accordance with IAS 34 (Interim Financial Reporting), as adopted by
the European Union. In preparing the financial information in this
press release, except as described otherwise, the same accounting
principles are applied as in the 2019 Van Lanschot Kempen
consolidated annual accounts.
The financial data in this press release have not been audited.
The external independent auditor has issued a review report with
respect to the half-year results contained in the Van Lanschot
Kempen Performance report half-year results 2020. Small differences
in tables may be the result of rounding. Percentages are calculated
based on unrounded figures.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 Related to the sales of stakes in AIO II and VLC &
Partners
- Press release HY results 2020
Grafico Azioni Van Lanschot Kempen NV (EU:VLK)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Van Lanschot Kempen NV (EU:VLK)
Storico
Da Apr 2023 a Apr 2024
