Van Lanschot Kempen trading update: first quarter of 2020
07 Maggio 2020 - 7:30AM
Van Lanschot Kempen trading update: first quarter of 2020
- The unprecedented impact of Covid-19 on the world’s
economies, financial markets and society at large has also affected
our performance
- The underlying activities of primarily Private Banking
and Asset Management are making good progress
- A series of incidental items related to the market
volatility has resulted in net losses of €10.5
million
- Net AuM inflows of €1.8 billion underpins the success
of our integrated wealth management model
- Limited credit exposure makes for low levels of
provisioning
- Liquidity and solvency remain very robust at an LCR of
151.6% and a CET 1 ratio of 22.8%
Van
Lanschot Kempen today published its trading update for the first
quarter of 2020. Please note that due to the exceptional
circumstances, additional financial information has been
provided.
Constant Korthout, Chief Financial & Risk Officer, said:
“The world is facing the substantial challenge of addressing the
issues related to the coronavirus crisis. Current circumstances are
extraordinary, with nearly 90% of our staff working from home. The
pandemic has had an impact on our clients as well. We are very
aware that these are times when we can make a difference by being
there for our clients and by providing tailored and client-specific
assistance, particularly with respect to our private banking
clients. Needless to say, we are very grateful to our clients for
their trust, as evidenced by the inflows recorded at Private
Banking and Asset Management.
“Regrettably, we have to report a loss for this first quarter;
the outcome of a very volatile market leading to a number of
incidental items. As part of our 2013 strategic reorientation, we
have been able to materially re-risk our balance sheet.
Consequently, our credit exposure is limited, largely consisting of
Dutch residential mortgages. As such, this has allowed us to
maintain low levels of provisioning.
“Client assets and assets under management (AuM) have declined
during the quarter – from €102.0 billion to €94.5 billion and from
€87.7 billion to €80.6 billion respectively. The net inflows of
€1.8 billion were not sufficient to offset the negative market
impact. Savings and deposits were unchanged at €9.5 billion while
the overall loan portfolio was marginally higher at €8.8
billion.
“Our capital and liquidity ratios have remained robust.
“First-quarter costs developed in line with the guidance given
earlier. We have also proactively initiated a series of additional
cost saving measures. With these measures and in normal market
conditions, we expect the year to end on a positive note.”
PRESENTATION/WEBCAST In view of the current
circumstances, we will discuss our Q1 2020 results in a conference
call to be held on 7 May at 9:00 am. 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 CALENDAR28 May 2020
Annual general meeting26 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, 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 its clients. Van Lanschot Kempen, listed
at Euronext Amsterdam, is the Netherlands’ oldest independent
financial institution 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 a 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.
The financial data in this press release have not been audited,
unless specifically stated otherwise. 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.
- Press release Q1 2020 trading update
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