Van Lanschot Kempen: trading update third quarter 2020
Amsterdam/’s-Hertogenbosch, the Netherlands, 29 October
2020
- Quarterly result in line with second quarter of the
year
- Client assets added 3% to €106.3 billion and AuM 3% to
€92.0 billion
- Net AuM inflow of €1.4 billion at Private Banking and
Asset Management
- Limited addition to loan loss provisions, reflecting
our wealth management profile
- Capital ratio increases to 24.9%
Van Lanschot Kempen today released its trading update for the
third quarter of 2020. Constant Korthout, Van Lanschot Kempen’s
Chief Financial & Risk Officer, said: “The current
circumstances around Covid-19 remain exceptional and we’re seeing
the impact of the virus return and increase all around us. At the
same time, we note that the third quarter was a good one
financially for most of our clients. The low risk exposure in our
loan portfolio and resultant minor addition to our loan loss
provisions have once again proven the robustness of our wealth
management model. Over the past few months, we have stuck to the
cost-saving measures announced previously, and the outcomes show
that we have costs under control. We’re pleased with our solid
results in the third quarter.”
Client assets increased by €2.9 billion to €106.3 billion in the
quarter. Assets under management (AuM) were up €2.8 billion to
€92.0 billion on net inflows of €1.4 billion combined with a
positive market performance of €1.4 billion.
Private Banking once again reported net AuM inflows in the third
quarter of €0.3 billion (YTD €0.8 billion). These net inflows
– both in the Netherlands and in Belgium – reflect our clients’
continued willingness to invest. Meanwhile, Asset Management
recorded net inflows of €1.1 billion (YTD €4.9 billion), and
some €1.4 billion was added to fiduciary management, mainly on the
back of the new €1.0 billion mandate for Stichting
Pensioenfonds Grontmij. Investment strategies, by contrast, fell in
the quarter, in part caused by funds being discontinued.
Our Corporate Finance & Equity Capital Markets team had
another good quarter, completing deals in all niche markets in
which they operate. Within Life Sciences, we were involved in
CureVac’s IPO on America’s Nasdaq market and the secondary offering
of Kojamo shares in the real estate sector. Meanwhile, Unifiedpost
in Belgium was our first IPO in the fintech sector.
In August, we announced the next step in our growth strategy by
acquiring Hof Hoorneman Bankiers. We have applied for a declaration
of no objection from our regulator and are awaiting their
approval.
To further optimise our capital position and simplify our legal
structure, we are currently investigating the possibility of
merging our holding company Van Lanschot Kempen NV with our
operating company Van Lanschot Kempen Wealth Management NV in
2021.
Our current capital position remains strong and our CET 1 ratio
amounts to 24.9% (excluding retained earnings). As previously
announced, and taking heed of the ECB’s and DNB’s advice, we will
not pay out our 2019 dividend before January 2021. This €59.4
million dividend is reserved for our shareholders on our balance
sheet and is not included in our capital ratios.
FINANCIAL CALENDAR25 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, Kempen and Evi
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) 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.
The financial data in this press release have not been audited,
unless specifically stated otherwise.
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 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_Trading update Q3 2020
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