Van Lanschot Kempen: robust performance and proposal to return capital

• Net profit up significantly to €62.3 million (H1 2016: €31.5 million)
• Underlying net result advances to €69.6 million (H1 2016: €37.7 million)
• Net AuM inflows and positive market performance boost client assets to €72.0 billion, compared with €69.4 billion at year-end 2016
• Capital position strengthens further: CET I ratio^[i] at 19.6% (year-end 2016: 18.6%)
• Proposal to return €1 per share to shareholders

's-Hertogenbosch, the Netherlands, 29 August 2017

Van Lanschot Kempen today released its 2017 half-year results. Karl Guha, Chairman, said: "Our wealth management strategy generated robust results in the first six months of the year. Our focus on preserving and creating wealth for our private and institutional clients has increased assets under management (AuM) and sparked a 13% advance in commission income. We're delighted with our takeover of UBS's wealth management activities in the Netherlands - completed only last week - as it significantly strengthens our position in the market for ultra-high net worth private individuals, family offices and foundations & charities.

"At €62.3 million, our net profit was the strongest half-year performance in many years, while our underlying net result rose to €69.6 million. This was driven in part by the proceeds from the sale of a stake in our portfolio of participating interests and from sales of stakes in our investment funds.

"Combined with our very strong capital base, these results enable us to propose a capital return payment of €1 per share. This represents the next step in realising our ambition to return at least €250 million in capital to our shareholders before the end of 2020.

"Client assets rose to €72.0 billion from €69.4 billion, with Private Banking, Evi and Asset Management all contributing to the increase in AuM from €57.5 billion to €60.1 billion. AuM growth reflects a total €1.6 billion in net inflows and €0.9 billion in positive market performance. Net inflows break down into €1.3 billion at Asset Management and €0.3 billion at Private Banking.

"Evi continues to invest in optimising its service and is seeing its clients increasingly opting to invest rather than save. Merchant Banking enjoyed improved results on last year thanks to a number of successful transactions in the second quarter, while Corporate Banking ran down its portfolio as intended, by nearly €250 million. This has helped to boost our CET I ratioⁱ to 19.6% (year-end 2016: 18.6%).

"Our operating expenses were comparable to last year's level, despite additional costs related to the Staalbankiers acquisition. The quality of our loan portfolio benefited from the positive economic climate, prompting a net release from loan loss provisions of €1.9 million."

 

 

FINANCIAL REPORT / PRESENTATION / WEBCAST
For a detailed discussion of Van Lanschot Kempen's results and balance sheet, please refer to our financial report and presentation on the 2017 interim results at www.vanlanschotkempen.com/results. In a conference call for analysts on 29 August at 9.00 am CET, we will discuss our 2017 half-year figures in greater detail. This may be viewed live at the webpage mentioned above and played back at any later date.

ADDITIONAL INFORMATION
For additional information, go to www.vanlanschotkempen.com/financial.

2017 FINANCIAL CALENDAR
11 October     Extraordinary General Meeting of Shareholders
3 November   Publication of 2017 Q3 trading update

Media Relations: [phone]; [e-mail]
Investor Relations: [phone]; [e-mail]

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 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 document 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 that by their very nature fall outside the control of Van Lanschot Kempen and its management.

Actual results and circumstances may differ considerably as a result of risks, developments and uncertainties relating to Van Lanschot Kempen's expectations regarding, but not limited to, estimates of income growth, costs, the macroeconomic and business climate, political and market trends, interest rates and currency exchange rates, behaviour of clients, competitors, investors and counterparties, actions taken by supervisory and regulatory authorities and private entities, and changes in law and taxation.

Van Lanschot Kempen cautions that forward-looking statements are only valid on the specific dates on which they are expressed, and accepts no responsibility or obligation to revise or update any information following new information or changes in policy, developments, expectations or other such factors.

The financial data in this document have not been audited. This document 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 an opinion or a recommendation to perform or refrain from performing any action.

Parts of this document may provide insider information about Van Lanschot Kempen N.V. and/or F. van Lanschot Bankiers N.V. as meant in Articles 7(1) up to and including (4) of EU Regulation 596/2014.

This document is a translation of the Dutch original and is provided as a courtesy only. In the event of any disparities, the Dutch version will prevail. No rights can be derived from the translated document.

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^[i] Fully loaded, excluding retained earnings. Year-end 2016 including retained earnings.

H1 2017 Press release

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Source: Van Lanschot Kempen via Globenewswire