Van Lanschot Kempen: strong net profit of €58.3 million
Amsterdam/’s-Hertogenbosch, the Netherlands, 26 August 2021
- Net profit increased to
€58.3
million (H1 2020:
€9.5
million)
- Record net
AuM inflows at Private
Clients of
€2.4
billion; net
outflows at Wholesale &
Institutional Clients of
€2.0
billion, due to a
few institutional
mandates
- Client assets increased
to
€121.0
billion and AuM
to
€104.2
billion
- Strong growth
in management fee income
- Strong capital ratio to
21.9%
(2020:
24.3%);
decrease caused by a more prudent calculation of market
risk, among other factors
- Pay out 2019 dividend and remainder 2020 dividend –
totalling €1.95 per share in beginning of Q4
Karl Guha, Chairman,
said: “It would be fair to say that we have had a good
first half of the year. The numbers speak for themselves. The
performance was strong across the board. The growth in assets under
management in our high yielding Private Clients segment is
particularly gratifying – notwithstanding some of the headwinds we
have had in our institutional business. We believe that our
approach of combining “personal touch”, professional expertise and
technology is beginning to bear fruit. There is every reason to
believe that we are well positioned for further growth in all our
businesses.
“Furthermore, our inorganic growth in assets under management
was further strengthened, through our successful acquisitions in
the Netherlands and in Belgium. As such, it is an important step
towards realising our goal of being the most respected and
successful wealth management house in the Benelux.”
Clients assets
and assets under managementDuring
the first six months of the year, client assets increased to €121.0
billion (2020: €115.0 billion). Total assets under management
(AuM) increased to €104.2 billion (2020: €99.0 billion) on the
back of total net inflows of €0.3 billion and market performance of
€4.8 billion. We recorded exceptionally high net inflows in AuM at
Private Clients to the tune of €2.4 billion and we saw an outflow
of a few institutional mandates within Wholesale &
Institutional Clients. This has combined with the positive market
performance to significantly enhance management fees. Savings and
deposits were slightly up at €10.2 billion (2020: €10.1
billion).
Sustainable investing is an important part of our strategy and
we have made solid progress in this field; 17% of our own funds are
classified as Article 9 (most sustainable), 62% as Article 8 and
21% as Article 6i under the European Sustainable Finance Disclosure
Regulation. In addition, AuM that are classified as sustainable
within Private Clients rose by 24% to €3.8 billion in the past six
months.
Results in the first half of
2021Net profit increased to €58.3 million in the
first six months of 2021 (H1 2020: €9.5 million). Commission
income, the very core of our revenues, was up by 18% at
€175.7 million (H1 2020: €148.9 million) on the back of higher
recurring commissions and solid results at Corporate Finance. The
higher AuM base also provides a good starting point for the rest of
the year.
Interest income stabilised and amounted to €76.1 million (H1
2020: €77.0 million). During the first half of 2021, we saw this
underpinned by some growth in the mortgage loan portfolio and our
ability to charge negative interest rates on savings. In order to
mitigate this impact for our clients, we introduced the Wealth
Management Arrangement, which is meeting a need of our Private
Banking clients to retain a proportion of their wealth in savings
without paying negative interest.
PERFORMANCE REPORT / PRESENTATION /
WEBCASTFor a detailed discussion of Van Lanschot Kempen’s
results and balance sheet, please refer to our performance report
and presentation on the 2021 half-year results at
www.vanlanschotkempen.com/results. In a conference call on 26
August at 9:00 am CET, we will discuss our 2021 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 CALENDAR22 September
2021 Extraordinary
general meeting4 October 2021
Ex-dividend date12 October 2021
2019 dividend and remainder 2020 dividend
payment date29 October 2021
Publication of 2021 third-quarter trading update24 February
2022 Publication full-year
results 2021Media Relations: +31 20 354 45
85; mediarelations@vanlanschotkempen.comInvestor
Relations: +31 20 354 45 90;
investorrelations@vanlanschotkempen.com
About Van Lanschot KempenVan 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
Important legal information 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.
The figures in this press release have not been audited
separately. Small differences are possible in the tables due to
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 From the end of 2022, the funds will apply Article 7
prescribing transparency on negative sustainability effects.
- Van Lanschot Kempen press release H1 2021
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