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Van Lanschot: stable performance in challenging markets
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· Underlying net result[1] stable at €37.7 million (H1 2015: €37.7 million)
· Net profit works out at €31.5 million (H1 2015: €37.7 million)
· Client assets grow by 5% to €66.2 billion (year-end 2015: €63.0 billion) supported by net inflows and positive market performance
· Improved credit quality underpins release of loan loss provisions
· Capital base increases further: CET I ratio[2] comes in at 17.3% (year-end 2015: 16.3%)
's-Hertogenbosch, the Netherlands, 24 August 2016
Van Lanschot today released its half-year results. Karl Guha, Chairman, said: "An increase in our assets under management has further strengthened our position as an independent, specialist wealth manager. Our client assets increased from €63.0 billion to €66.2 billion. Assets under management were up 8% from €50.3 billion to €54.3 billion, mainly driven by Asset Management's net inflows of €2.7 billion and a favourable market performance of €1.6 billion. AuM at Private Banking decreased marginally. The announced acquisition of Staalbankiers' private banking activities would add up to €1.7 billion in assets in 2017. These activities' key features, namely client groups, client service and investment policy, are an excellent fit for Van Lanschot. As such, this would be a good example of an add-on acquisition that truly enhances our position.
"Our focus on wealth management underpins our steady results in today's uncertain and volatile markets. Difficult markets cause our clients to proceed with caution and enter into fewer transactions - implying less commission income. In the meantime, we regularly bring our clients up to speed on the latest market developments and our long-term investment decisions, building their confidence in their chosen investment course and in their investments.
"With reduced activity in the European capital markets in the past six months, Merchant Banking returned sharply lower income compared with an exceptionally robust first half in 2015. Our niche strategy and international client base continue to put us in an excellent position to make the most of any upturn in the markets.
The continued run-off of our corporate loan portfolio, combined with the improvement in our clients' financial positions, significantly enhanced our loan portfolio. The period ended in a net release of €1.7 million from our loan loss provisions compared with the year-earlier net addition of €31.9 million. Net profit works out at €31.5 million including a €8 million charge related to the derivatives recovery framework. Our capital position developed well and our CET I ratio progressed to 17.3%.
"Our strategy update in April 2016 marked the start of the next phase of our wealth management strategy. Under the €60 million IT investment programme, we will invest in our omnichannel service to our Private Banking clients and continue the transformation of our IT landscape. The spending programme will run up to and including 2019 and should help us cut costs in the longer term. Meanwhile, we will proceed with our specialist niche approach in our core activities and have in fact just tapped into a new niche with Merchant Banking's Financial Institutions & FinTech."
[1] The underlying net result in H1 2016 was the net result adjusted for the one-off charge of €8 million related to the derivatives recovery framework and the cost incurred for the Strategy 2020 investment programme.
[2] H1 2016 phase-in, excluding retained earnings; year-end 2015 including retained earnings.
FINANCIAL REPORT/PRESENTATION/WEBCAST
For a detailed discussion of Van Lanschot's results and balance sheet, please refer to our 2016 interim financial report and presentation of our 2016 interim results at https://corporate.vanlanschot.nl/results.
In a conference call for analysts on 24 August at 9.00 am CET, we will discuss our 2016 half-year figures in greater detail. This may be viewed live at https://corporate.vanlanschot.nl/results and played back at any later date.
ADDITIONAL INFORMATION
For additional information, please visit https://corporate.vanlanschot.nl/financial.
| 2016 FINANCIAL CALENDAR | |
| Publication of 2016 Q3 trading update | 4 November 2016 |
Media Relations: +31 20 354 45 85; mediarelations@vanlanschot.com
Investor Relations: +31 20 354 45 90; investorrelations@vanlanschot.com
Van Lanschot NV is the holding company of F. van Lanschot Bankiers NV, the oldest independent bank in the Netherlands with a history dating back to 1737. Van Lanschot, a wealth manager operating under the Van Lanschot, Kempen & Co and Evi van Lanschot 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 NV is listed on Euronext Amsterdam.
Disclaimer and cautionary note on forward-looking statements
This document contains forward-looking statements on future events and developments. These forward-looking statements are based on the current information and assumptions of Van Lanschot's management about known and unknown risks and uncertainties. Forward-looking statements do not relate strictly to historical or current facts and are subject to such risks and uncertainties that by their very nature fall outside the control of Van Lanschot and its management. Actual results may differ considerably as a result of risks and uncertainties relating to Van Lanschot's expectations regarding, but not limited to, estimates of income growth, costs, the macroeconomic and business climate, political and market trends, interest rates and behaviour of clients, investors and counterparties, actions taken by supervisory and regulatory authorities and private entities, and changes in the law and taxation. Van Lanschot cautions that expectations 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 included 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 information about Van Lanschot 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.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Van Lanschot via Globenewswire
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Van Lanschot via Globenewswire
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