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Van Lanschot Kempen: enhancing capital strategy and first-quarter 2022 trading update

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Van Lanschot Kempen Wealth Management N.V.
Van Lanschot Kempen Wealth Management N.V.

Amsterdam/’s-Hertogenbosch, the Netherlands, 11 May 2022

Capital Markets Day

  • Transformation into specialist wealth manager completed successfully

  • Focus on growth: organic, coupled with bolt-on acquisitions

  • Enhancing financial targets and capital strategy

First-quarter 2022 trading update

  • Q1 net result at €25.1 million (Q1 2021: 33.1 million), decrease due to an incidental exceptional charge; underlying net result €35.7 million (Q1 2021: €33.7 million), with commission income up 18%

  • Client assets at €125.5 billion (2021: 131.1 billion) and AuM at €106.3 billion (2021: 112.1 billion)

  • Net AuM inflows at Private Clients of €0.6 billion and at Wholesale & Institutional Clients of €0.1 billion

  • Robust capital ratio at 20.8% (2021: 23.7%), decrease driven by steeper capital requirements for residential mortgages

Maarten Edixhoven, Chair of the Van Lanschot Kempen Management Board, said: “The first quarter of this year was marked by high levels of uncertainty and volatility in the financial markets, caused by the terrible war in Ukraine and the ongoing pandemic. Our clients’ confidence and the sheer commitment and dedication of our people have kept our net assets under management (AuM) inflows in the black at €0.7 billion, pushed up commission income by 18% and brought us a strong net result of €25.1 million.

“Our transformation from a universal bank into a specialist wealth manager with a focus on private banking, professional solutions, investment management and investment banking is now complete, and this is a good time to enhance our financial targets and capital strategy. Our organisation boasts a solid growth track record, both organically and by acquisition, and we focus on growth while maintaining a capital-light balance sheet. Of course, our people are key: we have a great team full of entrepreneurial spirit and focused on our clients. We want to increase employee participation. The launch of an attractive employee share scheme at the start of the year proved a resounding success and we’ll soon be announcing a specific scheme for senior employees.”

Enhancing financial targets
In 2021, we achieved all four of our financial targets, so today we are presenting our enhanced medium-term financial targets:

  • A CET 1 ratio of 15% plus an M&A add-on of 2.5% for acquisitions, the latter offering enough scope for bolt-on acquisitions appropriate to our wealth management strategy. We plan to return additional capital in excess of a 17.5% CET 1 ratio to our shareholders in both 2022 and 2023, subject to regulatory approval.

  • An efficiency ratio of 70%, reflecting our ambition to grow our revenues coupled with controlled cost growth.

  • A 12% CET 1 return through the cycle.

  • A dividend policy of 50–70% of underlying net profit attributable to shareholders. This target is unchanged.

WEBCAST
Our virtual Capital Markets Day will start at 2.00 pm CEST on Wednesday 11 May. You may view this live at vanlanschotkempen.com/cmd or play it back at a later date.

FINANCIAL CALENDAR
12 May 2022 Retail Investor Day
25 May 2022 Annual General Meeting
27 May 2022 Ex-dividend date
9 June 2022 2021 dividend payment date
25 August 2022 Publication of 2022 half-year results
4 November 2022 Publication of 2022 third-quarter trading update

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 is a wealth manager active in Private Banking, Professional Solutions, Investment Management and Investment 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. As a sustainable wealth manager with a long-term focus, Van Lanschot Kempen proactively seeks to prevent negative impact for all stakeholders and to create positive long-term financial and non-financial value. Listed at Euronext Amsterdam, Van Lanschot Kempen is the Netherlands’ oldest independent financial services company, with a history dating back to 1737. To fully leverage the potential of the Van Lanschot Kempen organisation for its clients, it provides solutions that build on the knowledge and expertise across its entire group and on its open architecture platform. Van Lanschot Kempen is convinced that it is able to meet the needs of its clients in a sustainable way by offering them access to the full range of its products and services across all its businesses.

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 and targets on future events and developments. These forward-looking statements and targets 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 and targets 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 and targets 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.

Van Lanschot Kempen’s quarterly accounts are prepared in accordance with the relevant IFRS guidelines, as adopted by the European Union. In preparing the quarterly figures in this press release, except as described otherwise, the same accounting principles are applied as in the 2021 Van Lanschot Kempen consolidated annual accounts. The financial data in this press release have not been audited. Small differences in tables may be the result of 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 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.

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