Van Lanschot Kempen: net profit €84.3 million, with net AuM inflows at €13.7 billion in 2022
Amsterdam/’s-Hertogenbosch, the Netherlands, 23 February 2023
Net profit €84.3 million (2021: €143.8 million), decline partly related to one-off charge related to the accelerated acquisition of the remaining 30%-stake in Mercier Vanderlinden
Commission income and interest income both increased by 6%
Net AuM inflows at Private Clients: €2.0 billion; Wholesale & Institutional Clients: €11.6 billion
Client assets: €124.2 billion (2021: €131.2 billion) and AuM: €107.8 billion (2021: €115.6 billion)
Strong capital ratio of 20.6% (2021: 23.7%), decrease attributable to higher capital requirements for residential mortgage loans and a €1.50 per share capital return in December 2022
2022 dividend proposed at €1.75 per share (2021: €2.00 per share)
Intention to return excess capital of €2.00 per share in the second half of 2023, subject to regulatory approval
Maarten Edixhoven, Chair of the Management Board, said: “We are looking back on an eventful year in which the war in Ukraine, energy insecurity and inflation left marks on society at large and our clients. Negative market performances in virtually all asset classes left no investor untouched. We nevertheless achieved high net inflows in assets under management (AuM) and increased savings. I’m grateful to our clients for their confidence in us and would also like to thank my colleagues for their personal and entrepreneurial approach in the past year, helping our clients in these turbulent times.
“In 2022, we enhanced our financial and sustainability objectives as well as our capital strategy. Profitable growth, both organically and via acquisitions, remains our focus, while maintaining a capital-light balance sheet. We’re proud to have added two major Dutch clients to our fiduciary management activities and shortly before year-end we announced the acquisition of the remaining 30% stake in Mercier Vanderlinden, a further strengthening of our position in Belgium. As part of this transaction, Mercier Vanderlinden’s managing partners will obtain a significant stake in Van Lanschot Kempen, anchoring our shareholder base in our second home market.
“What really pleases me is that over 70% of our colleagues now hold shares in Van Lanschot Kempen, a clear sign of their engagement. I’m also proud that we’ve managed to retain and attract talent in a tight labour market. And on that note, I consider the addition of the Robeco Retail Nederland team to Evi van Lanschot a real boon. On 2 February 2023, we announced that we would enter into a strategic partnership with Robeco and acquire their online investment platform with €4.7 billion in AuM. We look forward to a great partnership and expect to complete the transaction in June 2023.”
Client assets and AuM
Net AuM inflows amounted to €13.7 billion and negative market performance was €21.5 billion, resulting in a decrease in total AuM of €107.8 billion (2021: €115.6 billion). Client savings rose to €12.7 billion (2021: €11.7 billion) and total client assets were €124.2 billion (2021: €131.2 billion).
Full-year net profit amounted to €84.3 million (2021: €143.8 million). The decrease can mainly be explained by high results on participating interests in 2021 and one-off charges related to the acquisition of the remaining 30% stake in Mercier Vanderlinden in 2022.
Commission income rose 6% to €407.8 million (2021: €385.5 million) on the back of higher average AuM levels. Interest income was up 6% to €162.7 million (2021: €153.6 million), reflecting the interest rate hikes the European Central Bank (ECB) embarked on in the second half of the year.
In 2022, operating expenses rose to €438.2 million (2021: €409.9 million), fuelled by higher staff costs. The increase mostly reflects an increase in FTE to 1,780 (2021: 1,654), including at the IT and compliance functions and at the teams responsible for investment solutions. Moreover, after the acquisition of the initial 70% stake in July 2021, Mercier Vanderlinden’s operating expenses were now recognised for the full calendar year.
For a detailed discussion of Van Lanschot Kempen’s results and balance sheet, please refer to our performance report and presentation on the 2022 full-year results at vanlanschotkempen.com/results. In a conference call on 23 February at 9.00 am CET, we will discuss our 2022 full-year results in greater detail. This may be viewed live at vanlanschotkempen.com/results and played back at a later date.
For additional information, go to vanlanschotkempen.com/financial.
4 May 2023 Publication of 2023 first-quarter trading update
25 May 2023 Annual General Meeting
29 May 2023 Ex-dividend date
6 June 2023 2022 dividend pay date
24 August 2023 Publication of 2023 half-year results
2 November 2023 Publication of 2023 third-quarter trading update
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About Van Lanschot Kempen
Van Lanschot Kempen is a wealth manager active in Private Banking, 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 able to meet the needs of its clients 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 and targets 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.
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 annual accounts are prepared in accordance with International Financial Reporting Standards, as adopted by the European Union (“IFRS-EU”). In preparing the financial information in this press release, except as described otherwise, the same accounting principles are applied as in the 2022 Van Lanschot Kempen consolidated annual accounts. The figures in this press release have not been audited. Small differences are possible in the tables due to rounding. Percentages are calculated based on unrounded figures.
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