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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 management
During 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 2021
Net 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 / WEBCAST
For 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.
For additional information, go to www.vanlanschotkempen.com/financial.
22 September 2021 Extraordinary general meeting
4 October 2021 Ex-dividend date
12 October 2021 2019 dividend and remainder 2020 dividend payment date
29 October 2021 Publication of 2021 third-quarter trading update
24 February 2022 Publication full-year results 2021
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About Van Lanschot Kempen
Van 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.