Van Lanschot Kempen: 2018 net profit of over €80 million
21 Febrero 2019 - 12:30AM
Next steps in wealth management strategy
defined
Amsterdam/'s-Hertogenbosch, the
Netherlands, 21 February 2019
-
Net profit comes in at €80.3
million (2017: €94.9 million) in the wake of lower interest income
among other factors. Underlying net result is €103.0 million (2017:
€112.3 million)
-
Commission income up 10% on
solid AuM base and robust results at Merchant Banking
-
Increased cost focus translates
into lower costs in the second half of 2018 in addition to extra
cost-saving measures, for which an €8.3 million restructuring
charge is taken
-
€1 billion net inflows despite
volatile markets; negative stock market performance pushes net
client assets down to €81.2 billion (2017: €83.6 billion) and AuM
to €67.0 billion (2017: €69.0 billion)
-
Fully loaded CET 1 remains
strong at 21.4% (2017: 20.3%)
-
Dividend proposal of €1.45 per
share (2017: €1.45 per share)
-
Next steps in wealth management
strategy defined
-
Financial objectives revisited
for 2023, efficiency target adjusted to 70-72%
Van Lanschot Kempen today released its 2018 annual
results. Karl Guha, Chairman, said: "We look back on a solid
commercial year. Our commission income was 10% up on last year and
we are pleased with the €0.5 billion net inflow in assets under
management (AuM) at Private Banking. Meanwhile, Asset Management
reported €0.4 billion in net inflow and has landed various
fiduciary mandates, including the €8.5 billion mandate awarded by
Stichting Pensioenfonds PostNL, which will take effect in 2019. We
are proud of the results achieved by Merchant Banking, which saw
strong commission income thanks to its involvement in many
transactions. Our robust capital position allowed us to pay a
special capital return of €1.50 per share in December and we
propose a dividend of €1.45 per share for 2018.
"But 2018 also brought challenging market
conditions, such as the volatile equity markets and persistently
low interest rates. Our interest income decreased and this is
reflected in a lower net profit of €80.3 million for the year
(2017: €94.9 million). Income from securities and associates were
also lower in 2018.
"Our cost levels and efficiency ratio had our full
attention in the second half of 2018. As a result, we managed to
reduce costs in the second half of the year and have adopted a
series of additional cost-saving measures for the period ahead,
involving a restructuring charge of €8.3 million. Our efficiency
ratio now stands at 79.4% (2017: 76.2%).
"Supported by our strong client relationships, we
want to be a leading player in our relevant markets and regions. To
get there, we have defined clear next steps in our wealth
management strategy. We are looking to further accelerate our
growth and will continue our organic growth by pursuing a
solutions-driven approach that helps us meet the needs of our
clients even better. We also want to grow by possible acquisitions.
By combining our strengths and expertise we are able to offer
clients the full potential of our services. Digitalisation and
advanced analytics are indispensable for identifying market trends
and client needs, and further improving client experience, while
digitalisation also helps us to enhance productivity. To be able to
fully leverage the technological potential, we are investing in the
talent and skills of our employees.
"We have revisited our financial objectives and
set new targets for 2023. Our efficiency target has changed to
70-72% to reflect both our profile as a wealth manager and the
economic environment in which we operate. Our target for the CET 1
ratio is unchanged at 15-17% nor will we alter our 10-12% target
for the return on CET 1 or the one for our dividend pay-out ratio
at 50-70%i. Coming in at
21.4% at year-end 2018, our CET 1 ratio very comfortably met our
target. In the future, we will continue to optimise our capital
base in terms of level and type of instrument.
"Today, we are also launching our non-financial
KPIs, underlining the importance we attach to value creation in the
long term."
FINANCIAL
REPORT/PRESENTATION/WEBCAST
For a detailed
discussion of Van Lanschot Kempen's results and balance sheet,
please refer to our financial report and presentation on the 2018
annual results at
www.vanlanschotkempen.com/en/financial/financial-results.
In a conference call for analysts on 21 February
at 9.00 am CET, we will discuss our 2018 annual figures in greater
detail. This may be viewed live at
www.vanlanschotkempen.com/en/financial/financial-results and played
back at any later date.
ADDITIONAL INFORMATION
For additional information, go to
www.vanlanschotkempen.com/financial.
FINANCIAL CALENDAR
28 February
2019
Publication of 2018 annual report
24 April
2019 Publication
of Q1 trading update
22 May
2019 Annual
General Meeting
24 May
2019 Ex-dividend
date
3 June
2019 Dividend
payment
27 August
2019 Publication
of 2019 half-year
results
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, a wealth manager operating under the Van Lanschot,
Evi and Kempen 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 Kempen, listed at
Euronext Amsterdam, is the Netherlands' oldest independent
financial services company with a history dating back to 1737.
Disclaimer 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, and (k)
changes in credit ratings.
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.
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
2017 Van Lanschot Kempen consolidated annual accounts. The annual
financial statements for 2018 are in progress and may be subject to
adjustments from subsequent events. All figures in this press
release are unaudited. Small differences are possible in the tables
due to rounding.
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 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.
i50-70% of
underlying net result attributable to shareholders.
Press release annual results
2018
This
announcement is distributed by West Corporation on behalf of West
Corporation 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 Kempen via Globenewswire
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