Van Lanschot Kempen: net profit at €51.8 million and net AuM inflows of €3.2 billion in H1 2023
Amsterdam/’s-Hertogenbosch, the Netherlands, 24 August 2023
- Net profit at €51.8 million (H1 2022: €48.2 million)
- Net AuM inflows at Private Clients: €2.2 billion; Wholesale & Institutional Clients: €1.0 billion
- Client assets: €130.8 billion (2022: €124.2 billion) and AuM: €115.2 billion (2022: €107.8 billion)
- Robust capital ratio at 21.6% (2022: 20.6%); well above our 17.5% target
- Capital return proposal in the amount of €2.00 per share
Maarten Edixhoven, Chair of the Van Lanschot Kempen Management Board, said: “Against a volatile economic and geopolitical backdrop, I am very pleased with the net inflow of €3.2 billion in assets under management (AuM). This demonstrates the trust existing and new private and institutional clients have in Van Lanschot Kempen. We remain committed to growth by continuously improving our services, with a focus on personal attention and digital service. We also made good progress integrating Mercier Vanderlinden in Belgium and preparing the integration of Robeco’s online investment platform in the Netherlands. Meanwhile, we remain disciplined in preserving our robust capital and liquidity positions. The commitment of our people and the confidence of our clients and shareholders allow us to look back on a solid first half.
“Private Clients reported robust results. We expanded our service offering by launching a proposition that enables private banking clients to put their own personal stamp on their discretionary management portfolios. Also, we added a further 15 private bankers to our team and launched a ‘Young Private Banking Programme’ training our private bankers of the future. Profitable growth is our focus at Wholesale & Institutional Clients. Following up on initiatives announced last year, we’re taking additional cost-saving measures while at the same time bolstering our commercial strength. Investment Banking Clients faced a persistently challenging environment for transactions. To achieve an efficiency ratio of 70% – our target – we maintain a strict focus on costs in all our activities.
“Our annual research report into the views of high net-worth individuals in the Netherlands revealed that a majority want their wealth managers to lead by example on sustainability. We’ve made great strides in this respect since 2019, having cut our own carbon emissions by 41%. Our ambition also remains to reduce the climate impact of investments and mortgages year after year, in dialogue with our clients and the companies in which we invest.
“Our capital and liquidity positions remained robust, with an increase in our CET 1 ratio to 21.6%, well ahead of our target, and a liquidity ratio of 172%. This enables us to propose a capital return of €2.00 per share in the second half of 2023.”
Client assets and AuM
Solid net AuM inflows of €3.2 billion combined with a positive market performance of €4.1 billion resulted in an increase in total AuM to €115.2 billion (2022: €107.8 billion). Encouraged by a positive stock market climate and rising capital market rates, clients shifted a proportion of their savings to investments, taking client savings down to €11.2 billion (2022: €12.7 billion). Total client assets stood at €130.8 billion (2022: €124.2 billion).
PERFORMANCE REPORT/PRESENTATION/WEBCAST
For a detailed discussion of Van Lanschot Kempen’s results and balance sheet, please refer to its performance report and presentation on the 2023 half-year results at vanlanschotkempen.com/results. In a conference call on 24 August at 9:00 am CET, it will discuss its 2023 half-year results in greater detail. This may be viewed live at vanlanschotkempen.com/results and played back at a later date.
ADDITIONAL INFORMATION
For additional information, go to vanlanschotkempen.com/financial.
FINANCIAL CALENDAR
5 October 2023 Extraordinary general meeting
2 November 2023 Publication of 2023 third-quarter trading update
22 February 2024 Publication of 2023 full-year results
Media Relations T +31 20 354 45 85 mediarelations@vanlanschotkempen.com
Investor Relations T +31 20 354 45 90 investorrelations@vanlanschotkempen.com
About Van Lanschot Kempen
Van Lanschot Kempen is an independent, specialist 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. Through our long-term focus, we create positive financial and nonfinancial value. 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 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 semi-annual accounts are prepared in accordance with IAS 34 (Interim Financial Reporting), as adopted by the European Union. 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.
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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