Van Lanschot Kempen: net profit €125.2 million, with net AuM inflows at €5.3 billion in 2023
Amsterdam/’s-Hertogenbosch, the Netherlands, 22 February 2024
- Net profit increased to €125.2 million (2022: €84.3 million), mainly on higher commission income, interest income and a book profit on the sale of a stake in the portfolio of participating interests
- Net AuM inflows: €5.3 billion, of which Private Clients €2.3 billion and Wholesale & Institutional Clients €3.1 billion
- Client assets: €145.0 billion (2022: €124.2 billion) and AuM: €127.6 billion (2022: €107.8 billion)
- Strong capital ratio of 19.6% (2022: 20.6%), well above 17.5% target
- 2023 dividend proposal: €2.00 per share (2022: €1.75 per share)
- Investor Day on 20 June 2024: update on wealth management strategy and financial targets
Maarten Edixhoven, Chair of the Management Board, said: “2023 was a good year for Van Lanschot Kempen, with strong net profit and more than 18% growth in assets under management (AuM). As well as a positive market performance, this reflected new assets entrusted to us by both existing and new clients, and the disciplined execution of our M&A strategy.
“The year was marked by geopolitical tensions, climate change impacts and economic developments that had a major effect on consumers, investors, entrepreneurs and society at large. Equity markets were volatile due to monetary tightening by central banks, but saw a strong end to the year. Against this backdrop, our clients sought solutions and advice to help them stay on course for the long-term. Fixed income returned as an attractive asset class, while interest in alternative investment solutions remained strong – an area in which impact is increasingly becoming a third variable alongside risk and return.
“Private Clients reported strong results in the Netherlands, Belgium and Switzerland, recording net AuM inflows of €2.3 billion. In Belgium, our second home market, we achieved solid growth, a major feat by all colleagues who were meanwhile also working hard towards the launch of Mercier Van Lanschot on 1 January 2024. This completed the integration of Mercier Vanderlinden and Van Lanschot Belgium. The integration of Robeco’s online investment platform and Evi van Lanschot is likewise proceeding smoothly.
“Our other two client segments reported negative results. Within Wholesale & Institutional Clients we took additional measures focused on profitable growth and cost discipline. Net inflows in this segment were €3.1 billion, mainly generated in the final quarter of the year. Coupled with rising stock markets, this created a good starting point for 2024. Investment Banking Clients experienced a challenging climate for transactions in 2023 due to rising interest rates, whereas the demand for debt advisory services remained strong. This client segment also recorded an upward trend as the year progressed, particularly in capital market transactions.
“We remain committed to our sustainability targets, both year-on-year and for the longer term. And we have raised our ambitions relating to our own organisation. To reduce the carbon emissions of our AuM – our main impact – and those of our mortgage portfolio, we continue to engage with our clients and the companies we invest in.
”I’m looking forward to giving an update on our independent wealth management strategy during our Investor Day in June. Our results clearly demonstrate that we delivered on this consistently in 2023, with a focus on scalable growth while preserving the personal approach that makes us stand out. I’m incredibly proud of all our people who make this possible each and every day, and would also like to thank our clients and shareholders for the trust that, once again, they put in us in 2023.”
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 2023 full-year results at vanlanschotkempen.com/results. In a conference call on 22 February at 9.00 am CET, we will discuss our 2023 full-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
30 April 2024 Publication of first-quarter 2024 trading update
23 May 2024 Annual General Meeting (AGM)
27 May 2024 Ex-dividend date
4 June 2024 2023 dividend payment date
20 June 2024 Investor Day
22 August 2024 Publication of 2024 half-year results
1 November 2024 Publication of third-quarter 2024 trading update
Media Relations
Maud van Gaal
T +31 20 354 45 85
mediarelations@vanlanschotkempen.com
Investor Relations
Judith van Tol
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 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.
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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