Underlying net result up significantly by over 38% to €112.3 million (2016: €81.3 million). Net profit rises to €94.9 million (2016: €69.8 million)
Client assets add over 20% to €83.6 billion (year-end 2016: €69.4 billion)
AuM up to €69.2 billion (2016: €54.6 billion), driven by €9.3 billion in net inflows among other factors
Solid capital position: fully loaded CET I ratio at 20.3% (2016: 18.6%)
Higher dividend proposed: €1.45 per share (2016: €1.20 per share)
`s-Hertogenbosch, the Netherlands, 22 February 2018
Van Lanschot Kempen today released its 2017 annual results. Karl Guha, Chairman, said: "We look back on a successful year. We have made good progress every year since we started our transformation into a specialist wealth manager five years ago, and provide an increasingly enhanced service to our clients.
"In 2017, our underlying net resulti rose to €112.3 million. The organic growth (17%) of our assets under management (AuM) was strong. The takeover of the wealth management activities of UBS in the Netherlands was our third successful acquisition in as many years. Our focus on wealth management has increased in 2017 as we have managed to wind down our corporate loan portfolio to €0.9 billion and as we have spun-off or outsourced a range of activities not part of our core business. Van Lanschot Participaties, for one, has been spun off and we have completed the outsourcing of our mortgage administration.
"In 2017, we improved our services to clients by actively leveraging key market trends such as sustainability and digitalisation. We launched our sustainable Duurzaam+ investment offering at Private Banking, while Asset Management introduced its Sustainable Value Creation Fund, both examples of how we respond to our clients` wishes. Digitalisation is becoming increasingly important in all our core activities and is facilitating a data-driven approach, creating opportunities to enhance our wealth management proposition for both private and institutional clients.
"2017 also saw us take an important step in realising our ambition to return at least € 250 million to our shareholders before the end of 2020. In December, we paid out over €41 million in capital, taking the total amount to over €90 million including the 2016 dividend paid in June. We are proposing to raise our dividend for 2017 to €1.45 from €1.20, adding up to a total of around €60 million.
"We are making good progress on achieving our financial objectives by 2020. Our capital position is very solid, with a CET I ratioii of 20.3% (2016: 18.6%), and we realised a return on equityiii of 10.4% (2016: 7.3%). Our efficiency ratioiv improved to 76.2% (2016: 79.6%)."
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 2017 annual results at www.vanlanschotkempen.com/results.
In a conference call for analysts on 22 February at 11.00 am CET, we will discuss our 2017 annual figures in greater detail. This may be viewed live at www.vanlanschotkempen.com/results and played back at any later date.
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.
vanlanschotkempen.com
Disclaimer and cautionary note on forward-looking statements This document 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 that by their very nature fall outside the control of Van Lanschot Kempen and its management.
Actual results and circumstances may differ considerably as a result of risks, developments and uncertainties relating to Van Lanschot Kempen`s expectations regarding, but not limited to, estimates of income growth, costs, the macroeconomic and business climate, political and market trends, interest rates and currency exchange rates, behaviour of clients, competitors, investors and counterparties, actions taken by supervisory and regulatory authorities and private entities, and changes in law and taxation.
Van Lanschot Kempen cautions that forward-looking statements are only valid on the specific dates on which they are expressed, and accepts no responsibility or obligation to revise or update any information following new information or changes in policy, developments, expectations or other such factors.
The financial data related to forecasts of future events have not been audited.
This document 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 an opinion or a recommendation to perform or refrain from performing any action.
Elements of this press release contain or may contain information about Van Lanschot Kempen N.V. and/or F. van Lanschot Bankiers N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014.
This document is a translation of the Dutch original and is provided as a courtesy only. In the event of any disparities, the Dutch version will prevail. No rights can be derived from the translated document.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions 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 HUG#2170752
