Amsterdam/'s-Hertogenbosch, the Netherlands, 24 April 2019
-
Net result significantly up on
first quarter of 2018 on the back of book profits from the sale of
stake in AIO II (Medsen) and that in VLC & Partnersi
-
First-quarter results excluding
these book profits are in line with year-earlier figures
-
Positive price movements push
client assets up by 6% to €86.0 billion and AuM by 7% to
€71.8 billion
-
Fully loaded CET 1 ratio of
22.6%
Van Lanschot Kempen today published its trading
update for the first quarter of 2019.
Constant Korthout, Chief Financial & Risk
Officer at Van Lanschot Kempen, said: "We're pleased with our net
result for the first quarter. This was significantly higher than in
the first quarter of last year, thanks to book profits on the sale
of our stakes in AIO II (over €35 million) and in VLC &
Partnersi (over €15
million). Ignoring these book profits, our quarterly result was in
line with the same period last year.
"Our client assets rose to €86.0 billion, while
our assets under management (AuM) added €4.8 billion to €71.8
billion on the back of positive price movements. We saw a total net
outflow of €0.3 billion, most of which was at Asset Management.
Private Banking and Evi also reported a net outflow. Their clients
showed some reluctance to invest in the wake of the adverse stock
market climate in the fourth quarter of 2018, while a number of
clients also took profits after the steep price rises of the past
few months. In April - and right on schedule - the fiduciary
mandate of around €8.5 billion for Stichting Pensioenfonds PostNL
was added to our assets under management.
"Private Banking and Fidor piloted our new payment
app and new payments platform, with April 2019 seeing the
successful migration of the first group of clients to this
platform. We also worked on launching our Groenhypotheek ("green
mortgage"), which will become available in the second quarter and
which will offer clients loans to make their residential properties
more sustainable, at attractive interest rates.
"In January, Asset Management started marketing
its Global Listed Infrastructure Fund and European Private Equity
Fund. The latter got off to a very good start in the first quarter
and garnered a great deal of interest from Private Banking
clients.
"Merchant Banking showed solid results from its
involvement in a range of transactions, including the successful
sale of Vonovia's stake in Deutsche Wohnen and the Biocartis
capital market transactions. We're also acting as advisers in Round
Hill Capital's sale to Heimstaden of a large Dutch residential
property portfolio, a transaction expected to complete in the
second quarter.
"We have further optimised our capital base
through a successful placement of a €100 million additional Tier 1
bond in March. This will help us meet our Tier 1 capital and total
capital requirements more efficiently. Our fully loaded CET1 ratio
(excluding retained earnings) stands at 22.6%. The higher CET1
ratio is partly the result of one-off factors."
2019 FINANCIAL CALENDAR
22 May
2019
Annual general meeting
24 May
2019
Ex-dividend date
3 June
2019 Dividend
payment date
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.
For more information please visit:
www.vanlanschotkempen.com
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.
The financial data in this press release have not
been audited, unless specifically stated otherwise.
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.
iPreviously Van
Lanschot Chabot | Mandema & Partners.
Press release trading update
Q1
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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