Van Lanschot Kempen Wealth Management N.V.
Van Lanschot Kempen: net profit at €50 million and 13% growth in client assets
Amsterdam/’s-Hertogenbosch, the Netherlands, 25 February 2021
- Net profit at €49.8 million for 2020, of which €40.4 million recorded in second half
- Record net inflows of €1.4 billion at Private Banking
- Client assets increased by 13% to €115.0 billion and AuM were up by 13% to €99.0 billion on the back of net inflows of €6.9 billion
- Solid cost management pushed down costs by €12.3 million to €371.8 million
- Very limited addition to loan loss provision of €1.9 million
- Capital ratio increases to 24.3%
- Proposed dividend of €0.70 per share (2019: €1.45 per share)
Van Lanschot Kempen today released its 2020 full-year results. Karl Guha, Chairman, said: "Covid-19 has been a defining feature of the year. In more ways than one, it has forced us all to confront the fragility and realities of life.
"We have had a reasonably good year financially, notwithstanding the market dislocations and limitations placed upon us by the pandemic. Our investments over the last several years in technology – in particular in our omni-channel service model and other forms of digitalisation – have allowed us to serve our clients well and be there for them in their times of need. We believe that dedication to clients and catering to their needs is a defining feature for us. And we were well rewarded by our clients, as evidenced by the growth in assets under management. We are very grateful to our clients for the trust they have placed in us.
"Our resilience as a house in these challenging times is a testimony to our business model and to our people. As a management team, we have done all we could – individually and collectively – to encourage and be there for our colleagues as they grappled with the challenges placed on them by Covid-19. I must admit that I am extremely proud of who we are as a house and of my colleagues. It would be patently unfair not to mention the following two achievements in particular – the transition of IT infrastructure in Belgium to our common platform and the closure of the acquisition of Hof Hoorneman Bankiers. Both have taken Herculean efforts to bring to successful completion.
"We do not know what 2021 will bring but I assure our clients that we will be there for them – regardless of the circumstances. On behalf of the house and my colleagues, I would like to say this to you – we have your backs. And thank you."
Client assets increased to €115.0 billion in the year (2019: €102.0 billion) and assets under management (AuM) advanced to €99.0 billion (2019: €87.7 billion). The robust €6.9 billion net AuM inflow continues the upward trend of the past years, and the year ended on favourable market performance of €3.4 billion despite volatile markets in the first half of 2020. Savings and deposits increased to €10.1 billion (2019: €9.5 billion).
As noted previously, exceptional market circumstances related to Covid-19 in the first quarter triggered losses in structured products activities, which worked out at €35.1 million for 2020. This did not affect the positions of our clients. The loss was partly offset by increased commission income and lower operating expenses, taking the overall net result to €49.8 million (2019: €80.2 millioni).
ANNUAL REPORT / PRESENTATION / WEBCAST
For a detailed discussion of Van Lanschot Kempen’s results and balance sheet, please refer to our annual report and presentation on the 2020 full-year results at www.vanlanschotkempen.com/results. In a conference call on 25 February at 9:00 am CET, we will discuss our 2020 full-year results in greater detail. This may be viewed live at www.vanlanschotkempen.com/results and played back at a later date.
For additional information, go to www.vanlanschotkempen.com/financial.
30 April 2021 Publication of 2021 first-quarter trading update
27 May 2021 General meeting
1 June 2021 Ex-dividend date
9 June 2021 2020 dividend payment date – first tranche
26 August 2021 Publication half-year results 2021
Media Relations: +31 20 354 45 85; email@example.com
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About Van Lanschot Kempen
Van Lanschot Kempen, a wealth manager operating under the Van Lanschot, Kempen and Evi brand names, is active in Private Banking, Asset Management and Merchant 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. 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 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, (k) changes in credit ratings and (l) evolution and economic and societal impact of the Covid-19 pandemic.
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 2020 Van Lanschot Kempen consolidated annual accounts.
The figures in this press release have not been audited separately. 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 and/or Van Lanschot Kempen Wealth Management 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.
i Adjusted for the sales of our stakes in AIO II and VLC & Partners, and goodwill impairments.
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