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Van Lanschot Kempen: net profit €48.2 million and €4.9 billion in net AuM inflows in H1 2022

Van Lanschot Kempen Wealth Management N.V.
Van Lanschot Kempen Wealth Management N.V.

Amsterdam/’s-Hertogenbosch, the Netherlands, 25 August 2022

  • Net profit 48.2 million (H1 2021: 58.3 million), underlying net profit 60.7 million (H1 2021: 59.2 million)

  • Client assets: 118.5 billion (2021: 131.2 billion) and AuM: 99.6 billion (2021: 112.1 billion)

  • Net AuM inflows at Private Clients: 1.4 billion and at Wholesale & Institutional Clients: 3.5 billion

  • Strong capital ratio at 20.2% (2021: 23.7%), decrease driven by steeper capital requirements for residential mortgages

  • Capital return proposal in the amount of 1.50 per share

Maarten Edixhoven, Chair of the Management Board, said: “In the first six months of the year geopolitical tensions, inflation and rising interest rates caused more uncertainty in financial markets. In these circumstances we ensure we stay close to our clients by intensifying our contacts even further. Our existing and new clients maintained confidence in investing their wealth, as evidenced by strong total net inflows of €4.9 billion in assets under management. We’re seeing inflows both in the private as institutional segments.

“Earlier in the year, we enhanced our financial and non-financial targets and capital strategy. We continue to focus on further profitable growth with full energy, both organic and inorganic, while maintaining a capital-light balance sheet. In addition, we’ve made good progress on implementing our sustainability strategy and developing our new inclusion & diversity policy.

“I’d like to take this opportunity to thank our colleagues for their commitment that enabled us to achieve this solid result in the first half of the year. I’m proud of their engagement and dedication to our clients – which they also appreciate greatly. I also want to thank our clients for their trust.”

Client assets and assets under management
Total client assets decreased in the first half year in the wake of the negative market performance to €118.5 billion (2021: €131.2 billion). Net assets under management (AuM) inflow was high, at €4.9 billion. Due to the negative market performance of €17.5 billion, overall AuM decreased to €99.6 billion (2021: €112.1 billion).

Net AuM inflows in the Private Clients remained robust, with €1.4 billion in the first half of the year. Net AuM inflows at Wholesale & Institutional Clients amounted to €3.5 billion. Client savings rose slightly to €11.9 billion (2021: €11.7 billion).

Results in the first half of 2022
Net profit was €48.2 million (H1 2021: €58.3 million). The decrease was mainly the result of a €9.9 million provision related to an interest-rate derivatives case, as reported in our Q1 trading update in May of this year.

Commission income was up 15% to €201.3 million (H1 2021: €175.7 million), partly as a result of the acquisition of a 70% stake in Belgian wealth manager Mercier Vanderlinden. Interest income fell to €69.7 million (H1 2021: €76.1 million), mostly due to lower margins on mortgages and reduced revenues from early repayment fees.

Operating expenses rose €19.2 million to €216.0 million (H1 2021: €196.8 million). This increase was partly due to the Mercier Vanderlinden acquisition (around €6 million), as anticipated, and to higher staff costs. In the years ahead, we will continue to invest to achieve future growth.

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 2022 half-year results at www.vanlanschotkempen.com/results. In a conference call on 25 August at 9:00 am CET, we will discuss our 2022 half-year results in greater detail. This is available for live viewing at www.vanlanschotkempen.com/results and can be played back at a later time.

ADDITIONAL INFORMATION
For additional information, go to vanlanschotkempen.com/financial.

FINANCIAL CALENDAR
6 October 2022           Extraordinary general meeting
4 November 2022        Publication of 2022 third-quarter trading update
23 February 2023        Publication of 2022 full-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 is a wealth manager active in Private Banking, Professional Solutions, 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. As a sustainable wealth manager with a long-term focus, Van Lanschot Kempen proactively seeks to prevent negative impact for all stakeholders and to create positive long-term financial and non-financial value. Listed at Euronext Amsterdam, Van Lanschot Kempen is the Netherlands’ oldest independent financial services company, with a history dating back to 1737. To fully leverage the potential of the Van Lanschot Kempen organisation for its clients, it provides solutions that build on the knowledge and expertise across its entire group and on its open architecture platform. Van Lanschot Kempen is convinced that it is able to meet the needs of its clients by offering them access to the full range of its products and services across all its businesses.

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 2021 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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