Van Lanschot trading update: first quarter of 2016

  • Net profit comes in at €14.0 million (Q1 2015: €28.9 million)
  • Unfavourable market conditions at the start of the year and lower returns on investment portfolio result in lower income in Q1
  • Sizeable drop in loan loss provisioning to €3.4 million (Q1 2015: €15.3 million)
  • Assets under management up 5% to €52.7 billion (year-end 2015: €50.2 billion) thanks to €2.3 billion net inflow at Asset Management
  • Solid capital base: Common Equity Tier I ratio  sharply up at 16.9%
's-Hertogenbosch, the Netherlands, 26 April 2016

Van Lanschot today publishes a detailed trading update for the first quarter of 2016, while at the same time releasing a strategy update, which will be presented via a webcast on the Van Lanschot website this afternoon.

Constant Korthout, Chief Financial & Risk Officer at Van Lanschot, comments: "We are happy with the quality of our income, which derived almost entirely from commission and interest this quarter with commission income again accounting for the largest proportion. Another positive is the steep fall in loan loss provisioning: a very low €3.4 million in the quarter.

"Despite the volatile start of the year in the world's financial markets, our securities commission was only 6% below the year-earlier figure, at €50 million. Higher management fees partly offset the - expected - drop in transaction fees. In fact, activity in the capital markets was significantly down across Europe at the start of 2016 and this pushed other commission income, which is mainly generated by Merchant Banking, down to €8.4 million. Merchant Banking was a party to capital market transactions in its selected niches in the quarter, such as the private placements of France's Nanobiotix and Germany's TAG Immobilien.

"Our interest income added 11% to €56.0 million, as amortisation charges on discontinued interest hedges came in lower. The profit on financial transactions (consisting of sales profits and revaluation results relating to our investment portfolio among other items) was significantly lower than last year, when a large gain was realised. Operating expenses fell by 5% to €93.3 million thanks to lower staff costs.

"Client assets of both private individuals and institutional clients advanced from €62.6 billion to €64.3 billion, while our assets under management were 5% higher at €52.7 billion (up from €50.2 billion) on the back of net inflows of €2.3 billion mainly from two major mandates won by Kempen Capital Management. Despite stock market jitters in January and February, our Private Banking clients kept their eyes firmly trained on the longer term and AuM outflow was limited to less than €0.1 billion. In line with our funding strategy, savings contracted further to €9.3 billion, while assets under administration were down €0.5 billion to €2.3 billion.

"Corporate Bank's SME and real estate loan portfolio was run off further and currently stands at €1.7 billion. This made for another positive showing for our capital position: the phase-in Common Equity Tier I ratio[1] climbed further, to 16.9%. Our fully loaded Common Equity Tier I ratio 1 was also up, at 16.4%, while our leverage ratio [2] has held firm at 6.3%."


[1] Excluding retained earnings for the current financial year.

[2] Fully loaded, excluding retained earnings for the current financial year.


Please find the press release attached. A presentation on the 2016 Q1 trading update is available on .

Media Relations : +31 20 354 45 85;

Investor Relations : +31 20 354 45 90;

Van Lanschot NV is the holding company of F. van Lanschot Bankiers NV, the oldest independent bank in the Netherlands with a history dating back to 1737. Van Lanschot, a wealth manager operating under the Van Lanschot and Kempen & Co 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 NV is listed on Euronext Amsterdam.

Disclaimer and cautionary note on forward-looking statements

This document contains forward-looking statements on future events. These forward-looking statements are based on the current information and assumptions of Van Lanschot'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 risks, developments and uncertainties that by their very nature fall outside the control of Van Lanschot and its management. Actual results may differ considerably as a result of risks, developments and uncertainties relating to Van Lanschot's expectations regarding, but not limited to, estimates of income growth, costs, the macroeconomic and business climate, political and market trends, actions by supervisory and regulatory authorities and private entities, and changes in the law and taxation. Van Lanschot cautions that expectations 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 included in this document 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.

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.

Van Lanschot 2016 Q1 trading update

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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 via GlobeNewswire