Van Lanschot trading update: profit improvement in Q1 2012
* Higher assets under management translate into improved management fees
* Capital and liquidity position remains excellent: Core Tier I ratio 11.0%;
funding ratio 90.1%
Constant Korthout, CFRO of VanÂ Lanschot: "The excellent capital and liquidity
position of the bank reflects its undiminished strong foundations. The financial
markets remain extremely volatile due in part to the ongoing European debt
crisis. Thanks to our solid base, we saw a significant improvement in profit in
the first quarter of 2012 compared with the second half of 2011."
The interest margin was slightly lower in the first quarter. The loan portfolio
of client loans decreased slightly in the first quarter as a result of the
focused policy on target group clients and the continuing trend of early
repayment of mortgage debts. The addition to the loan loss provision remained
stable compared with the second half of last year.
Management fees increased in the first quarter. Clients were more active in
investing compared with the end of last year, although activity has not yet
returned to the levels seen prior to the European debt crisis.
The investment and cost reduction programme announced in January is being
executed according to plan and the first effects of the plan are starting to
show. Operating expenses were down slightly compared with the first quarter of
2011 and the bank is on track to realise its cost reduction target for this
year. Of the planned reduction of a total of 300 FTEs in the period up to and
including 2014, a reduction of over 100 FTEs is expected to be achieved this
year. The international private banking activities are to be concentrated in
Calendar of key dates in 2012
Publication of 2012 half-year resultsÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 14 August
Publication of Q3 2012 trading updateÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 9 November 2012
's-Hertogenbosch, 10 May 2012
Van Lanschot Media Relations: Etienne te Brake, Corporate Communications Manager
Telephone +31 73 548 3026; mobile phone +31 6 12 505 110; e-mail
Van Lanschot Investor Relations: Geraldine Bakker-Grier, Investor Relations
Telephone +31 73 548 3350; mobile phone +31 6 13 976 401; e-mail
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.
The bank offers high-quality financial services to high net-worth
Individuals, entrepreneurs and their businesses and institutional investors. Van
Lanschot NV is listed on Euronext Amsterdam.
Forward looking statements
This press release contains forward looking statements concerning future events.
Those forward looking statements are based on the current information and
assumptions of the Van Lanschot management concerning known and unknown risks
Forward looking statements do not relate to definite facts and are subject to
risks and uncertainty. The actual results may differ considerably as a result of
risks and uncertainties relating to Van Lanschot's expectations regarding such
matters as the assessment of market risk and revenue growth or, more generally,
the economic climate and changes in the law and taxation.
Van Lanschot cautions that expectations are only valid on the specific dates,
and accepts no responsibility for the revision or updating of any information
following changes in policy, developments, expectations or the like. The
financial data regarding forward looking statements concerning future events
included in this press release have not been audited.
The press release can be downloaded from the following link:
Press release (PDF):
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Source: Van Lanschot via Thomson Reuters ONE