Van Lanschot posts net profit for third quarter 2009

The recovery in Van Lanschot's results that began in the second quarter continued into the third quarter of the year. Both interest and commission income were up on the second quarter, while operating expenses decreased. The impact of the recession is still being felt; the loan loss provision remained at a level that can be termed high for Van Lanschot. All in all, these developments led to Van Lanschot reporting a net profit for the third quarter of 2009.
Commission income was up thanks to climbing share prices and higher transaction volumes. The interest margin showed a slight increase. The efficiency measures are slowly starting to pay off in terms of declining operating expenses. The number of FTEs is dropping in line with the announced measures. At year-end 2009, the workforce will comprise approx. 2,000 FTEs (year-end 2008: 2,241 FTEs). The cost savings will fully be reflected in the 2010 results.
Assets under management saw a major increase thanks to the inflow of new funds, from private and institutional clients alike, and the favourable market performance.
Sound balance sheet
The bank's liquidity position remained robust. With a funding ratio of 83.0% Van Lanschot largely finances its lending activities with funds entrusted by its clients. The net profit for the third quarter and the slight decrease in the loans portfolio led to an increase in the capital ratios compared with those at the end of June 2009.
Exceptional items
Owing to the bankruptcy of DSB Bank, Van Lanschot will have to pay a contribution under the deposit guarantee scheme. The amount involved is not yet known. This charge is expected to be accounted for in the fourth quarter.
's-Hertogenbosch, the Netherlands, 6 November 2009
Van Lanschot Media Relations: Etienne te Brake, Corporate Communication spokesperson
Telephone +31 (0)73 548 3026; Mobile phone +31 (0)6 12 505 110; E-mail   
Van Lanschot Investor Relations: Geraldine Bakker-Grier, Investor Relations Manager
Telephone +31 (0)73 548 3350; Mobile phone +31 (0)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 focuses on three target groups: high net-worth individuals, medium-sized businesses (including family businesses) and institutional investors. Van Lanschot stands for high-quality services founded on integrated advice, personal service and customised solutions. Van Lanschot NV is listed on the Euronext Amsterdam Stock Market.
The press release can be downloaded from the following link: