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Van Lanschot sees profit recovery in 2013

  • Net profit for 2013 of 33.5 million
  • Costs down 6%
  • Balance sheet strengthened: Core Tier I ratio up from 11.0% to 13.1%; leverage ratio of 5.1% under Basel III
  • Client assets rise on balance to 53.5 billion
  • Implementation of strategy on course; long-term targets confirmed
  • Proposed dividend: 0.20 per share

's-Hertogenbosch, the Netherlands, 11 March 2014 - Van Lanschot today presents its 2013 annual results. Karl Guha, CEO of Van Lanschot: "The recovery in profit seen in 2013 demonstrates Van Lanschot's resilience in what are still challenging market conditions.

All core activities of our business - Private Banking, Asset Management and Merchant Banking - contributed to this profit recovery. Our income now more closely resembles what one would expect of a wealth manager, thanks to the strategic review we carried out last year. Commission income was the primary source of income in 2013. Moreover, the bank managed to achieve a further substantial reduction in its cost base. There was a rise in the total amount of client assets - investments and savings - that we manage for our clients. This was partly attributable to the rising stock markets seen in 2013, and also to the inflow of asset management mandates.


Van Lanschot has a diversified loan portfolio and has comfortable capital buffers to cover potential credit risks. This was confirmed by a detailed review of the Corporate Banking portfolio of corporate and real estate loans (Asset Quality Review, AQR) that was conducted in consultation with the banking supervisor in the fourth quarter of 2013, with the assistance of external parties. The loan loss provision is still high owing to current economic conditions in the Netherlands, although the trend compared with 2012 is downward.


Our strong balance sheet is reflected in an excellent leverage ratio and a substantially improved liquidity position. We already comply comfortably with the Basel III capital and liquidity requirements, which are due to come into effect in the next few years.

2013 was a year of intensive efforts for Van Lanschot and its employees. We got off to a good start with the implementation of the revised strategy announced in May, and we have taken important steps towards simplifying our products, processes and organisation. We are now well on course, and can confirm the strategic and financial targets for 2017 that we communicated last year.

We accomplished a great deal in 2013. Thanks to the results we achieved and our solid capital position at the end of the year, we are now in a position to present a dividend proposal to our shareholders for the first time since 2011."

Additional information
For additional information, please visit corporate.vanlanschot.nl

Financial report / presentation
For a detailed explanation of the results and balance sheet of Van Lanschot NV, reference is made to the financial report and the presentation on the 2013 results at corporate.vanlanschot.nl/results.

Media Relations: +31 20 354 45 85; mediarelations@vanlanschot.com

Investor Relations
: +31 20 354 45 90; investorrelations@vanlanschot.com

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

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 and uncertainties. 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 or income 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 and the like. The financial data regarding forward looking statements concerning future events included in this document have not been audited.