Van Lanschot Kempen: net profit exceeds €98 million in 2019

Karl Guha, Chairman, said: “We’re proud of what we’ve achieved in 2019. Our net profit added €18.1 million to €98.4 million, while cost-saving measures have helped us cut operating expenses to €384.1 million and keep costs levels below the €390 million target figure we had previously issued. Our client assets surged to €102.0 billion on the back of a net inflow in assets under management (AuM) at both Asset Management and Private Banking. Our robust capital position enabled us to pay yet another capital return of €1.50 per share in December, and we have completed our strategic investment programme on schedule with the achievement of the final milestone – the migration to the new payments platform.”

In short:

Net profit staged a significant increase to €98.4 million (2018: €80.3 million), with underlying net result up to €108.8 million (2018: €103.0 million)
Operating expenses came down by 3% to €384.1 million and stayed within the target for 2019 of €390 million
Client assets grew by 26% to €102.0 billion, with AuM adding 31% to €87.7 billion on the back of €9.9 billion net inflows
CET 1 ratio increased to 23.8% (2018: 21.1%)
Dividend proposal of €1.45 per share (2018: €1.45 per share)

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