BinckBank N.V. : 16Q1 results. Slow start for BinckBank due to negative market sentiment

Highlights in first quarter 2016

• Investors were cautious which resulted in lower transaction volumes and lower average revenues per transaction.
• Transaction volume of 2.1 million, 23% lower compared to 15Q1 (2.7 million transactions in 15Q1).
• The Belgian branch was particularly hard hit as a result of the introduction of the speculation tax on 1 January 2016. Transaction volume here was down 36% in 16Q1 to 185,103 (15Q1: 288,880).
• The Italian branch posted, contrary to market developments, a record quarter with 129,123 transactions.
• The Dutch mortgage finance had a slow start. BinckBank is working actively to accelerate the development of the investment portfolio in mortgages.
• Total income from operating activities was down 24% to € 36.7 million (15Q1: € 48.2 million)
• Cost control was maintained. Total operating expenses in the first quarter of 2016 were down 4% on the comparable period in 2015.
•  Adjusted net result 16Q1 € 8.5 million (15Q1: € 16.4 million).
•  Adjusted net earnings per share 16Q1 € 0.12 (15Q1: € 0.23).

Strategy update: implementation of strategic positioning takes shape

• In the Netherlands, 'All in 1 investing' ('Alles in 1 beleggen') was launched under the Binck Fundcoach label, giving investors the option of a new form of simple to understand investment solutions on an execution-only basis. The introduction of the 'All in 1 investing' concept represents Binckbank's service provision in the Investment segment.
• Our study of demands and experiences of customers in the area of savings in Europe has been completed. The launch of the savings brokerage service in the Savings segment is scheduled for the fourth quarter of 2016.
• The development of the international roll-out of online asset management is on schedule and is planned for the end of the calendar year.
• The migration of BinckBank France to the European base platform was completed according to plan. All retail investors in the Netherlands, Belgium, France and Italy are now operational on the European base platform.
• The migration of service provision to Independent Asset Managers is scheduled for 2017.
• Retail investors in the Netherlands, Belgium, France and Italy will now all be serviced from the European base platform.

Capital policy

• BinckBank started a share buy-back programme on 19 February 2016, and will repurchase shares up to a total value of € 25 million in the period until July 2017. As at 31 March 2016, BinckBank had repurchased shares with a total value of € 5.4 million.