Van Lanschot Kempen: commission income up 30% and net profit at €143.8 million

Amsterdam/’s-Hertogenbosch, the Netherlands, 24 February 2022

• Net profit surged to €143.8 million (2020: €49.8 million) on the back of strong growth in commission income, book profits on the sale of private equity stakes and the release from loan loss provisions
• Client assets grew by 14% to €131.1 billion and AuM added 13% to €112.1 billion
• Record net AuM inflows at Private Clients of €3.8 billion
• Net AuM outflows at Wholesale & Institutional Clients of €4.0 billion
• Capital ratio robust at 23.7% (2020: 24.3%)
• Return on equity up to 15.7%
• Dividend proposed at €2.00 per share (2020: €0.70 per share)
  
  

Maarten Edixhoven, Chair, said: "2021 was an excellent year for Van Lanschot Kempen, bringing both organic and inorganic growth, strong net profit and a solid capital position. The integration of the Hof Hoorneman Bankiers acquisition and our partnership with Mercier Vanderlinden are making excellent progress.

"Creating and preserving financial and natural value across generations is the very essence of what Van Lanschot Kempen is about. Our clients increasingly recognise our sustainable solutions, but we’re aware that we still have big strides to make – and so we’ll be stepping up our activities in this area. In addition, starting this year we’ll be using a single brand – Van Lanschot Kempen – for all our activities, one step at a time. This should further boost our position as an independent, specialist wealth manager in Western Europe.

"Over the past few months, I’ve had the privilege of getting to know the organisation, clients and employees, and it’s great to experience entrepreneurial spirit and client focus all across the company. I would like to take this opportunity to thank our clients, employees and shareholders for their confidence, as well as for the warm welcome I’ve received from them.”

Client assets and assets under management
In 2021, client assets grew to €131.1 billion (2020: €115.0 billion). Assets under management (AuM) climbed to €112.1 billion (2020: €99.0 billion) on the back of a market performance of €9.5 billion and Mercier Vanderlinden’s AuM of €3.8 billion. Net inflows at Private Clients were very high at €3.8 billion, whereas Wholesale & Institutional Clients saw net outflows of €4.0 billion. With margins on Private Clients inflows higher than those on outflows at Wholesale & Institutional Clients, the combination made for a significant improvement in management fees, further aided by the positive market performance. Savings and deposits rose to €11.7 billion (2020: €10.1 billion).

In 2021, we completed the acquisition of our 70% stake in Belgium-based wealth manager Mercier Vanderlinden. We are very pleased with this new collaboration, as it eminently fits in with our strategy to become a key player in Belgium as an independent specialist wealth manager. Total client assets in Belgium grew to €10.7 billion by the end of 2021. Last year, we also welcomed Hof Hoorneman Bankiers’ employees and clients, according to plan. These clients now have access to our offering of products and services.

2021 results
In 2021, net results increased to €143.8 million (2020: €49.8 million). Commission income, the core of our income flows, added 30% to €385.5 million, predominantly because of higher recurring commissions. Interest income was stable at €153.6 million (2020: 152.1 million), underpinned by growth in the loan portfolio and negative interest charged on savings.

PERFORMANCE REPORT / PRESENTATION / WEBCAST
For a detailed discussion of Van Lanschot Kempen’s results and balance sheet, please refer to our performance report and presentation on the 2021 full-year results at www.vanlanschotkempen.com/results. In a conference call on 24 February at 9:00 am CET, we will discuss our 2021 full-year results in greater detail. This may be viewed live at www.vanlanschotkempen.com/results and played back at a later date.

ADDITIONAL INFORMATION
For additional information, go to vanlanschotkempen.com/financial.

FINANCIAL CALENDAR
11 May 2022                Publication of 2022 first-quarter trading update
11 May 2022                Capital Markets Day
12 May 2022                Retail Investor Day
25 May 2022                Annual General Meeting
27 May 2022                Ex-dividend date
9 June 2022                2021 dividend payment date
25 August 2022           Publication of 2022 half-year results
4 November 2022        Publication of 2022 third-quarter trading update

Media Relations: +31 20 354 45 85; mediarelations@vanlanschotkempen.com
Investor Relations: +31 20 354 45 90; investorrelations@vanlanschotkempen.com

About Van Lanschot Kempen
Van Lanschot Kempen, a wealth manager active in Private Banking, Investment Management and Investment Banking, with the aim of preserving and creating wealth, in a sustainable way, for both its clients and the society of which it is part. As a sustainable wealth manager with a long-term focus, Van Lanschot Kempen proactively seeks to prevent negative impact for all stakeholders and to create positive long-term financial and non-financial value. Listed at Euronext Amsterdam, Van Lanschot Kempen is the Netherlands’ oldest independent financial services company, with a history dating back to 1737. To fully leverage the potential of the Van Lanschot Kempen organisation for its clients, it provides solutions that build on the knowledge and expertise across its entire group and on its open architecture platform. Van Lanschot Kempen is convinced that it is able to meet the needs of its clients in a sustainable way by offering them access to the full range of its products and services across all its businesses.

For more information, please visit vanlanschotkempen.com

Important legal information and cautionary note on forward-looking statements
This press release may contain forward-looking statements on future events and developments. These forward-looking statements are based on the current insights, information and assumptions of Van Lanschot Kempen’s management about known and unknown risks, developments and uncertainties. Forward-looking statements do not relate strictly to historical or current facts and are subject to such risks, developments and uncertainties which by their very nature fall outside the control of Van Lanschot Kempen and its management.

Actual results, performances and circumstances may differ considerably from these forward-looking statements as a result of risks, developments and uncertainties relating to, but not limited to, (a) estimates of income growth, (b) costs, (c) the macroeconomic and business climate, (d) political and market trends, (e) interest rates and currency exchange rates, (f) behaviour of clients, competitors, investors and counterparties, (g) the implementation of Van Lanschot Kempen’s strategy, (h) actions taken by supervisory and regulatory authorities and private entities, (i) changes in law and taxation, (j) changes in ownership that could affect the future availability of capital, (k) changes in credit ratings and (l) evolution and economic and societal impact of the Covid-19 pandemic.

Van Lanschot Kempen cautions that forward-looking statements in this press release are only valid on the specific dates on which they are expressed, and accepts no responsibility or obligation to revise or update any information, whether as a result of new information or for any other reason.

Van Lanschot Kempen’s annual accounts are prepared in accordance with International Financial Reporting Standards, as adopted by the European Union ("IFRS-EU”). In preparing the financial information in this press release, except as described otherwise, the same accounting principles are applied as in the 2021 Van Lanschot Kempen consolidated annual accounts.

The figures in this press release have not been audited separately. Small differences are possible in the tables due to rounding. Percentages are calculated based on unrounded figures.

This press release does not constitute an offer or solicitation for the sale, purchase or acquisition in any other way or subscription to any financial instrument and is not a recommendation to perform or refrain from performing any action.

Elements of this press release contain information about Van Lanschot Kempen NV within the meaning of Article 7(1) to (4) of EU Regulation No. 596/2014.

This press release is a translation of the Dutch language original and is provided as a courtesy only. In the event of any disparities, the Dutch language version will prevail. No rights can be derived from any translation thereof.

Attachment

• Van Lanschot Kempen press release FY 2021