Van Lanschot Kempen's profit decline is primarily attributable to declining interest income, which fell by a substantial 17% to €76,1 million. Furthermore, the global unrest in the financial markets had a negative impact on results.
“The beginning of April was marked by a sharp decline in stock markets,” CEO Maarten Edixhoven added: "This was followed by a revival in the second half of April and May."
"Changes in interest rates and global government spending had a detrimental effect on the bond market," he adds. "At the same time, the US dollar fell significantly against the euro, putting pressure on returns for European investors."
However, there was also positive news for Van Lanschot Kempen. Commission income rose by 11% to €279,6 million, and total assets under management increased by 1% to €150,6 billion.
Despite the whirlwind in the capital markets, Edixhoven is pleased with the results: "We are making good progress in implementing our strategy, which is fully focused on asset management with the most personalized service for our clients."
What was the main reason for the decline in profits at Van Lanschot Kempen?
The main cause was a 17% decline in interest income. Global unrest in the financial markets also had a negative impact.
Were there also positive results for Van Lanschot Kempen in the first half of the year?
Yes, commission income rose by 11% to €279,6 million and total assets under management rose by 1% to €150,6 billion.
How does CEO Maarten Edixhoven assess Van Lanschot Kempen's current results and strategy?
Despite the challenges in the capital markets, Edixhoven spoke of solid results and emphasized that the sofa is making good progress in its strategy, which is fully focused on asset management with a personal service to clients.
