Netherlands-based Van Lanschot Kempen has reported net profit of EUR 94.9 million for 2017, a year on year increase of 36 percent. Underlying net result was up by over 38 percent to EUR 112.3 million.
Total assets under management (AUM) for its private banking unit increased to EUR 22.8 billion compared with EUR 19 billion in 2016.
The group as a whole reported an AUM increase of 17 percent to stand at EUR 69.2 billion in 2017 driven by EUR 9.3 billion in net inflows.
Client assets reached EUR 83.6 billion compared with EUR 69.4 billion at year-end 2016.
In 2017, operating expenses added 2 percent to EUR 392.1 million. The main factor was higher staff costs with the incorporation of Staalbankiers and UBS Nederland. Also, administrative expenses were higher in 2017, as Van Lanschot Kempen engaged in various IT projects related to the implementation of new rules and regulations.
Karl Guha, chairman, said: “The organic growth (17 percent) of our AUM was strong. The takeover of the wealth management activities of UBS in the Netherlands was our third successful acquisition in as many years. Our focus on wealth management has increased in 2017 as we have managed to wind down our corporate loan portfolio to EUR 0.9 billion and as we have spun-off or outsourced a range of activities not part of our core business."
Mr Guha added that the group is making good progress on achieving its financial objectives by 2020.
Van Lanschot Kempen is active in private banking, asset management and merchant banking.