Van Lanschot Kempen reports first quarter with strong momentum, net AuM inflows of €4.4 billion and increase in net profit

07 May 2025 07:00 CEST

Highlights

• Continued strong commercial momentum with net AuM inflows of €4.4 billion, of which Private Clients Netherlands: €1.2 billion, Private Clients Belgium: €0.6 billion, and Investment Management Clients: €2.5 billion 
• Client assets were down marginally, to €166.2 billion (2024: €167.6 billion); AuM also fell slightly, to €148.3 billion (2024: €149.3 billion), impacted by a market performance of -€5.4 billion due to geopolitical unrest and trade conflicts 
• Higher quarterly result compared with the first quarter of 2024 
• Strong “Basel IV fully loaded” capital ratio of 18.1% (2024: 19.3%) after the implementation of the proposed capital return of €1.40 per share

Jeroen Kroes, Chief Financial Officer, said: “The first quarter was characterised by turbulent market conditions due to geopolitical unrest and escalating trade conflicts. Against this backdrop, our clients continued to invest with confidence, focusing on the long term. As a result, the net inflow in assets under management (AuM) within our private banking activities was again strong, at €1.8 billion (Q1 2024: €1.4 billion). We’re also seeing increased interest in unlisted investments, partly driven by a desire for diversification. To facilitate this, we’ve launched a third, Europe-focused private equity strategy. Private banking clients in the Netherlands, Belgium and Switzerland invested nearly €400 million through this new strategy – a very positive result. 

“Due to this quarter’s market conditions, we recorded a negative performance on our investments, resulting in a 1% (€1.0 billion) decrease in total AuM. However, we continue to see net inflows and continue our commercial momentum. 

“The increase in net profit in the first quarter was mainly driven by a nearly 20% rise in commission income compared with the first quarter of last year. Interest income declined and is in line with our previous guidance of between €155 and €165 million for full-year 2025. We’re maintaining a strict focus on costs and are continuing to take steps to improve our scalability. With this strong start to 2025, we’re on track to achieve our medium-term financial and non-financial targets, in line with our independent wealth management strategy. 

“Clients choose us to provide them with the confidence to look ahead and keep their long-term goals in mind, based on our expertise, experience, and understanding of their personal situation. With a new brand campaign in the Netherlands, we are drawing broader attention to the added value of private banking at Van Lanschot Kempen. This campaign revolves around the realisation that time is the most precious asset: our specialists dedicate time to our clients' wealth, allowing them to focus on what truly matters to them. 

“In the first quarter, our clients entrusted more of their wealth to us, and we were able to attract new clients. Private Clients Netherlands achieved a strong net inflow of €1.2 billion in AuM, partly because clients converted savings into AuM. Our strong commercial momentum also continued at Private Clients Belgium, resulting in a net inflow of €0.6 billion in AuM. Net AuM inflow at Investment Management Clients amounted to €2.5 billion, mainly due to inflows in fiduciary management and our alternative investment strategies. We have been selected by HNPF for three new mandates and by Stichting Pensioenfonds voor Personeelsdiensten to manage a private real estate mandate with an initial value of €190 million, expected to increase to €400 million by the end of 2026. Investment Banking Clients also had a strong first quarter, during which we advised on several large real estate transactions. 

“Our capital position remains strong, with a CET 1 ratio according to the ‘Basel IV fully loaded’ definition of 18.1%* (2024: 19.3%), in line with our target of 17.5%. The decline in the ratio is due to the implementation of the proposed capital return of €1.40 per share. This was approved by shareholders at our extraordinary general meeting on 10 April, and its payment is scheduled for 26 June 2025.”

Financial calendar 

22 May 2025 - Annual general meeting (AGM) 
26 May 2025 - Ex-dividend date 
3 June 2025 2024 - Dividend payment date 
24 June 2025 - Ex-capital return date 
26 June 2025 - Capital return payment date 
28 August 2025 - 2025 half-year results 
28 October 2025 - 2025 third-quarter trading update
 

Please find the full press release under the ‘Download’ section for more information.
 

* Based on Van Lanschot Kempen’s interpretation of Basel IV at time of reporting and including the current risk weight floor for mortgages set by DNB.