Van Lanschot’s assets under management (AuM) stood at 41.2 billion (US$54.6 billion) for the six months ended 30 June 2013, an increase of 10% compared to 37.5 billion (US$49.7 billion) for the same period last year.
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The firm’s net profit rises to 33.7 million in the first six months, from 10.5 million in the first half of 2012. The company attributed the increase to higher commission income and substantial cost savings.
Total client assets fell slightly, from 52.3 billion at year end 2012 to 51.3 billion at 30 June 2013. This was partly attributable to a decline in savings and deposits, caused among other things by the maturity of the premium deposit (the Jubileumdeposito celebrating the 275th anniversary of the bank) earning a relatively high rate which the bank did not extend.
Karl Guha, chairman of the board of managing directors of Van Lanschot, said: "The recovery in profit in the first half of 2013 is encouraging, particularly in view of the continuing difficult economic conditions. This result was largely attributable to higher securities commission and a 7% fall in operating expenses.
"The interest margin improved slightly compared with the second half of last year owing to factors such as loan repayments and lower savings rates. Our private and business banking clients continued to use savings and deposits to repay mortgages and other loans. In addition, clients are increasingly inclined to invest rather than save, in part prompted by the low deposit rates."
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