Van Lanschot Kempen reported first-half 2026 assets under management of €188 billion, crossing the €200 billion client assets milestone for the first time as the group posted a 30% year-over-year rise in net profit to €88.2 million.
Total income from operating activities increased 14% to €415.4 million, driven by a 27% jump in interest income to €96.9 million and an 18% rise in commission income to €281 million. Organic client inflows contributed €19.5 billion, with market performance adding another €9.8 billion, resulting in an 18.4% increase in AuM. The five-year compound annual growth rate in assets reached 11.9%, exceeding the 10% target set by the company.
Net inflows were led by investment management clients, which added €17.8 billion, while private clients contributed €1.8 billion. Major new fiduciary mandates included a €15 billion commitment from Stichting Pensioenfonds voor de Woningcorporaties and €1.3 billion from Stichting Pensioenfonds Haskoning Nederland. The group also closed the first tranche of its second North American private equity fund at $120 million.
Private Clients Netherlands reported AuM growth of 12% to €53.8 billion, with commission income rising 15% to €143.2 million and interest income increasing 36% to €88.8 million. The segment’s cost-to-income ratio improved to 59% from 69% in the prior-year period, while the result before tax climbed 57% to €90.1 million. In Belgium, AuM grew 6% to €18.4 billion, with commission income up 18% to €72.2 million and an operating result before tax of €32.3 million.
Investment management clients saw AuM expand 24% to €116 billion, with commission income rising 7% to €70.9 million. The investment banking unit reported a €4.4 million loss before tax, as commission income fell 32% to €16.9 million. Progress continued on a 50/50 joint venture with KBC Securities for equities activities, with an expected close in the fourth quarter of 2026.
The group’s CET1 capital ratio stood at 17.0% at the end of June, down from 18.2% at year-end 2025 due to the implementation of a mortgage risk weight floor by Dutch regulator DNB. Return on CET1 capital reached 21.4%, exceeding the >18% target. The cost-to-income ratio improved to 66.4%, beating the 67-70% target range, while the operating expense ratio relative to client assets declined to 28 basis points.
Van Lanschot Kempen also highlighted advancements in artificial intelligence adoption, with 97% of employees using AI tools and an average of 10 hours of AI-assisted work per month. The group reported a 13% reduction in the weighted average carbon intensity of discretionary AuM since 2019 and an 11% decrease in its own operations’ carbon emissions per full-time equivalent.
