Van Lanschot Kempen reported a 30% increase in net result to €88 million for the first half of 2026, driven by asset growth and improved operating efficiency. The company’s total client assets surpassed €200 billion for the first time, with assets under management rising more than 18% in the period, including 12 percentage points of organic growth.
Net inflows reached €19.5 billion in H1 2026, while total income grew 14% year-over-year. Operating expenses rose 6%, contributing to a 36% increase in gross result. The cost-to-income ratio improved to 66.4%, outperforming the target range of 67% to 70%. Net interest income climbed 27% to €97 million, prompting an upward revision to full-year 2026 guidance to approximately €200 million, up from the prior range of €180 million to €195 million.
The company’s Common Equity Tier 1 (CET1) ratio stood at 17%, excluding first-half retained earnings, with a target of 17.5%. A pending adjustment to Dutch central bank mortgage risk weight floors is expected to boost the CET1 ratio by about 1.3 percentage points. Shareholders received a €0.80 per share dividend in June, while the loan portfolio impaired ratio remained low at 1%, with loan loss provisions totaling €3 million. Return on equity over the last 12 months was 11%, with a dividend yield of 4.55% and a P/E ratio of 18.96.
Private markets assets under management reached €6.5 billion, alongside €1.5 billion in client-committed capital. In July, private banking clients committed $120 million to the second North American private equity fund, while more than €180 million was allocated to a new fund focused on secondary private equity investments. Fiduciary management mandates saw significant wins, including a €1.5 billion commitment from Stichting Pensioenfonds voor de Woningcorporaties and a €1.3 billion mandate from Pensioenfonds HaskoningDHV Nederland, with average AUM margins of 13 basis points.
Belgium operations reported an 11% rise in profit before tax to €32 million, with commission income up 18%. Net inflows in the region totaled €0.2 billion, while average AUM margins increased to 83 basis points. In the Netherlands, private clients net inflows amounted to €1.5 billion, with the segment’s cost-to-income ratio improving to 59%. Investment management profitability rose 30% to €15.7 million, supported by a 7% increase in commission income and €0.3 billion in net inflows into liquid investment strategies.
The company highlighted widespread adoption of artificial intelligence tools, with 97% of staff using them and half leveraging them intensively, generating efficiency gains of roughly three hours per week per private banker. First-half results included €4.2 million in one-off costs related to the new Amsterdam headquarters, with premises expenses expected to rise from 2027 due to an expanded office footprint and market-based rental adjustments.
