Van Lanschot Kempen (VLK) H1 2025 earnings summary

Executive summary

• Net profit for H1 2025 was €67.8 million, down 9% year-over-year, with strong net AuM inflows of €4.6 billion offsetting negative market performance of €3.3 billion.

• Assets under management surpassed €150 billion for the first time, reaching €151 billion, driven by both new and existing clients.

• Commission income rose 11% to €279.6 million, while interest income declined 17% to €76.1 million due to ECB rate cuts.

• Completed integration of Evi and Robeco’s online investment platform and announced acquisition of Wilton Family Office to strengthen private banking.

• Maintained a capital-light business model and strong CET1 ratio at 18.2%.

Financial highlights

• Net profit for H1 2025 was €67.8 million, down 9% year-over-year.

• Commission income rose 11% to €279.6 million, with securities commissions up 12%.

• Interest income declined 17% to €76.1 million due to lower margins after ECB rate cuts.

• Operating expenses increased 5% to €261.6 million, mainly from higher staff costs and investments.

• Cost/income ratio increased to 71.8%, above the 2027 target range.

Outlook and guidance

• Full-year 2025 net interest income guidance unchanged at €155–€165 million, with expectations for a stronger H2 and continued positive trend into 2026.

• On track to meet 2027 financial targets, focusing on scalable growth, cost control, and a cost/income ratio of 67–70%.

• CET1 ratio expected to remain above 17.5% target, with excess capital to be returned to shareholders.