Van Lanschot again saw a substantial inflow of clients and funds
entrusted in the first quarter of 2008 and therefore continues to
benefit from the consolidation battle currently taking place in the
Dutch financial sector.
 
The fall in share prices (MSCI World Index: -16% in the first quarter
of 2008) in particular led on balance to a decrease in assets under
discretionary management for private clients. Total assets under
discretionary management however increased. This was thanks to an
increase in assets managed for institutional clients as a number of
large management contracts came into effect.
 
Even with a growing balance sheet, the funding ratio as well as the
capital ratios went up compared with the already solid levels at
year-end 2007. As Van Lanschot does not have any direct or indirect
investments in the subprime sector, it was not required to recognise
any write-downs.
 
The negative market sentiment clearly had an impact on the bank's
securities commission. Investors were less willing to trade, which
led to fewer transaction fees, while the lower prices also put
pressure on the custody and asset management fees. As a result,
commission income in the first three months of the year lagged
strongly behind last year. On the other hand, interest income rose on
the back of higher volumes. The interest margin remained more or less
stable, being the combination of tighter margins on the liabilities
side and improved margins on the asset side. Total costs in the first
three months were roughly the same as a year earlier. However, on
balance, the profit for the first quarter remained considerably
behind last year.
 
Based on the results for the first three months of the year, the bank
expects earnings per share for 2008 to be lower compared with that
for 2007. The final amount of earnings per share will depend in part
on when the sentiment on the stock markets returns to normal.
 
's-Hertogenbosch, 8 May 2008
 
Van Lanschot press contacts: Etienne te Brake, Corporate
Communication spokesperson.
Telephone +31 (0)73 548 3026; Mobile phone +31 (0)6 12 505 110;
E-mail e.tebrake@vanlanschot.com
 
Van Lanschot Investor Relations: Geraldine Bakker-Grier, Investor
Relations Manager.
Telephone +31 (0)73 548 3350; Mobile phone +31 (0)6 13 976 401;
E-mail g.a.m.bakker@vanlanschot.com
 
Van Lanschot NV is the holding company of F. van Lanschot Bankiers
NV, the oldest independent bank in the Netherlands, with a history
dating back to 1737. Van Lanschot Bankiers stands for high-quality
services founded on integrated advice, personal service and
customised solutions. Van Lanschot NV is listed on the Euronext
Amsterdam Stock Market.
 
 
The press release can be downloaded from the following link:


http://hugin.info/133415/R/1217203/254655.pdf


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