Q3 has been stable for KAS BANK. Development of profitability, revenue and costs was in line with H1.
29 Oct 2015
- Net profit for the bank up to and including the Q3 2015 increased to € 12.6 million in comparison to 2014: € 8.9 million (excluding dwpbank rebate).
- Revenue up to and including Q3 rose to € 94.2 million (2014: € 77.3 million,excluding dwpbank rebate). During this time KAS BANK has accounted for an one-off revenue of € 5.6 million due to a higher valuation of its claim to Lehman.
- Expenses for 2015 YTD stand at € 77.4 million. Whilst this is 18% higher compared to the same period last year this is in line with the trend reported earlier this year and the outlook for H2 2015. The increase in expenses is mainly due to higher pension costs in the Netherlands and execution of previously announced investment projects designed to grow KAS BANK’s business and profitability.
- Assets under Administration in Q3 versus year-end 2014 remained constant at EUR 451 billion despite a lower index.
- The bank’s solvency ratio remains high at 22%
Q3 has been stable for KAS BANK. Development of profitability, revenue and costs was in line with H1. This growth over the typically quiet summer months has been influenced by the turmoil of the events in China and a further decline in interest on the capital markets. This created uncertainty for our institutional clients, particularly pension funds in the Netherlands, who as a result of the impact on discount rates have been forced to draw up recovery plans or optimise their capital positions.
KAS BANK has seen positive developments in our added value products and services in Q3. The launch of our new Cost benchmarking report services for Dutch pension funds immediately achieved a leading position in the market creating further opportunities for building future business. By making the cost base of pension funds more transparent, we implement our custodian principles and fulfils our social responsibility as depositary for more than three million pension participants in the Netherlands.
At the centre of this fiduciary responsibility we remain firmly committed to maintaining robust solvency ratios and liquidity, which is at the core of our safeguarding role for clients.