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Strong operational result FY2017

“Our financial performance is solid and reflects the strong operational results in 2017. Our dividend pay-out remains stable at EUR 0.64 for our shareholders.”

08 Mar 2018

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  • Net operational result of EUR 16.5 million (FY2016: EUR 8.2 million). Total net result of EUR 15.1 million (FY2016: EUR 14.9 million).
  • Operating expenses decreased 14% and operating income remained nearly stable with a minor decrease of 1%.
  • Important steps taken in the transformation of the company.
  • Average capital ratio (33%) and liquidity coverage ratio (215%) remain at a high level.
  • Fitch Ratings reconfirmed our A- rating with stable outlook.
  • Dividend of EUR 0.64, in line with prior years, resulting in a dividend yield of 6.4% (2016: 7.6%).

Key figures 






Net result

15.1 million

14.9 million


Net operational result (1)

16.5 million

8.2 million


Operating income

104.6 million

106.0 million


Operating expenses

82.8 million

95.8 million


Efficiency ratio




Return on equity




Assets under administration

490 billion

504 billion


Earnings per share




Dividend per share




Capital ratio (average) 33% 26%  

 1 Net operational result excludes in 2017: increase of the restructuring provision (net EUR 1.4 million) and in 2016: sale office building (net EUR 15.9 million), IT outsourcing (net EUR 2.2 million) and restructuring provision (net EUR 7.0 million).

Chairman’s statement

“2017 can be characterised as the year of transformation of KAS BANK. We have robotized parts of our processes and structurally reduced our costs while maintaining our income in challenging markets. During this transformational year, we moved into our new, modern headquarter where we launched KAS Lab, our innovation hub”, says Sikko van Katwijk, Chairman of the Managing Board. “We are very proud of what our people have accomplished.”

“The quality of our services has improved by increasing efforts to achieve immediate client benefits. We have reduced some manual steps in our processing with our ground-breaking Robotics approach and continued to become more efficient by executing our Lean Program. With the introduction of our own Lab we have kick-started innovation, and are piloting the first initiatives. I am confident that these initiatives will contribute to the growth of our business and renewal of our business model for the coming years. We maintain our focus to improve client value and client satisfaction and continue our efforts to improve financial performance in particular through additional income.”

“Our financial performance is solid and reflects the strong operational results in 2017. Our dividend pay-out remains stable at EUR 0.64 for our shareholders.”

Affirmation of the rating

Fitch Ratings published its Rating Action Commentary for KAS BANK in December 2017. Fitch affirmed KAS BANK’s A- long-term issuer default rating. The outlook is stable. Fitch expects KAS BANK to maintain critical mass in its core asset administration business. Fitch recognizes that KAS BANK’s knowledge of local reporting and regulatory requirements enabled the bank to provide tailor-made value-added reporting services to its customers.

Financial performance

In 2017, we achieved a stable operating income and a considerable decrease of the operating expenses. Our net operational result doubled to EUR 16.5 million (2016: EUR 8.2 million). Including non-recurring items, the net result 2017 was slightly higher than in 2016.  

In 2017, we continued the shift from more traditional core services, like custody, clearing and settlement, to more administrative and governance services like fund accounting and (regulatory) reporting. The current capital markets with low interest rates and high volumes of liquidity resulted in a continuous pressure on interest income and securities lending commission. Our strong focus on cost discipline and cost reduction programs resulted in a decrease of 14% of our level of operating expenses, mainly due to a strong decrease in the number of FTEs during 2017. 

Capital and liquidity ratios remain stable at high levels, emphasizing the solid position of the bank.


KAS BANK will propose to the General Meeting of Shareholders a total cash dividend for 2017 of EUR 0.64 for each ordinary KAS BANK share (2016: EUR 0.64). This is in line with our policy of distributing a dividend of 60-80% of the total net result under normal market conditions. EUR 0.33 for each ordinary share has already been distributed as interim dividend for 2017.


After the first half of 2016, we set a target for a structural annual cost reduction of EUR 20 million to be implemented in the period up to and including 2019. We have now planned to realize the full benefits by the end of 2018.

In the coming years, we shift our focus towards growth and continue our change program. Market developments will bring momentum and new opportunities to KAS BANK. We expect an increased demand by institutional clients for outsourcing of non-core activities. Complexity and regulatory pressure will drive the need for KAS BANK’s services. We also see continued consolidation in our markets which we expect to impact both topline and our client portfolio.

We continue our efforts to generate new business in all three home markets and to diversify our product range. In the UK and Germany, we expect to seize business opportunities by providing fintech- and governance solutions.

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including the consolidated income statement and consolidated balance sheet:

Press release: Strong operational result FY2017

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Remko Dieker

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Remko Dieker

Secretary to the Managing Board / Investor Relations
+31 (0)20 557 51 80