Van Lanschot Kempen : Good 1H23 result by NII and commission income mitigated by cost growth
>Conclusion: 1H23 rising NII and commission income mitigated by cost growth - For 1H23, we expect Van Lanschot (VLK) to report a net profit of € 73m. In 1H23 the earnings will have a continuing positive tailwind from the rising net interest income (NII) by higher interest rates, and rising commission income by higher stock market, mitigated by more costs growth driven by inflation. To reflect the risen stock market and rising interest rates we increase our TP to € 36....Van Lanschot is the holding company of F. van Lanschot Bankiers NV in the Netherlands. Co.'s services focus on high net-worth individuals and entrepreneurs. Co. also, through it's subsidiary Kempen & Co., also serves the institutional market and offers investment services. Co.'s services are organized into five business segments: Private Banking, Asset Management, Business Banking, Corporate Finance and Securities and other activities. Other Activities include activities relating to the management of interest rate, market and liquidity risk.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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