2009-08-11 07:33:01 -

London, August , 11, 2009

* Gross result for the first half of 2009 € 38.9 million
  * Vigorous recovery of revenues in second quarter
  * Due to accelerated amortisation of IT costs (€ 34.5 million
    before tax) and higher addition to loan loss provision (€ 50.6
    million before tax), net loss stands at € 46.3 million
  * Assets under management for private clients up 4%

Floris Deckers, Chairman of the Board of Managing Directors: "Van
Lanschot weathered the banking crisis well. The bank's liquidity has
remained at a high level and, with a BIS Tier I ratio of 9.2%, the
capital position continues to be strong. The crisis has now evolved
into a severe economic recession, whose impact is reflected in higher
loan loss provisions. Thanks to the high quality of our loans
portfolio, Van Lanschot is only affected to a relatively limited
extent. In the first half of 2009, the addition to the loan loss
provision was 35 basis points of the risk-weighted assets. The fact
that Van Lanschot did not and does not need any government support
allows us to determine and implement our own strategy."

Private Banking
The credit crunch has in general cast serious doubt on the solidity
of the banking industry. The government intervention at several banks
only partially dispelled this doubt. Due to their risk-averse
behaviour, private individuals tend not to be very willing to switch
banks. Spreading liquidities across several banks continues to be
common practice in the current environment. The number of target
group clients rose by 0.5% in the first half of 2009. These new
clients mainly concern very high net-worth individuals,
directors-owners and business professionals. Total client assets
(assets under management plus savings accounts and deposits) of
private clients at 30 June 2009 remained flat compared with 31
December 2008 figure at € 26.6 billion. Savings accounts and deposits
were down by 5% to € 11.0 billion in the first half of the year. Van
Lanschot only partially went along with the war in the savings
accounts and deposits arena in terms of its rates, considering its
above-average liquidity position. Assets under management for private
clients rose 4% to € 15.6 billion.

Asset management
Total assets under management rose from € 24.6 billion as at year-end
2008 to € 25.2 billion as at 30 June 2009. In the first half of the
year, Kempen Capital Management was awarded new mandates involving
assets available for investment of € 930 million. In the first half
of 2009, Kempen Capital Management received € 130 million in
investible assets from FRR. In the course of the second half of the
year, a total of around € 800 million will be placed under Kempen's
fiduciairy management by parties such as the Boskalis pension fund
and ZLTO.

Business Banking
In the first six months of 2009, loans and advances to corporate
clients rose 7% to € 7.1 billion. Van Lanschot continues to grant
loans to its target group clients. Improved margins are being earned
on new loans. The number of corporate target group clients was up
0.4%.

Corporate Finance and Securities
The low risk profile of Kempen and the limited trading for own
account helped to support the bank's risk profile during the banking
crisis. However, this means that the bank profits from the potential
upswing in revenues in the current market conditions only to a
limited extent. The Securities department still faces lower trading
volumes of institutional investors and thus lower commission income
compared with the first half of 2008. The number of securities
transactions by institutional investors seems to have stabilised
however since the second half of 2008.

Second quarter marked by vigorous recovery of gross result
The first half of 2009 was characterised by the distorted savings
market, where government-supported banks offered deposit and savings
rates which far exceeded the Euribor rates. As a result, the margins
on new deposits deteriorated further in the first half of 2009. A
private bank such as Van Lanschot is relatively hard hit because its
clients hold a large part of their assets in the form of cash. The
interest margin decreased from 1.35% in the first half of 2008 to
1.22% in the first half of 2009. Although margins are expected to
improve in the second half of the year, the interest margin is
expected to recover only gradually. Interest income was 13% down on
the first half of 2008 to € 127.3 million. Under normal savings
market conditions, a considerably healthier interest income would
have been generated.

In the first half of 2009, 4% more securities transactions were
executed than in the first half of 2008. The revival of the financial
markets and the share prices in the second quarter positively
impacted the portfolio values and thus also the management fees.
Total securities commission and management fees amounted to € 80.4
million in the first half of the year; this was 7% down on the level
in the first half of 2008, but a stabilisation compared with the
second half of 2008.

Income from operating activities, which mainly comprises interest and
commission income, totalled € 258.9 million in the first half of
2009, i.e. a 9% decline on the first half of 2008. The income level
shows a clear upward trend from the low point in February 2009. The
operating expenses came to € 220.0 million, 8% up on the first half
of 2008. This includes the announced provision for the restructuring
operation of € 3.6 million.

The gross result totalled € 38.9 million. The net loss for the first
half of 2009 of € 46.3 million was driven by a number of one-off
impairments. As announced in the trading update of May 2009, an
amount of € 34.5 million (before tax) was written off on the IT
project. Van Lanschot also invests in its own in-house funds. These
funds have also suffered in the current investment climate, resulting
in an unrealised impairment of € 13.6 million (before tax) for these
investments and several shareholdings. In addition, € 50.6 million
was added to the loan loss provision.

Strong loans portfolio, but not immune to the recession
Van Lanschot's loans portfolio totalled € 17.5 billion at 30 June
2009, i.e. a 2% growth compared with year-end 2008. This growth was
achieved mainly in the corporate sector.

Of the total loans portfolio, € 8.0 billion concerns mortgage loans
to high net-worth individuals (year-end 2008: € 8.0 billion). For the
mortgages, only 4 basis points of the risk-weighted assets had to be
added to the provision for loan losses. There are no payment arrears
on the balances of the bank's credit card holders.

In a recession, the largest losses are typically incurred early in
the cycle. In the first half of 2009, a total amount of
€ 50.6 million was added to the loan loss provision, representing
35 basis points of the total risk-weighted assets. For the entire
year 2008, the total addition to the provision was 15 basis points.
Thanks to the bank's prudent lending policy, the losses on the
portfolio are relatively limited. Van Lanschot assumes that the
addition to the loans provision will amount to 15 basis points of the
risk-weighted assets through the cycle.

Capital and funding position
With a BIS Tier 1 ratio of 9.2% and a BIS total capital ratio of
11.2%, the bank continues to be comfortably capitalised. Van
Lanschot's robust capital position was one of the reasons why the
rating agency Standard & Poor's reconfirmed the bank's Single-A
credit rating in June. In line with the rating trends in the banking
sector as a whole, the outlook was revised downwards from stable to
negative. In addition, the bank has a Single-A credit rating (stable
outlook) from Fitch.

As is typical for a private bank, Van Lanschot traditionally has a
high funding ratio: 84% as at 30 June 2009 (31 December 2008: 90%).
The high rates that had to be paid on deposits and savings accounts
makes this form of funding relatively expensive. The comfortable
funding position has allowed the bank to make the strategic choice
for alternative (cheaper) funding sources. In June, the bank
therefore took out 1-year loans at a rate of 1% offered within the
scope of the ECB's credit easing operation. Thanks to the bank's
robust liquidity position, € 600 million of Floating Rate Notes were
repaid in May 2009 (for the third time).

Events after the balance sheet date
On 10 August 2009, Van Lanschot reached an agreement with the
shareholder of Robein Leven NV on the acquisition of all shares in
Robein Leven. Van Lanschot's investment in Robein Leven is not of a
strategic nature. These shares had been pledged to Van Lanschot as
collateral for a loan. Robein Leven will continue to operate fully
independently and separately from the group. Van Lanschot intends to
dispose of the shares in Robein Leven in due course.

Outlook for 2009
The current recession was triggered by the banking crisis. Only once
the worst of the recession has passed will the government be able to
formulate the exit strategy for its interests in the financial
sector. The restructuring of the financial sector can only take place
once there is more clarity on this exit and its implementation. Since
Van Lanschot does not depend on the government in any way whatsoever,
it will be able to play a positive role in this restructuring
process.

The negative margins on deposits and savings accounts are putting
pressure on the improved margins on new loans and advances. A return
to 'normal' interest margins requires proper correlations on the
savings market, with a further fall in savings rates. The revival of
the stock markets in the second quarter led to increased investor
trading levels, resulting in a recovery of commission income.

In these turbulent times, Van Lanschot focuses on three priorities.
The first priority is keeping the capital position intact. The F-IRB
method under Basel II whose implementation at the bank is expected
for 1 January 2010 could lead to a further increase in the bank's
high capital ratios. The second priority focuses on cost control.
Finally, as a third priority, unabated attention will be devoted to
risk management and the quality of the loans portfolio. A further
weakening of the economy cannot be ruled out; the duration and depth
of the recession will partly determine the development of the bank's
loan losses. Van Lanschot's conservative lending policy however
ensures that the loans portfolio is relatively well resistant to the
recession.

In view of the uncertainty surrounding the developments in the second
half of 2009, Van Lanschot does not make a pronouncement about the
expected results for the full year 2009.

In response to the recommendations of the Maas Committee and the
planned Code for Banks, Van Lanschot will come up with concrete
proposals in the course of 2009. An adjusted remuneration policy will
be drafted for the Annual General Meeting of Shareholders in 2010.

2009 INTERIM FINANCIAL STATEMENTS OF F. VAN LANSCHOT BANKIERS NV

The 2009 interim financial statements of F. van Lanschot Bankiers NV
are available online at the corporate website
(www.vanlanschot.nl/aboutvanlanschot) from Tuesday 11 August 2009.


KEY DATES 2009/2010


Trading update Q3 2009                        6 November 2009
Publication of 2009 annual results            12 March 2010
Annual General Meeting of Shareholders        6 May 2010
Trading update Q1 2010                        6 May 2010
Publication of 2010 half-year results         10 August 2010



's-Hertogenbosch, the Netherlands, 11 August 2009

Van Lanschot Media Relations:  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. The bank focuses on three target groups: high
net-worth individuals, medium-sized businesses (including family
businesses) and institutional investors. Van Lanschot 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.

Disclaimer

Forward looking statements
This press release contains forward looking statements concerning
future events. Those forward looking statements are based on the
current information and assumptions of the Van Lanschot management
concerning known and unknown risks and uncertainties.
Forward looking statements do not relate to definite facts and are
subject to risks and uncertainty. The actual results may differ
considerably as a result of risks and uncertainties relating to Van
Lanschot's expectations regarding such matters as the assessment of
market risk or possible acquisitions, or business expansion and
premium growth and investment income or cash flow predictions or,
more generally, the economic climate and changes in the law and
taxation.
Van Lanschot cautions that expectations are only valid on the
specific dates, and accepts no responsibility for the revision or
updating of any information following changes in policy,
developments, expectations or the like.
The financial data included in this press release have not been
audited.


Click the link below to read the complete press release including all
tables and annexes:

hugin.info/133415/R/1333787/316300.pdf


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