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Q3 2014: Institutional growth at KAS BANK continues

The third quarter was characterised by continuing growth in the institutional key markets. The pension sector in particular showed healthy growth. Awareness is growing in this segment that cost transparency and being permanently able to anticipate changes in regulation on time require a local partner.

29 Oct 2014

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Main points

  • Assets under Administration increased in the third quarter by 7% to € 385 billion; growth in commission revenue at Asset Services was 7%, partly thanks to additional revenues from the custodial function under the new AIFMD regulations
  • Turnover to the end of the third quarter increased 12% to € 98 million due to a one-time gain in H1 2014
  • Profit to the end of the third quarter increased to € 23.9 million; operating profit over 50% higher at € 10.0 million
  • Solvency remains high at 22%

The third quarter was characterised by continuing growth in the institutional key markets. The pension sector in particular showed healthy growth. Awareness is growing in this segment that cost transparency and being permanently able to anticipate changes in regulation on time (for instance surrounding the new financial assessment framework in the Netherlands, the ‘look through’ rules, collateral management, and the reporting on derivatives transactions under EMIR) require a local partner.

KAS BANK is close to the market, puts the focus on the interests of the pension sector and can quickly and effectively translate developments into both its existing and new services. KAS BANK offers its institutional clients transparency on both direct investments and funds by means of independent reports on cost structures, compliance and insight into underlying transactions. This approach is partly motivated by the fact that supervision and regulation is becoming increasingly important and contributes significantly to the need for pension funds to be fully in control of their investments.

The costs decreased by just over 10% compared to the first nine months of 2013. The decrease in costs stabilised in the third quarter, compared to the first six months of 2014.

The financial markets were turbulent once again. The interest rate levels in the Netherlands and Germany are now at an historic low, which may well simplify these countries’ financing, but is increasingly forcing investors to seek out other securities. The ECB measures aimed at stimulating the European economy, including charging liquid investors (such as pension funds and insurance companies) negative interest, are putting growing pressure on these parties. In this complex market environment, we maintain our conservative risk profile, whereby surplus liquid assets are placed with the central banks.

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Remko Dieker

More information

Remko Dieker

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