During the Annual General Meeting of Shareholders today, Van Lanschot NV announced that it had raised its profit forecast for 2004. On the publication of the 2003 annual results on 19 March 2004, the Bank forecast that - barring unforeseen circumstances - a further increase in earnings per ordinary share would be achieved in 2004. This forecast has now been adjusted upwards. Barring unforeseen circumstances, the Bank does not expect the increase in earnings per ordinary share in 2004 to fall below the medium-term target of an average of 10% per annum.
"In the first months of the year, we have achieved both a slight increase in income and a further reduction in expenses. Investors' confidence showed signs of returning and they conducted slightly more securities transactions, which boosted commission income. In addition, new mortgage business picked up and the cost saving measures initiated several years ago again made a positive contribution. More than enough reason to view the remainder of the year with confidence", says Mr H.J. Baeten, Chairman of the Board of Managing Directors of Van Lanschot NV.
For Mr Baeten (60), who is retiring, this was the last time that he would address the Annual General Meeting of Shareholders in his position as Chairman of the Board of Managing Directors, following a career at Van Lanschot spanning almost 35 years. Mr F.G.H. Deckers has been appointed Chairman of the Board of Managing Directors as from 13 May 2004. At the end of the Annual General Meeting of Shareholders, Mr A.A. Anbeek van der Meijden will step down as member of the Supervisory Board. Mr Anbeek van der Meijden is not eligible for reappointment given the period of his membership of the Supervisory Board. Prof. B. de Vries will succeed Mr Anbeek van der Meijden as vice-chairman of the Supervisory Board.
The members of the Board of Managing Directors of Van Lanschot at 13 May 2004 will be:
- F.G.H. (Floris) Deckers (53), Chairman;
- C.N. (Carel) van der Spek (55);
- P.R. (Peter) Zwart (50).
's-Hertogenbosch, 12 May 2004
The press release can be downloaded from the following link:
