- Assets under management increased to € 20.3 billion
- Commission income rising, net interest income maintained
- Group net income for the year slightly down on a year ago
- Merger with Hauck & Aufhäuser Privatbankiers planned
Dusseldorf, 18. May 2020
2019 was a solid financial year for the Bankhaus Lampe Group. The independent private bank has grown in its core business with wealthy private investors and medium-sized corporate clients. The assets under management have risen to € 20.3 billion (2018: € 19.1 billion). The expansion of the product portfolio in liquid asset management has made a major contribution towards this.
With the growth in the asset management, net commission income, which is greatly influenced by the securities business, rose to € 82.8 million (previous year € 78.1 million). The net interest income remained steady at € 37.4 million (previous year: € 37.5 million), favoured by the robust business with intermediate construction financing. Thanks to great cost discipline, administration expenditure was decreased yoy and at € 13.9 million the group achieved a consolidated profit that almost met last year’s € 14.9 million despite the tough market environment.
“The ECB’s ongoing zero interest rate policy also made FY 2019 anything but straightforward”, stated Klemens Breuer, Spokesman for the General Partners of Bankhaus Lampe KG. “Thanks to the strategy process we initiated two years ago, however, we have been able to expand our position in key markets. First and foremost, we have augmented our strong market position with wealthy medium-sized clients. 2019 was also characterised by the process to sell the bank, which was ultimately completed successfully in March of this year when a deal was signed with Hauck & Aufhäuser Privatbankiers. The planned merger will improve what we offer our customers once again. However, like the entire banking industry, we currently face the big challenge of dealing with the Coronavirus crisis. It’s integral to our concept as a private bank that we will stand side by side with our clients in this difficult time.
Thanks to its conservative set-up, the Bank is starting the new financial year with strong capital resources. The total assets increased yoy to € 3.33 billion (2018: € 2.94 billion) and is underpinned by shareholders' equity of € 330 million including accumulated profit. Representing 78 % (previous year 71 %) of the total assets, client deposits are the most important source of the Bank’s refinancing. At 15.1 %, the core capital ratio is well above the regulatory requirements (2018: 15.5 %).
As announced, Bankhaus Lampe and Hauck & Aufhäuser Privatbankiers are planning a merger. On 5 March 2020, Hauck & Aufhäuser reached an agreement with the Oetker Group to acquire Bankhaus Lampe. The merger will create a leading German private bank with around 1,400 employees, assets under management worth around € 35 billion and a strong market position in the four core business activities of Private Banking, Asset Management, Asset Servicing and Investment Banking. The merger is subject to approval by the regulatory authorities.
Bankhaus Lampe Group: Overview of Business Performance
|In million euros||2019||(2018)|
|Loans and advances to clients||1,683||(1,530)|
|Loans and advances to banks||225||(242)|
|Liabilities to banks||148||(331)|
|Equity (including group net income for the year)||330||(316)|
|Net interest income (incl. current income)||37||(38)|
|Net commission income||83||(78)|
|Net income from proprietary trading||2||(1)|
|Group net income||14||(15)|
|Return on equity (RoE)||4.4||(4.9)|
|Assets under management (in billion euros)||20.3||(19.1)|
The 2019 annual report is available online: