BHF Kleinwort Benson: Trading update covering the nine months to 30 September 2015

BRUSSELS, Belgium, Nov. 19, 2015 (GLOBE NEWSWIRE) -- BHF Kleinwort Benson Group (the "Company" or "BHF KB") today issued its trading update covering the nine months to 30 September 2015.

Key highlights

  • Assets under Management (AuM) up €2.5 billion (5%) year on year and up €1.8 billion (3.3%) compared to 31 December 2014 year end. The quarter on quarter decrease of 4.2% is entirely attributable to market movements
  • Underlying adjusted operating profit of €2.9 million, excluding impact of unrealized fair value losses and foreign exchange translation at KBWM(1), compares to an adjusted operating loss of €11.6 million
  • Operating income of €261 million increased by €4.7 million compared to the same period last year(2), and included unrealized fair value losses of €13 million from widening credit spreads
  • Operating expenses fell by €1 million year-on-year after excluding the foreign exchange translation impact of €8 million
  • Robust capital position with a Tier 1 capital ratio of 16%
  • Consolidated net asset value of €793 million or €6 per share
  • Near to mid-term business prospects may be adversely impacted by the uncertainty resulting from the regulatory approval process related to the bid announced by Fosun on 24 July 2015

(1) KBWM is the aggregation of Kleinwort Benson Bank and Kleinwort Benson Channel Islands.

(2) Operational progress is presented on a pro-forma basis for comparability. Pro-forma results include the results of BHF-BANK as if it had been part of the group from 1 January 2014 and exclude purchase price adjustments. Numbers stated in this release are unaudited.

About BHF Kleinwort Benson Group SA

BHF Kleinwort Benson (Euronext: BHFKB) is a limited liability company incorporated under the laws of Belgium, having its registered office at Avenue Louise 326, 1050 Brussels, Belgium. BHF Kleinwort Benson is a merchant bank with principal activities in private banking, asset management and financial markets & corporates.

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This press release contains certain forward-looking statements concerning the Company's operations, economic performance and financial condition. Such forward-looking statements are based on management's current expectations, estimates and projections and are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company has no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release.

Full Press Release (PDF)


CONTACT: Senay Yildirim Tel: +3226436024 www.rhji.comSource: BHF Kleinwort Benson