Kas Banks asset servicing fee and commission income increased 7% to 44.2 million at the end of 2012, compared with 41.5 million at the end of 2011. The increase is partly a result of a 10% increase in the assets under administration to 303 billion as at the end of 2012 (at the end of 2011: 276 billion).
Kas Bank a 16% decrease in transaction servicing fee and commission income to 16.9 million (2011: 20.2 million) is the result of lower clearing and settlement income. The increase in other fees and commission income is the result of higher income from laborious transactions.
Total profit increased in 2012 to 15.5 million, a 52% increase on 2011.
According to Albert Rell, chairman of KAS BANKs Board, 2012 was very much about the European partnership with dwpbank, in which KAS BANK has found a stable and reliable partner. With dwpbank we will further develop both our businesses in our core markets (The Netherlands and Germany) and Europe. Both partners, as independent and neutral specialists, have identified considerable business opportunities. With offering safe and reliable solutions that enable seamless integration of client requirements, one can truly say that we focus on prioritizing our client’s interests. KAS BANK is persistently developing as a bridge function; enabling our clients (institutional investors as well as brokers and banks) to link to the rapidly changing financial markets by using KAS BANK as their bridge.
Rell continued: Our clients – pension funds, insurers, asset managers, banks and brokers, have yet again valued our services in 2012 and awarded KAS BANK with higher client satisfaction ratings.”
Kas Bank entered into an asset servicing partnership with dwpbank last year.
Kas Bank said the postponed sale of the interests in LCH.Clearnet of circa 3 million after taxes, which is expected to take place in 2013, and an expected book profit from the sale of the Spuistraat office of expected 4-6 million before taxes, will contribute to the total profit for 2013.
(JDC)