BinckBank Q4 earnings beat thanks to bumper fee income
AMSTERDAM Feb 3 (Reuters) - Dutch online broker BinckBank reported fourth-quarter results well above forecasts on Monday as a market turnaround led to bumper fee income from its asset management business.
The first quarter of 2014 also started well, with strong trading activity and inflows, Chief Executive Koen Beentjes told Reuters in a telephone interview.
"We have seen a correction, but the market has been quite busy and we see continued good inflows in the wealth management business," Beentjes said.
The firm did not give a detailed forecast for the year.
Binckbank reported adjusted net profit of 0.32 euros per share, up from 0.15 euros/share in the period from July to September. Three analysts in a Reuters poll gave forecasts ranging from 0.23 to 0.26 euros/share for the fourth quarter.
The online broker reported fourth-quarter total income of 53.7 million euros ($72.4 million), up about 50 percent from a year ago and beating the average forecast from three analysts of 50.6 million euros.
Alex Asset Management, BinckBank's wealth management business, reported a near-doubling in the assets under management to about 2 billion euros, reflecting demand for higher returns in a low interest rate environment, and said it earned a performance fee of 17.2 million euros. ($1 = 0.7415 euros) (Reporting by Sara Webb; Editing by Anthony Deutsch)
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