AMSTERDAM Feb 3 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)