Strong capitalization. Sound funding and liquidity position. Relatively conservative management. Modest-size player in a competitive, relatively niche, arena. High fixed-cost base and moderate pre-impairment profitability. Further way to go in the run-off of the riskier commercial real estate and midsize corporate loan portfolio. The stable outlook on F. van Lanschot Bankiers N.V. (Van Lanschot) primarily reflects Standard&Poor's Ratings Services' expectation of a continued decrease in Van Lanschot's credit costs from their peak in 2012-2013 and further improvement in its profitability, albeit to a still-moderate level. We could lower the ratings on Van Lanschot if asset quality and profitability metrics didn't gradually improve over the next 18–24 months. This could result from credit costs set to remain at 80-90
