ING 2Q15 underlying net result EUR 1,118 million
05 August 2015 - 2:59PM
ING
Bank 2Q15 underlying net result EUR 1,118 million, up 21.1% from
2Q14 and 5.8% lower than in 1Q15 |
· |
2Q15 results driven by strong loan
and deposit growth, lower risk costs and positive CVA/DVA
adjustments |
· |
Consistent execution on Think
Forward priorities: EUR 8.7 billion core lending growth in 2Q15;
600,000 new customers in 1H15 |
· |
ING Bank underlying return on
IFRS-EU equity rose to 11.8% for the first six months of 2015, in
line with Ambition 2017 |
|
ING
Group 2Q15 net result EUR 1,359 million (EUR 0.35 per share)
including Insurance results and NN deconsolidation |
· |
Further execution on restructuring:
ING Group's stake in NN Group reduced to 37.6%, leading to
deconsolidation |
|
Capital
position continued to strengthen; ING declares 2015 interim cash
dividend of EUR 0.24 per ordinary share |
· |
Strong fully-loaded CET1 ratios: ING
Group increased to 12.3%; ING Bank ratio stable after capital
upstream |
· |
Interim cash dividend of EUR 0.24
per ordinary share, equivalent to 40% of underlying net profit for
the first half of 2015 |
|
CEO
statement
"ING posted a strong set of commercial and financial results during
the second quarter of 2015," said Ralph Hamers, CEO of ING Group.
"We also achieved a key milestone in our restructuring by reducing
our stake in NN Group to 37.6% and deconsolidating it from our
accounts, thereby ending restrictions on price leadership and
acquisitions."
"ING Bank's second-quarter underlying result before tax was EUR
1,601 million, up 25.3% year-on-year, driven by robust loan and
deposit growth and lower risk costs. Positive CVA/DVA adjustments
amounted to EUR 208 million, but were largely offset by
non-recurring impacts in income relating to mortgage refinancings.
On a sequential basis, the underlying result before tax was 3.6%
lower than in the first quarter of 2015."
"Our businesses across the Bank continued to generate strong
commercial growth and attract new customers. Total customer
deposits increased by EUR 9.3 billion in the quarter, primarily
through Retail Banking, where growth was recorded in all segments.
During the second quarter, we extended EUR 8.7 billion of net
lending in our core lending businesses. We made significant
progress on building sustainable balance sheets in key Challengers
& Growth Markets such as Germany and France. Germany, in
particular, demonstrated strong momentum in its lending
capabilities, with funded Commercial Banking assets increasing
nine-fold over the past five years to reach EUR 10 billion, and
consumer lending growing by EUR 1 billion in less than two years to
EUR 5 billion."
"During the first six months of 2015, ING gained over 600,000 new
individual customers and established approximately 250,000 primary
relationships. We take great pride in supporting our customers'
banking needs and providing them with a differentiating customer
experience. In the second quarter, we continued to expand our
digital offerings for retail customers and also identified new ways
to facilitate the financing needs of small companies. For example,
in Belgium we partnered with Koalaboox, an online financial
services provider, to offer small companies cash management and
invoicing tools to help them manage their financial position. And
by using data mining in Poland, we have been able to provide
pre-approved loans to selected entrepreneurs, which has improved
the customer experience and made the lending process more
efficient."
"ING Bank performed well against its Ambition 2017 targets during
the first half of 2015. The underlying return on IFRS-EU equity
increased to 11.8% and our capital position strengthened further as
we continued to allocate our resources efficiently. ING Group's
fully-loaded CET 1 ratio increased to 12.3% at the end of the
second quarter, following the further sell-down and subsequent
deconsolidation of NN Group. ING Bank's fully-loaded CET 1 ratio
was 11.3%, roughly stable quarter-on-quarter, reflecting 30 basis
points of capital generation and a EUR 1.2 billion capital upstream
to Group."
"Today, we are pleased to announce an interim cash dividend of EUR
0.24 per ordinary share, amounting to EUR 922 million, or 40% of
the underlying net profit of the first half of 2015. We remain
committed to returning value to shareholders and reiterate our
intention to pay a full-year dividend of at least 40% of ING
Group's total annual net profits. The Board's final decision will
be made at year-end and will be subject to financial and
strategic considerations, and future regulatory
developments."
"ING's performance during the first half of 2015 demonstrates
consistent delivery on our Think Forward priorities, to which we
hold ourselves accountable every day. Looking forward to the rest
of this year, I am confident that our franchise is well positioned
to empower our customers around the world while delivering
sustainable returns to our shareholders." |
|
Further information
All publications related to ING's 2Q15 results can be found at
www.ing.com/2q15, including a video interview with Ralph Hamers,
which is also available at YouTube.
Additional financial information is available at
www.ing.com/qr:
- ING Group Historical Trend Data
- ING Group Analyst Presentation (also available via
SlideShare)
- ING Group Condensed consolidated interim financial information
for the period ended 30 June 2015.
For further information on ING, please visit www.ing.com. Frequent
news updates can be found in the Newsroom or via the @ING_news
twitter feed. Photos of ING operations, buildings and its
executives are available for download at Flickr. Video is available
on YouTube. Footage (B-roll) of ING is available via
videobankonline.com, or can be requested by emailing
info@videobankonline.com. ING presentations are available at
SlideShare.
For convenient access to the latest financial information and press
releases both online and offline, download the ING Group Investor
Relations and Media app for iOs on the Apple Store or for Android
on Google Play. |
|
Investor conference call, media
conference call and webcasts
Ralph Hamers, Patrick Flynn and Wilfred Nagel will discuss the
results in an analyst and investor conference call on 5 August
2015 at 9:00 a.m. CET. Members of the investment community can join
the conference call at + and via live audio webcast at
www.ing.com.
Ralph Hamers and Wilfred Nagel will also discuss the results in a
Media Conference call conference on 5 August 2015 at 11:00
a.m. CET. Journalists are welcome to join the conference call via
+31 20 5315871 (NL),or +44 20 7190 1537 (UK) or +1 480 629 9031
(US). The Media conference call can also be followed via live audio
webcast at www.ing.com or via Periscope via ING's Twitter handle
@ING_news. |
|
Investor enquiries T: +31 20 576 6396
E: investor.relations@ing.com
Press enquiries T: +31 20 576
5000
E: media.relations@ing.com |
|
ING PROFILE
ING is a global financial institution with a strong European base,
offering banking services through its operating company ING Bank
and holding a significant stake in the listed insurer NN Group NV.
The purpose of ING Bank is empowering people to stay a step ahead
in life and in business. ING Bank's more than 52,000 employees
offer retail and commercial banking services to customers in over
40 countries.
ING Group shares are listed (in the form of depositary receipts) on
the exchanges of Amsterdam (INGA NA, ING.AS), Brussels and on the
New York Stock Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING's corporate strategy,
which is evidenced by ING Group shares being included in the
FTSE4Good index and in the Dow Jones Sustainability Index
(Europe and World) where ING is the industry leader in the
diversified financials group. |
|
IMPORTANT LEGAL
INFORMATION
In preparing the financial information in this document, the same
accounting principles are applied as in the 2014 ING Group Annual
Accounts.
ING Group's Annual Accounts are prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union ('IFRS-EU').
All figures in this document and attachments are unaudited. Small
differences are possible in the tables due to rounding.
Certain of the statements contained in this document are not
historical facts, including, without limitation, certain statements
made of future expectations and other forward-looking statements
that are based on management's current views and assumptions and
involve known and unknown risks and uncertainties that could cause
actual results, performance or events to differ materially from
those expressed or implied in such statements. Actual results,
performance or events may differ materially from those in such
statements due to, without limitation: (1) changes in general
economic conditions, in particular economic conditions in ING's
core markets, (2) changes in performance of financial markets,
including developing markets, (3) consequences of a potential
(partial) break-up of the euro, (4) ING's implementation of the
restructuring plan as agreed with the European Commission, (5)
changes in the availability of, and costs associated with, sources
of liquidity such as interbank funding, as well as conditions in
the credit markets generally, including changes in borrower and
counterparty creditworthiness, (6) the frequency and severity of
insured loss events, (7) changes affecting mortality and morbidity
levels and trends, (8) changes affecting persistency levels, (9)
changes affecting interest rate levels, (10) changes affecting
currency exchange rates, (11) changes in investor, customer and
policyholder behaviour, (12) changes in general competitive
factors, (13) changes in laws and regulations, (14) changes in the
policies of governments and/or regulatory authorities, (15)
conclusions with regard to purchase accounting assumptions and
methodologies, (16) changes in ownership that could affect the
future availability to us of net operating loss, net capital and
built-in loss carry forwards, (17) changes in credit-ratings, (18)
ING's ability to achieve projected operational synergies and (19)
the other risks and uncertainties detailed in the risk factors
section contained in the most recent annual report of ING Groep
N.V.
Any forward-looking statements made by or on behalf of ING speak
only as of the date they are made, and, ING assumes no obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information or for any other reason.
This document does not constitute an offer to sell, or a
solicitation of an offer to buy, any securities. |
pdf version of press
release
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ING Group via Globenewswire
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