ING 1Q15 underlying net result EUR 1,187 million
(Thomson Reuters ONE) -
ING Bank 1Q15 underlying net result EUR 1,187 million, up 43.0% from 1Q14 and
more than double that of 4Q14
· 1Q15 results driven by robust growth in the lending book and a seasonally
strong fi rst quarter at Financial Markets
· Risk costs amounted to 58 basis points (bps) of average risk-weighted
assets, versus 65 bps in 1Q14 and 54 bps in 4Q14
ING Group 1Q15 net result EUR 1,769 million (EUR 0.46 per share) including
Insurance results
· Continued progress on strategic repositioning: NN stake reduced to 54.6%,
Voya divestment completed, Vysya merger closed
· NN share sale had EUR -1.8 billion impact on shareholders' equity; EUR 1.8
billion Voya sale proceeds eliminated double leverage
Capital position strengthened significantly from 4Q14; surplus in place for
regulation and to pay attractive dividends
· Strong fully-loaded CET1 ratios: Group ratio rose to 11.6%; Bank ratio
stable at 11.4% despite EUR 1 billion dividend to Group
· Total capital level augmented by successful USD 2.25 billion inaugural
Additional Tier 1 (AT1) securities issuance in April 2015
CEO statement
"During the first quarter, ING made notable progress on innovation and finding
even better ways to empower our customers," said Ralph Hamers, CEO of ING
Group. "In addition to introducing several Retail Banking innovations, we are
gradually rolling out our digital Commercial Banking platform, called
InsideBusiness, after its recent successful pilot. InsideBusiness will provide
clients with a single point of access to all of their Commercial Banking
products and services, such as payments and cash management, trade finance and
lending. It provides real-time information and customised reporting, and can
be accessed 24/7 from any mobile device. It is another prime example of how we
are pioneering technologies that keep us at the forefront of modern banking."
"The inspiration behind such ideas comes from customer feedback and our
employees, who are enthusiastic about creating solutions that help our
customers to stay a step ahead. Our employees submitted over 1,800 ideas
during our second annual Innovation Bootcamp, which aims to increase the pace
of innovation at ING. The top 20 ideas are now being further developed. The
first Innovation Bootcamp in 2014 generated 774 ideas, of which seven received
funding and support to be launched commercially. One of them is Direct Lease,
an online leasing platform that will help small and medium-sized enterprises
at every step of the leasing cycle. A first version of Direct Lease was tested
with clients in the first quarter and it will be launched this year."
"ING Bank's first-quarter underlying result before tax was EUR 1,661 million,
up 41.2% year-on-year and more than double the result in the previous quarter.
This strong performance was achieved despite the challenging operating
environment, characterised by unprecedented low interest rates and the uneven
economic recovery. In adapting to these circumstances, we have been obliged to
reduce savings rates as we continue to offer affordable and competitive
borrowing. During the quarter, we attracted EUR 13.6 billion of net customer
deposits and our core lending franchises grew by EUR 6.9 billion. Income was
robust, reflecting our commercial growth and a seasonally strong quarter at
Financial Markets. Income was also supported by capital gains, positive
results from hedge ineffectiveness, and currency effects. Risk costs declined
year-on-year, but rose sequentially. We maintained our focus on cost
discipline; nevertheless, regulatory costs weighed on our expense base."
"We continued to simplify our business portfolio through several actions in
the past few months: the reduction of our stake in NN Group to 54.6%, the
completion of the divestment of Voya, and the completion in April of the
merger between ING Vysya Bank and Kotak Mahindra Bank which accelerated our
vision for Vysya. The net profit from the Voya share sale is included in ING
Group's first-quarter net result of EUR 1,769 million while the impact of the
NN share sale is reflected in shareholders' equity."
"Our capital position strengthened significantly since year-end. ING Group's
fully-loaded CET1 ratio increased to 11.6%, refl ecting the quarterly net
profit and capital relief from the NN and Voya share sales. ING Bank's fully-
loaded CET1 ratio was stable at 11.4% due to a EUR 1.0 billion dividend
upstream to Group. We maintain a prudent approach to capital allocation and
funding in both entities, and have a substantial surplus in place for evolving
regulatory requirements and to return capital through an attractive dividend.
In early April, we completed our very successful inaugural AT1 bond issuance,
which augmented our total capital level."
"Our achievements in this quarter demonstrate that our Think Forward strategy
is on track. I am confident that ING is well placed for the future and that
our capabilities as a leading European bank will continue to empower our
customers around the world."
Further information
All publications related to ING's 1Q15 results can be found at
www.ing.com/1q15, 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 31 March 2015.
ing.world is ING Group's online magazine, for anyone who is interested in ING
Frequent news updates on ING can be found in the Newsroom or via the (at)ING_news
twitter feed. Photos of ING operations, buildings and its executives are
available for download at Flickr. Footage (B-roll) of ING is available via
videobankonline.com, or can be requested by emailing info(at)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 7 May 2015 at 9:00 a.m. CET. Members
of the investment community can join the conference call at +31 20 794 8500
(NL), +44 20 7190 1537 (UK) or +1 480 629 9031 (US) and via live audio webcast
at www.ing.com.
Ralph Hamers, Patrick Flynn and Wilfred Nagel will also discuss the results in
a Media Conference call conference on 7 May 2015 at 10:30 a.m. CET.
Journalists are welcome to join the conference call via +31 20 531 5871 (NL)
or +44 203 365 3210 (UK). The Media conference call can also be followed via
live audio webcast at www.ing.com or via Periscope via ING's Twitter handle
(at)ING_news.
Investor enquiries
T: +31 20 576 6396
E: investor.relations(at)ing.com
Press enquiries
T: +31 20 576 5000
E: media.relations(at)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 53,000 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
ING Group's Annual Accounts are prepared in accordance with International
Financial Reporting Standards as adopted by the European Union ('IFRS-EU').
In preparing the financial information in this document, the same accounting
principles are applied as in the 2014 ING Group Annual Accounts.
All figures in this document and attachments are unaudited. Small differences
are possible in the tables due to rounding.
Certain of the statements contained herein 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) the
implementation of ING's restructuring plan to separate banking and insurance
operations, (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.
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.
Full ING 1Q15 Press Release in PDF:
http://hugin.info/130668/R/1919566/687326.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ING Group via GlobeNewswire
[HUG#1919566]
Unternehmensinformation / Kurzprofil:
Datum: 07.05.2015 - 07:00 Uhr
Sprache: Deutsch
News-ID 391602
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