ING 3Q15 underlying net result EUR 1,092 million
(Thomson Reuters ONE) -
ING Bank 3Q15 underlying net result EUR 1,092 million versus EUR 1,123 million
in 3Q14 and EUR 1,118 million in 2Q15
· 3Q15 results driven by strong performance in Retail Banking, lower risk
costs, growth in core lending and improved margins
· Risk costs declined on the back of economic recovery to EUR 261 million, or
34 basis points of average RWA
· Underlying return on IFRS-EU equity was 11.6% in 9M15, or 11.0% excluding
CVA/DVA, in line with Ambition 2017 target range
ING Group 3Q15 net result EUR 1,064 million (EUR 0.28 per share) including
legacy insurance results
· Further sell-down of shares in NN Group in September reduced stake to
25.8%; on track to meet full exit in 2016
Strong capital position: ING well placed to absorb regulatory impacts and
achieve attractive capital return
· Robust fully-loaded CET1 ratios: ING Bank stable at 11.3% and ING Group
unchanged at 12.3%
CEO statement
"ING recorded a successful third quarter during which we made good progress on
our Think Forward priorities," said Ralph Hamers, CEO of ING Group. "We
accelerated our innovation eff orts by establishing partnerships with
financial technology companies, generating new ideas which will help us to
further create a differentiating customer experience. At the same time our
strengthened sustainability focus was recognised by leading external
sustainability benchmarks in their annual reviews. In terms of financial
performance, ING Bank delivered another solid quarter, with increased lending,
lower risk costs and a continued strong capital position."
"ING is constantly looking to develop new and improved services for our
customers. To complement our in-house capabilities and maximise the potential
of relevant technologies, we are steadily investing in partnerships and other
forms of cooperation with outside parties. An example of our continuous
innovation and commitment to develop our SME business in a digital way is the
strategic partnership we launched with Kabbage, a leading US-based technology
platform that provides automated lending to SMEs, reducing the loan
application and approval process to just a few minutes. In addition to taking
a small equity stake in the company, we will run a pilot project with Kabbage
in Spain. We are excited about bringing this technology to our customers.
Furthermore, in both Belgium and the Netherlands, we have set up facilities
where start-ups can experiment with their new business models, enabling us to
share expertise and benefit from each other's creativity and innovative
spirit."
"One of our key beliefs is that we should support and stimulate economic,
social and environmental progress. I am proud that ING is again included in
the Dow Jones Sustainability Index, with an improved score that is well above
the banking industry average. ING also received a higher rating from
Sustainalytics, where our score of 88 out of 100 made us the third best
performer among the 409 reviewed international banks. These external
assessments validate our sharpened sustainability focus, and the robustness of
our strengthened environmental and social risk policies."
"ING Bank delivered another solid financial performance this quarter. The
underlying result before tax was EUR 1,495 million, reflecting the continued
positive momentum in both Retail and Commercial Banking. Risk costs decreased
on both comparable quarters, particularly in Retail Netherlands where evidence
of the economic recovery is now clearly visible in our risk costs. While this
is encouraging, we remain vigilant for any potential impact that imbalances in
emerging economies and financial markets could have on our clients and
business units."
"Net interest income improved on the back of continued growth in our core
lending businesses and a slightly improved interest margin. We remain
committed to supporting our clients' lending needs. Notwithstanding reductions
in the mature Benelux markets, we grew our core lending portfolio by EUR 1.6
billion in the third quarter, driven mainly by Retail Challengers and Growth
Markets and Industry Lending. Year-to-date, total customer lending in the core
portfolio grew by EUR 17.2 billion, or 4.5% on an annualised basis. Despite
higher regulatory costs in the quarter and a significant impairment on an
equity stake, the Bank's underlying return on IFRS-EU equity was 11.2% for the
quarter and 11.6% year-to-date, which lies in the middle of our Ambition 2017
target range."
"ING Bank's fully-loaded CET1 ratio remained stable at 11.3%. The ING Group
CET1 ratio was also unchanged at 12.3%, which figure does not include interim
profits - for the second quarter in a row. In the third quarter we reduced our
stake in NN Group to 25.8%. The regulatory environment remains uncertain.
However, with our capital strength, we are well positioned to deliver
shareholder returns while we invest in further innovation of the products and
services that empower our customers."
Further information
All publications related to ING's 3Q15 results can be found at
www.ing.com/3q15, 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 September 2015.
For further information on ING, please visit www.ing.com. Frequent news
updates 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. Video is available on YouTube. 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.
See also ing.world, ING Group's online magazine, which can be found in the
About Us section on www.ing.com .
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 4 November 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 4 November 2015 at 11:00 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 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 among the
leaders in the Banks industry 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 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) 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) changes affecting interest rate levels, (7) changes
affecting currency exchange rates, (8) changes in investor and customer
behaviour, (9) changes in general competitive factors, (10) changes in laws and
regulations, (11) changes in the policies of governments and/or regulatory
authorities, (12) conclusions with regard to purchase accounting assumptions and
methodologies, (13) changes in ownership that could affect the future
availability to us of net operating loss, net capital and built-in loss carry
forwards, (14) changes in credit ratings, (15) ING's ability to achieve
projected operational synergies and (16) 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 purchase, any securities in the United States or any other
jurisdiction. The securities of NN Group have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and may not be offered or sold within the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act.
Full ING 3Q15 results press release (PDF):
http://hugin.info/130668/R/1963798/716705.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#1963798]
Unternehmensinformation / Kurzprofil:
Datum: 04.11.2015 - 06:58 Uhr
Sprache: Deutsch
News-ID 431765
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