ING 2Q16 underlying net result EUR 1,417 million
(Thomson Reuters ONE) -
ING records strong commercial growth and continued progress on Think Forward
strategic priorities
· ING gained approximately 650,000 new retail customers and established
roughly 350,000 primary relationships in 1H16
· Core lending grew by EUR 14.8 billion in 2Q16 as ING continues to provide
financing to clients across geographies and sectors
ING Bank 2Q16 underlying net result EUR 1,417 million, up 26.7% year-on-year
and 68.3% higher versus 1Q16
· Strong results driven by continued lending growth at healthy margins and
improved performance in Financial Markets
· Results include a gain on the sale of Visa shares, as well as certain one-
off expense items that offset each other in the quarter
Robust ING Group fully-loaded CET1 ratio of 13.1%; ING declares 2016 interim
dividend of EUR 0.24 per ordinary share
· ING Group's fully-loaded CET1 ratio rose to 13.1%, excluding the EUR 2,552
million net profit from the first half of 2016
CEO statement
"ING's Think Forward strategy and customer-first approach continue to generate
strong commercial growth and quarterly net profits," said Ralph Hamers, CEO of
ING Group. "During the first six months of 2016, we gained approximately
650,000 new retail customers and around 350,000 customers chose ING as their
primary bank. I'm confident that our ability to deliver an outstanding banking
experience will allow us to retain and empower our growing customer base in
the years ahead."
"Throughout the business cycle, we strive to support our clients' financing
needs and to drive sustainable progress through our business activities. Our
core lending book grew by EUR 14.8 billion during the second quarter of 2016,
with growth well diversified across geographies and industry sectors. Our
financing of sustainable projects and clients that are environmental
outperformers rose to EUR 27.8 billion, including deals in renewable energy
and sustainable buildings in the second quarter."
"During the second quarter of 2016, our focus in digital banking and
innovation concentrated on providing customers with easy-to-use money-
management tools. We added a forecasting feature to our mobile banking app in
the Netherlands, called 'Kijk Vooruit' (or 'Look Ahead'), which enables users
to gain more control over their finances through an overview of planned and
predicted transactions. ING in Spain launched a digital financial advisor
called 'My Money Coach' that helps customers to actively manage their current
and future personal finances. This initiative leveraged the technology of
'Coach Epargne' (or 'Savings Coach'), which debuted in France last quarter,
accelerating the expansion of this successful innovation."
"Building on our proven track record for collaboration, ING recently joined
forces with another leading Belgian bank to launch an integrated mobile
payments and loyalty platform. This solution merges the loyalty platforms of
both banks, with ING's Payconiq app chosen as the underlying mobile payments
system. The result is a single, streamlined platform that enhances the user
experience for over one million consumers and 6,500 retailers who use the
existing services."
"All of our business segments performed well, contributing to ING Bank's
strong quarterly underlying result before tax of EUR 2,009 million. Loan
growth continued at resilient margins, supporting a solid net interest result,
despite the low interest rate environment. The pre-tax result also reflects a
much improved quarter in our Financial Markets business, as well as a onetime
gain on the sale of Visa shares. Operating expenses were under control,
consistent with our ongoing cost-containment programmes, and risk costs were
low at 39 basis points of average risk-weighted assets. ING Bank's year-to-
date underlying return on IFRS-EU equity was 10.8% in line with our Ambition
2017 target range."
"ING Group's fully-loaded CET1 ratio rose to 13.1%, excluding the EUR 2,552
million net profit from the first half of 2016. The results of last week's EBA
stress test reaffirm the resilience of our business model and the strength of
ING's capital base. We are committed to maintaining a robust fully-loaded
Group CET1 ratio in excess of prevailing requirements. Today, we declare an
interim cash dividend of EUR 0.24 per ordinary share, which is equal to the
interim dividend paid over the first half of 2015."
"We made excellent progress on our Think Forward priorities during the first
six months of 2016, which is reflected in positive customer feedback and our
successful acquisition of new customers. Looking forward to the remainder of
this year, we will continue to accelerate the execution of our strategy, while
remaining vigilant for political and regulatory uncertainties."
Further information
All publications related to ING's 2016 Second Quarter can be found at
www.ing.com/2q16, including a video 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)
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.
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 3 August 2016 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 3 August 2016 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.
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. 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, INGA.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
Elements of this press release contain or may contain information about ING
Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of
EU Regulation No 596/ 2014.
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, except as described
otherwise, the same accounting principles are applied as in the 2015 ING Group
consolidated 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) potential
consequences of European Union countries leaving the European Union, (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 most recent annual report of ING Groep N.V. (including the
Risk Factors contained therein) and ING's more recent disclosures, including
press releases, which are available on www.ING.com. Any forwardlooking
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.
Full ING 2Q16 Results Press Release (PDF):
http://hugin.info/130668/R/2032745/756724.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#2032745]
Unternehmensinformation / Kurzprofil:
Datum: 03.08.2016 - 06:59 Uhr
Sprache: Deutsch
News-ID 486937
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contact information:
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