ING 3Q15 underlying net result EUR 1,092 million
November 04 2015 - 1:09AM
AMSTERDAM, The
Netherlands, Nov. 4, 2015 (GLOBE NEWSWIRE) -- |
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
@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. 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 @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 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
HUG#1963798
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