ING Bank posts 2014 underlying net profit of EUR 3,424 million; Dividends reinstated with EUR 0.12 per ordinary share
February 11 2015 - 1:15AM
ING Bank full-year 2014 underlying net profit of EUR 3,424
million, up 8.5% from full-year 2013 |
- |
Strong full-year 2014
results reflect higher interest results, strict expense control and
lower risk costs |
- |
4Q14 underlying net result
of EUR 548 million reflects redundancy provisions, annual Dutch
bank tax and negative CVA/DVA |
- |
Full-year 2014 underlying
return on IFRS-EU equity improved to 9.9%; year-end fully-loaded
CET 1 ratio strengthened to 11.4% |
|
ING
Group full-year 2014 net result EUR 1,251 million (EUR 0.32 per
share), including special items and Insurance results |
- |
4Q14 net result was EUR
1,176 million (EUR 0.30 per share) including results from
discontinued operations of NN Group and Voya |
- |
Significant progress on
restructuring in 2014: Dutch State fully repaid, NN Group stake
reduced to 68%, Voya stake down to 19% |
|
ING
reinstates dividend payments on ordinary shares and will propose to
pay EUR 0.12 per share at the AGM in May |
- |
Financial strength enables
ING to propose to pay a cash dividend of EUR 470 million, or EUR
0.12 per ordinary share |
- |
ING intends to pay a
minimum of 40% of ING Group's annual net profits to shareholders,
through dividends, effective from 2015 |
CEO
STATEMENT |
"2014 was an important and
successful year for ING," said Ralph Hamers, CEO of ING Group. "We
launched our 'Think Forward' strategy, repaid the Dutch State ahead
of schedule and moved closer to completing our restructuring plan.
We are proud to have solidified our repositioning as a leading
European bank and pleased to see that both NN Group and Voya are
thriving as standalone companies. Today, I am delighted to announce
the reinstatement of dividend payments on ordinary shares with a
proposed cash dividend of EUR 0.12 per share." |
"In 2014, ING Bank
welcomed over one million new customers and established half a
million primary banking relationships. I am grateful for the
loyalty of our customers and for the dedication of our employees to
deliver a differentiating experience to our customers every day.
Following the launch of 'Think Forward', our Chief Innovation
Officer and Chief Operations Officer have been working together to
deliver innovations and service improvements to our customers as
quickly as possible. We have already introduced a steady stream of
improvements during 2014, the most recent being biometrics
technology in Belgium, and are excited about other new projects
that will debut this year." |
"ING Bank posted a strong
set of full-year 2014 results, despite some headwinds in the fourth
quarter. Interest results were robust, risk costs approached
normalised levels and our continued vigilance on costs was evident
as we invested for the further digitalisation of our banking
services in the Netherlands and extended our ongoing transformation
programme within Commercial Banking. Our fourth-quarter result was
dampened by redundancy provisions related to these actions, the
annual Dutch bank tax and negative CVA/DVA impacts which lowered
the underlying result before tax to EUR 783 million. Excluding
those items, the underlying result before tax was a strong EUR
1,376 million. ING Bank's underlying net profit for the full-year
2014 was EUR 3,424 million, up 8.5% from 2013. The improvement was
driven by higher interest results, disciplined expense control and
lower risk costs, and despite negative CVA/DVA impacts. The
full-year underlying return on IFRS-EU equity rose to 9.9% and ING
Bank ended the year with a fully-loaded CET1 ratio of 11.4%." |
"Our efforts to support
our customers and the economy contributed to strong commercial
growth during 2014. The Bank grew net lending by EUR 14.7 billion
in 2014, driven by robust growth in our core lending businesses and
despite further reductions in the runoff portfolios. Net lending
assets in the core businesses grew by EUR 18.5 billion in 2014, or
3.8%, which is in line with our strategy. Total net inflow of funds
entrusted amounted to EUR 16.8 billion, demonstrating the strength
of our deposit-gathering capabilities." |
"ING has started 2015 with
a strong financial position and a clear focus on empowering our
growing customer base through outstanding products and customer
service. I am optimistic about the prospects for our bank and am
confident that we are well positioned to build on our strategic
momentum. We remain committed to reaching our Ambition 2017 targets
and are pleased that we are able to begin returning capital to our
shareholders. Our intention is to pay a minimum of 40% of ING
Group's annual net profits to shareholders, through dividends, with
effect from 2015. Furthermore, at the end of each financial year,
the Board will recommend whether to return additional capital to
shareholders dependent on financial, strategic and regulatory
considerations." |
INFORMATION FOR EDITORS
A video interview with Ralph Hamers is available at www.ing.com and
at YouTube. |
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. 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, press conference and webcasts |
Ralph Hamers, Patrick
Flynn and Wilfred Nagel will discuss the results in an analyst and
investor conference call on 11 February 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 press
conference on 11 February 2015 at 10:30 a.m. CET. Journalists are
welcome at ING Amsterdamse Poort, Bijlmerplein 888, Amsterdam.
Alternatively they can join a conference call via +31 20 531 5871
(NL) or +44 203 365 3210 (UK). Live audio webcast at
www.ing.com. |
Investor enquiries T: +31 20 576 6396 E:
investor.relations@ing.com
Press enquiries T: +31 20 576 5000
E: media.relations@ing.com
Our
Quarterly Publications A full overview of ING's results is
available in the ING 4Q2014 Publications Suite. Additional
information is available in the following documents, which can be
downloaded from around 7:00 am CET at www.ing.com/qr: - ING Group
Results Full Press Release in PDF - ING Group Historical Trend Data
- ING Group Analyst Presentation (also available via SlideShare) -
ING Group Media Presentation (also available via SlideShare) -
ing.world, ING Group's online magazine, for anyone who is
interested in ING |
|
|
ING PROFILE ING is
a global financial institution of Dutch origin offering banking
services through its operating company ING Bank and holding
significant stakes in the listed insurers NN Group NV and Voya
Financial, Inc. 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 3Q2014 ING Group Interim Accounts. The financial
statements for 2014 are in progress and may be subject to
adjustments from subsequent events 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. 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. |
PDF version of Full ING FY2014 Results press release
http://hugin.info/130668/R/1893413/670903.pdf
HUG#1893413
ING Groep NV (EU:INGA)
Historical Stock Chart
From Mar 2024 to Apr 2024
ING Groep NV (EU:INGA)
Historical Stock Chart
From Apr 2023 to Apr 2024