ING reports underlying net loss of EUR 585 million in 3Q

ING reports underlying net loss of EUR 585 million in 3Q

• Underlying net loss of EUR 585 million driven by crisis in the financial markets
  • Pre-tax impairments on equities, pressurised assets and other debt securities totalling EUR 1,505 million
  • Negative revaluations through P&L on real estate and private equity totalling EUR 333 million
  • Negative impact of other market-related items of EUR 265 million through P&L
  • Net loss of EUR 478 million in line with preliminary results announced on 17 October
  • Net loss per share of EUR 0.22, compared to net profit per share of EUR 1.08 in third quarter of 2007
  • Net profit of EUR 2,982 million year-to-date, versus EUR 6,759 million for the first nine months of 2007

• Sound commercial performance despite difficult operating environment
  • Net production of client balances up EUR 38 billion, excluding impact of currencies, to EUR 1,528 billion
  • Retail deposits grew EUR 6.7 billion and total Bank deposits grew by EUR 12.9 billion excluding FX impact
  • Insurance new sales down 8.5% on a constant currency basis

• Capital buffers reinforced following transaction with Dutch State
  • All capital ratios within target during the third quarter, prior to transaction with Dutch State
  • EUR 10 billion purchase of core tier-1 securities by Dutch State to be completed on 12 November 2008
  • Pro-forma ING Bank Tier-1 ratio will increase to 10%; Pro-forma Core Tier-1 ratio will increase to 8%
  • Pro-forma ING Group Debt/Equity ratio will improve to under 10%
  • Final 2008 dividend suspended leaving total 2008 dividend at EUR 0.74 per share paid in August

Chairman's Statement

"The third quarter was extremely challenging for financial institutions. Financial markets deteriorated rapidly toward the end of the quarter, with steep declines in equity markets, widening credit spreads, declining property prices and the failure of several banks. Against this background, ING reported its first ever quarterly loss, following EUR 1.5 billion of impairments and losses. That brought our underlying net profit for the first nine months of the year to EUR 2.9 billion," said Michel Tilmant, CEO of ING.

"In these increasingly turbulent times, ING acted proactively to reinforce its capital base after the Dutch government made funds available to help stabilise the financial system and create a level playing field. The financial services industry is about trust, and as our customers face uncertain times it is essential that they have no reason to be concerned about the strength of ING as their financial partner. The EUR 10 billion capital injection from the Dutch State helped to reassure our customers who entrust their savings and investments to ING. In addition, the sale of our Taiwan life business will significantly reduce our exposure to long-term interest rates, reducing risks within the company. Following these transactions, our capital position is stronger and we have capacity to absorb the impact of a further deterioration in financial markets."

"ING's commercial performance was resilient, even in this challenging and highly competitive environment. Net production of client balances, excluding the impact of currencies, was EUR 38 billion in the third quarter, driven by savings and deposits growth of EUR 12.9 billion and lending growth of EUR 22.9 billion. New life sales declined 8.5% excluding currency impacts amid reduced demand for investment products. However, ING's broad product expertise enabled us to respond to customers' changing needs."

"As we approach the end of 2008, markets continue to be turbulent, so we expect pressure on asset prices to continue to impact results in the fourth quarter, while weakening economic conditions will put pressure on results into 2009. Our priority is to sustain commercial momentum by remaining focused on our customers, while managing our risks, capital and expense base with the discipline that these exceptional times require."

The full report including tables can be downloaded from the following link:

2008 Third Quarter Results ING Group

The following documents can be downloaded from around 08.00 am CET from the following links:

Quarterly Report

Analyst Presentation

Press Presentation

Group Statistical Supplement

US Statistical Supplement

ING posts record second-quarter results: underlying net profit up 36.7%

Underlying net profit up 36.7% to EUR 2,747 million on business and investment gains
- Profit includes a EUR 573 million net gain on the sale of part of ING's stake in ABN Amro
- Underlying net profit increased 8.2% to a record EUR 2,174 million excluding that gain
- Strong volume growth in banking helps offset continued pressure from flat yield curves
- Expenses remain under control: up 4.2% including investments to support fast-growing businesses
- Net profit up 27.1% to EUR 2,559 million (EPS: EUR 1.18) after EUR 188 million for combining ING Bank and Postbank
- ING to pay interim dividend of EUR 0.66 per share, up 11.9% and equal to half of the total dividend paid over 2006

Commercial momentum remains strong across our businesses
- Single-premium sales up 22.8% from 1Q as ING capitalises on global shift to wealth accumulation products
- Total value of new business up 23.2% from 1Q on strong SPVA sales in Japan and U.S. individual life reserves
- ING Direct adds record EUR 7.0 billion in own-originated mortgages in the second quarter
- Retail Banking shows solid volume growth in current accounts and mortgages in the Benelux and Poland

ING continues to invest to accelerate the growth of its businesses
- Acquisitions of Oyak Bank in Turkey, Latin American pension business, Korean fund manager support growth
- ING to launch retail bank in Ukraine in 2008 as next step in eastward expansion strategy
- Single-premium variable annuity launched in Hungary in July as European roll-out continues
- Additional investments planned to boost growth at ING Direct in the second half of 2007

Chairman's Statement

"ING posted strong results in the second quarter as the business continued to benefit from solid economic and market conditions. Results benefited from a gain on the sale of part of ING's stake in ABN Amro, however this was a record quarter on an underlying basis without those proceeds," said Michel Tilmant, Chairman of ING Group.

"At the banking business, volume growth in mortgages and current accounts continued to help offset pressure from flat yield curves and the interest margin stabilised in the second quarter from the first. Risk costs remained low, and there is no sign of a deterioration in the credit portfolio."

"The life insurance businesses benefited from growth in assets under management and higher investment gains as stock markets rallied. ING is capitalising on a global shift from traditional life insurance to wealth accumulation products, reflected in a 22.8% increase in single-premium sales in the second quarter from the first. Strong sales of a new single-premium variable annuity product in Japan, as well as the execution of our strategy to address redundant regulatory reserves in the U.S. life business, resulted in a 23.2% improvement in the value of new life business in the second quarter from the first."

"Operating expenses for the Group remained under control, with underlying expenses up 4.2% including additional expenses to grow the business."

"ING is taking new initiatives to accelerate growth organically and through bolt-on acquisitions. The recent agreements to buy Oyak Bank in Turkey, the Latin American pension business of Santander, and Landmark Investment Management in South Korea will build scale and give ING access to attractive new markets. Preparations continue for the launch of ING Direct in Japan later this year. Additional investments of EUR 65 million are anticipated in the second half to accelerate the commercial growth of ING Direct. Next year we will launch a retail bank in Ukraine as we continue to expand ING's retail distribution franchise eastward into the largest markets in the region. "

"Looking forward, ING's proprietary investment portfolio is expected to produce substantial gains in the second half which we will partially reinvest to support further organic growth. Credit markets have very recently become more turbulent, however based on today's market circumstances we expect no material impact on 2007 earnings. The commercial performance of the business remains robust and we are confident that ING's risk profile and the diversification of our businesses will enable ING to continue to create value for shareholders while focusing on long-term growth."

ING Direct registra en España el menor crecimiento de clientes en cuatro años

ING Direct cerró 2006 con un beneficio de 47,8 millones de euros en 2006, un 10% más que el año anterior, gracias al crecimiento experimentado por la entidad tanto en fondos gestionados como en número de clientes. La entidad captó 200.000 nuevos usuarios, la menor cifra desde que el conocido como banco naranja ofrece datos sobre sus cuentas. El caso Afinsa y Forum le pasó factura.

ING Direct tuvo un 2006 difícil que consiguió superar con mucha dignidad, pero que no oculta la herida que les provocó el escándalo filatélico descubierto en mayo. En esos meses, la entidad sufrió la salida de 1.500 millones de euros de sus depósitos, un 11% de los recursos, al tiempo que en el primer semestre del año apenas conseguía captar 38.000 clientes, la cifra más baja desde que el banco se instaló en España hace siete años.

El cierre del ejercicio reflejó una clara recuperación, como demuestra los 18.500 millones de euros en fondos gestionados, un 14% más que a finales de 2005. Los productos de ahorro e inversión alcanzaron los 14.600 millones de euros, con un crecimiento del 6%, de los que 13.000 millones corresponden a dentro de balance (un 2% más) y 1.600 millones a los productos de fuera de balance (tras crecer un 55%), mientras que la Hipoteca Naranja superó los 3.900 millones de euros, con un crecimiento del 56%.

El director general de ING Direct en España, César González-Bueno, destacó que estos resultados hacen que el grupo esté "muy satisfecho" con las cuentas de la entidad en España, donde "hemos sentado las bases para el crecimiento futuro". Según González-Bueno, ING España ha "entrado de lleno" en una nueva etapa en la que sus clientes ya no sólo ahorran en la cuenta Naranja, sino que también "invierten, compran su vivienda y realizan sus operaciones financieras del día a día con nosotros".

No obstante, este optimismo no oculta que el banco registró en 2006 la menor cifra de crecimiento de clientes de al menos los últimos cuatro años. ING Direct captó 200.000 nuevos usuarios, un 17% más, hasta los 1,45 millones. En 2005, este crecimiento fue del 33,5%, con 274.000 nuevos clientes. Es decir, en doce meses el banco se ha dejado por el camino 74.000 clientes.

Registra ING crecimiento de 24.3% en beneficio neto de 2006

ING Groep registró en 2006 ganancias récord que implicaron un beneficio neto ordinario de 7.7 mil millones de euros, un crecimiento de 24.3 por ciento en comparación con el año previo.

Tan sólo en el cuarto trimestre, el beneficio neto ordinario aumentó 37.4 por ciento respecto a igual periodo de 2005, al alcanzar 2.1 mil millones de euros.

Resaltó que las tres líneas de negocio de ING aportaron una contribución sólida a los resultados del año, ya que las operaciones bancarias tuvieron una utilidad neta antes de impuestos de 5.1 mil millones de euros (un incremento de 11.4 por ciento).

Por su parte, las actividades de seguros concluyeron el año con un alza en su utilidad neta ordinaria antes de impuestos de 22.9 por ciento frente al año previo, al sumar 4.9 mil millones de euros. Agregó que los activos gestionados totalizan 600 mil millones de euros, gracias a la importante afluencia neta de capital durante el cuarto trimestre de 2006, indicó.

ING anunció también que con un beneficio neto anual de casi ocho mil millones de euros, la posición de capital de ING es sólida, lo que le permite alzar su dividendo anual con 12 por ciento. Ello, además de que se destinarán 4.8 mil millones de euros para invertir en el crecimiento continuo de sus negocios en el presente año.

Nota: Si no se considera el beneficio ordinario, sino el total, el crecimiento fue sólo del 6.7%, debido a unos extraordinarios que se produjeron en 2005 y no se han repetido en 2006.

ING supera previsiones en resultados 4TR gracias a divisiones de banca y seguros

ING Group NV registró unos resultados mejores de lo esperado para el cuarto trimestre, con las operaciones de banca y seguros superando las expectativas.

El beneficio sin desinversiones y especiales antes de impuestos alcanzó los 2.496 millones de euros desde los 2.140 millones de una año antes, superando también las expectativas de los analistas de 2.093-2.341 millones.

El beneficio neto atribuible también superó las expectativas de los analistas, subiendo a 2.101 millones a desde 1.840 millones, ayudado por una menor tasa de impuestos del 11,5%. Los analistas predijeron que el resultado caería a 1.439-1.770 millones.

El banco propuso un dividendo anual de 1,32 euros, también mayor que el que esperaban muchos analistas, y superior al de 1,18 euros de 2005.