|By Marketwired .||
|November 7, 2012 01:27 AM EST||
AMSTERDAM, THE NETHERLANDS -- (Marketwire) -- 11/07/12 --
* ING Group's 3Q12 net result was EUR 609 million, or EUR 0.16 per share, including divestments and special items.
* Bank underlying result before tax was solid at EUR 1,021 million despite the negative impact of CVA/DVA, de-risking losses and higher risk costs. The underlying interest margin rose to 1.33% from 1.26% in 2Q12.
* Insurance operating result was EUR 238 million. Underlying result before tax declined to EUR 44 million, including negative results on hedges in place to protect regulatory capital.
* Capital ratios strengthened: Bank core Tier 1 ratio increased to 12.1%; Insurance IGD solvency ratio rose to 249%.
"During the third quarter, ING continued to deliver on its restructuring plan amid a challenging operating environment. We announced the first three sales of our Asian Insurance/IM units, and Insurance US is making strides in its IPO preparations. At the same time, together with the Dutch State, we have made good progress in our constructive dialogue with the European Commission about revisions to the restructuring plan," said Jan Hommen, CEO of ING Group. "At ING Bank, we announced the sales of ING Direct Canada and the UK as we sharpen our strategic focus. We also accelerated de-risking efforts, selling EUR 2.4 billion of European debt securities and releasing EUR 5 billion of RWA. The Bank posted a solid quarter, supported by a gain on the sale of our stake in Capital One. At Insurance we kept hedges in place to protect regulatory capital; however, losses on these hedges continued to affect results."
"As we work to solidify strong stand-alone futures for Bank and Insurance, we are taking steps to increase our agility in this uncertain environment. At Insurance Europe we are accelerating a transformation programme at Nationale-Nederlanden to sharpen its strategic focus and improve processes and systems. These measures, together with delayering of support functions, will result in a reduction in the workforce of 1,350 FTEs and annual savings of approximately EUR 200 million by the end of 2014. At Commercial Banking, we conducted a strategic review and have decided to simplify our business model and exit some businesses outside of ING's home markets. These measures will reduce the workforce by 1,000 FTEs and lower expenses by EUR 260 million from 2015 onwards."
"It is painful to announce such steps today, because throughout these challenging times employees at all levels have worked tirelessly to prepare businesses for divestment, secure strong stand-alone futures for Bank and Insurance, and ensure that we are prepared for industry changes and regulatory requirements. And while our employees have gone through a whirlwind of change during the last four years, they have consistently placed their highest priority on supporting our customers. I am grateful for these contributions and am confident that these efforts, combined with further streamlining, will strengthen our company for the long-term benefit of all stakeholders."
Key Figures(1) | | | |3Q2012 3Q2011 Change|2Q2012 Change|9M2012 9M2011 Change -------------------+--------------------+-------------+-------------------- ING Group key | | | figures (in EUR | | | million) | | | | | | Underlying result | 1,065 1,347 -20.9%| 1,224 -13.0%| 3,181 4,744 -32.9% before tax Group | | | | | | of which Bank | 1,021 878 16.3%| 995 2.6%| 3,141 3,556 -11.7% | | | of which | | | Insurance | 44 469 -90.6%| 229 -80.8%| 40 1,188 -96.6% | | | Underlying net | | | result | 719 1,099 -34.6%| 1,045 -31.2%| 2,306 3,595 -35.9% | | | Net result | 609 1,692 -64.0%| 1,171 -48.0%| 2,460 4,580 -46.3% | | | Net result per | | | share | 0.16 0.45 -64.4%| 0.31 -48.4%| 0.65 1.21 -46.3% (in EUR)(2) | | | | | | Total assets (end | | | 1,248 1,282 -2.7% of period, in EUR | | 1,237 0.9%| billion) | | | | | | Shareholders' | | | 53 45 18.8% equity (end of | | | period, in EUR | | 51 4.7%| billion) | | | | | | Underlying return | | | 6.2% 11.7% on equity based on| 5.6% 10.4% | 8.5% | IFRS-EU equity(4) | | | -------------------+--------------------+-------------+-------------------- Banking key | | | figures | | | | | | Underlying | | | interest margin | 1.33% 1.33% | 1.26% | 1.30% 1.37% | | | Underlying cost | 58.7% 64.5% | 58.4% | 58.6% 60.1% income ratio | | | | | | Underlying risk | | | costs in bp of | 75 49 | 72 | 69 42 average RWA | | | | | | Core Tier 1 ratio | | 11.1% | 12.1% 9.6% | | | Underlying return | | | 8.1% 10.1% on equity based on| 7.9% 7.1% | 7.9% | IFRS-EU equity(4) | | | -------------------+--------------------+-------------+-------------------- Insurance key | | | figures | | | | | | Operating result | 238 392 -39.3%| 304 -21.7%| 800 1,309 -38.9% in EUR million) | | | | | | Investment margin/| | | life general | | | account invested | 130 126 | 133 | assets (in bps)(3)| | | | | | Administrative | | | 47.8% 42.4% expenses / | | | operating income | 47.6% 44.4% | 46.9% | (Life & ING IM) | | | | | | Underlying return | | | 0.6% 7.0% on equity based on| -0.2% 9.7% | 5.4% | IFRS-EU equity(4) | | | -------------------+--------------------+-------------+--------------------
The footnotes relating to 1-4 can be found on page 14 of the full press release as attached to this message.
Note: Underlying figures are non-GAAP measures and are derived from figures according to IFRS-EU by excluding impact from divestments and special items.
Investor conference call, media conference call and webcasts
Jan Hommen, Patrick Flynn, Wilfred Nagel and Matt Rider will discuss the results in an analyst and investor conference call on 7 November 2012 at 9:00 CET. Members of the investment community can join the conference call at +31 20 794 8500 (NL), +44 207 190 1537 (UK) or +1 480 629 9031 (US) and via live audio webcast at www.ing.com.
A media conference call will be held on 7 November 2012 at 11:00 CET. Journalists are invited to join the conference in Q&A-mode at + 31 20 531 58 46 (NL) or +44 203 365 3210 (UK) and via live audio webcast at www.ing.com.
Additional information is available in the following documents which can be downloaded from around 7:00 am CET from the following links at www.ing.com:
ING Group 3Q2012 Results (Full press release in PDF)
ING Group 3Q2012 Results Analyst Presentation (PDF)
ING Group 3Q2012 Results Quarterly Report (PDF)
ING Group 3Q2012 Results Group Statistical Supplement (PDF) (XLS)
ING Group 3Q2012 Results Historical Trend Data (PDF) (XLS)
ING Groep N.V. Condensed consolidated interim financial information for the period ended 30 September 2012 (PDF)
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 2011 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) 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 buy, any securities.
Full 3Q12 Results press release in PDF: http://hugin.info/130668/R/1655504/535043.pdf
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters 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 Thomson Reuters ONE
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