ING Bank records 3Q14 underlying net profit of EUR 1,123 million en meer nieuws afbetaling aan de Staat.

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Beleggingsadvies 05/11/2014 07:23
ING Bank 3Q14 underlying net profit of EUR 1,123 million, up from EUR 820 million in 3Q13 and EUR 923 million in 2Q14
- 3Q14 results reflect a strong increase in interest results and lower risk costs at 44 bps of average RWA
- ING supported customers with EUR 3.3 billion in net lending, funded by EUR 4.3 billion of net funds entrusted
- Year-to-date underlying return on IFRS-EU equity rises to 11.4%; 3Q14 fully-loaded CET 1 ratio strengthened further to 11.1%

ING Group 3Q14 net result EUR 928 million (EUR 0.24 per share), including special items and Insurance results
- NN Group has been reclassified as 'held for sale' and 'discontinued operations' effective as of 30 September 2014
- Change in NN Group classification triggers EUR 403 million write-down of goodwill and other non-current assets

ING accelerates repayment of final tranche of core Tier 1 securities after comfortably passing the AQR and stress test
- EUR 7.9 billion combined market value of ING's stakes in NN Group and Voya provide substantial financial flexibility
- Following the ECB's comprehensive assessment, ING accelerates its final payment of state aid to November 2014

CEO STATEMENT
"Since launching our 'Think Forward' strategy seven months ago, we have been working harder than ever to deliver on our customer promises and strategic purpose of empowerment," said Ralph Hamers, CEO of ING Group. "It is encouraging to see our efforts reflected so positively in our strong commercial and financial results for this quarter."

"Innovation is happening every day at ING. During the third quarter, our drive to keep getting better led to a steady stream of improvements. In the Netherlands, we added voice recognition technology to our mobile banking app - an exciting new feature that is the first of its kind at any European bank. We introduced a digital wallet service in Italy, following the launch of similar services in Poland and Turkey earlier this year. A new digital platform was launched in Spain, which enhances the customer experience - it encourages clients to think about their future by helping them to analyse and manage their personal finances using customisable visuals. In Commercial Banking, we advanced our goals of making banking easier and enabling clients to stay a step ahead by streamlining our on-boarding process, without compromising on due diligence and regulatory requirements."

"ING Bank posted an excellent set of quarterly results, underpinned by our commitment to serve our customers' financial needs. We extended EUR 3.3 billion in net lending, primarily in Structured Finance, General Lending and residential mortgages. This was funded by a EUR 4.3 billion net inflow of funds entrusted which was generated across our franchise. The third-quarter underlying result before tax rose 34.7% year-on-year and 16.3% sequentially to EUR 1,486 million, reflecting higher interest results and lower risk costs. This robust performance supported an increase in the year-to-date underlying return on IFRS-EU equity to 11.4%, in line with our Ambition 2017 target range. The Bank's capital position strengthened, with a fully-loaded CET 1 ratio of 11.1%, and our liquidity and leverage measures remain sound."

"We continued to simplify our company, consistent with our repositioning as a leading European bank. In light of our intention to divest our remaining stake in NN Group over time, we changed the classification of NN Group to 'held for sale' and 'discontinued operations', effective as of 30 September 2014. Our stake in Voya Financial, Inc. was further reduced in September to approximately 32%. The financial impacts of these actions, together with the net results of our Insurance businesses, are reflected in ING Group's third-quarter net result of EUR 928 million."

"The current EUR 7.9 billion combined market value of our remaining stakes in NN Group and Voya reflect a healthy capital surplus at Group level, affording ample financial flexibility. Last week, the stability of our financial position was affirmed by the outcome of the ECB's comprehensive assessment. Today, we are pleased to announce that we have received regulatory approval to bring forward our final payment of state aid, which will be paid in the coming days. We are grateful to the Dutch State, our customers and our shareholders for their support throughout the financial crisis and for the confidence they have placed in ING."

"I am proud of the hard work and dedication of our employees that made our strong performance in the third quarter possible. The implementation of our strategy is on track and we are well positioned to benefit from the transformation that is taking place in the banking landscape."


ING Group will propose
to the 2015 Annual General Meeting of Shareholders the appointment of KPMG Accountants N.V. as its auditor. Under Dutch legislation, ING is required to change its auditor as of January 2016. The nomination of KPMG is the result of a thorough tender process overseen by the Audit Committee of the Supervisory Board, as reported in the 2013 Annual Report and in accordance with the ING Group Policy on Auditors Independence.
If the AGM appoints KPMG, KPMG will perform the audit of ING Group starting with the financial year ending 31 December 2016. The audit of the 2015 annual accounts will be performed by Ernst & Young Accountants LLP (EY), ING's current auditor. EY was appointed as ING Group's sole auditor at the 2008 AGM and reappointed in 2012 and 2013. ING appreciates the service that EY has provided over the years and wants to thank EY for their contribution.

AND

ING to make final repayment to Dutch State on 7 November 2014
ING has notified the Dutch State that it intends to make the final repayment of EUR 1,025 million on the core Tier 1 securities on 7 November 2014 - half a year ahead of the repayment schedule as agreed with the European Commission in 2012. The total amount repaid to the Dutch State on the core Tier 1 securities will be EUR 13.5 billion, including EUR 10 billion in principal and EUR 3.5 billion in interest and premiums, giving the State an annualised return of 12.7%.

"This support from the Dutch State saw us through the crisis and helped us to emerge stronger from it. Therefore we are grateful to the Dutch State and its citizens, but also to our customers who continued to stand by us during the last couple of years. I also want to thank our employees, all over the world, but especially in the Netherlands, for their perseverance and commitment to our customers." said Ralph Hamers, CEO of ING. "In the past years we have all worked hard to position ING as a solid, leading European bank, empowering people to stay a step ahead in life and in business."

ING strengthened its capital position in the fall of 2008 by issuing EUR 10 billion of core Tier 1 securities to the Dutch State. To date ING has repaid EUR 9,317 million in principal and EUR 3,189 million in interest and premiums. The final repayment on 7 November 2014, which has been approved by the Dutch Central Bank and the European Central Bank, will consist of EUR 683 million in principal and EUR 342 million in interest and premiums. ING will fund the repayment from the capital surplus at ING Group. As a result the repayment has no impact on ING Bank's capital ratios.

In addition to the core Tier 1 securities, ING and the State in 2009 established a facility to reduce the risk for ING from a portfolio of US mortgage securities. This facility has been unwound in 2013 and 2014 at a cash profit for the Dutch State of EUR 1.4 billion, which combined with the return on the core Tier 1 securities totals EUR 4.9 billion. In 2009 ING also issued Government Guaranteed Notes, which all have been redeemed in full and for which ING paid a total of EUR 0.4 billion in fees to the Dutch State. The total gross financial benefit to the Dutch State on the support for ING is approximately EUR 5.3 billion.




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