ING Groep N.V.
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Publicatie datum
09 mei 2012 - 07:00
Statutaire naam
ING Groep N.V.
Titel
ING posts 1Q12 underlying net profi t of EUR 705 million
Bericht
• ING Group 1Q12 net profit totalled EUR 680 million, including the impact of divestments and special items
• Bank underlying result before tax increased 65.1% from 4Q11 to EUR 1,126 million, helped by lower impairments. Results include EUR -304 million of valuation adjustments (CVA/DVA) and fair value changes on own Tier 2 debt as credit spreads tightened. Excluding that impact, Bank results were down just 6.8% from a strong 1Q11
• Insurance posted an operating result of EUR 475 million, supported by a strong investment margin and higher fees and premium-based revenues. Sales rose 5.1% from 1Q11, and jumped 29.6% from 4Q11. Underlying results were impacted by losses on hedges to protect regulatory capital, leading to a pre-tax underlying loss of EUR 18 million
• Capital ratios remained strong: ING Bank’s core Tier 1 ratio strengthened to 10.9%, refl ecting the sale of ING Direct USA and ongoing capital generation. The Insurance IGD solvency ratio remained stable at 225%
• ING has begun discussions with the Dutch State, and together with the State will soon start discussions with the European Commission following the favourable court ruling on ING’s appeal
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Datum laatste update: 01 september 2024