ING records 2Q14 underlying net profit of EUR 1,181 million

ING records 2Q14 underlying net profit of EUR 1,181 million

AMSTERDAM, Netherlands, Aug. 6, 2014 (GLOBE NEWSWIRE) --

ING Group 2Q14 underlying net profit of EUR 1,181 million from EUR 901 million
in 2Q13 and EUR 988 million in 1Q14
- 2Q14 net result EUR 1,067 million, or EUR 0.28 per share, including special
  items, discontinued operations and divestments
- Given ING's priority to repay the Dutch State, an interim dividend on common
  shares will not be paid in 2014

Bank 2Q14 underlying result before tax of EUR 1,278 million, up 11.4% from
2Q13 and 8.7% higher than 1Q14
- 2Q14 results reflect solid income despite adverse CVA/DVA impacts and
  deconsolidation of Vysya; risk costs declined further
- Strong customer focus generated EUR 7.4 billion in net lending and attracted
  EUR 7.4 billion of net funds entrusted
- Capital position further strengthened with a fully-loaded common equity Tier
  1 ratio of 10.5% as of 30 June 2014

NN Group 2Q14 result before tax of EUR 310 million, up from EUR 113 million in
2Q13 and EUR -372 million in 1Q14
- 2Q14 operating result ongoing business of EUR 249 million; 2Q14 underlying
  result before tax improved to EUR 337 million

ING Group has substantially completed its repositioning as a bank
- NN Group successfully listed on Euronext Amsterdam in early July; ING Group
  stake in NN Group reduced to 68.1%
- EUR 8.1 billion market values of ING's stakes in Voya and NN Group
  comfortably exceed ING's EUR 2.4 billion pro-forma core debt
- Remaining 10% stake in SulAmérica sold in 2Q14, completing the divestment of
  ING Group's holding
- ING Group reclassified into the Banks subsector in 2Q14 by ICB, one of the
  world's leading classification benchmarks

"The successful IPO of NN Group in early July was a pivotal moment for ING
Group," said Ralph Hamers, CEO of ING Group. "This step represents the final
major transaction in our restructuring and in the repositioning of ING as a
leading European bank. It has unlocked significant financial flexibility for
the Group, with the EUR 8.1 billion combined market values of our remaining
stakes in NN Group and Voya Financial, Inc. comfortably exceeding the
pro-forma Group core debt of EUR 2.4 billion."

"ING Group's second-quarter financial performance was strong, with an
underlying net result of EUR 1,181 million that was primarily attributable to
ING Bank. The Bank's quarterly underlying result before tax was EUR 1,278
million, up 11.4% year-on-year and 8.7% sequentially. The improvement compared
with both prior quarters mainly reflects solid income generation, despite the
impact of negative CVA/DVA adjustments and the deconsolidation of ING Vysya
Bank, and a further decline in risk costs. ING Bank's underlying return on
IFRS-EU equity rose to 10.7% for the first half of 2014, which is within the
Ambition 2017 target-range for return on IFRSEU equity of 10-13%. ING Bank's
capitalisation strengthened further, leading to a fully-loaded common equity
Tier 1 ratio of 10.5% at the end of June."

"Our unwavering commitment to our customers contributed to robust business
growth during the quarter, with ING Bank extending EUR 7.4 billion of net
lending and attracting EUR 7.4 billion of net funds entrusted. During the
first six months of 2014, ING Bank gained over half a million new individual
customers, demonstrating the strength of our franchise and the attractiveness
of our customer proposition. In May, ING Direct Spain celebrated its 15th
anniversary and recently welcomed its three-millionth customer. We are
grateful that our customers choose to do business with us and we remain
committed to supporting their financial needs anytime, anywhere, and making
the experience of banking with us truly differentiating. I am convinced that
our Chief Innovation Officer will drive our strategic innovation agenda and
think beyond traditional banking to serve our customers' changing needs."

"The 2 July listing of NN Group marked the official beginning of the company's
standalone future. We congratulate NN Group on this milestone and wish CEO
Lard Friese and his team every success. For the second quarter of 2014, ING
continued to consolidate 100% of NN Group in our results. The underlying
result before tax of NN Group improved to EUR 337 million from EUR 101 million
in the second quarter of 2013 and EUR 210 million in the previous quarter. As
a result of the IPO, ING Group's stake in NN Group was reduced to 68.1%; this
change will be reflected in our third-quarter shareholders' equity."

"We are very proud of the progress that we have made with the restructuring
over the past several years, which has brought ING Group well into the end
stage of our transformation. We are moving forward as a stronger, simpler and
more sustainable company. I am confident that we are well placed to achieve
the strategic priorities of ING Bank while continuing to serve our customers
and the communities in which we operate to the best of our ability."

ING Group key figures
                 2Q2014 2Q2013^1 Change 1Q2014 Change 1H2014 1H2013^1 Change
Profit and loss
data (in EUR                                                    
Underlying result 1,278  1,147    11.4%  1,176  8.7%   2,454  2,316    6.0%
before tax
Operating result
ongoing business  249    268      -7.1%  274    -9.1%  522    438      19.2%
NN Group
items ongoing     10     -71            -28          -18    -56      
business NN Group
Japan Closed      79     -97            -36          43     65       -33.8%
Block VA
Underlying result
before tax        5      -7             -2           3      88       -96.6%
Insurance Other
Underlying result
before tax ING   1,620  1,241    30.6%  1,384  17.1%  3,004  2,852    5.3%
Underlying net    1,181  901      31.1%  988    19.5%  2,169  2,071    4.7%
result ING Group
Net gains/losses  -3     -16            -1,754       -1,767 923      
on divestments
Net result from                                         -38      
divested units
Net result from
discontinued      2      65             5            7      131      
Insurance/IM Asia
Net result from
discontinued      22     -23            53           75     -218     
operations Voya
Special items     -135   -33            -1,200       -1,335 -79      
Net result        1,067  895      19.2%  -1,917       -851   2,791    -130.5%
Net result per    0.28   0.23     21.7%  -0.50        -0.22  0.73     -130.1%
share (in EUR)^2
Capital ratios                                                  
(end of period)
equity (in EUR                        45     6.8%   48     50       -2.3%
ING Group                             7.3%         8.6%   7.2%     
debt/equity ratio
Bank common
equity Tier 1                         10.0%        10.8%  n.a.     
ratio phased in
Bank common
equity Tier 1                         10.1%        10.5%  n.a.     
NN Group IGD
Solvency I                            245%         272%   255%     
Other data (end                                                 
of period)
Underlying return
on equity based   10.1%  7.0%           8.7%         9.4%   7.9%     
Employees (FTEs,
end of period,                        75,606 -14.5% 64,649 76,589   -15.6%
adjusted for

^1 The figures of this period have been restated to reflect the change in
accounting policy, i.e. the move towards fair value accounting for Guaranteed
Minimum Death Benefits for life in the Japan Closed Block VA as of 1 January
^2 Result per share differs from IFRS earnings per share in respect of
attributions to the core Tier 1 securities.
^3 The 30 June 2014 capital ratios are not final until filed with the
^4 Annualised underlying net result divided by average IFRS-EU
Note: underlying figures and Operating results are non-GAAP measures. These
are derived from figures according to IFRS-EU by excluding impact from
divestments, discontinued operations and special items and, for Operating
results only, gains/losses and impairments, revaluations and market & other

Investor conference call, media conference call and webcasts
Ralph Hamers, Patrick Flynn and Wilfred Nagel will discuss the results in an
analyst and investor conference call on 6 August 2014 at 9:00 a.m. 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 9676 (US) and via live audio
webcast at
Ralph Hamers, Patrick Flynn and Wilfred Nagel will also discuss the results in
a press conference call on 6 August 2014 at 11:00 a.m. CET. Journalists can
join the conference call via the Q&A-mode at +31 20 531 5847 (NL) or +44 203
365 3210 (UK) and via live audio webcast at

Investor enquiries
T: +31 20 576 6396

Press enquiries
T: +31 20 576 5000

Additional information is available in the following documents which can be
downloaded from around 7:00 am CET at
-         ING Group Results Full Press Release in PDF
-         ING Group Analyst Presentation
-         ING Group Quarterly Report
-         ING Group Historical Trend Data
-         ING Group Condensed consolidated interim financial information for
          the period ended 30 June 2014
-         ING Bank Condensed consolidated interim financial information for
          the period ended 30 June 2014
-, ING Group's online magazine, for anyone who is interested
          in ING

Information for editors
A video interview with Ralph Hamers is available at and at Footage (B-roll) of ING and quotes from the interview can
be downloaded via, or requested by emailing The ING Group 2Q2014 Analyst Presentation is also
available at Photos of ING operations, buildings and
its executives are available for download at

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 2Q2014 ING Group Interim 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 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.

Full ING Group 2Q2014 results press release (PDF)

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