SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For August 7, 2013
Commission File Number 1-14642
ING Groep N.V.
Bijlmerplein 888
1102 MG Amsterdam
The Netherlands
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T rule 101(b)(7): ¨
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b).
This Report contains a copy of the following:
(1) | The Press Release issued on August 7, 2013. |
Page 2 of 3
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PRESS RELEASE | 7 August 2013 |
ING records 2Q13 underlying net profit of EUR 942 million
| Group underlying net profit at EUR 942 million from EUR 800 million in 1Q13 and EUR 1,109 million in 2Q12 |
| 2Q13 net profit EUR 788 million, or EUR 0.21 per share, including discontinued operations, special items and divestments |
| Bank underlying result before tax up 13.5% vs. 2Q12 to EUR 1,147 million; declines 1.9% from seasonally strong 1Q13 |
| Net interest margin continued to improve, rising to 1.42% supported by higher savings margins |
| Ongoing cost-containment programmes yielded further savings and the cost/income ratio improved to 54.3% |
| Risk costs remained elevated at EUR 616 million, or 89 bps of average RWA, versus 73 bps in 2Q12 and 81 bps in 1Q13 |
| Insurance EurAsia operating result rose to EUR 256 million, up 26.1% versus 2Q12 and more than triple 1Q13 |
| Operating result supported by cost reductions from transformation programme, improved Non-life result and lower funding costs |
| Investment spread unchanged at 94 bps as both average life general account assets and average investment income were stable |
| Underlying result before tax of Insurance EurAsia improved significantly both year-on-year and sequentially to EUR 182 million |
| Insurance ING U.S. operating result rose to EUR 140 million, from EUR 102 million in 2Q12 and EUR 87 million in 1Q13 |
| Operating result increased driven by growth in fees and premium-based revenues and a higher technical margin |
| 2Q13 showed continued strength in net inflows in the Retirement and Investment Management businesses |
| Underlying result before tax was EUR -19 million reflecting losses on Closed Block VA equity hedges in place to protect capital |
| ING maintained strong capital ratios; shareholders equity ended the quarter at EUR 49.9 billion |
| Bank core Tier 1 ratio remained strong at 11.8% following EUR 1.8 billion capital upstream to ING Group in the second quarter |
| Insurance EurAsia IGD Solvency I ratio improves to 304%; estimated combined RBC ratio for ING U.S. was 454% at 30 June |
| Given INGs priority to repay the Dutch State, an interim dividend on common shares will not be paid in 2013 |
CHAIRMANS STATEMENT
ING has made good progress so far this year as we work to improve our operational performance, execute our restructuring and prepare our banking and insurance companies for independent futures, said Jan Hommen, CEO of ING Group. We successfully completed the IPO of our U.S.-based retirement, investment and insurance business in May. The proceeds from the IPO, along with a capital upstream from the Bank, have reduced the leverage in the Group holding company to EUR 4.4 billion, which is covered by the value of our remaining stake in ING U.S. today. We completed the merger of the commercial operations of WestlandUtrecht Bank with Nationale-Nederlanden Bank on 1 July, paving the way to divest these operations as part of the Insurance Europe IPO.
The financial performance in all three business segments was robust in the second quarter. ING Bank posted solid underlying pre-tax results of EUR 1,147 million, despite higher risk costs reflecting the challenging economic climate. Savings inflow remained strong, with net funds entrusted growth of EUR 6.5 billion, while the net interest margin improved to 1.42%. Cost-containment efforts helped reduce the cost/income ratio to 54.3% and the return on equity for the first six months increased to 9.3%, approaching our Ambition 2015 target of 10-13%.
The operating results of Insurance EurAsia showed substantial improvement both year-on-year and sequentially. The European business has been accelerating its transformation programme to be ready for a base case IPO in 2014. The programme has already yielded cost savings that supported the second-quarter results together with an improvement in the Non-life result and lower funding costs. To expedite the IPO process, ING U.S. will be transferred out of ING Insurance (ING Verzekeringen N.V.), clearing the way to use ING Insurance as the IPO entity.
In its first quarter as a public company, ING U.S. continued to generate robust net inflows from the Retirement and Investment Management businesses, contributing to higher fees and premium-based revenues, which drove this quarters solid operating performance. The strength of the U.S. franchise is evident in the 50% appreciation of its stock price since the IPO, bringing the current market value of INGs remaining 71% stake in the company to EUR 4.5 billion.
I am extremely proud of what our people have achieved this quarter and over the past years, through an exceptional period of change within our company and in the financial industry. Every step of the way, we have tried to keep the interests of our customers as our first priority. I am grateful for the support of our employees and consider myself privileged to have been given the opportunity to serve as their leader during this period of enormous change. On 1 October, Ralph Hamers will take over from me as CEO of ING Group. Ralph and I are working together to ensure a smooth transition, and I am confident that he will continue the drive to build strong, sustainable futures for our businesses, while placing the highest priority on the needs of our customers.
ING GROUP CONSOLIDATED RESULTS
ING Group key figures
2Q2013 | 2Q20121 | Change | 1Q2013 | Change | 1H2013 | 1H20121 | Change | |||||||||||||||||||||||||
Profit and loss data (in EUR million) |
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Underlying result before tax |
1,288 | 1,305 | -1.3 | % | 1,167 | 10.4 | % | 2,453 | 2,240 | 9.5 | % | |||||||||||||||||||||
of which Bank |
1,147 | 1,011 | 13.5 | % | 1,169 | -1.9 | % | 2,316 | 2,162 | 7.1 | % | |||||||||||||||||||||
of which Insurance EurAsia |
182 | -110 | 85 | 114.1 | % | 266 | -153 | |||||||||||||||||||||||||
of which Insurance ING U.S. |
-19 | 394 | -104.8 | % | -192 | -211 | 195 | -208.2 | % | |||||||||||||||||||||||
of which Insurance Other |
-22 | 10 | -320.0 | % | 104 | -121.2 | % | 82 | 37 | 121.6 | % | |||||||||||||||||||||
Underlying net result |
942 | 1,109 | -15.1 | % | 800 | 17.8 | % | 1,742 | 1,687 | 3.3 | % | |||||||||||||||||||||
Divestments, discontinued operations and special items2 |
-155 | 183 | 1,004 | 852 | 334 | |||||||||||||||||||||||||||
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Net result |
788 | 1,293 | -39.1 | % | 1,804 | -56.3 | % | 2,592 | 2,020 | 28.3 | % | |||||||||||||||||||||
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Net result per share (in EUR)3 |
0.21 | 0.34 | -38.2 | % | 0.47 | -55.3 | % | 0.68 | 0.53 | 28.3 | % | |||||||||||||||||||||
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Capital ratios (end of period) |
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Shareholdersequity (in EUR billion) |
54 | -8.4 | % | 50 | 49 | 2.8 | % | |||||||||||||||||||||||||
ING Group debt/equity ratio |
10.8 | % | 7.2 | % | 12.3 | % | ||||||||||||||||||||||||||
Bank core Tier 1 ratio |
12.3 | % | 11.8 | % | 11.1 | % | ||||||||||||||||||||||||||
Insurance EurAsia IGD Solvency I ratio |
292 | % | 304 | % | 260 | % | ||||||||||||||||||||||||||
Other data (end of period) |
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Underlying return on equity based on IFRS-EU equity4 |
7.2 | % | 9.4 | % | 6.0 | % | 6.6 | % | 7.2 | % | ||||||||||||||||||||||
Employees (FTEs, end of period, adjusted for divestments) |
83,032 | -0.5 | % | 82,643 | 86,648 | -4.6 | % |
1 | The comparative figures of this period have been restated to reflect the new pension accounting requirements under IFRS, which took effect on 1 January 2013 |
2 | The results of Insurance/IM Asia have been transferred to net result from discontinued operations |
3 | Result per share differs from IFRS earnings per share in respect of attributions to the core Tier 1 securities |
4 | Annualised underlying net result divided by average IFRS-EU equity |
2 | ING GROUP PRESS RELEASE 2Q2013 |
ING GROUP PRESS RELEASE 2Q2013 | 3 |
BANKING
Banking key figures
In EUR million |
2Q2013 | 2Q20121 | Change | 1Q2013 | Change | 1H2013 | 1H20121 | Change | ||||||||||||||||||||||||
Profit & loss |
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Interest result |
3,006 | 2,856 | 5.3 | % | 2,916 | 3.1 | % | 5,922 | 5,825 | 1.7 | % | |||||||||||||||||||||
Commission income |
582 | 577 | 0.9 | % | 554 | 5.1 | % | 1,136 | 1,130 | 0.5 | % | |||||||||||||||||||||
Investment income |
52 | 52 | 0.0 | % | 124 | -58.1 | % | 176 | 173 | 1.7 | % | |||||||||||||||||||||
Other income |
212 | 109 | 94.5 | % | 270 | -21.5 | % | 483 | 183 | 163.9 | % | |||||||||||||||||||||
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Total underlying income |
3,853 | 3,594 | 7.2 | % | 3,863 | -0.3 | % | 7,716 | 7,311 | 5.5 | % | |||||||||||||||||||||
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Staff and other expenses |
2,064 | 1,988 | 3.8 | % | 2,094 | -1.4 | % | 4,158 | 4,047 | 2.7 | % | |||||||||||||||||||||
Intangibles amortisation and impairments |
26 | 56 | -53.6 | % | 39 | -33.3 | % | 65 | 125 | -48.0 | % | |||||||||||||||||||||
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Operating expenses |
2,090 | 2,044 | 2.3 | % | 2,133 | -2.0 | % | 4,224 | 4,171 | 1.3 | % | |||||||||||||||||||||
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Gross result |
1,762 | 1,550 | 13.7 | % | 1,730 | 1.8 | % | 3,492 | 3,140 | 11.2 | % | |||||||||||||||||||||
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Addition to loan loss provision |
616 | 540 | 14.1 | % | 561 | 9.8 | % | 1,176 | 978 | 20.2 | % | |||||||||||||||||||||
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Underlying result before tax |
1,147 | 1,011 | 13.5 | % | 1,169 | -1.9 | % | 2,316 | 2,162 | 7.1 | % | |||||||||||||||||||||
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of which Retail Banking |
664 | 504 | 31.7 | % | 607 | 9.4 | % | 1,271 | 1,126 | 12.9 | % | |||||||||||||||||||||
of which Commercial Banking |
532 | 434 | 22.6 | % | 589 | -9.7 | % | 1,121 | 1,062 | 5.6 | % | |||||||||||||||||||||
of which Corporate Line |
-50 | 73 | -168.5 | % | -27 | -77 | -27 | |||||||||||||||||||||||||
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Key figures |
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Underlying interest margin |
1.42 | % | 1.27 | % | 1.38 | % | 1.40 | % | 1.30 | % | ||||||||||||||||||||||
Underlying cost/income ratio |
54.3 | % | 56.9 | % | 55.2 | % | 54.7 | % | 57.1 | % | ||||||||||||||||||||||
Underlying risk costs in bp of average RWA |
89 | 73 | 81 | 85 | 67 | |||||||||||||||||||||||||||
Risk-weighted assets (end of period, in EUR billion, adjusted for divestm.) |
277,632 | 295,568 | -6.1 | % | 278,225 | -0.2 | % | 277,632 | 295,568 | -6.1 | % | |||||||||||||||||||||
Return on equity based on IFRS-EU equity2 |
9.5 | % | 8.4 | % | 9.0 | % | 9.3 | % | 8.7 | % | ||||||||||||||||||||||
Return on equity based on 10.0% core Tier 13 |
12.4 | % | 10.3 | % | 12.1 | % | 12.3 | % | 10.6 | % |
1 | The comparative figures of this period have been restated to reflect the new pension accounting requirements under IFRS, which took effect on 1 January 2013 |
2 | Annualised underlying net result divided by average IFRS-EU equity |
3 | Annualised underlying after-tax return divided by average equity based on 10.0% core Tier 1 ratio |
4 | ING GROUP PRESS RELEASE 2Q2013 |
ING GROUP PRESS RELEASE 2Q2013 | 5 |
INSURANCE EURASIA
Insurance EurAsia key figures
In EUR million |
2Q2013 | 2Q20121 | Change | 1Q2013 | Change | 1H2013 | 1H20121 | Change | ||||||||||||||||||||||||
Margin analysis (in EUR million) |
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Investment margin |
194 | 196 | -1.0 | % | 127 | 52.8 | % | 321 | 352 | -8.8 | % | |||||||||||||||||||||
Fees and premium-based revenues |
351 | 355 | -1.1 | % | 379 | -7.4 | % | 730 | 743 | -1.7 | % | |||||||||||||||||||||
Technical margin |
105 | 99 | 6.1 | % | 86 | 22.1 | % | 192 | 180 | 6.7 | % | |||||||||||||||||||||
Income non-modelled life business |
6 | 6 | 0.0 | % | 5 | 20.0 | % | 10 | 11 | -9.1 | % | |||||||||||||||||||||
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Life Insurance & Investment Management operating income |
657 | 658 | -0.2 | % | 596 | 10.2 | % | 1,253 | 1,286 | -2.6 | % | |||||||||||||||||||||
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Administrative expenses |
279 | 288 | -3.1 | % | 295 | -5.4 | % | 574 | 593 | -3.2 | % | |||||||||||||||||||||
DAC amortisation and trail commissions |
95 | 98 | -3.1 | % | 102 | -6.9 | % | 197 | 212 | -7.1 | % | |||||||||||||||||||||
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Life Insurance & Investment Management operating expenses |
374 | 387 | -3.4 | % | 397 | -5.8 | % | 771 | 805 | -4.2 | % | |||||||||||||||||||||
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Life Insurance & Investment Management operating result |
283 | 271 | 4.4 | % | 199 | 42.2 | % | 482 | 481 | 0.2 | % | |||||||||||||||||||||
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Non-life operating result |
45 | 36 | 25.0 | % | -3 | 42 | 49 | -14.3 | % | |||||||||||||||||||||||
Corporate line operating result |
-72 | -105 | -117 | -190 | -199 | |||||||||||||||||||||||||||
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Operating result |
256 | 203 | 26.1 | % | 79 | 224.1 | % | 335 | 331 | 1.2 | % | |||||||||||||||||||||
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Non-operating items |
-74 | -313 | 5 | -68 | -484 | |||||||||||||||||||||||||||
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Underlying result before tax |
182 | -110 | 85 | 114.1 | % | 266 | -153 | |||||||||||||||||||||||||
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Key figures |
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Administrative expenses / operating income (Life Insurance & Investment Management) |
42.5 | % | 43.8 | % | 49.5 | % | 45.8 | % | 46.1 | % | ||||||||||||||||||||||
Life insurance new sales (APE) |
157 | 198 | -20.7 | % | 234 | -32.9 | % | 391 | 432 | -9.5 | % | |||||||||||||||||||||
Life general account invested assets (end of period, in EUR billion) |
67 | 67 | 0.0 | % | 68 | -1.5 | % | 67 | 67 | 0.0 | % | |||||||||||||||||||||
Investment margin / life general account invested assets (in bps)2 |
94 | 109 | 94 | |||||||||||||||||||||||||||||
Investment Management AuM (end of period, in EUR billion) |
176 | 174 | 1.1 | % | 184 | -4.3 | % | 176 | 174 | 1.1 | % | |||||||||||||||||||||
Underlying return on equity based on IFRS-EU equity3 |
3.0 | % | -1.9 | % | 1.4 | % | 2.2 | % | -1.2 | % |
1 | The comparative figures of this period have been restated to reflect the new pension accounting requirements under IFRS, which took effect on 1 January 2013 |
2 | Four-quarter rolling average |
3 | Annualised underlying net result divided by average IFRS-EU equity |
6 | ING GROUP PRESS RELEASE 2Q2013 |
ING GROUP PRESS RELEASE 2Q2013 | 7 |
INSURANCE ING U.S.
Insurance ING U.S. key figures
In EUR million |
2Q2013 | 2Q20121 | Change | 1Q2013 | Change | 1H2013 | 1H20121 | Change | ||||||||||||||||||||||||
Margin analysis (in EUR million) |
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Investment margin |
253 | 278 | -9.0 | % | 264 | -4.2 | % | 517 | 548 | -5.7 | % | |||||||||||||||||||||
Fees and premium-based revenues |
450 | 414 | 8.7 | % | 410 | 9.8 | % | 861 | 822 | 4.7 | % | |||||||||||||||||||||
Technical margin |
21 | -7 | 3 | 600.0 | % | 25 | -6 | |||||||||||||||||||||||||
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Life insurance & Investment Management operating income |
725 | 686 | 5.7 | % | 677 | 7.1 | % | 1,402 | 1,364 | 2.8 | % | |||||||||||||||||||||
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Administrative expenses |
324 | 328 | -1.2 | % | 332 | -2.4 | % | 656 | 648 | 1.2 | % | |||||||||||||||||||||
DAC amortisation and trail commissions |
221 | 220 | 0.5 | % | 215 | 2.8 | % | 437 | 430 | 1.6 | % | |||||||||||||||||||||
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Life insurance & Investment Management operating expenses |
545 | 548 | -0.5 | % | 547 | -0.4 | % | 1,093 | 1,079 | 1.3 | % | |||||||||||||||||||||
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Life insurance & Investment Management operating result |
179 | 138 | 29.7 | % | 130 | 37.7 | % | 309 | 285 | 8.4 | % | |||||||||||||||||||||
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Corporate line operating result |
-40 | -36 | -43 | -83 | -64 | |||||||||||||||||||||||||||
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Operating result |
140 | 102 | 37.3 | % | 87 | 60.9 | % | 226 | 221 | 2.3 | % | |||||||||||||||||||||
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Non-operating items |
-159 | 292 | -279 | -438 | -25 | |||||||||||||||||||||||||||
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Underlying result before tax |
-19 | 394 | -104.8 | % | -192 | -211 | 195 | -208.2 | % | |||||||||||||||||||||||
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Key figures |
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Administrative expenses / operating income (Life insurance & IM) |
44.7 | % | 47.8 | % | 49.0 | % | 46.8 | % | 47.5 | % | ||||||||||||||||||||||
Life insurance new sales (APE) |
427 | 469 | -9.0 | % | 632 | -32.4 | % | 1,058 | 1,018 | 3.9 | % | |||||||||||||||||||||
Life general account invested assets (end of period, in EUR billion) |
65 | 69 | -5.8 | % | 67 | -3.0 | % | 65 | 69 | -5.8 | % | |||||||||||||||||||||
Investment margin / life general account invested assets (in bps)2 |
160 | 158 | 164 | |||||||||||||||||||||||||||||
Investment Management AuM (end of period, in EUR billion) |
138 | 135 | 2.2 | % | 142 | -2.8 | % | 138 | 135 | 2.2 | % | |||||||||||||||||||||
Underlying return on equity based on IFRS-EU equity3 |
-0.7 | % | 18.7 | % | -7.5 | % | -4.4 | % | 5.3 | % |
1 | The comparative figures of this period have been restated to reflect the new pension accounting requirements under IFRS, which took effect on 1 January 2013 |
2 | Four-quarter rolling average |
3 | Annualised underlying net result divided by average IFRS-EU equity |
8 | ING GROUP PRESS RELEASE 2Q2013 |
ING GROUP PRESS RELEASE 2Q2013 | 9 |
BALANCE SHEET
Balance Sheet key figures
ING Group | ING Bank N.V. | Insurance EurAsia | Insurance ING U.S. | Insurance other / Holdings /Eliminations |
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End of period, in EUR |
30 June 13 | 31 Mar. 13 | 30 June 13 | 31 Mar. 13 pro forma1 |
30 June 13 | 31 Mar. 13 | 30 June 13 | 31 Mar. 13 | 30 June 13 | 31 Mar. 13 pro forma1 |
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Financial assets at fair value through P&L |
239,076 | 257,076 | 133,722 | 147,012 | 27,583 | 29,175 | 78,103 | 81,192 | -332 | -304 | ||||||||||||||||||||||||||||||
Investments |
192,677 | 196,506 | 79,119 | 77,418 | 56,032 | 58,172 | 57,512 | 60,900 | 14 | 15 | ||||||||||||||||||||||||||||||
Loans and advances to customers |
556,266 | 566,464 | 529,165 | 541,158 | 16,969 | 17,208 | 8,472 | 8,699 | 1,660 | -602 | ||||||||||||||||||||||||||||||
Other assets |
106,598 | 104,663 | 83,894 | 81,768 | 13,423 | 12,747 | 14,411 | 14,378 | -5,130 | -4,230 | ||||||||||||||||||||||||||||||
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total assets excl. assets held for sale |
1,094,617 | 1,124,709 | 825,900 | 847,356 | 114,007 | 117,302 | 158,498 | 165,169 | -3,788 | -5,123 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Assets held for sale |
48,981 | 56,012 | 4,033 | 3,795 | 48,068 | 55,019 | -3,120 | -2,802 | ||||||||||||||||||||||||||||||||
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|
|
|
|
|
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|
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|
|
|||||||||||||||||||||
Total assets |
1,143,598 | 1,180,720 | 829,933 | 851,152 | 162,075 | 172,321 | 158,498 | 165,169 | -6,908 | -7,922 | ||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||
Shareholders equity |
49,881 | 54,438 | 34,424 | 36,548 | 16,553 | 18,253 | 9,763 | 10,091 | -10,859 | -10,454 | ||||||||||||||||||||||||||||||
Minority interests |
3,885 | 1,133 | 835 | 873 | 67 | 70 | 182 | 170 | 2,801 | 20 | ||||||||||||||||||||||||||||||
Non-voting equity securities |
2,250 | 2,250 | 2,250 | 2,250 | ||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Total equity |
56,016 | 57,821 | 35,260 | 37,421 | 16,620 | 18,323 | 9,945 | 10,262 | -5,808 | -8,185 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Debt securities in issue |
139,904 | 146,535 | 129,963 | 137,082 | 2,486 | 1,949 | 7,455 | 7,504 | ||||||||||||||||||||||||||||||||
Insurance and investment contracts |
228,934 | 236,028 | 90,018 | 92,472 | 138,884 | 143,524 | 32 | 32 | ||||||||||||||||||||||||||||||||
Customer deposits/other funds on deposit |
470,955 | 470,645 | 475,672 | 474,446 | -4,717 | -3,800 | ||||||||||||||||||||||||||||||||||
Financial liabilities at fair value through P&L |
117,680 | 127,845 | 115,052 | 124,942 | 632 | 625 | 2,289 | 2,684 | -293 | -405 | ||||||||||||||||||||||||||||||
Other liabilities |
85,175 | 91,370 | 70,244 | 73,699 | 10,648 | 11,214 | 4,894 | 6,750 | -611 | -295 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Total liabilities excl. liabilities held for sale |
1,042,648 | 1,072,423 | 790,931 | 810,169 | 101,298 | 104,311 | 148,553 | 154,907 | 1,863 | 3,036 | ||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Liabilities held for sale |
44,934 | 50,476 | 3,742 | 3,562 | 44,158 | 49,688 | -2,966 | -2,774 | ||||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Total liabilities |
1,087,582 | 1,122,899 | 794,673 | 813,731 | 145,456 | 153,999 | 148,553 | 154,907 | -1,103 | 261 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Total equity and liabilities |
1,143,598 | 1,180,720 | 829,933 | 851,152 | 162,075 | 172,321 | 158,498 | 165,169 | -6,908 | -7,922 | ||||||||||||||||||||||||||||||
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|
1 | The comparative figures of this period have been adjusted to reflect the transfer of WUB assets and liabilities to assets/liabilties held for sale. |
10 | ING GROUP PRESS RELEASE 2Q2013 |
ING GROUP PRESS RELEASE 2Q2013 | 11 |
12 | ING GROUP PRESS RELEASE 2Q2013 |
APPENDIX 1 ING GROUP: CONSOLIDATED PROFIT AND LOSS ACCOUNT
ING Group: Consolidated profit and loss account
Total Group1 | Total Banking | Insurance EurAsia | Insurance ING U.S. | Insurance Other | ||||||||||||||||||||||||||||||||||||
in EUR million |
2Q2013 | 2Q20122 | 2Q2013 | 2Q20122 | 2Q2013 | 2Q20122 | 2Q2013 | 2Q20122 | 2Q2013 | 2Q20122 | ||||||||||||||||||||||||||||||
Gross premium income |
4,479 | 4,811 | 1,498 | 1,774 | 2,983 | 3,039 | -2 | -2 | ||||||||||||||||||||||||||||||||
Interest result Banking operations |
2,978 | 2,831 | 3,006 | 2,856 | ||||||||||||||||||||||||||||||||||||
Commission income |
963 | 928 | 582 | 577 | 165 | 152 | 229 | 208 | -14 | -9 | ||||||||||||||||||||||||||||||
Total investment & other income |
1,076 | 2,766 | 265 | 161 | 713 | 795 | 82 | 1,827 | 23 | -1 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Total underlying income |
9,495 | 11,338 | 3,853 | 3,594 | 2,376 | 2,721 | 3,294 | 5,074 | 7 | -12 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Underwriting expenditure |
4,645 | 6,586 | 1,729 | 2,312 | 2,917 | 4,262 | -2 | 12 | ||||||||||||||||||||||||||||||||
Staff expenses |
1,707 | 1,643 | 1,236 | 1,213 | 269 | 266 | 197 | 165 | 5 | |||||||||||||||||||||||||||||||
Other expenses |
1,140 | 1,112 | 828 | 775 | 146 | 160 | 162 | 213 | 4 | -36 | ||||||||||||||||||||||||||||||
Intangibles amortisation and impairments |
26 | 56 | 26 | 56 | ||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Operating expenses |
2,874 | 2,811 | 2,090 | 2,044 | 415 | 426 | 359 | 378 | 10 | -36 | ||||||||||||||||||||||||||||||
Interest expenses Insurance operations |
70 | 88 | 48 | 87 | 35 | 38 | 21 | 2 | ||||||||||||||||||||||||||||||||
Addition to loan loss provision |
616 | 540 | 616 | 540 | ||||||||||||||||||||||||||||||||||||
Other |
4 | 8 | 2 | 6 | 2 | 2 | ||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Total underlying expenditure |
8,207 | 10,032 | 2,706 | 2,582 | 2,194 | 2,831 | 3,313 | 4,680 | 29 | -21 | ||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Underlying result before tax |
1,288 | 1,305 | 1,147 | 1,011 | 182 | -110 | -19 | 394 | -22 | 10 | ||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Taxation |
369 | 179 | 283 | 257 | 47 | -31 | 44 | -42 | -5 | -5 | ||||||||||||||||||||||||||||||
Minority interests |
-23 | 18 | 23 | 20 | 4 | -48 | -2 | -2 | ||||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Underlying net result |
942 | 1,109 | 840 | 734 | 131 | -79 | -15 | 436 | -15 | 17 | ||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Net gains/losses on divestments |
-16 | -188 | -4 | -186 | 18 | -12 | -19 | |||||||||||||||||||||||||||||||||
Net result from divested units |
8 | 11 | -3 | |||||||||||||||||||||||||||||||||||||
Net result from discontinued operations3 |
-98 | 111 | -98 | 111 | ||||||||||||||||||||||||||||||||||||
Special items after tax |
-41 | 252 | -22 | 202 | -10 | 63 | -8 | -9 | -1 | -3 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Net result |
788 | 1,293 | 819 | 948 | 20 | -93 | -23 | 445 | -28 | -6 | ||||||||||||||||||||||||||||||
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|
1 | Including intercompany eliminations. |
2 | The comparative figures of this period have been restated to reflect the new pension accounting requirements under IFRS which took effect on 1 January 2013. |
3 | The results of Insurance/IM Asia have been transferred to net result from discontinued operations. |
ING GROUP PRESS RELEASE 2Q2013 | 13 |
APPENDIX 2 ING GROUP: CONSOLIDATED BALANCE SHEET
ING Group: Consolidated balance sheet
ING Group | ING Bank N.V. | Insurance EurAsia | Insurance ING U.S. | Insurance Other / Holdings / Eliminations |
||||||||||||||||||||||||||||||||||||
in EUR million |
30 June 13 | 31 Mar. 13 | 30 June 13 | 31 Mar. 13 pro forma1 |
30 June 13 | 31 Mar. 13 | 30 June 13 | 31 Mar. 13 | 30 June 13 | 31 Mar. 13 pro forma1 |
||||||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||||||||||
Cash and balances with central banks |
18,699 | 12,816 | 16,928 | 10,554 | 5,899 | 5,494 | 1,330 | 1,764 | -5,458 | -4,996 | ||||||||||||||||||||||||||||||
Amounts due from banks |
43,034 | 47,262 | 43,027 | 47,256 | 7 | 6 | ||||||||||||||||||||||||||||||||||
Financial assets at fair value through P&L |
239,076 | 257,076 | 133,722 | 147,012 | 27,583 | 29,175 | 78,103 | 81,192 | -332 | -304 | ||||||||||||||||||||||||||||||
Investments |
192,677 | 196,506 | 79,119 | 77,418 | 56,032 | 58,172 | 57,512 | 60,900 | 14 | 15 | ||||||||||||||||||||||||||||||
Loans and advances to customers |
556,266 | 566,464 | 529,165 | 541,158 | 16,969 | 17,208 | 8,472 | 8,699 | 1,660 | -602 | ||||||||||||||||||||||||||||||
Reinsurance contracts |
5,129 | 5,266 | 273 | 283 | 4,855 | 4,983 | ||||||||||||||||||||||||||||||||||
Investments in associates |
2,101 | 2,284 | 864 | 901 | 869 | 881 | 70 | 73 | 298 | 429 | ||||||||||||||||||||||||||||||
Real estate investments |
1,219 | 1,224 | 151 | 153 | 790 | 793 | 6 | 6 | 272 | 272 | ||||||||||||||||||||||||||||||
Property and equipment |
2,627 | 2,689 | 2,311 | 2,359 | 180 | 189 | 136 | 141 | ||||||||||||||||||||||||||||||||
Intangible assets |
2,748 | 2,691 | 1,694 | 1,777 | 404 | 420 | 808 | 652 | -158 | -158 | ||||||||||||||||||||||||||||||
Deferred acquisition costs |
5,212 | 4,810 | 725 | 745 | 4,486 | 4,065 | ||||||||||||||||||||||||||||||||||
Other assets |
25,829 | 25,620 | 18,919 | 18,768 | 4,281 | 3,942 | 2,720 | 2,695 | -91 | 215 | ||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||
Total assets excl.assets held for sale |
1,094,617 | 1,124,708 | 825,900 | 847,356 | 114,007 | 117,302 | 158,498 | 165,169 | -3,788 | -5,123 | ||||||||||||||||||||||||||||||
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|
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|
|
|||||||||||||||||||||
Assets held for sale |
48,981 | 56,012 | 4,033 | 3,795 | 48,068 | 55,019 | -3,120 | -2,802 | ||||||||||||||||||||||||||||||||
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|
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|
|
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|
|
|
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|
|
|||||||||||||||||||||
Total assets |
1,143,598 | 1,180,720 | 829,933 | 851,152 | 162,075 | 172,321 | 158,498 | 165,169 | -6,908 | -7,922 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Equity |
||||||||||||||||||||||||||||||||||||||||
Shareholders equity |
49,881 | 54,438 | 34,424 | 36,548 | 16,553 | 18,253 | 9,763 | 10,091 | -10,859 | -10,454 | ||||||||||||||||||||||||||||||
Minority interests |
3,885 | 1,133 | 835 | 873 | 67 | 70 | 182 | 170 | 2,801 | 20 | ||||||||||||||||||||||||||||||
Non-voting equity securities |
2,250 | 2,250 | 2,250 | 2,250 | ||||||||||||||||||||||||||||||||||||
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|
|
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|
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|
|
|
|||||||||||||||||||||
Total equity |
56,016 | 57,821 | 35,260 | 37,421 | 16,620 | 18,323 | 9,945 | 10,262 | -5,808 | -8,185 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||||||||||||||
Subordinated loans |
8,645 | 8,883 | 15,467 | 15,840 | 3,500 | 3,500 | -10,322 | -10,457 | ||||||||||||||||||||||||||||||||
Debt securities in issue |
139,904 | 146,535 | 129,963 | 137,082 | 2,486 | 1,949 | 7,455 | 7,504 | ||||||||||||||||||||||||||||||||
Other borrowed funds |
12,227 | 13,815 | 2,541 | 3,240 | 195 | 1,063 | 9,491 | 9,512 | ||||||||||||||||||||||||||||||||
Insurance and investment contracts |
228,934 | 236,028 | 90,018 | 92,472 | 138,884 | 143,524 | 32 | 32 | ||||||||||||||||||||||||||||||||
Amounts due to banks |
35,156 | 37,425 | 35,156 | 37,425 | ||||||||||||||||||||||||||||||||||||
Customer deposits and other funds on deposits |
470,955 | 470,645 | 475,672 | 474,446 | -4,717 | -3,800 | ||||||||||||||||||||||||||||||||||
Financial liabilities at fair value through P&L |
117,680 | 127,845 | 115,052 | 124,942 | 632 | 625 | 2,289 | 2,684 | -293 | -405 | ||||||||||||||||||||||||||||||
Other liabilities |
29,147 | 31,247 | 19,622 | 20,434 | 4,607 | 4,475 | 4,701 | 5,689 | 217 | 649 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Total liabilities excl. liabilities held for sale |
1,042,648 | 1,072,423 | 790,931 | 810,169 | 101,298 | 104,311 | 148,553 | 154,907 | 1,863 | 3,036 | ||||||||||||||||||||||||||||||
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|
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|
|||||||||||||||||||||
Liabilities held for sale |
44,934 | 50,476 | 3,742 | 3,562 | 44,158 | 49,688 | -2,966 | -2,774 | ||||||||||||||||||||||||||||||||
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|
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|
|||||||||||||||||||||
Total liabilities |
1,087,582 | 1,122,899 | 794,673 | 813,731 | 145,456 | 153,999 | 148,553 | 154,907 | -1,103 | 261 | ||||||||||||||||||||||||||||||
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|
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|
|
|
|
|
|
|||||||||||||||||||||
Total equity and liabilities |
1,143,598 | 1,180,720 | 829,933 | 851,152 | 162,075 | 172,321 | 158,498 | 165,169 | -6,908 | -7,922 | ||||||||||||||||||||||||||||||
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|
|
1 | The figures of this period have been adjusted to reflect the transfer of part of WUB assets and liabilities to assets/liabilities held for sale |
14 | ING GROUP PRESS RELEASE 2Q2013 |
APPENDIX 3 RETAIL BANKING: CONSOLIDATED PROFIT AND LOSS ACCOUNT
Retail Banking: Consolidated profit and loss account
Retail Banking Benelux | Retail International | |||||||||||||||||||||||||||||||||||||||
Total Retail Banking | Netherlands | Belgium | Germany | Rest of World | ||||||||||||||||||||||||||||||||||||
in EUR million |
2Q2013 | 2Q20121 | 2Q2013 | 2Q20121 | 2Q2013 | 2Q20121 | 2Q2013 | 2Q2012 | 2Q2013 | 2Q20121 | ||||||||||||||||||||||||||||||
Profit & loss |
||||||||||||||||||||||||||||||||||||||||
Interest result |
2,121 | 1,980 | 893 | 844 | 440 | 431 | 322 | 284 | 467 | 420 | ||||||||||||||||||||||||||||||
Commission income |
330 | 316 | 117 | 128 | 90 | 86 | 28 | 20 | 94 | 82 | ||||||||||||||||||||||||||||||
Investment income |
3 | 4 | 1 | 2 | 0 | 0 | 0 | -8 | 2 | 10 | ||||||||||||||||||||||||||||||
Other income |
99 | -93 | 13 | 0 | 39 | 25 | 3 | -8 | 44 | -110 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Total underlying income |
2,552 | 2,207 | 1,024 | 974 | 569 | 543 | 352 | 287 | 607 | 402 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Staff and other expenses |
1,508 | 1,438 | 560 | 551 | 364 | 326 | 173 | 162 | 412 | 398 | ||||||||||||||||||||||||||||||
Intangibles amortisation and impairments |
9 | 4 | 7 | 4 | 2 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
Operating expenses |
1,518 | 1,442 | 567 | 555 | 366 | 326 | 173 | 162 | 412 | 398 | ||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Gross result |
1,035 | 765 | 457 | 420 | 202 | 217 | 179 | 124 | 195 | 4 | ||||||||||||||||||||||||||||||
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|||||||||||||||||||||
Addition to loan loss provision |
370 | 261 | 218 | 161 | 41 | 28 | 21 | 25 | 91 | 48 | ||||||||||||||||||||||||||||||
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Underlying result before tax |
664 | 504 | 240 | 259 | 161 | 189 | 159 | 100 | 105 | -44 | ||||||||||||||||||||||||||||||
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Client balances (in EUR billion)2 |
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Residential Mortgages |
282.6 | 282.5 | 143.6 | 142.5 | 30.4 | 29.8 | 60.4 | 58.2 | 48.2 | 52.0 | ||||||||||||||||||||||||||||||
Other Lending |
97.1 | 95.1 | 38.4 | 41.1 | 35.5 | 32.7 | 4.1 | 3.6 | 19.1 | 17.7 | ||||||||||||||||||||||||||||||
Funds Entrusted |
393.6 | 369.6 | 119.5 | 113.8 | 80.2 | 73.8 | 102.2 | 91.9 | 91.7 | 90.2 | ||||||||||||||||||||||||||||||
AUM/Mutual Funds |
56.4 | 53.1 | 16.8 | 15.3 | 25.8 | 25.5 | 6.4 | 5.9 | 7.4 | 6.4 | ||||||||||||||||||||||||||||||
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Profitability and efficiency2 |
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Cost/income ratio |
59.5 | % | 65.3 | % | 55.3 | % | 56.9 | % | 64.4 | % | 60.0 | % | 49.0 | % | 56.6 | % | 67.8 | % | 99.1 | % | ||||||||||||||||||||
Return on equity based on 10.0% core Tier 13 |
13.2 | % | 10.2 | % | 13.1 | % | 15.8 | % | 21.6 | % | 27.3 | % | 19.7 | % | 12.2 | % | 6.2 | % | -2.9 | % | ||||||||||||||||||||
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Risk2 |
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Risk costs in bp of average RWA |
105 | 73 | 158 | 129 | 81 | 55 | 38 | 45 | 83 | 37 | ||||||||||||||||||||||||||||||
Risk-weighted assets (end of period) |
141,770 | 145,122 | 56,530 | 50,579 | 20,739 | 20,403 | 21,850 | 21,863 | 42,651 | 52,277 |
1 | The comparative figures of this period have been restated to reflect the new pension accounting requirements under IFRS, which took effect on 1 January 2013 |
2 | Key figures based on underlying figures |
3 | Underlying after-tax return divided by average equity based on 10.0% core Tier 1 ratio (annualised) |
ING GROUP PRESS RELEASE 2Q2013 | 15 |
APPENDIX 4 COMMERCIAL BANKING: CONSOLIDATED PROFIT AND LOSS ACCOUNT
Commercial Banking: Consolidated profit and loss account
Total Commercial Banking |
Industry Lending | General Lending & Transaction Services |
Financial Markets | Bank Treasury, Real Estate & Other |
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in EUR million |
2Q2013 | 2Q20121 | 2Q2013 | 2Q20121 | 2Q2013 | 2Q20121 | 2Q2013 | 2Q20121 | 2Q2013 | 2Q20121 | ||||||||||||||||||||||||||||||
Profit & loss |
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Interest result |
757 | 853 | 387 | 390 | 239 | 268 | 123 | 125 | 8 | 71 | ||||||||||||||||||||||||||||||
Commission income |
253 | 258 | 124 | 132 | 98 | 88 | 30 | 41 | 1 | -2 | ||||||||||||||||||||||||||||||
Investment income |
49 | 21 | 15 | 7 | 0 | 9 | 5 | -2 | 29 | 7 | ||||||||||||||||||||||||||||||
Other income excl. CVA/DVA |
192 | 177 | -18 | -18 | 5 | 6 | 153 | 152 | 52 | 36 | ||||||||||||||||||||||||||||||
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Underlying income excl. CVA/DVA |
1,251 | 1,310 | 507 | 511 | 342 | 371 | 312 | 316 | 90 | 111 | ||||||||||||||||||||||||||||||
Other income - DVA on structured notes |
34 | 97 | 34 | 97 | ||||||||||||||||||||||||||||||||||||
Other income - CVA/DVA on derivatives |
45 | -117 | 45 | -117 | ||||||||||||||||||||||||||||||||||||
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Total underlying income |
1,330 | 1,290 | 507 | 511 | 342 | 371 | 391 | 296 | 90 | 111 | ||||||||||||||||||||||||||||||
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Staff and other expenses |
543 | 533 | 111 | 104 | 176 | 173 | 195 | 208 | 61 | 48 | ||||||||||||||||||||||||||||||
Intangibles amortisation and impairments |
10 | 44 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 44 | ||||||||||||||||||||||||||||||
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Operating expenses |
553 | 577 | 111 | 104 | 176 | 173 | 195 | 208 | 71 | 93 | ||||||||||||||||||||||||||||||
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Gross result |
778 | 713 | 396 | 407 | 166 | 199 | 196 | 88 | 20 | 19 | ||||||||||||||||||||||||||||||
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Addition to loan loss provision |
245 | 278 | 155 | 223 | 44 | 16 | -1 | 0 | 47 | 40 | ||||||||||||||||||||||||||||||
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Underlying result before tax |
532 | 434 | 241 | 185 | 122 | 183 | 197 | 88 | -28 | -21 | ||||||||||||||||||||||||||||||
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Client balances (in EUR billion)2 |
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Residential Mortgages |
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Other Lending |
125.0 | 137.2 | 74.4 | 77.3 | 39.3 | 45.8 | 1.6 | 2.3 | 9.6 | 11.9 | ||||||||||||||||||||||||||||||
Funds Entrusted |
73.5 | 58.0 | 0.8 | 1.5 | 35.8 | 32.9 | 3.9 | 3.1 | 33.0 | 20.4 | ||||||||||||||||||||||||||||||
AUM/Mutual Funds |
0.2 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.2 | ||||||||||||||||||||||||||||||
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Profitability and efficiency2 |
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Cost/income ratio |
41.5 | % | 44.8 | % | 21.9 | % | 20.3 | % | 51.4 | % | 46.5 | % | 49.8 | % | 70.4 | % | 78.3 | % | 83.1 | % | ||||||||||||||||||||
Return on equity based on 10.0% core Tier 13 |
12.4 | % | 9.8 | % | 15.4 | % | 14.1 | % | 9.2 | % | 12.8 | % | 22.6 | % | 8.2 | % | -11.0 | % | -8.1 | % | ||||||||||||||||||||
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Risk2 |
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Risk costs in bp of average RWA |
76 | 82 | 118 | 204 | 47 | 15 | -1 | 0 | 141 | 106 | ||||||||||||||||||||||||||||||
Risk-weighted assets (end of period) |
130,128 | 134,647 | 54,860 | 43,399 | 36,674 | 42,883 | 25,317 | 33,402 | 13,277 | 14,964 |
1 | The comparative figures of this period have been restated to reflect the new pension accounting requirements under IFRS, which took effect on 1 January 2013 |
2 | Key figures based on underlying figures |
3 | Underlying after-tax return divided by average equity based on 10.0% core Tier 1 ratio (annualised) |
16 | ING GROUP PRESS RELEASE 2Q2013 |
APPENDIX 5 INSURANCE EURASIA: MARGIN ANALYSIS AND KEY FIGURES
Insurance EurAsia: Margin analysis and key figures
Total EurAsia | Benelux | Central & Rest of Europe | Investment Management | Corporate Line EurAsia | ||||||||||||||||||||||||||||||||||||
In EUR million |
2Q2013 | 2Q20121 | 2Q2013 | 2Q20121 | 2Q2013 | 2Q2012 | 2Q2013 | 2Q20121 | 2Q2013 | 2Q2012 | ||||||||||||||||||||||||||||||
Insurance - Margin analysis |
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Investment margin |
194 | 196 | 184 | 180 | 10 | 15 | 0 | 2 | ||||||||||||||||||||||||||||||||
Fees and premium-based revenues |
351 | 355 | 125 | 143 | 109 | 103 | 117 | 109 | ||||||||||||||||||||||||||||||||
Technical margin |
105 | 99 | 69 | 56 | 36 | 43 | | | ||||||||||||||||||||||||||||||||
Income non-modelled life business |
6 | 6 | -0 | 1 | 6 | 5 | 0 | -0 | ||||||||||||||||||||||||||||||||
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Life Insurance & Investment Management operating income |
657 | 658 | 378 | 381 | 162 | 166 | 117 | 111 | ||||||||||||||||||||||||||||||||
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Administrative expenses |
279 | 288 | 136 | 142 | 67 | 68 | 76 | 78 | ||||||||||||||||||||||||||||||||
DAC amortisation and trail commissions |
95 | 98 | 37 | 44 | 58 | 54 | 0 | 0 | ||||||||||||||||||||||||||||||||
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Life Insurance & Investment Management expenses |
374 | 387 | 173 | 187 | 125 | 122 | 76 | 78 | ||||||||||||||||||||||||||||||||
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Life Insurance & Investment Management operating result |
283 | 271 | 205 | 194 | 37 | 44 | 41 | 33 | ||||||||||||||||||||||||||||||||
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Non-life operating result |
45 | 36 |