| ING posts 2011 underlying net profit of EUR 3,675 million |
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09/02/2012 08:16 (104 Day 06:18 minutes ago) | |||||
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The FINANCIAL -- ING Group’s full-year 2011 net result was EUR 5,766 million, or EUR 1.52 per share, according to ING Groep N.V., including divestments, discontinued operations and special items. The 4Q11 underlying net result was EUR -516 million. The 4Q11 net result was EUR 1,186 million, or EUR 0.31 per share.
Bank underlying result before tax came in at EUR 793 million in 4Q11, including EUR 79 million of realised losses from selective de-risking at ING Direct and EUR 133 million of re-impairments on Greek government bonds. Despite pressure on savings margins, the net interest margin rose to 1.42% from 1.37% in 3Q11. Risk costs were EUR 530 million, or 65 bps of average RWA, mainly reflecting higher losses on mid-corporate and SME lending in the Benelux
Insurance underlying loss before tax was EUR 1,348 million in 4Q11, mainly reflecting the previously announced charge for the US Closed Block VA assumption changes, as well as losses on hedges in place to protect regulatory capital. The operating result rose 20.4% from 4Q10 to EUR 478 million driven by a higher investment margin, a decline in expenses and lower interest costs. The investment spread rose to 106 bps fuelled primarily by the Benelux. Given the uncertain financial environment, increasing regulatory requirements and ING’s priority to repay the Dutch State, the Executive Board will not propose to pay a dividend over 2011 at the annual General Meeting in May 2012.
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