16.02.2011 06:59
ING Group: ING posts 2010 underlying net profit of EUR 3,893 million
ING Group full-year underlying net profit rises fourfold to EUR 3,893 million from EUR 974 million in 2009
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ING Group full-year 2010 net result EUR 3,220 million, or EUR 0.85 per share, including divestments and special items
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Group 4Q10 underlying net profit of EUR 644 million vs. EUR 90 million in 4Q09 and EUR 1,032 million in 3Q10
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4Q10 net result EUR 433 million, or EUR 0.11 per share, vs. net loss of EUR 712 million in 4Q09
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ING will not pay a dividend over 2010 given the financial environment, regulatory requirements and priority to repay Dutch State
Bank continues strong performance with 4Q10 underlying profit before tax of EUR 1,479 million vs. EUR 163 million in 4Q09
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Net interest margin increases to 1.47%, up 6 basis points, supported by healthy margins on savings and lending
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Risk costs increase in 4Q10 after three quarters of decline to EUR 415 million, or 51 basis points of average risk-weighted assets
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Cost/income ratio improves to 57.2% vs. 74.5% in 4Q09; full-year 2010 cost/income ratio of 56.0% vs. 68.7% in 2009
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Core Tier 1 ratio rises to 9.6% from 9.0% at the end of 3Q10; EUR 5.9 billion core Tier 1 capital generated in 2010
Insurance 4Q10 operating result of EUR 438 million shows improvement vs. EUR 303 million in 4Q09
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Investment spread rises to 93 bps vs. 83 bps in 4Q09 driven by the Netherlands and the US
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Underlying result before tax EUR -690 million mainly due to EUR 975 million DAC write-down in US Closed Block Variable Annuity (VA)
Previously announced measures implemented to more closely align Insurance US reporting with US peers
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DAC write-down of EUR 975 million in US Closed Block VA booked in 4Q10
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EUR -0.7 billion equity impact from move towards fair-value accounting for reserves as of 1 Jan 2011 came in lower than expected
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US Closed Block VA reserve adequacy reinforced as of 1 January 2011 with a significant buffer above the 50% confidence level
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