ING en pérdidas en 2009

ING ha tenido una pérdida en el cuarto trimestre de 712 millones de euros duplicando las pérdidas esperadas. ING ha devuelto en este último trimestre los 5.000 millones de euros que había recibido en ayuda del gobierno holandés.
La sección de banca ganó 132 millones de euros antes de impuestos, muy por debajo del pronóstico de 317 millones de euros. Las provisiones por créditos han sido de 686 millones de euros, sin embargo, menos de lo esperado.

Por el lado de la sección de seguros, ha registrado una pérdida de 47 millones de euros, cuando se esperaba un beneficio de 380 millones de euros.

Más información puede verse en  la web de ING:

ING posts underlying net profit of EUR 748 million in 2009

ING returns to profi t in 2009: full-year underlying net result EUR 748 million vs. EUR -304 million in 2008
Negative market impacts of EUR 4,742 million, down from EUR 6,674 million in 2008
The full-year 2009 net result was EUR -935 million, or EUR -0.44 per share, including divestments and special items
4Q09 underlying net profi t of EUR 74 million, vs. a loss of EUR 3,093 million in 4Q08
Negative market impacts decrease sharply to EUR 992 million vs. peak of EUR 5,045 million in 4Q08
Result excluding market impacts, risk costs and variable annuity assumption changes was EUR 2,106 million, up 65% from 4Q08
Special items includes EUR -930 million related to an accrual of additional future payments to the Dutch State for the Alt-A facility
Divestments and special items brought 4Q09 net result to EUR -712 million or EUR -0.33 per share
Bank posts 4Q underlying profi t before tax of EUR 132 million vs. loss of EUR 1,841 million in 4Q08
Negative market impacts decrease to EUR 992 million from EUR 2,262 million in 4Q08
Loan loss provisions increase to EUR 686 million in fourth quarter from EUR 576 million a year earlier
Result excluding market impacts and risk costs up sharply to EUR 1,810 million from EUR 998 million in 4Q08
Insurance posts 4Q underlying loss before tax of EUR 47 million vs. EUR 2,502 million loss in 4Q08
Market impacts netted to nil compared with EUR -2,783 million in 4Q08
Lapse assumption changes in US and Japanese variable annuity books lead to EUR 343 million charge in 4Q09
Excluding market impacts and variable annuity assumption changes, results increase to EUR 296 million from EUR 281 million
First phase of Back to Basics programme completed with all targets exceeded and risks reduced
Operating expenses cut by EUR 1.5 billion in 2009 on a comparable basis
Balance sheet of ING Bank reduced by 18%, or EUR 194 billion, vs. September 2008
Shareholders’ equity increases by EUR 7.3 billion to EUR 33.9 billion, or EUR 8.95 per share, in 4Q09
Successful EUR 7.5 billion rights issue enabled ING to repay half of Dutch State capital support
Bank’s core Tier 1 ratio improves to 7.8%; debt/equity ratio for Group and Insurance reduced to 12.4% and 9.7%, respectively
ING will not pay a dividend over 2009

“2009 was a tumultuous year for financial markets, and for ING,” said Jan Hommen, CEO of ING Group. “Yet even in this challenging environment, we made great strides to improve our operating performance, cut expenses and return to profi t on an underlying basis.”

“Although asset impairments and revaluations continued to have a substantial impact on ING’s results, market conditions improved gradually through the course of 2009, and the negative impact of market volatility was substantially lower in the fourth quarter than a year ago. Loan loss provisions at the Bank increased from a year earlier, but were roughly in line with the fi rst three quarters of the year. Excluding those impacts, the Bank showed a strong commercial performance, supported by improved interest margins, higher results from Financial Markets and cost reduction. Insurance results were impacted by assumption changes in the variable annuity books in the US and Japan as fewer customers surrendered their policies, while investment margins remained under pressure following derisking measures taken earlier in the year. The net loss in the quarter reflects an accrual of additional future payments to the Dutch State for the Alt-A facility as part of the agreement with the European Commission which we announced in October.”

“We have made structural improvements in our operating performance, while reducing risks and leverage on our balance sheet. The first phase of our Back to Basics programme, which we launched at the beginning of last year, has been successfully completed with all targets exceeded. We reduced our operating expenses by EUR 1.5 billion on a comparable basis, surpassing the original cost reduction target by 50%. The balance sheet of the Bank was reduced by 18% from September 2008, or by EUR 194 billion, exceeding the 10% target. In one year, Back to Basics has helped make ING a more efficient and less leveraged institution with a lower risk profile, and that’s an achievement our management can be proud of. In the fourth quarter we were also able to raise equity to repay half of the capital support received from the Dutch State and further strengthen our capital position, marking an important milestone on our road to recovery.”

“The Back to Basics programme culminated in the decision to separate our banking and insurance activities as part of the restructuring plan agreed with the European Commission. While we are now appealing the proportionality of this agreement in the context of a level playing field in Europe, we will move ahead with the separation, which we believe is the right strategy to position both businesses as we emerge from the financial crisis.”

“2010 will be a year of transition, and it will not be without challenges, as we work towards the operational separation of the banking and insurance businesses. We will approach this process with the utmost care and diligence to ensure an orderly and equitable separation. At the same time we will continue to work to improve the performance of both parts of the business for our shareholders and our customers, by rationalising our product offering, simplifying our processes and investing in further improvements in customer service. Through this process we will create strong and independent companies that can go forward to forge their own futures.”