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ING Commercial Banking Strong Performance Through the Financial Crisis

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ING Commercial Banking Strong Performance Through the Financial Crisis ING Commercial Banking Strong performance through the financial crisis ING Benelux Conference William Connelly CEO Commercial Banking Paris – 27 May 2011 www.ing.com ING Bank is making good progress on Ambition 2013, supported by strong results from Commercial Banking • ING Bank is a liability driven Bank with a European footprint • Bank is making good progress on Ambition 2013 • Bank core Tier 1 ratio increased to 10.0% as a result of strong capital generation • Commercial Banking performed well during the crisis and is well positioned for the future • One bank, one balance sheet ING Benelux Conference - 27 May 2011 2 ING Bank has a European footprint and strong growth potential ING Direct active in the ING Retail is #2 bank in United States and Canada Netherlands and #4 in Belgium, also active in Central Eastern Europe ING Retail active in China, India and Thailand ING Commercial Banking has an international network in 40 countries With key positions in ING Direct active in Structured Finance and Austria, France, Germany, Financial Markets Spain, Italy and the UK ING Direct in Australia ING Benelux Conference - 27 May 2011 3 ING Bank is a liability driven Bank Large deposit base (31 Dec 2010, EUR bln) Funds Entrusted (31 Mar 2011) HSBC 916 12% RBS 707 5% Santander 581 35% BNP Paribas 553 Deutsche Bank 534 ING Bank 519 Credit Agricole 501 Lloyds 457 48% Intesa Sanpaolo 427 Barclays 401 Unicredit 394 Retail Banking Benelux Societe Generale 337 Rabobank 299 Retail Banking Direct BBVA 276 Retail Banking CEE & Asia UBS 266 Commercial Banking Commerzbank 263 Credit Suisse 230 • ING’s deposit base is among Standard 229 KBC 198 the largest in Europe Nordea 176 • Almost 50% of total funds Dexia 127 entrusted is from ING Direct Erste Bank 117 Source: Latest available company financials and results presentation ING Benelux Conference - 27 May 2011 4 Bank is making good progress on Ambition 2013 ING Benelux Conference - 27 May 2011 5 Bank is making good progress on Ambition 2013 Underlying income (EUR million) Underlying cost/income ratio (%) +9.6% +7.9% 6,000 80% Target 68.7% 4,000 CAGR 60% 56.0% 2,000 2010-13: 55.0% 5% Target: 50% 0 40% 2009 2010 1Q11 FY09 FY10 1Q11 Underlying risk costs in bps of RoE (YTD, %) average RWA 25% 20.3% 100 20% 17.6% 13.1% 13.7% Target*: 75 15% 13-15% 10% 50 Normalised: 5.0%4.3% 85 40-45 bps 5% 25 53 42 0% 0 FY09 FY10 1Q11 FY09 FY10 1Q11 Equity based on CT1 ratio of 7.5% IFRS-EU equity * Target assumes average equity based on core Tier 1 ratio of 7.5%. ING Benelux Conference - 27 May 2011 6 ING Bank continued its strong growth momentum in 1Q11 Bank results (in EUR mln) Addition to loan loss Underlying result Gross result* + provisions = before tax 2,072 2,027 1,607 1,695 1,779 1,868 1,894 1,494 1,479 1,282 -332 -374 -415 -465 -497 1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11 • Gross result increased 13.9% from 1Q10, driven by strong income growth at ING Direct and Commercial Banking • Risk costs continued to trend downward towards more normalised levels * Gross result = underlying income - underlying expenses ING Benelux Conference - 27 May 2011 7 Net interest margin remained healthy Interest margin by quarter* (in bps) Interest result (in EUR bln) 147 933 955 950 933 928 142 141 144 136 3.5 130 3.4 3.4 127 126 3.3 3.3 118 123 1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11 ING Bank ING Direct Interest result B/S total (end of quarter) Interest margin development (in bps) Interest result supported by higher margins and growth in client balances 147 -1 -2 • Interest result rose 4.1% compared with 144 1Q10 driven by growth in client balances and higher interest margins in most areas • Compared with 4Q10, margins for 4Q10 Retail Retail Direct 1Q11 mortgages and savings in the Benelux are Benelux & International somewhat under pressure * Interest margin is defined as the Bank’s total interest result divided by average total Bank assets ING Benelux Conference - 27 May 2011 8 Risk costs continued to trend downward towards more normalised levels Additions to loan loss provisions* • Net addition to loan (bps average RWA) trending down loss provisions of EUR 332 mln or 42 122 114 bps of average RWA 107 100 in 1Q11 • For the coming 100 77 81 80 69 quarters, risk costs 90 63 78 82 as a percentage of 60 RWA are expected 55 51 44 to remain below the 42 average level of 2010 • Through the cycle -16 -17 -19 we expect risk costs -22 -22 -26 -33 -29 -28 of 40-45 bps of 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 average RWA under Basel II Gross additions Releases Net additions * Not adjusted for divestments and special items ING Benelux Conference - 27 May 2011 9 Retail Banking results increased sharply versus 1Q10, driven by higher income at ING Direct Underlying result before tax (in EUR mln) Retail Total Retail Netherlands ING Direct 944 1,008 977 867 806 359 356 377 377 406 412 363 372 304 269 1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11 Retail Belgium Retail Central Europe Retail Asia 174 153 140 140 91 45 44 56 27 39 36 19 15 10 19 1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11 ING Benelux Conference - 27 May 2011 10 Very strong performance Commercial Banking; Real Estate continued to be profitable Underlying pre-tax profit Commercial Underlying pre-tax profit Real Estate Banking excl. Real Estate (EUR million) (EUR million) 80 70 383 376 223 55 264 -9 -25 479 371 390 307 304 -109 1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11 Financial Markets GL&PCM, SF, L&F and other* • Commercial Banking (excluding Real Estate) posted record results in 1Q11, driven by a strong performance in Structured Finance and Leasing, as well as higher customer activity in Financial Markets • ING Real Estate had another quarter with a positive underlying result, reflecting the further improvement of real estate markets * General Lending & Payments and Cash Management (GL&PCM), Structured Finance (SF), Leasing & Factoring (L&F) and other ING Benelux Conference - 27 May 2011 11 Strong capital generation ING Benelux Conference - 27 May 2011 12 Bank core Tier 1 ratio increased to 10.0% as a result of strong capital generation ING Bank Tier 1 ratio Core Tier 1 capital surplus generation* (in EUR bln) 12.2% 12.6% 10.9% 11.2% 11.6% 0.5 1.0 0.1 1.3 1.1 1.1 1.0 1.2 -0.1 -0.1 9.6% 10.0% 8.4% 8.6% 9.0% 1Q10 2Q10 3Q10 4Q10 1Q11 Change of required capital (RWA movement at constant FX) 31/03/10 30/06/10 30/09/10 31/12/10 31/03/11 Net profit before minority interest * Core Tier-1 capital generated is defined as net result before Core Tier 1 Tier 1 minority interest minus 7.5% * RWA growth at constant FX • Core Tier 1 ratio increased to 10.0%, • Bank generated EUR 1.0 bln of core from 8.4% at 31 March 2010 Tier 1 capital at constant FX in 1Q11 • Strong profit contribution was partly offset by a rise in RWA at constant FX ING Benelux Conference - 27 May 2011 13 Second tranche of state aid has been repaid out of retained earnings from the Bank Core Tier I securities from Dutch State (EUR bln) 10.0 0.4 0.6 2.0 5.0 5.0 10.0 1.0 7.0 1.5* 2.0 3.0 0.0 October Paid May Paid Paid in May Total paid in Intention to 2008 2009 December 2011 May 2011 pay by May 2009 2012 Core Tier I securities Premium & Coupon payments • On13 May 2011, ING repurchased EUR 2 bln of core Tier 1 securities from the Dutch State • The total payment was EUR 3 bln and included a 50% repurchase premium • The payment to the State reduced the Core Tier 1 ratio by approximately 95 basis points • Based on ING’s capital position on 31 March 2011 (core Tier I ratio of 10.0%), the repurchase resulted in a core Tier 1 ratio of 9.1% on a pro-forma basis • Provided that the strong capital generation continues, ultimately by May 2012, ING intends to repurchase the remaining EUR 3 bln core Tier 1 securities from own resources, on terms that are acceptable to all stakeholders * Indicative, based on 50% premium ING Benelux Conference - 27 May 2011 14 ING Commercial Banking ING Benelux Conference - 27 May 2011 15 ING Commercial Banking performed well during the crisis and is well positioned for the future ING Commercial Banking excluding Real Estate: • Performed well during the crisis • Good risk management • Strict cost discipline • RWA and lending asset growth will be managed prudently • Continues to focus on areas of strength and is well positioned for the future • Leading position in the Benelux and CEE • Leading position in specialised finance activities such as Structured Finance • Leading positions in FM in Benelux and Emerging Markets • Is vital for the success of the One Bank strategy ING Benelux Conference - 27 May 2011 16 Commercial Banking performed well during the crisis ING Benelux Conference - 27 May 2011 17 Commercial Banking continued to perform well during the crisis Underlying income* (EUR mln) Underlying income* 2010 4% 4,957 4,949 9% 35% Financial Markets 3,566 3,660 Structured Finance GLP & PCM 23% Leasing & Factoring Other 2007 2008 2009 2010 29% Underlying result before tax* (EUR mln) ROE*,** (%) 2,379 2,107 25.3% 18.8% 1,395 15.3% 910 6.0% 2007 2008 2009 2010 2008 2009 2010 1Q11 * Commercial Banking excluding Real Estate ** Return on Equity = Underlying after-tax return divided by equity based on average 7.5% core Tier 1 ratio (annualised) ING Benelux Conference - 27 May 2011 18 Financial Markets remained profitable during the crisis despite decrease in Value at Risk Underlying result before tax (EUR mln) Income by product (EUR mln) 1,289 356 384 919 92 128 1,567 1,316 300 355 891 936
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