Dutch banking major ING Group has reported underlying net profit of EUR4.21bn for 2015, a 23.2% increase compared to EUR3.42bn in 2014.
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The group’s total underlying income was EUR16.5bn, an increase of 8.2% compared with EUR15.3bn in 2014.
The Dutch group’s operating expenses during the period increased to EUR9.2bn from EUR8.9bn a year ago.
The group recorded full-year 2015 net result of EUR4.01bn compared to EUR1.25bn in the year ago period.
The Dutch bank proposes to pay final cash dividend of EUR 0.41 per ordinary share, following interim dividend of EUR 0.24 in August 2015
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By GlobalDataThe bank said that its 2015 underlying result before tax was EUR5.9bn compared to EUR4.7bn a year ago. Underlying cost/income ratio improved to 55.9% in 2015 from 58.7% in 2014.
ING Group CEO Ralph Hamers said: "ING Bank recorded an underlying net profit of EUR 4,219 million in 2015, which is 23.2% higher than in 2014.
"This improvement was primarily driven by higher interest results on the back of strong lending growth and lower risk costs, and despite a substantial increase in regulatory costs. ING Bank’s full-year underlying return on equity rose to 10.8% from 9.9% in 2014.
"Our capital position continued to strengthen and the fully-loaded CET1 ratios of ING Group and ING Bank were 12.7% and 11.6%, respectively, at year-end. We are pleased to propose a full-year 2015 dividend of EUR 0.65 per share, comprising the previously announced interim dividend of EUR 0.24 and a final dividend of EUR 0.41 per share."
