In a still very difficult economic and financial context, ING Luxembourg’s net profit for 2012 rose to EUR 120.9 million allowing the Bank to perform well, to confirm the development of its activities and to continue participating in the financing of the Luxembourg economy.

All of ING Luxembourg’s business areas have contributed to this performance.

Despite the European sovereign debt crisis, the economic downturn and several new regulations, Private Banking delivered a solid performance and ends the year 2012 with an income rise (+8%).

The segment Retail Banking continues to deliver a significant contribution to the Bank’s overall result. Reorganised in 2012 in order to better serve the client, Retail Banking was marked by a significant increase in the number of clients (16.7%). An increase of 16.9% in retail credits to private individuals and to local companies is very noteworthy as well for the year 2012. The range of online services has been expanded and the number of ING Orange Accounts sold, ING Luxembourg’s free online account, has also increased.

In 2012, Commercial Banking – Corporate recorded a significant increase in results (+14.4%) and a record rise in the number of clients (+26.9%). Besides, a NPS satisfaction survey on how clients assess ING Luxembourg’s services was conducted in 2012 by the Corporate & Institutional Banking Department. The positive and constructive feedback received after the survey will be used in 2013 to further improve the Bank’s service to companies.

2012 was excellent for Commercial Banking – Financial Markets and the income level exceeded expectations. There has been a growth in the acquisition of clients and we have seen the trust they have in ING strengthen considerably. This is explained, among others, by an intermediation activity in progress and a solid balance sheet management.

ING Lease has seen an increase of volumes (+9%) as well as the implementation of several innovating projects that simplify the access for companies to leasing solutions offered by ING. ING Luxembourg’s subsidiary has also successfully participated in the program launched by the European Bank of Investment, intended to help SME. ING Lease has therefore strongly stimulated the economy of the Grand Duchy.

ING Luxembourg, an expanding local bank!
During the press conference, Rik Vandenberghe, CEO ING Luxembourg, commented: “Despite a context that is particularly difficult for the Luxembourg banking sector, we can be once again very proud of the development of our activities. In 2012 ING Luxembourg has, for instance, been able to further increase its workforce and hire 40 collaborators. Profiting from the know-how of an international group, this favourable situation allows us to continue stimulating our local activity, as the significant rise in credits to private individuals and local companies that ING Luxembourg recorded in 2012 shows us. Our willingness to strengthen our local roots in the grand Duchy of Luxembourg has recently been confirmed by the announcement of the location of our future headquarters in the heart of the capital, where the Galerie Kons can currently be found: Place de la Gare”.

In addition to presenting ING Luxembourg’s 2012 results, Rik Vandenberghe also introduced his successor, Luc Verbeken, who manifested being very happy to join the Luxembourg entity in March: “ING Luxembourg is a very active bank on the market and has a bright future ahead, which is confirmed by the results that are presented today. I am therefore very eager and enthusiast to take over the reins of ING Luxembourg.”

ING Group
ING Group’s 2012 results held up well. ING Group announced an underlying net profit of EUR 2.603 billion, down just 5,2% from 2011 despite economic and market conditions. The Group points out that good progress was made on balance sheet optimisation, cost containment, derisking and improving our capital, liquidity and funding profile.