Continuing strong commercial growth helps ING Luxembourg to post a H1 net profit of more than EUR 50 million!
ln an economic environment which continues to be very challenging for the banking sector (Iow interest rates, weak economic growth, the ongoing effects of announcements on the automatic exchange of information, etc), ING continued its strong commercial growth during the first ha If of the year. Costs remain under control, with a costlincome ratio of 47%.
Rise in deposits and loans
Overall, deposits have risen by 15% since the beginning of the year. Growth is broadly based, across ail business areas without exception: Commercial Banking (+16%), Retail Banking (+12%) and Private Banking (+9%).
The loan situation is similar, as there has been a simultaneous overall increase of 12% in loans granted to clients since January, once again across ail business areas: +17% for Commercial Banking, +7% for Retail Banking and +5% for Private Banking.
Situation for each business area
Retail Banking, which covers retail banking activities, delivered a strong Hl performance. Resident, cross-border and corporate client inflows beat their targets and largely offset non-resident client outflows. The increase in the number of clients, the success of the "Savings" campaigns and severallarge-scale operations are also important success factors contributing to this good performance.
ln recent years, Private Banking has been affected by a fragile financial context and the effects of announcements regarding the exchange of information. Despite this, its results are up on those of Hl 2013.
For the first six months of the year, Corporate & Institutional Banking produced an always excellent performance in a low interest rate environ ment. Client assets under management have increased strongly while account openings and payment volumes have reached record levels.
Despite the market environ ment - which is still difficult due to low volumes and to a series of political and economic uncertainties - Financial Markets had a good first ha If. Results were up on 2013 and beat their targets.
ING Luxembourg, an international bank with strong local connections
- Closer cultural connections: ING establishes a partnership agreement with Neumünster Abbey
ln January, ING concluded a two-year agreement to become one of the exclusive partners of Neumünster Abbey, a major historical site in Luxembourg City. ING is proud to partner with this cultural and artistic hub and be able to contribute to its development.
- "Great Place to Work Luxembourg" once again!
ING Luxembourg is very proud to announce that it was confirmed as a "Great Place to Work" on 27 February 2014, following a survey conducted by the Great Place to Work Institute. After having already been given the "Great Place to Work" seal of approval in 2011,2012 and 2013, ING was ranked fourth among the winners in 2014.
ING Luxembourg is particularly proud of this award because it was once again ranked first among companies with more than 250 employees.
- ING Night Marathon Luxembourg: a huge success as the event's tenth anniversary approaches
ING asserted the presence of its brand in the Grand Duchy once again for the ninth annual night marathon on 31 May, when another orange wave washed over Luxembourg City, attracting almost 12,000 runners and more than 100,000 spectators. ING has already started work on preparations for the 2015 event, which will mark the tenth anniversary of the launch of this event in the Luxembourg!
- ING has decided to opt for the use of the LuxTrust Token for its e-banking services with effect from 2015, in line with the other major Luxembourg banks
At a joint press conference in June, the main Luxembourg banks (BCEE, BGL BNP Paribas, BIL, ING, POST Luxembourg and Raiffeisen) announced their decision to offer their clients a joint solution to facilitate electronic transactions. Therefore, from the end of 2015, Luxembourg will have a single and standard means of connecting to ban king services (for BCEE, BGL BNP Paribas, BIL, ING, POST Luxembourg and Raiffeisen) and administrative services (guichet.lu, macommune.lu, etc): the LuxTrust Token.
- ING Luxembourg's enhanced local connections and expanded international reach
Since taking office in March 2013, CEO Luc Verbeken has continued to grant a lot of attention to local connections, a key factor for ING Luxembourg, as can be seen from the list of his mandates, which can be consulted at www.ing.lu.
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