ING Direct 2015 Annual Report Download - page 76

Contents
Who we are
Report of the
Management
Board
Corporate
Governance
Consolidated
annual accounts
Parent company
annual accounts
Other
information
Additional
information
Notes to the Consolidated annual accounts of ING Bank - continued
Notes to the Consolidated profit and loss account
20 Interest result
2015
2014
2013
Interest income on loans
19,177
20,136
21,534
Interest income on impaired loans
42
56
15
Negative interest on liabilities
66
6
Total interest income on loans
19,285
20,198
21,549
Interest income on available-for-sale securities
1,785
2,009
2,071
Interest income on held-to-maturity securities
101
83
158
Interest income on trading portfolio
17,828
18,327
19,882
Interest income on non-trading derivatives (no hedge accounting)
849
1,684
1,175
Interest income on non-trading derivatives (hedge accounting)
6,394
5,977
6,675
Other interest income
155
98
64
Total interest income
46,397
48,376
51,574
Interest expense on deposits by banks
302
338
440
Interest expense on customer deposits and other funds on deposit
4,180
5,361
6,618
Interest expense on debt securities
2,390
2,593
3,009
Interest expense on subordinated loans
820
716
707
Interest expense on trading liabilities
17,615
17,717
19,368
Interest expense on non-trading derivatives (no hedge accounting)
781
1,512
1,205
Interest expense on non-trading derivatives (hedge accounting)
7,181
7,123
7,874
Other interest expense
344
410
389
Negative interest on assets
40
Total interest expense
33,653
35,770
39,610
Interest result
12,744
12,606
11,964
in percentages
2015
2014
2013
Interest margin
1.47
1.53
1.44
In 2015, the increase in total average assets, partly attributable to an increase in customer lending lead to an increase of EUR 627
million in the interest result. In addition, a decline of the interest margin of 6 basis points led to a EUR 489 million decrease in the
interest result.
In 2015, total interest income and total interest expense for items not valued at fair value through profit and loss amounts to EUR
27,615 million and EUR 14,929 million respectively (2014: EUR 28,307 million and EUR 16,204 million; 2013: EUR 30,438 million and EUR
18,726 million).
As of 2015, ING presents interest resulting from a negative effective interest rate on a financial asset as interest expense, rather than a
decrease against interest income. Similarly, negative interest in relation to a financial liability is presented as interest income. Negative
interest on financial assets and liabilities are not material to ING Group. Comparative amounts are adjusted accordingly.
In 2014, the decrease in total average assets, partly attributable to the deconsolidation of ING Vysya and the additional transfers of
assets of WestlandUtrecht Bank to NN Group, led to a decrease of EUR 154 million in the interest result. In addition, an improvement of
the interest margin of 9 basis points led to a EUR 797 million increase in the interest result.
In 2013, the decrease in total average assets, partly attributable to the disposal of ING Direct Canada and ING Direct UK, and the sale
and transfer of assets of WestlandUtrecht Bank to NN Group, led to a decrease of EUR 1,103 million in the interest result. In addition,
an improvement of the interest margin of 10 basis points led to a EUR 819 million increase in the interest result.
Interest result
Interest margin
ING Bank Annual Report 2015 74