Access the annual accounts of ING and analyze the changes in the following ratios over the last two years:

Solvency: longterm solvency (distancetodefault).

Profitability: profit on sales. Profitability on assets. Profitability per employee.

Liquidity: Cash ratio (distancetodefault). Average payment period for suppliers.

You can also calculate ratios other than those contained in the course material. For example, profitability per office or employees per office if you think they can be useful in the interpretation of changes over these two years.

To conclude (1) the calculation of ratios and (2) their analysis and interpretation, you must write a few lines (no more than 300 words) describing the changes in the bank over the last two years and your general impression of solvency, liquidity and profitability.