ING posts 3Q2022 net result of €979 million and announces
additional distribution to shareholders
ING posts 3Q2022 net result of €979 million and announces
additional distribution to shareholders
3Q2022 profit before tax of €1,380 million; CET1 ratio
remains strong at 14.7% |
• |
Net customer
deposits growth of €10.5 billion and net core lending growth of
€4.7 billion |
• |
In net interest
income, higher liability margins helped to offset the impact of the
Polish mortgage moratorium |
• |
Risk costs
normalised reflecting the macroeconomic environment |
• |
Additional
distribution to shareholders of €1.5 billion |
CEO statement“I’m pleased with our solid performance, especially in
light of the challenging economic and geopolitical environment,”
said Steven van Rijswijk, CEO of ING. “Our strategy and our strong,
diversified balance sheet are paying off. Total income this quarter
was €4,412 million. Without two exceptional items it would have
been €5,043 million, as we benefitted from higher interest rates,
supporting our revenues in both Retail and Wholesale Banking. Fee
income was resilient, as higher fees from daily banking were offset
by lower fees from investment products, due to a decline in stock
markets and subdued trading activity. The two exceptional items
were €343 million from new regulation in Poland for mortgages as
previously announced, and a hedge accounting impact of €288
million, of which the mirroring positive impact will be recognised
over the coming years. “The exceptionally high inflation and
high energy prices are affecting consumers and companies alike. Our
own expenses were also impacted by increasing inflationary pressure
and adverse currency developments this quarter, however
controllable expenses were well contained. With our scalable Tech
and Operations foundation, we’re able to grow our business at
marginal cost. One of the three main elements of this foundation,
our ING Private Cloud (IPC), reached an important milestone this
quarter: more than 50% of the workload is now on IPC, up from 34%
in 2021, meaning we’re well on our way to reach our 70% target by
2025. “Risk costs remained in line with our
through-the-cycle average and include overlays based on the
macroeconomic outlook. We’re confident of the quality of our loan
portfolio, the strength of our diversified risk profile and our
provisioning levels. Combined with our strong capital position this
allows us to announce today an additional distribution to our
shareholders of €1.5 billion, which is fully in line with our
capital ambitions as presented at our recent Investor Update.
“We’re committed to executing our strategy: to provide a
superior customer experience and put sustainability at the heart of
what we do. The continued growth in primary customers and the
positive Net Promoter Score development are evidence that our
customers value our services. In NPS, we are now number one in
seven of our ten retail markets, up from five in the previous
quarter. “When it comes to sustainability, we aim to be a
banking leader. Our 2022 Climate Report shows the progress we’re
making in climate action, including our Terra approach. I’m pleased
that we’ve set intermediate targets for 2030 for all nine Terra
sectors (the most carbon-intensive ones). This is helping us to
steer our loan portfolio towards net zero by 2050. “We're on
track to reach our financial targets as communicated in June. I'm
confident we're well positioned to face the challenges and capture
the opportunities ahead of us, as we continue to create value for
all stakeholders, support our customers and facilitate the
transition to a low-carbon economy." |
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Further informationAll publications related to ING’s 3Q 2022
results can be found at www.ing.com/3q22. Additional
financial information is available at www.ing.com/qr: • Full ING
Group 3Q 2022 press release (PDF) • ING Group Results presentation
(PDF)• ING Group Credit Update presentation (PDF)• ING Group
Historical Trend Data (PDF and XLS) A short ING ON AIR video
with CEO Steven van Rijswijk discussing our 3Q 2022 results is
available on Youtube. For further information on ING, please
visit www.ing.com. Frequent news updates can be found in the
Newsroom or via the @ING_news Twitter feed. Photos of ING
operations, buildings and its executives are available for download
at Flickr. |
|
Investor conference call, Media conference call and webcastsSteven
van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the
results in an Investor conference call on 3 November 2022 at
9:00 a.m. CET. Members of the investment community can join the
conference call +31 20 709 5189 (NL), PIN code: 51873296# or +44
333 300 0804 (UK), PIN code: 51873296# (registration required via
invitation) and via live audio webcast at www.ing.com.
Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will also
discuss the results in a Media conference call on 3 November
2022 at 11:00 a.m. CET. Journalists are welcome to join the
conference call via +31 20 709 5189 (NL), PIN code: 46505173# or
+44 333 300 0804 (UK), PIN code: 46505173#. The meeting can also be
followed via live audio webcast at www.ing.com. |
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Investor enquiriesE: investor.relations@ing.com Press
enquiriesT: +31 20 576 5000E: media.relations@ing.com |
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ING
ProfileING is a global financial institution with a strong European
base, offering banking services through its operating company ING
Bank. The purpose of ING Bank is empowering people to stay a step
ahead in life and in business. ING Bank’s more than 58,000
employees offer retail and wholesale banking services to customers
in over 40 countries. ING Group shares are listed on the
exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New
York Stock Exchange (ADRs: ING US, ING.N). Sustainability is
an integral part of ING’s strategy, evidenced by ING’s leading
position in sector benchmarks. ING's Environmental, Social and
Governance (ESG) rating by MSCI was affi rmed 'AA' in September
2022. As of August 2022, Sustainalytics considers ING’s management
of ESG material risk to be ‘strong’, and in June 2022 ING received
an ESG rating of 'strong' from S&P Global Ratings. ING Group
shares are also included in major sustainability and ESG index
products of leading providers Euronext, STOXX, Morningstar and FTSE
Russell. |
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Important legal informationElements of this press release contain
or may contain information about ING Groep N.V. and / or ING Bank
N.V. within the meaning of Article 7(1) to (4) of EU Regulation No
596/2014. ING Group’s annual accounts are prepared in
accordance with International Financial Reporting Standards as
adopted by the European Union (‘IFRS- EU’). In preparing the
financial information in this document, except as described
otherwise, the same accounting principles are applied as in the
2021 ING Group consolidated annual accounts. All figures in this
document are unaudited. Small differences are possible in the tables
due to rounding. Certain of the statements contained herein
are not historical facts, including, without limitation, certain
statements made of future expectations and other forward-looking
statements that are based on management’s current views and
assumptions and involve known and unknown risks and uncertainties
that could cause actual results, performance or events to differ
materially from those expressed or implied in such statements.
Actual results, performance or events may differ materially from
those in such statements due to a number of factors, including,
without limitation: (1) changes in general economic conditions and
customer behaviour, in particular economic conditions in ING’s core
markets, including changes affecting currency exchange rates and the
regional and global economic impact of the invasion of Russia into
Ukraine and related international response measures (2) effects of
the Covid-19 pandemic and related response measures, including
lockdowns and travel restrictions, on economic conditions in
countries in which ING operates, on ING’s business and operations
and on ING’s employees, customers and counterparties (3) changes
affecting interest rate levels (4) any default of a major market
participant and related market disruption (5) changes in
performance of financial markets, including in Europe and
developing markets (6) fiscal uncertainty in Europe and the United
States (7) discontinuation of or changes in ‘benchmark’ indices (8)
inflation and deflation in our principal markets (9) changes in
conditions in the credit and capital markets generally, including
changes in borrower and counterparty creditworthiness (10) failures
of banks falling under the scope of state compensation schemes (11)
non-compliance with or changes in laws and regulations, including
those concerning financial services, financial economic crimes and
tax laws, and the interpretation and application thereof (12)
geopolitical risks, political instabilities and policies and
actions of governmental and regulatory authorities, including in
connection with the invasion of Russia into Ukraine and related
international response measures (13) legal and regulatory risks in
certain countries with less developed legal and regulatory
frameworks (14) prudential supervision and regulations, including
in relation to stress tests and regulatory restrictions on
dividends and distributions (also among members of the group) (15)
regulatory consequences of the United Kingdom’s withdrawal from the
European Union, including authorizations and equivalence decisions
(16) ING’s ability to meet minimum capital and other prudential
regulatory requirements (17) changes in regulation of US
commodities and derivatives businesses of ING and its customers
(18) application of bank recovery and resolution regimes, including
write- down and conversion powers in relation to our securities
(19) outcome of current and future litigation, enforcement
proceedings, investigations or other regulatory actions, including
claims by customers or stakeholders who feel misled or treated
unfairly, and other conduct issues (20) changes in tax laws and
regulations and risks of non-compliance or investigation in
connection with tax laws, including FATCA (21) operational and IT
risks, such as system disruptions or failures, breaches of
security, cyber-attacks, human error, changes in operational
practices or inadequate controls including in respect of third
parties with which we do business (22) risks and challenges related
to cybercrime including the effects of cyberattacks and changes in
legislation and regulation related to cybersecurity and data
privacy (23) changes in general competitive factors, including
ability to increase or maintain market share (24) inability to
protect our intellectual property and infringement claims by third
parties (25) inability of counterparties to meet financial
obligations or ability to enforce rights against such
counterparties (26) changes in credit ratings (27) business,
operational, regulatory, reputation, transition and other risks and
challenges in connection with climate change and ESG-related
matters (28) inability to attract and retain key personnel (29)
future liabilities under defined benefit retirement plans (30)
failure to manage business risks, including in connection with use
of models, use of derivatives, or maintaining appropriate policies
and guidelines (31) changes in capital and credit markets,
including interbank funding, as well as customer deposits, which
provide the liquidity and capital required to fund our operations,
and (32) the other risks and uncertainties detailed in the most
recent annual report of ING Groep N.V. (including the Risk Factors
contained therein) and ING’s more recent disclosures, including
press releases, which are available on www.ING.com. This
document may contain inactive textual addresses to internet
websites operated by us and third parties. Reference to such
websites is made for information purposes only, and information
found at such websites is not incorporated by reference into this
document. ING does not make any representation or warranty with
respect to the accuracy or completeness of, or take any
responsibility for, any information found at any websites operated
by third parties. ING specifically disclaims any liability with
respect to any information found at websites operated by third
parties. ING cannot guarantee that websites operated by third
parties remain available following the publication of this
document, or that any information found at such websites will not
change following the filing of this document. Many of those factors
are beyond ING’s control. Any forward looking statements
made by or on behalf of ING speak only as of the date they are
made, and ING assumes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information or for any other reason. This document does not
constitute an offer to sell, or a solicitation of an offer to
purchase, any securities in the United States or any other
jurisdiction. |