ING posts FY2022 net result of €3,674 million, proposed final 2022
dividend of €0.389 per share
ING posts FY2022 net result of €3,674 million,proposed final
2022 dividend of €0.389 per share
4Q2022 profit before tax of €1,711 million; CET1 ratio
remains strong at 14.5% |
• |
Profit before tax
up 29% on 4Q2021 and 24% on 3Q2022, mainly driven by higher
income |
• |
Higher net
interest income, as a further increase in liability margins helped
offset TLTRO impact this quarter |
• |
Risk costs
declined to 17 bps of average customer lending |
Full-year 2022 net result of €3,674 million, supported by
growing customer base and increase in lending and
deposits |
• |
On a full-year
basis, our primary customer base grew by 585,000 |
• |
Net core lending
growth of €18 billion and net core deposits growth of €25 billion
in 2022 |
• |
Net result of
€3,674 million in a challenging year; proposed final 2022 dividend
of €0.389 per share |
CEO statement“Looking back, 2022 was an extraordinary year,” said
ING CEO Steven van Rijswijk. “The outbreak of war in Ukraine –
first and foremost an immense human tragedy – had a far-reaching
impact on people’s lives, on societies and on economies, causing
energy and price shocks and driving up inflation and interest
rates. Despite the challenging operating conditions and lingering
effects of Covid-19, we performed well. “The rapid changes
of the past year underscore the importance of having clear
strategic priorities and being able to adapt to changing
circumstances. Our focus is on making the difference for people and
the planet by providing a superior customer experience and putting
sustainability at the heart of what we do. “We continued to
execute on our strategy and delivered strong results, as well as
made significant progress in a number of areas, including providing
seamless digital services using our strong scalable tech and
operations foundations. An example of this is our onboarding
process in the Netherlands, where 52% of new customers were
digitally onboarded in the fourth quarter of 2022, up from 39% in
the same quarter of 2021. This is really strong proof of how we’re
digitalising our sales and service model in one of our Market
Leaders countries. The year 2022 closed with impressive growth in
the number of global mobile payments transactions, reaching a
remarkable amount of 1.4 billion transactions, up more than 60%
year-on-year. “Regarding our financial performance, we
managed to limit expense growth despite the impact of higher salary
expenses and higher marketing expenses to invest in the growth of
our customer base. In various countries, we supported our employees
with allowances to help them cover their increased energy costs.
“The positive developments in our net promoter scores prove
that customers value our services. We’re now number one in six of
our 10 retail markets. In Wholesale Banking too we see a growing
appreciation among clients, with our net promoter score improving
to 67 at year-end 2022, up from 59 at year-end 2021 and well above
the industry benchmark. I’m particularly proud that even more
customers are choosing ING as their primary bank. During this
quarter, our primary customer base grew by 218,000, mainly in the
Challenger & Growth markets. On a full-year basis, we gained
585,000 primary customers, bringing the total number to 14.6
million, which is 4% higher than year-end 2021. “We also
made further progress on our sustainability goals during 2022.
Wholesale Banking continues to be a sustainability pioneer in
helping clients transition to a more sustainable way of doing
business, achieving a volume of over €100 billion in sustainable
finance mobilised by end-2022. That puts us well on our way towards
our goal of €125 billion annually by 2025. “Despite
continued uncertainty in the current operating environment, I’m
confident in our ability to perform well in these circumstances. We
have a good capital position, a growing customer base, a
diversified income stream, a strong funding structure as well as
one of the best credit ratings in the eurozone. We’ll continue to
invest to provide our customers with a superior experience, helped
by our technology foundations, and to facilitate the transition to
a low-carbon economy.“I want to thank our customers for their
ongoing loyalty to ING and our colleagues worldwide for their hard
work under challenging circumstances, which contributed to our
strong performance throughout the whole year. Also a thank you to
our shareholders for continuing to support our strategy.” |
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Further informationAll publications related to ING’s 4Q and FY 2022
results can be found at www.ing.com/4q22. Additional
financial information is available at www.ing.com/qr: • Full ING
Group 4Q 2022 press release (PDF) • ING Group Historical Trend Data
(PDF and XLS)• ING Group Results presentation (PDF)• ING Group
Credit Update presentation (PDF) A short ING ON AIR video
with CEO Steven van Rijswijk discussing our 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 meeting and webcastsSteven van
Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the
results in an Investor conference call on 2 February 2023 at
9:00 a.m. CET. Members of the investment community can join the
conference call +31 20 794 8428 (NL), PIN code: 5455283# or +44 330
551 0202 (UK), PIN code: 5455283# (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 meeting on 2 February 2023 at 11:00
a.m. CET. Journalists are welcome at ING’s Cedar office,
Bijlmerdreef 106, Amsterdam. Alternatively, they can dial-in in
listen-only mode via +31 20 708 5073 (NL), PIN code 7738105# or +44
330 551 0200 (UK), PIN code 7738105#. The meeting can also be
followed via live audio webcast at www.ing.com. |
|
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 affirmed '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. The financial
statements for 2022 are in progress and may be subject to
adjustments from subsequent events. 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. |