ING 3Q16 underlying net result EUR 1,336 million
03 November 2016 - 5:35PM
ING Bank 3Q16 underlying net result EUR
1,336 million, up 22.3% year-on-year, reflecting solid commercial
momentum |
· |
ING Bank recorded EUR 3.6
billion of net core lending growth and attracted EUR 2.0 billion of
net customer deposits in 3Q16 |
· |
Performance reflects
continued loan growth at healthy margins, as well as higher
commission and fee income |
· |
Operating expenses
declined slightly year-on-year and sequentially; risk costs
remained relatively low at 34 bps of average RWA |
|
ING
Group 3Q16 net result EUR 1,349 million (or EUR 0.35 per share);
robust ING Group CET1 ratio and ING Bank ROE |
· |
ING Group fully-loaded
CET1 ratio rose to 13.5%; ING Bank underlying ROE of 11.3% for the
first nine months of 2016 |
|
|
CEO statement
"ING delivered another quarterly result that exemplifies our Think
Forward strategy in action," said Ralph Hamers, CEO of ING Group.
"We again recorded solid commercial growth and introduced several
new innovations. Year-to-date, we have established over 400,000 new
primary customer relationships. To foster further growth and
maintain our standing as a leading European bank, we strive to keep
getting better every day, while managing the pressure on returns
from the continuous regulatory burden and the low interest rate
environment. In this context, I am convinced that our recently
announced investment programme and intention to converge towards a
single digital banking platform are necessary steps to enable ING
to evolve with changing customer expectations and to increase
operational efficiency.""ING Bank recorded EUR 3.6 billion of net
core lending growth and attracted EUR 2.0 billion of net customer
deposits in the third quarter. Lending growth was well diversified
across Retail and Wholesale Banking. We also continued to
facilitate our clients' sustainable transitions through deals that
support recycling, the circular economy and renewable energy. We
are proud that our integrated sustainability approach earned ING
the number-one ranking among global listed banks by Sustainalytics
in August. We also achieved a significant year-on-year improvement
in our Dow Jones Sustainability Index ranking, and received the
highest possible score in CDP's annual review for our performance
and disclosure related to our climate change strategy.""During the
third quarter, we introduced another wave of innovative and
insightful financial tools that empower customers. In Spain, the
launch of Twyp Cash provides customers with greater convenience by
enabling them to withdraw cash using their smartphones when making
purchases at more than 3,500 supermarkets and petrol stations. In
Wholesale Banking, we developed Virtual Cash Management, an
advanced application that allows companies to manage their cash
across banks and borders. It provides corporate treasurers with
enhanced cash visibility, access and control, anytime and
anywhere.""More recently, we created and launched the money
management platform Yolt as a next step in digitalisation and in
preparation for upcoming European regulation that will open the
payment services market to new players in 2018. Yolt gives users
insight into their account information from different banks in one
easy overview, helping customers stay on top of their finances. The
app is currently being tested only in the United Kingdom, but we
will explore opportunities for expansion.""ING's third-quarter
underlying result before tax was EUR 1,878 million, reflecting
continued loan growth at healthy margins, effective cost control
and a relatively low level of risk costs. Challengers & Growth
Markets delivered another record quarterly result on the back of
further organic growth. Retail Benelux showed resilience, as the
performance of the Netherlands compensated for the decline in
results at Retail Belgium, which were down 16.5% year-on-year. ING
Group's fully-loaded CET1 ratio rose to 13.5%. ING Bank's
underlying ROE was 11.3% for the first nine months of 2016.""As
announced on 3 October, we intend to invest EUR 800 million over
the next five years to create a scalable banking platform to cater
for continued commercial growth, an improved customer experience
and a quicker delivery of products. Regrettably, our intended
transformation will impact many of our employees, particularly in
Belgium and the Netherlands. We will do our utmost to build on our
track record of helping colleagues who are or could be affected to
find new job opportunities. All of those affected will be treated
with respect and care.""I fully appreciate the hard work of our
employees that is reflected in our quarterly results. While change
is not easy, it is essential to build on our position of strength.
I have complete confidence in our ability to execute on our
strategy and truly believe that the measures we intend to implement
will ensure that we continue to empower customers to stay a step
ahead." |
Further
information All publications related to ING's 2016 Third
Quarter can be found at www.ing.com/3q16, including a video with
Ralph Hamers, which is also available at YouTube. Additional
financial information is available at www.ing.com/qr: - ING Group
historical trend data - ING Group analyst presentation (also
available via SlideShare) 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. Video is available on YouTube. Footage (B-roll) of ING
is available via videobankonline.com, or can be requested by
emailing info@videobankonline.com. ING presentations are available
at SlideShare. |
Investor
conference call, Media conference call and webcasts Ralph Hamers,
Patrick Flynn and Wilfred Nagel will discuss the results in an
Investor conference call on 3 November 2016 at 9:00 a.m. CET.
Members of the investment community can join the conference call at
+31 20 703 8261 (NL), +44 20 3043 2026 (UK) or +1 719 325 2213 (US)
and via live audio webcast at www.ing.com. Ralph Hamers, Patrick
Flynn and Wilfred Nagel will also discuss the results in a Media
conference call conference on 3 November 2016 at 11:00 a.m.
CET. Journalists are welcome to join the conference call via
+31 20 531 5871 (NL) or
+44 203 365 3210 (UK). The Media conference call can
also be followed via live audio webcast at www.ing.com. |
Investor
enquiries T: +31 20 576 6396 E: investor.relations@ing.com Press
enquiries T: +31 20 576 5000 E: media.relations@ing.com |
|
ING PROFILE ING 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 52,000 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 forms
an integral part of ING's strategy, which is evidenced by the
number one position among 395 banks ranked by Sustainalytics. ING
Group shares are being included in the FTSE4Good index and in the
Dow Jones Sustainability Index (Europe and World) where ING is
among the leaders in the Banks industry group. |
IMPORTANT LEGAL INFORMATION Elements 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. Projects may be subject to
regulatory approvals. Insofar as they could have an impact in
Belgium, all projects described are proposed intentions of the
bank. No formal decisions will be taken until the information and
consultation phases with the Work Council have been properly
finalised. 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 2015 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, without limitation: (1) changes in general
economic conditions, in particular economic conditions in ING's
core markets, (2) changes in performance of financial markets,
including developing markets, (3) consequences of a potential
(partial) break-up of the euro, (4) potential consequences of
European Union countries leaving the European Union, (5) changes in
the availability of, and costs associated with, sources of
liquidity such as interbank funding, as well as conditions in the
credit markets generally, including changes in borrower and
counterparty creditworthiness, (6) changes affecting interest rate
levels, (7) changes affecting currency exchange rates, (8) changes
in investor and customer behaviour, (9) changes in general
competitive factors, (10) changes in laws and regulations, (11)
changes in the policies of governments and/or regulatory
authorities, (12) conclusions with regard to purchase accounting
assumptions and methodologies, (13) changes in ownership that could
affect the future availability to us of net operating loss, net
capital and built-in loss carry forwards, (14) changes in credit
ratings, (15) ING's ability to achieve projected operational
synergies and (16) 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. 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. |
ING 3Q16 results full Press Release (PDF):
http://hugin.info/130668/R/2053879/768769.pdf
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