1Q2022 profit before tax of €668 million; CET1 ratio
remains robust at 14.9% |
• |
Income strong with
robust net interest income and continued increase in fee
income |
• |
Operating expenses
under control, lower than a year ago and sequentially |
• |
Retail Banking
result 20% higher than in 1Q2021 on lower expenses and risk costs,
despite impairment on TTB |
• |
Wholesale Banking
results impacted by €834 million risk costs linked to
Russia-related exposure |
• |
Additional capital
distribution of €1.25 billion |
CEO statement“The first quarter of 2022 was marked by the terrible
invasion of Ukraine, which is having a devastating impact on
people’s lives and is threatening international stability and
security,” said ING CEO Steven van Rijswijk. “Our first priority is
to support our colleagues and their families, our clients and the
humanitarian efforts in Ukraine and surrounding countries. Global
and local ING initiatives have raised more than €12 million to date
for humanitarian aid in Ukraine and for those who have fled to
other countries. We're waiving fees for personal transactions to
Ukraine so customers can send money to their loved ones for free.
I’m inspired by our Ukrainian employees and the colleagues across
ING who are supporting them in various ways. In addition, we
stopped doing new business with Russian companies. We continue to
monitor the situation closely, managing and controlling risks while
assisting our colleagues and clients wherever possible. “The
geopolitical situation has also impacted our financial results, as
the increased risk on our Russia-related exposure led us to book
additional provisions in Wholesale Banking. Income was strong this
quarter, supported by resilient net interest income and continued
fee growth. We also maintained good cost control despite pressure
from inflation. As our capital position remains strong, we announce
an additional capital distribution to our shareholders of €1.25
billion. “ING aims to be a banking leader when it comes to
sustainability and the transition to a low-carbon economy. We
worked hard over the years to build a power generation lending book
that’s 60% renewables, outperforming by far the most ambitious
climate goal of the Paris Agreement. We went a step further in
March and announced that we aim to grow new financing of renewable
energy by 50% by year-end 2025 from 2021 and will no longer provide
dedicated finance to new oil & gas fields. These steps are
aligned with the International Energy Agency’s Net-Zero Emissions
by 2050 Roadmap. “Delivering value through a superior
customer experience remains important. An example from this quarter
is how we became the first bank in Spain to offer instant lending
for new clients, with tailor-made pricing based on our analysis of
the applicant’s data. And as we digitalise our product offering, we
launched Self Invest via mobile in Belgium, expanding the
possibilities for our customers when it comes to online trading.
Customers continue to choose for investment products, as total
number of investment accounts globally rose nearly 13%
year-on-year. “The global uncertainty and supply chain
disruptions are impacting the price of energy and other goods and
services. This has caused inflation to rise strongly, impacting
economic growth at least in the short term. In line with our
strategy, we continue to focus on providing our customers with a
superior experience, helped by our technology foundations, and
facilitating the transition to a low carbon economy, supported by
our prudent risk approach." |
|
Further informationAll publications related to ING’s 1Q 2022
results can be found at www.ing.com/1q22. Additional
financial information is available at www.ing.com/qr: • Full ING
Group 1Q 2022 press release (PDF) • ING Group analyst presentation
(PDF, also available via SlideShare)• 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 1Q 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. ING presentations are available
at SlideShare. |
|
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 6 May 2022 at 9:00 a.m.
CET. Members of the investment community can join the conference
call at +31 20 341 8221 (NL), +44 203 365 3209 (UK)
or +1 866 349 6092 (US) 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 6 May 2022 at 11:00 a.m. CET. Journalists are welcome to
join the conference call via +31 20 531 5855 (NL) or +44 203 365
3210 (UK). 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 |
|
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 57,000
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, evidenced by ING’s
leading position in sector benchmarks. ING's ESG rating by MSCI was
affirmed 'AA' in December 2021. ING Group shares are included in
major sustainability and Environmental, Social and Governance (ESG)
index products of leading providers STOXX, Morningstar and FTSE
Russell. In January 2021, ING received an ESG evaluation score of
83 ('strong') from S&P Global Ratings. |
|
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 (‘IFRSEU’). 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 diff er materially from those expressed or implied in
such statements. Actual results, performance or events may diff er
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 writedown 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 defi ned 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 fi ling 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 off er to sell, or a solicitation of an off er to
purchase, any securities in the United States or any other
jurisdiction. |