ING posts 4Q2021 net result of €945 million, FY2021 net result of
€4,776 million
4Q2021 result before tax of €1,331 million; ING's full-year
2021 result before tax rose 78% |
• |
Strong growth in
fee income of 17% in 2021, net interest income resilient. |
• |
4Q2021 net core
lending growth of €13.4 billion and €30.6 billion in FY2021; 4Q2021
net customer deposits growth of € -2.1 billion and €10.3
billion in FY2021. |
• |
Operating expenses
remain under control. This quarter’s expenses include €141 million
of restructuring costs andimpairments related to the announcement
to exit the retail banking market in France. |
• |
Full-year ROE rose
to 9.2%, CET1 ratio strengthens to 15.9%; proposed final 2021
dividend of €0.41 per share. |
CEO statement“Looking back on 2021, I’m pleased with our
performance,“ said ING CEO Steven van Rijswijk. “Despite the
challenging conditions impacting customers, colleagues and society
– from the ongoing pandemic to supply-chain pressures, rising
energy prices and inflation – we achieved good results. I’m
encouraged by increased lending volumes and strong fee income
growth in the final quarter of 2021, a sign of growing confidence
in the economy as the world seeks ways to live with the
coronavirus. Both of these contributed to a 10.9% increase in total
income compared to the same quarter in 2020. “I’m
particularly satisfied with the consistent growth we’ve recorded in
our diversifying sources of income. Fee income rose 17% in 2021
compared to a year earlier and contributed 19% to our total
full-year income. This has been supported by our customers’
changing preferences in the low-interest environment and by an
expansion in our range of investment products. In Germany, thanks
to products and services like digital advice and our cooperation
with an online investment manager, we now have more than two
million investment-product accounts, an increase of 21% in 2021
compared to last year. “Smart and easy digital investment
products help us to establish and deepen primary banking
relationships, as do continuous improvements to the seamless
digital experience we offer. For example, the mortgage application
process in the Netherlands has been made less complex as customers
can now easily collect and submit necessary data in an app directly
from various government sources – saving time for both the customer
and the bank, and increasing the number of customer applications
that are ‘first time right’. We gained 481,000 primary customers in
2021, bringing the total number to 14.3 million, 3.5% higher than
at end-2020. “Unfortunately, there are also times when we
have to make difficult decisions that affect our customers and
colleagues. Following the strategic review announced in June, we
decided to exit the retail banking market in France. This follows
earlier decisions to exit the retail banking markets of Austria and
the Czech Republic, after we determined that reaching the required
local scale within a reasonable timeframe was unlikely. We believe
these are the best strategic decisions for ING, allowing us to
redeploy capital and resources to grow other areas of our business.
I’m very grateful to our colleagues in France, Austria and the
Czech Republic, for their ongoing customer commitment during times
of professional and personal disruption. “Looking ahead to
2022, ING is well prepared to navigate the current operating
environment, with solid capital buffers, a strong risk profile and
a focus on execution, supported by our talented and motivated
colleagues across the globe. We will continue to strengthen our ESG
profile and deliver on our sustainability commitments. We supported
317 sustainability deals in 2021, which is almost two-and-a-half
times the number of last year. We’re also helping clients in the
transition to a low-carbon world in line with our Terra approach.
As the urgency for climate action increases, corporations,
governments and regulators have to work together to define new ways
of doing business that align economic growth with positive
environmental and social impact – and ING is determined to continue
to have a leading role in this collaborative approach.“ |
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Further informationAll publications related to ING’s FY and 4Q 2021
results can be found at www.ing.com/4q21. Additional
financial information is available at www.ing.com/qr: • Full ING
Group FY/4Q 2021 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 2021 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. |
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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 February 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 3 February 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. |
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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 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. |
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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 (‘IFRSEU’). In preparing the
financial information in this document, except as described
otherwise, the same accounting principles are applied as in the
2020 ING Group consolidated annual accounts. The Financial
statements for 2021 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 (2) the 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) political instability and 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 (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 who feel mislead 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 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 cyber-attacks 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) the 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 and other risks and challenges
in connection with climate change (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
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or warranty with respect to the accuracy or completeness of, or
take any responsibility for, any information found at any websites
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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. |