|
CEO statement“We had a very strong start to 2024 with good
financial and commercial results as we executed on our strategy,”
said ING CEO Steven van Rijswijk. “Our total income has remained
strong and was boosted this quarter by double-digit fee income
growth, with contributions from both Retail Banking and Wholesale
Banking. Net interest income from lending and liabilities continued
to be resilient. Operating expenses have declined due to lower
regulatory costs, and our own costs were under control, while risk
costs were again below the through-the-cycle-average. We have
delivered very good results despite ongoing challenges in the
geopolitical landscape. “We have added 99,000 primary
customers this quarter, comprising new and existing customers who
have chosen to have a payment account and at least one other
product with us. This indicates their trust in us and demonstrates
how we’redeepening existing customer relationships. This was also
seen in the growth across customer lending, led by mortgages as we
have helped more people to buy homes, and in the growth in customer
deposits, mainly in Germany and Poland. “Fee income rose 11%
compared with the same period last year and 14% from last quarter.
Growth in Retail was driven byhigher fee income for both daily
banking and investment products. We have benefited from more
customers choosing ING for their banking products and from
increased package fees, as well as from growth in assets under
management and in the number of brokerage trades. Fee income was
strong for Global Capital Markets and for Lending in Wholesale. For
example, ING was an active bookrunner on several of the largest
euro-denominated corporate bonds placed this year. “We offer
customers a superior experience across all our segments. In
Business Banking, for example, we have launched a feature in the
Netherlands that enables mobile onboarding for new clients. In
Poland, we integrated a product offer page into ING Business
Mobile, making it easier for customers to see solutions that can
support the growth of their companies. And in Romania, we have
expanded our instant lending proposition by introducing an instant
overdraft product in addition to term loans, giving customers a
complete offering. In Wholesale Banking, the ING InsideBusiness
portal now includes a portfolio insights tool that saves clients
time by giving them real-time insights into their lending
portfolio. The pilot was successful and it is now being expanded to
more clients and countries. “We also continued to support
clients in their sustainability transitions, with the volume of
sustainable finance mobilised rising 13% from the first quarter of
last year to €24.7 billion. We have led a €7 billion syndicated
facility for Switzerland’s largest provider of renewable energy, as
well as the financing of a wind farm and battery energy storage
system in Australia. These deals support our aim to triple our
renewable energy financing by 2025, contributing to the transition
to a low-carbon world. “We are working to expand our
sustainability offerings in Retail Banking, in line with our
ambition to offer sustainable alternatives for our main Retail
products in all markets by 2025. In Poland, we have introduced a
mortgage-linked renovation loan. This means that customers buying a
poor energy-efficient home can receive additional funds for energy
renovations, benefiting from discounted rates. This is important
because meeting net-zero climate goals in housing is dependent on
energy renovations of existing homes. “We continue to align
our capital to our target level. And we are announcing a share
buyback programme of €2.5 billion. Our results confirm that we are
a well-capitalised bank with strong earnings power, enabling us to
navigate our global operating landscape confidently. I am proud of
how ING has continued to make the difference by improving our
customers’ experience and by working hard to put sustainability at
the heart of what we do. This is how we add value for all of our
stakeholders.” |
| 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 60,000
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). ING aims to put
sustainability at the heart of what we do. ING’s sustainability
efforts have been recognised externally by environmental, social
and governance (ESG) rating agencies and other benchmarks. In 2023,
Sustainalytics assessed our management of ESG material risk as
‘strong’. In July 2023, ING's ESG rating by MSCI was reconfirmed as
'AA'. ING’s shares are included in the sustainability indices of
Euronext, STOXX, FTSE Russell and Morningstar. 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 (‘Market Abuse Regulation’). 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 2023 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) changes affecting interest rate levels (3) any
default of a major market participant and related market disruption
(4) changes in performance of financial markets, including in
Europe and developing markets (5) fiscal uncertainty in Europe
and the United States (6) discontinuation of or changes in
‘benchmark’ indices (7) inflation and deflation in our
principal markets (8) changes in conditions in the credit and
capital markets generally, including changes in borrower and
counterparty creditworthiness (9) failures of banks falling
under the scope of state compensation schemes
(10) noncompliance with or changes in laws and regulations,
including those concerning financial services, financial economic
crimes and tax laws, and the interpretation and application thereof
(11) geopolitical risks, political instabilities and policies
and actions of governmental and regulatory authorities, including
in connection with the invasion of Russia into Ukraine and the
related international response measures (12) legal and
regulatory risks in certain countries with less developed legal and
regulatory frameworks (13) prudential supervision and
regulations, including in relation to stress tests and regulatory
restrictions on dividends and distributions (also among members of
the group) (14) ING’s ability to meet minimum capital and
other prudential regulatory requirements (15) changes in
regulation of US commodities and derivatives businesses of ING and
its customers (16) application of bank recovery and resolution
regimes, including write down and conversion powers in relation to
our securities (17) 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
(18) changes in tax laws and regulations and risks of
non-compliance or investigation in connection with tax laws,
including FATCA (19) 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 and
including any risks as a result of incomplete, inaccurate, or
otherwise flawed outputs from the algorithms and data sets utilized
in artificial intelligence (20) risks and challenges related
to cybercrime including the effects of cyberattacks and changes in
legislation and regulation related to cybersecurity and data
privacy, including such risks and challenges as a consequence of
the use of emerging technologies, such as advanced forms of
artificial intelligence and quantum computing (21) changes in
general competitive factors, including ability to increase or
maintain market share (22) inability to protect our
intellectual property and infringement claims by third parties
(23) inability of counterparties to meet financial obligations
or ability to enforce rights against such counterparties
(24) changes in credit ratings (25) business,
operational, regulatory, reputation, transition and other risks and
challenges in connection with climate change and ESG-related
matters, including data gathering and reporting (26) inability
to attract and retain key personnel (27) future liabilities
under defined benefit retirement plans (28) failure to manage
business risks, including in connection with use of models, use of
derivatives, or maintaining appropriate policies and guidelines
(29) 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
(30) 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 ESG-related material that has been
prepared by ING on the basis of publicly available information,
internally developed data and other third-party sources believed to
be reliable. ING has not sought to independently verify information
obtained from public and third-party sources and makes no
representations or warranties as to accuracy, completeness,
reasonableness or reliability of such information.
Materiality, as used in the context of ESG, is distinct from, and
should not be confused with, such term as defined in the Market
Abuse Regulation or as defined for Securities and Exchange
Commission (‘SEC’) reporting purposes. Any issues identified
as material for purposes of ESG in this document are therefore not
necessarily material as defined in the Market Abuse Regulation or
for SEC reporting purposes. In addition, there is currently no
single, globally recognized set of accepted definitions in
assessing whether activities are “green” or “sustainable.” Without
limiting any of the statements contained herein, we make no
representation or warranty as to whether any of our securities
constitutes a green or sustainable security or conforms to present
or future investor expectations or objectives for green or
sustainable investing. For information on characteristics of a
security, use of proceeds, a description of applicable
project(s) and/or any other relevant information, please
reference the offering documents for such security. 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. |