ING
maintains good commercial momentum, while continuing KYC
enhancement programme |
· |
Retail primary customer
relationships rose by 150,000 to reach 12.6 million |
· |
Net core lending increased
by €8.7 billion in 1Q19; net customer deposit inflow amounted to
€4.8 billion |
|
ING 1Q19
underlying pre-tax result is €1,582 million |
· |
Results reflect continued
business growth at resilient margins, solid fee income and good
cost control |
· |
Four-quarter rolling
underlying ROE was 11.0% and the ING Group CET1 ratio increased to
14.7% |
CEO
statement"We've had a positive start to the year, with
first-quarter results that show good commercial momentum," said
Ralph Hamers, CEO of ING Group. "Our global primary customer base
grew by 150,000 to 12.6 million and our most recent net promoter
scores among customers rank us first in six of our 13 retail
markets. We recorded €8.7 billion of net core lending growth. Our
first-quarter underlying pre-tax result declined 6.2% to €1,582
million compared to the first quarter of 2018. Income grew both
year on year and sequentially and we see the positive results of
our transformation programme coming through, especially in the
Netherlands and Belgium. However, this was offset by higher but
still relatively low risk costs, and pressure from low interest
rates in our main eurozone markets. "We continue to improve the way
we manage non-financial risk. An important element of that is our
global know your customer (KYC) enhancement programme. We now have
over 2,500 full-time employees working on KYC across the bank, in
all client segments and all business units. We have rolled out an
adverse media screening tool and have begun assessing behavioural
risks. All these efforts aim to further embed non-financial risk
management structurally throughout ING. "At the same time, we
continued to innovate in the first quarter to improve the banking
experience for our customers, while helping them transition to a
more effcient and more sustainable economy. We've taken steps to
make banking easier for our customers. We participated in the
initial launch of instant payments in the Netherlands and Belgium
by the Dutch Payments Association and the Belgian Banking
Federation. Funds now get credited to the beneficiary account
within five seconds, giving customers immediate access to their
funds and helping them optimise cash flows. Later this year, we
expect to expand instant payments to other countries and other
banks in Europe. "We also enhanced our service offering at ING in
France by launching 'instant mortgages'. By digitalising the
process required for a mortgage and making use of the European PSD2
legislation we can now grant home loan approvals in just two days.
"We took several steps in blockchain and distributed ledger
technology to further improve our offering and client experience.
For example, we made codes we had created to ensure data privacy
even faster, safer and easier to use with a new release called
Bulletproofs. These codes, which are open source, were successfully
used in the first quarter in a proof of concept with a university
in the Netherlands. ING is also co-developing a platform called
MineHub to help clients in metals and mining to lower costs,
increase transparency and contribute to sustainable production and
trading. Our work does not go unnoticed. We rank fifth among global
listed companies with the highest blockchain potential for 2019 in
Forbes. "ING continued to empower clients in transitioning to a
low-carbon and self-reliant society in the first quarter by taking
part in 12 sustainable bond transactions and 16 sustainable loan
transactions. Many of these were sustainability 'firsts', such as
our first solar rooftop financing in Asia Pacific and the first
sustainability improvement loan in the US general industrial
sector. "One thing that should remain absolutely clear is that we
understand how vital it is to master the management of nonfinancial
risks as well as financial risks, and we are committed to doing so.
This dedication is matched by our commitment to our customers as we
continuously look for new innovative ways to empower them to stay a
step ahead in life and in business." |
|
Further
informationAll publications related to ING's 1Q2019 results can be
found at www.ing.com/1q19, including a video with Ralph Hamers. The
video is also available on YouTube. Additional financial
information is available at www.ing.com/qr: · Full ING Group 1Q2019
press release (PDF) · ING Group analyst presentation (PDF, also
available via SlideShare)· ING Group historical trend data (PDF,
XLS) 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. Footage (B-roll)
of ING is available via ing.yourmediakit.com or can be requested by
emailing info@yourmediakit.com. ING presentations are available at
SlideShare. |
|
Investor
conference call, Media conference call and webcastsRalph Hamers,
Tanate Phutrakul and Steven van Rijswijk will discuss the results
in an Investor conference call on 2 May 2019 at 9:00 a.m. CET.
Members of the investment community can join the conference call at
+31 20 531 5821 (NL), +44 203 365 3209 (UK) or
+1 866 349 6092 (US) and via live audio webcast at
www.ing.com. Ralph Hamers, Tanate Phutrakul and Steven van
Rijswijk will also discuss the results in a media conference
call on 2 May 2019 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 call can also be followed via live audio webcast at
www.ing.com. |
|
Investor
enquiriesT: +31 20 576 6396E: 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 53,000 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 ranking as a leader in the banks industry group by
Sustainalytics. ING Group shares are included in the FTSE4Good
Index and in the Dow Jones Sustainability Index (Europe and World),
where ING is also among the leaders in the banks industry
group. |
|
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 2018 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 orimplied 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, in particular economic conditions in ING's
core markets,(2) changes in performance of financial markets,
including developing markets, (3) potential consequences of the
United Kingdom leaving the European Union or a break-up of the
euro, (4) changes in the fiscal position and the future economic
performance of the US includingpotential consequences of a
downgrade of the sovereign credit rating of the US government, (5)
potential consequences of a European sovereign debt crisis, (6)
changes in the availability of, and costs associated with, sources
of liquidity such as interbank funding, (7) changes in conditions
in the credit and capital markets generally, including changes in
borrower and counterparty creditworthiness, (8) changes affecting
interest rate levels, (9) inflation and deflation in our principal
markets, (10) changes affecting currency exchange rates, (11)
changes in investor and customer behaviour, (12) changes in general
competitive factors, (13) changes in or discontinuation of
'benchmark' indices, (14) changes in laws and regulations and the
interpretation and application thereof, (15) changes in compliance
obligations including, but not limited to, those posed by the
implementation of DAC6, (16) geopolitical risks, political
instabilities and policies and actions of governmental and
regulatory authorities, (17) changes in standards and
interpretations under International Financial Reporting Standards
(IFRS) and the application thereof, (18) conclusions with regard to
purchase accounting assumptions and methodologies, and other
changes in accounting assumptions and methodologies including
changes in valuation of issued securities and credit market
exposure, (19) changes in ownership that could affect the future
availability to us of net operating loss, net capital and built-in
loss carry forwards, (20) changes in credit ratings, (21) the
outcome of current and future legal and regulatory proceedings,
(22) 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, (23) risks and
challenges related to cybercrime including the effects of
cyber-attacks and changes in legislation and regulation related to
cybersecurity and data privacy, (24) the inability to protect our
intellectual property and infringement claims by third parties,
(25) the inability to retain key personnel, (26) business,
operational, regulatory, reputation and other risks in connection
with climate change, (27) ING's ability to achieve its strategy,
including projected operational synergies and cost-saving
programmes and (28) the other risks and uncertainties detailed in
this 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. (29) 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. |