ING 3Q16 underlying net result EUR 1,336 million
03 Novembre 2016 - 6:59AM
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)
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ING Group via Globenewswire
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