ING records continued commercial growth and
further progress on Think Forward strategic priorities |
· |
ING grew
retail customer base in 3Q17 by 400,000 to 36.9 million, and
primary relationships reached 10.5 million |
· |
Net core
lending in 3Q17 increased by EUR 8.0 billion; net customer deposit
inflow amounted to EUR 4.2 billion |
|
ING 3Q17 underlying pre-tax result of EUR
1,995 million |
· |
Strong
result reflects business growth at resilient margins and low risk
costs |
· |
ING Group
3Q17 four-quarter rolling ROE improves to 11.0%; ING Group fully
loaded CET1 ratio remained stable at 14.5% |
|
CEO statement
"We look back on a quarter in which our businesses performed well
as we make progress on accelerating our Think Forward
transformation programmes," said Ralph Hamers, CEO of ING Group."In
the Netherlands, cost savings from earlier transformation efforts
are coming through now. Our global customer base grew to 36.9
million, including an increase in the number of primary customers
to 10.5 million. We always put our customers first, and in the
midst of the transformation programmes these results are quite an
achievement."
"The results also confirm that we are on the right path in
transforming ING into the bank of the future as we strive to
empower people to stay a step ahead in life and in business by
being clear, easy, consistent and convenient. We know there's much
to learn from others through this process, and we see value in
combining strengths through cooperation. An example is our recently
announced partnership with online wealth manager Scalable Capital
in Germany. This expands our offering with digital investment
management services, also known as robo-advice. We will continue to
create and co-create customer experiences like these - those that
are personal, seamless, instant and relevant."
"Our innovation partnerships take various forms. Last week we
announced ING Ventures, a EUR 300 million fund that will invest in
start-ups and companies that have already gained some market
traction. ING Ventures will help accelerate the pace of innovation,
one of our priorities. Each investment will be strictly aligned
with our strategy to deliver a differentiating customer
experience."
"In order to better serve small and medium-sized enterprises
(SMEs), we recently launched offerings for SMEs in Italy and France
together with five fintech partners who each cover a part of the
loan process, from onboarding to disbursement. Business clients can
get approval for a loan of up to EUR 100,000 within 10 minutes as
we use the right risk assessment tools and combine a seamless and
instant digital service with the personal touch they expect. This
is a great advantage for customers who want to concentrate on
running their businesses and don't want to spend too much time on
banking."
"Part of helping people and businesses stay a step ahead is
preparing them for the world of tomorrow. We played a role in
ground-breaking sustainable finance projects, including acting as
joint mandated lead arranger in the GBP 250 million bond for
Anglian Water, the first sterling (GBP) green bond in the public
utility sector, and as part of the banking syndicate providing
project financing for one of Australia's largest solar
plants."
"Overall, we've seen good commercial growth in the third quarter,
with EUR 8.0 billion of net core lending growth at stable margins
and a EUR 4.2 billion increase in net customer deposits. ING
Group's third-quarter underlying pre-tax result was EUR 1,995
million. Operating expenses remained under control, supported by
the benefits from ongoing cost-saving initiatives. Our focus on
profitable business led to ING Group's underlying return on equity
on a four-quarter rolling basis improving to 11.0% from 9.1% a year
ago."
"Our continuous efforts were recognised by being named "Best Bank
in the World" by Global Finance magazine. I therefore want to
conclude by thanking our employees worldwide, who are working hard
every day to genuinely, energetically and skilfully serve our
customers. With the dynamic, ever-changing environment we're
operating in, I know it isn't always easy. I'm inspired by the ING
team every day." |
|
Further information
All publications related to ING's 3Q17 results can be found at
www.ing.com/3q17, including a video with Ralph Hamers. The video is
also available on YouTube. Additional financial information is
available at www.ing.com/qr:
· ING Group historical trend data (PDF, XLS)
· ING Group analyst presentation (PDF, 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. 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
webcasts
Ralph Hamers, Koos Timmermans and Steven van Rijswijk will discuss
the results in an Investor conference call on 2 November 2017
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, Koos Timmermans and Steven van Rijswijk will also
discuss the results in a media conference call on 2 November
2017 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 more than 51,000 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 corporate strategy,
which is evidenced by ING Group shares 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.
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 2016 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, in
particular economic conditions in ING's core markets, (2) changes
in performance of financial markets, including developing markets,
(3) potential consequences of European Union countries leaving the
European Union or a break-up of the euro, (4) changes in the
availability of, and costs associated with, sources of liquidity
such as interbank funding, as well as conditions in the credit and
capital markets generally, including changes in borrower and
counterparty creditworthiness, (5) changes affecting interest rate
levels, (6) changes affecting currency exchange rates, (7) changes
in investor and customer behaviour, (8) changes in general
competitive factors, (9) changes in laws and regulations and the
interpretation and application thereof, (10) geopolitical risks and
policies and actions of governmental and regulatory authorities,
(11) changes in standards and interpretations under International
Financial Reporting Standards (IFRS) and the application thereof,
(12) 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, (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) the outcome of current and future legal and
regulatory proceedings, (16) ING's ability to achieve its strategy,
including projected operational synergies and cost-saving
programmes and (17) 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. 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. |