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. |
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