ING posts 3Q2019 net result of €1,344 million

Δευτέρα, 04 Νοεμβρίου 2019 14:46
ING posts 3Q2019 net result of €1,344 million

ING continues to see growth in primary customers and customer deposits
- Retail primary customers rose in 3Q2019 by 165,000 to 13.1 million; total retail customer base reaches 38.7 million
- Net customer deposits in 3Q2019 grew by €4.4 billion; net core lending declined by €1.0 billion, while maintaining growth in mortgages

ING 3Q2019 underlying pre-tax result of €1,911 million
- Result reflects well-diversified loan book with resilient margins, despite margin pressure on customer deposits, as well as higher fee income
- Expenses increased mainly due to KYC; risk costs remain below ING’s through-the-cycle average
- Four-quarter rolling underlying ROE was 10.3%; ING Group CET1 ratio increased to 14.6%

CEO statement

“We performed well in the third quarter. Even with the ongoing negative interest rate environment, our net interest income has remained resilient,” said Ralph Hamers, CEO of ING Group. “Furthermore, we saw an increase in fee income in the third quarter.
We also recorded higher expenses mostly related to our know your customer (KYC) programme and an increase in risk costs.
Net customer deposits grew by €4.4 billion in the quarter. Total net core lending, however, declined by €1.0 billion due to a €4.6 billion drop in Wholesale Banking, partly related to the development of the oil prices and the repayment of some larger term loans. Net core lending in Retail Banking grew by €3.6 billion, primarily in mortgages. Our capital position further improved this quarter. We do expect to see effects on capital from banking regulation and reviews in the coming quarters.

“We encourage working together with politicians and law enforcement and joining forces with other financial institutions in fighting financial and economic crime. Internally, we continue to take steps to improve how we manage non-financial risk. We have made progress strengthening our global KYC organisation and governance structure throughout ING, as well as progress in rolling out global KYC solutions that all countries can connect to. For example, our mid-corporate customers in Poland are now connected to our global solution for customer onboarding and review.

“We added about 165,000 primary customers in the third quarter, indicating that our efforts to offer them a differentiating experience continue to pay off. We keep on making it easier for customers to make payments. We rolled out Apple Pay and Google Pay in more countries, including becoming a pioneer in the Polish market by offering Apple Pay for business customers.
The number of customers who signed up to make mobile card payments soared 35% in the third quarter from last quarter, and the number of mobile card transactions almost doubled, totalling more than the transactions done in the entire first half of the year.

“We’re digitalising more processes to make them convenient and time-saving for customers. For example, Wholesale Banking clients in Poland can now also sign credit documentation electronically, and in Belgium we enable our customers to start the mortgage process online. Our partnerships with fintechs also help ING offer more financial tools to customers, such as our investment in Flowcast, a start-up that improves the credit-decision process.

“We continue to take action in the third quarter to contribute to combatting climate change. As we want to make a real positive impact, it’s imperative that the financial sector works together. Recent milestones of such cooperation include the launch of the UN-backed Principles for Responsible Banking as well as the Collective Commitment to Climate Action, two related initiatives that ING signed in September at Climate Week in New York.

“ING is committed to steering our portfolio towards the well-below two-degree goal of the Paris Agreement. In September, we shared our progress by showing which of our sectors are on track to meet global climate goals and where work is still in progress. We are the first bank to publish this kind of climate alignment disclosure and will continue on this path.

“A bank in today’s world must diligently manage risks and uphold its integrity, while playing its part to fight climate change and unfailingly putting its customers first. This is a balance that ING strives to achieve every day.”

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