ING records continued commercial growth and
further progress on accelerating Think Forward strategic
priorities |
· |
ING grew
retail customer base in 1H17 by 700,000 to 36.5 million, and
primary relationships increased by 400,000 to 10.1 million |
· |
Net core
lending in 2Q17 increased by EUR 6.4 billion; net customer deposit
inflow amounted to EUR 5.3 billion |
|
ING 2Q17 underlying pre-tax result of EUR
1,992 million; ING declares interim cash dividend of EUR 0.24 per
ordinary share |
· |
Strong
result reflects volume growth at resilient margins, higher
commission income and a gain on the sale of an equity stake |
· |
ING Group
2Q17 four-quarter rolling ROE was 10.8%; ING Group fully loaded
common equity Tier 1 (CET1) ratio stable at 14.5% |
|
CEO statement
"At ING, we are passionate about providing a differentiating
experience to our customers, who are at the heart of everything we
do," said Ralph Hamers, CEO of ING Group. "Banking and technology
keep changing faster and faster. We keep pace by continuously
adapting and improving to meet customers' needs, and we aim to
exceed their expectations. Our strategy drives our consistent and
sustainable growth, as evidenced by the strong increase in our
worldwide customer base in the first six months of the year to 36.5
million, of which 10.1 million are considered primary
customers."
"Innovation is in our DNA and our diverse capabilities in this area
constantly enhance the customer experience. During the second
quarter of 2017, we introduced the 'Banking to go' app in Germany
which includes new technologies that make banking easier and more
personal. 'Banking to go' was co-created by a team from Germany and
the Netherlands, using customer feedback. The app demonstrates how
countries and teams are uniting across ING to meet our ambition to
provide a uniform customer experience in all of our markets,
anywhere and anytime. This goal of uniting services is also
reflected in our vision of ING for the future: offering a single,
borderless digital platform with a clear and easy experience
wherever you are in the world. A platform where ING products and
services are supplemented by third-party offerings, and where all
of our customers' financial needs can be satisfied."
"During the second quarter, we made important strides in
establishing the internal operational framework for our digital
transformation. We also realised further progress on our commercial
ambitions, with EUR 6.4 billion of net core lending growth at
stable margins, despite aggressive competition in some of our
markets, and a EUR 5.3 billion increase in net customer deposits.
In the second quarter of 2017, ING Group's underlying pre-tax
result was EUR 1,992 million, driven by the continued volume growth
at resilient interest margins, higher commission income and a
one-time gain on the sale of an equity stake in the real estate
run-off portfolio. Operating expenses remained under control,
supported by the benefits from ongoing cost-saving initiatives, but
they edged up higher due to a one-off legal provision related to a
business that was discontinued in Luxembourg around the year 2000.
On a four-quarter rolling basis, ING Group's underlying return on
equity improved to 10.8% from 8.8% a year ago."
"ING Group's fully loaded CET1 ratio remained strong at 14.5% at
the end of June 2017. We are committed to maintaining a capital
position in excess of prevailing fully loaded requirements and to
providing an attractive return to shareholders. In the second
quarter, we reserved EUR 0.9 billion of the quarterly net profit
for future dividend payments, as we did with the first-quarter net
profit. Today, we declare an interim cash dividend of EUR 0.24 per
ordinary share over the first half of 2017, which is equal to the
amount paid over the first half of 2016."
"Our second-quarter performance confirms that the core elements of
our strategy are as relevant as ever in the fast-changing worlds of
banking and technology, and that we are able to execute steadily on
our priorities. We're on the right track to achieve our strategic
milestones while continuing to support our growing customer base as
we build the bank of the future." |
|
Further information
All publications related to ING's 2Q17 results can be found at
www.ing.com/2q17, 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 August 2017 at
9:00 a.m. CET. Members of the investment community can join the
conference call at +31 20 341 8255 (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 August
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. |