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. |
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