ING maintains good commercial momentum,
while continuing KYC enhancement programme |
· |
Retail
primary customer relationships rose by 150,000 to reach 12.6
million |
· |
Net core
lending increased by €8.7 billion in 1Q19; net customer deposit
inflow amounted to €4.8 billion |
|
ING 1Q19 underlying pre-tax result is €1,582
million |
· |
Results
reflect continued business growth at resilient margins, solid fee
income and good cost control |
· |
Four-quarter rolling underlying ROE was 11.0% and the ING Group
CET1 ratio increased to 14.7% |
CEO statement
"We've had a positive start to the year, with first-quarter results
that show good commercial momentum," said Ralph Hamers, CEO of ING
Group. "Our global primary customer base grew by 150,000 to 12.6
million and our most recent net promoter scores among customers
rank us first in six of our 13 retail markets. We recorded €8.7
billion of net core lending growth. Our first-quarter underlying
pre-tax result declined 6.2% to €1,582 million compared to the
first quarter of 2018. Income grew both year on year and
sequentially and we see the positive results of our transformation
programme coming through, especially in the Netherlands and
Belgium. However, this was offset by higher but still relatively
low risk costs, and pressure from low interest rates in our main
eurozone markets.
"We continue to improve the way we manage non-financial risk. An
important element of that is our global know your customer (KYC)
enhancement programme. We now have over 2,500 full-time employees
working on KYC across the bank, in all client segments and all
business units. We have rolled out an adverse media screening tool
and have begun assessing behavioural risks. All these efforts aim
to further embed non-financial risk management structurally
throughout ING.
"At the same time, we continued to innovate in the first quarter to
improve the banking experience for our customers, while helping
them transition to a more effcient and more sustainable economy.
We've taken steps to make banking easier for our customers. We
participated in the initial launch of instant payments in the
Netherlands and Belgium by the Dutch Payments Association and the
Belgian Banking Federation. Funds now get credited to the
beneficiary account within five seconds, giving customers immediate
access to their funds and helping them optimise cash flows. Later
this year, we expect to expand instant payments to other countries
and other banks in Europe.
"We also enhanced our service offering at ING in France by
launching 'instant mortgages'. By digitalising the process required
for a mortgage and making use of the European PSD2 legislation we
can now grant home loan approvals in just two days.
"We took several steps in blockchain and distributed ledger
technology to further improve our offering and client experience.
For example, we made codes we had created to ensure data privacy
even faster, safer and easier to use with a new release called
Bulletproofs. These codes, which are open source, were successfully
used in the first quarter in a proof of concept with a university
in the Netherlands. ING is also co-developing a platform called
MineHub to help clients in metals and mining to lower costs,
increase transparency and contribute to sustainable production and
trading. Our work does not go unnoticed. We rank fifth among global
listed companies with the highest blockchain potential for 2019 in
Forbes.
"ING continued to empower clients in transitioning to a low-carbon
and self-reliant society in the first quarter by taking part in 12
sustainable bond transactions and 16 sustainable loan transactions.
Many of these were sustainability 'firsts', such as our first solar
rooftop financing in Asia Pacific and the first sustainability
improvement loan in the US general industrial sector.
"One thing that should remain absolutely clear is that we
understand how vital it is to master the management of nonfinancial
risks as well as financial risks, and we are committed to doing so.
This dedication is matched by our commitment to our customers as we
continuously look for new innovative ways to empower them to stay a
step ahead in life and in business." |
|
Further information
All publications related to ING's 1Q2019 results can be found at
www.ing.com/1q19, including a video with Ralph Hamers. The video is
also available on YouTube. Additional financial information is
available at www.ing.com/qr:
· Full ING Group 1Q2019 press release (PDF)
· ING Group analyst presentation (PDF, also available via
SlideShare)
· ING Group historical trend data (PDF, XLS)
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, Tanate Phutrakul and Steven van Rijswijk will discuss
the results in an Investor conference call on 2 May 2019 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, Tanate Phutrakul and Steven van Rijswijk will also
discuss the results in a media conference call on 2 May 2019
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 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 53,000 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 strategy, evidenced
by ING's ranking as a leader in the banks industry group by
Sustainalytics. ING Group shares are included in the FTSE4Good
Index and in the Dow Jones Sustainability Index (Europe and World),
where ING is also 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.
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 2018 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 the United
Kingdom leaving the European Union or a break-up of the euro, (4)
changes in the fiscal position and the future economic performance
of the US including
potential consequences of a downgrade of the sovereign credit
rating of the US government, (5) potential consequences of a
European sovereign debt crisis, (6) changes in the availability of,
and costs associated with, sources of liquidity such as interbank
funding, (7) changes in conditions in the credit and capital
markets generally, including changes in borrower and counterparty
creditworthiness, (8) changes affecting interest rate levels, (9)
inflation and deflation in our principal markets, (10) changes
affecting currency exchange rates, (11) changes in investor and
customer behaviour, (12) changes in general competitive factors,
(13) changes in or discontinuation of 'benchmark' indices, (14)
changes in laws and regulations and the interpretation and
application thereof, (15) changes in compliance obligations
including, but not limited to, those posed by the implementation of
DAC6, (16) geopolitical risks, political instabilities and policies
and actions of governmental and regulatory authorities, (17)
changes in standards and interpretations under International
Financial Reporting Standards (IFRS) and the application thereof,
(18) 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, (19) changes in ownership that could
affect the future availability to us of net operating loss, net
capital and built-in loss carry forwards, (20) changes in credit
ratings, (21) the outcome of current and future legal and
regulatory proceedings, (22) operational risks, such as system
disruptions or failures, breaches of security, cyber-attacks, human
error, changes in operational practices or inadequate controls
including in respect of third parties with which we do business,
(23) risks and challenges related to cybercrime including the
effects of cyber-attacks and changes in legislation and regulation
related to cybersecurity and data privacy, (24) the inability to
protect our intellectual property and infringement claims by third
parties, (25) the inability to retain key personnel, (26) business,
operational, regulatory, reputation and other risks in connection
with climate change, (27) ING's ability to achieve its strategy,
including projected operational synergies and cost-saving
programmes and (28) the other risks and uncertainties detailed in
this 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. (29) This
document may contain inactive textual addresses to internet
websites operated by us and third parties. Reference to such
websites is made for information purposes only, and information
found at such websites is not incorporated by reference into this
document. ING does not make any representation or warranty with
respect to the accuracy or completeness of, or take any
responsibility for, any information found at any websites operated
by third parties. ING specifically disclaims any liability with
respect to any information found at websites operated by third
parties. ING cannot guarantee that websites operated by third
parties remain available following the publication of this
document, or that any information found at such websites will not
change following the filing of this document. 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. |