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    INGA   NL0011821202

ING GROEP N.V.

(INGA)
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ING Groep N : Results Presentation 2Q2022 (PDF 0,6 MB)

08/04/2022 | 01:37am EDT

Second quarter 2022 results

ING posts 2Q2022 net result of €1,178 mln

Steven van Rijswijk, CEO of ING

4 August 2022

Key points

  • In line with our strategic priorities, we continued our efforts to offer a superior customer experience, with a focus on the digital customer journey, and to contribute to a sustainable future
  • Pre-provisionprofit remained strong, despite increasingly challenging operating conditions due to ongoing geopolitical uncertainty and pressure on the global economy. The strong performance was supported by higher NII, with a further recovery of liability margins, resilient fees and expenses under control
  • Loan growth in Retail Banking was €7.1 bln, driven by both mortgages and business lending, while in Wholesale
    Banking loan growth was €3.0 bln. Net core deposits growth was €8.1 bln
  • Fees grew 3.9% YoY, supported by our actions on daily banking in Retail Banking, while investment product fees reflected lower stock markets and less trading activity. In Wholesale Banking the effect of lower capital market flows was visible
  • Expenses were well contained, despite inflationary pressure and continued investments in our customer experience
  • Risk costs were €202 mln, or 13 bps of average customer lending. This included an overlay reflecting increased macroeconomic uncertainties, as well as releases of overlays related to Covid-19 and our Russia-related exposure, which was further reduced. The Stage 3 ratio was stable at a low 1.4%. We are confident on the quality of our loan book and will continue to manage this in line with our proven risk management framework
  • 2Q2022 CET1 ratio stood at 14.7%. We will pay an interim cash dividend of €0.17 per share over 1H2022

2

Continuously improving the customer experience

Mobile-only active customers*

53%

up by 1% compared to 1Q2022

Net promoter scores (NPS)

#1 in 5 out of 10 retail countries

Primary customer growth

+228,000

in 2Q2022, reaching 14.2 mln in total

  • To further strengthen customer experience and drive value, we have improved several propositions in 2Q2022
    • In Romania, we were the first bank to make the start of our mortgage application process fully digital with online financial pre-approval
    • In Belgium, through digital improvements customers can get an estimate for their borrowing capacity for a mortgage 80% faster
  • We also launched several applications built on our Touchpoint foundation including
    • In Spain, we launched Every Day Round-Up, an application initially developed in Australia, that helps customers save money by rounding up each purchase and shifting the extra amount to a savings account
    • Also in Spain, the Aggregation feature was launched, allowing ING customers to link any other bank account to their ING app for a full financial overview

* Definition: Retail customers who used the mobile channel at least once in the last quarter

3

Sustainability at the heart of what we do

  • We joined forces with industry players to form the Aluminium Climate-Aligned Finance Working Group, as the latest initiative to support the transition to net zero emissions
  • We have set intermediate 2030 targets for the sectors cement, steel and aviation, now aligning 6 out of our 9 Terra sectors with net zero 2050
  • On 30 June 2022, we published our 4th Human Rights Review, extending our assessment of the most impactful human rights issues to our retail operations
  • We supported the first healthcare social bond in Singapore, acting as joint lead manager, joint bookrunner and joint social structuring advisor for First REIT's S$100 mln Credit Guarantee and Investment Facility

Sustainability deals 1H2022* (#)

205 deals

versus 202 deals in 1H2021

Volume mobilised 1H2022**

€40.0 bln

versus €40.5 bln in 1H2021

* Sustainability deals include sustainability loans and bonds, green loans and bonds, sustainable structured finance, social loans and bonds, and sustainable investments

** Volume mobilised includes loan products, capital markets, derivatives and advisory propositions that support clients by financing their sustainable activities and in the transition to

4

a more sustainable business model. In case of an ESG lead role the pro-rata share of the transaction is included, otherwise our final take is included

Strong pre-provision profit

Pre-provision profit excl. volatile items* and regulatory costs (in € mln)

2,335 2,405

2,216 2,151

2,009

2Q2021 3Q2021 4Q2021 1Q2022 2Q2022

  • 2Q2022 pre-provision profit excluding volatile items and regulatory costs increased on both comparable quarters
  • NII was strong, reflecting the positive effect of rising interest rates on liability NII. This offset pressure on lending NII, as client rates generally track higher funding costs with a delay and income from prepayment penalties declined
  • Impact of the challenging environment became visible in other P&L lines through
    • Hyperinflation accounting and goodwill impairment in Turkey, with a net €-277 mln impact**, mainly in other income
    • Higher uncertainty lead to lower stock markets and less trading activity, affecting fees on investment products
    • Continued inflationary pressure on staff costs
  • Volatile items this quarter included the aforementioned net impact of €-277 mln in Turkey and a €97 mln restructuring provision related to network optimisation in Retail Belgium

* As included in volatile items on slide 19

5

** Excluded from resilient net profit. More details on slide 20

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

ING Groep NV published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 05:36:02 UTC.


© Publicnow 2022
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Sales 2022 18 586 M 17 923 M 17 923 M
Net income 2022 3 868 M 3 730 M 3 730 M
Net Debt 2022 - - -
P/E ratio 2022 8,74x
Yield 2022 7,86%
Capitalization 32 420 M 31 263 M 31 263 M
Capi. / Sales 2022 1,74x
Capi. / Sales 2023 1,66x
Nbr of Employees 57 000
Free-Float 92,1%
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Steven van Rijswijk Chief Executive Officer
Tanate Phutrakul Chief Financial Officer
Gerardus Johannes Wijers Chairman-Supervisory Board
Ronnie Henricus van Kemenade Chief Technology Officer
Marnix van Stiphout Chief Operating & Transformation Officer
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