3Q2022 profit before tax of EUR1,380 million; CET1 ratio remains strong at 14.7%.

Net customer deposits growth of EUR10.5 billion and net core lending growth of EUR4.7 billion

In net interest income, higher liability margins helped to offset the impact of the Polish mortgage moratorium

Risk costs normalised reflecting the macroeconomic environment

Additional distribution to shareholders of EUR1.5 billion

CEO statement

'I'm pleased with our solid performance, especially in light of the challenging economic and geopolitical environment,' said Steven van Rijswijk, CEO of ING. 'Our strategy and our strong, diversified balance sheet are paying off. Total income this quarter was EUR4,412 million. Without two exceptional items it would have been EUR5,043 million, as we benefitted from higher interest rates, supporting our revenues in both Retail and Wholesale Banking. Fee income was resilient, as higher fees from daily banking were offset by lower fees from investment products, due to a decline in stock markets and subdued trading activity. The two exceptional items were EUR343 million from new regulation in Poland for mortgages as previously announced, and a hedge accounting impact of EUR288 million, of which the mirroring positive impact will be recognised over the coming years.

'The exceptionally high inflation and high energy prices are affecting consumers and companies alike. Our own expenses were also impacted by increasing inflationary pressure and adverse currency developments this quarter, however controllable expenses were well contained. With our scalable Tech and Operations foundation, we're able to grow our business at marginal cost. One of the three main elements of this foundation, our ING Private Cloud (IPC), reached an important milestone this quarter: more than 50% of the workload is now on IPC, up from 34% in 2021, meaning we're well on our way to reach our 70% target by 2025.

'Risk costs remained in line with our through-the-cycle average and include overlays based on the macroeconomic outlook. We're confident of the quality of our loan portfolio, the strength of our diversified risk profile and our provisioning levels. Combined with our strong capital position this allows us to announce today an additional distribution to our shareholders of EUR1.5 billion, which is fully in line with our capital ambitions as presented at our recent Investor Update.

'We're committed to executing our strategy: to provide a superior customer experience and put sustainability at the heart of what we do. The continued growth in primary customers and the positive Net Promoter Score development are evidence that our customers value our services. In NPS, we are now number one in seven of our ten retail markets, up from five in the previous quarter.

'When it comes to sustainability, we aim to be a banking leader. Our 2022 Climate Report shows the progress we're making in climate action, including our Terra approach. I'm pleased that we've set intermediate targets for 2030 for all nine Terra sectors (the most carbon-intensive ones). This is helping us to steer our loan portfolio towards net zero by 2050.

'We're on track to reach our financial targets as communicated in June. I'm confident we're well positioned to face the challenges and capture the opportunities ahead of us, as we continue to create value for all stakeholders, support our customers and facilitate the transition to a low-carbon economy.'

Consolidated results

Analyst and investor conference call

3 November 2022 at 9:00 am CET

Live audio webcast

Media conference call

3 November 2022 at 11:00 am CET

Live audio webcast

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 58,000 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 is an integral part of ING's strategy, evidenced by ING's leading position in sector benchmarks. ING's Environmental, Social and Governance (ESG) rating by MSCI was affirmed 'AA' in September 2022. As of August 2022, Sustainalytics considers ING's management of ESG material risk to be 'strong', and in June 2022 ING received an ESG rating of 'strong' from S&P Global Ratings. ING Group shares are also included in major sustainability and ESG index products of leading providers Euronext, STOXX, Morningstar and FTSE Russell.

Further information

All publications related to ING's 3Q2022 results can be found at www.ing.com/3q2022, including a video with CEO Steven van Rijswijk. The 'ING ON AIR' video is also available on YouTube.

Additional financial information is available at www.ing.com/ir:

ING Group Historical Trend Data

ING Group Results presentation

ING Group Credit Update presentation

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.

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