3Q2022 profit before tax of
Net customer deposits growth of
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
CEO statement
'I'm pleased with our solid performance, especially in light of the challenging economic and geopolitical environment,' said
'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
'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
Live audio webcast
Media conference call
Live audio webcast
ING PROFILE
Sustainability is an integral part of
Further information
All publications related to
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
(C) 2022 Electronic News Publishing, source