ING posts 3Q17 net result of EUR 1,376 million
Amsterdam, 2 November 2017, 07:00 am CET
- ING records continued commercial growth and further progress on Think Forward strategic priorities
- ING grew retail customer base in 3Q17 by 400,000 to 36.9 million, and primary relationships reached 10.5 million
- Net core lending in 3Q17 increased by EUR 8.0 billion; net customer deposit inflow amounted to EUR 4.2 billion
- ING 3Q17 underlying pre-tax result of EUR 1,995 million
- Strong result reflects business growth at resilient margins and low risk costs
- ING Group 3Q17 four-quarter rolling ROE improves to 11.0%; ING Group fully loaded CET1 ratio remained stable at 14.5%
“We look back on a quarter in which our businesses performed well as we make progress on accelerating our Think Forward transformation programmes,” said Ralph Hamers, CEO of ING Group. “In the Netherlands, cost savings from earlier transformation efforts are coming through now. Our global customer base grew to 36.9 million, including an increase in the number of primary customers to 10.5 million. We always put our customers first, and in the midst of the transformation programmes these results are quite an achievement.”
“The results also confirm that we are on the right path in transforming ING into the bank of the future as we strive to empower people to stay a step ahead in life and in business by being clear, easy, consistent and convenient. We know there’s much to learn from others through this process, and we see value in combining strengths through cooperation. An example is our recently announced partnership with online wealth manager Scalable Capital in Germany. This expands our offering with digital investment management services, also known as robo-advice. We will continue to create and co-create customer experiences like these—those that are personal, seamless, instant and relevant.”
“Our innovation partnerships take various forms. Last week we announced ING Ventures, a EUR 300 million fund that will invest in start-ups and companies that have already gained some market traction. ING Ventures will help accelerate the pace of innovation, one of our priorities. Each investment will be strictly aligned with our strategy to deliver a differentiating customer experience.”
“In order to better serve small and medium-sized enterprises (SMEs), we recently launched offerings for SMEs in Italy and France together with five fintech partners who each cover a part of the loan process, from onboarding to disbursement. Business clients can get approval for a loan of up to EUR 100,000 within 10 minutes as we use the right risk assessment tools and combine a seamless and instant digital service with the personal touch they expect. This is a great advantage for customers who want to concentrate on running their businesses and don’t want to spend too much time on banking.”
The results confirm that we are on the right path in transforming ING into the bank of the future
“Part of helping people and businesses stay a step ahead is preparing them for the world of tomorrow. We played a role in ground-breaking sustainable finance projects, including acting as joint mandated lead arranger in the GBP 250 million bond for Anglian Water, the first sterling (GBP) green bond in the public utility sector, and as part of the banking syndicate providing project financing for one of Australia’s largest solar plants.”
“Overall, we’ve seen good commercial growth in the third quarter, with EUR 8.0 billion of net core lending growth at stable margins and a EUR 4.2 billion increase in net customer deposits. ING Group’s third-quarter underlying pre-tax result was EUR 1,995 million. Operating expenses remained under control, supported by the benefits from ongoing cost-saving initiatives. Our focus on profitable business led to ING Group’s underlying return on equity on a four-quarter rolling basis improving to 11.0% from 9.1% a year ago.”
“Our continuous efforts were recognised by being named “Best Bank in the World” by Global Finance magazine. I therefore want to conclude by thanking our employees worldwide, who are working hard every day to genuinely, energetically and skilfully serve our customers. With the dynamic, ever-changing environment we’re operating in, I know it isn’t always easy. I’m inspired by the ING team every day.”
Analyst and investor conference call
2 November 2017, at 9:00 a.m. CET
NL +31 (0)20 531 5821
UK +44 203 365 3209
US +1 866 349 6092
Live audio webcast at www.ing.com
Media conference call
2 November 2017, at 11:00 am CET
NL +31 (0)20 531 5871
UK +44 203 365 3210
Live audio webcast at www.ing.com
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 strategy, which is evidenced by the number one position among 395 banks ranked by Sustainalytics. ING Group shares are 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.
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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.
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