ING posts 2Q2020 net result of €299 million

06 August 2020 07:00 CET ... min read
  • ING actively supporting customers, employees and society during Covid-19 pandemic
    • With most staff still working from home, ING is actively supporting customers, employees and communities and continues to engage with governments and regulators to support recovery
    • Our digital model enabled continued growth in primary customers by 156,000

  • ING 2Q2020 result before tax of €542 million
    • Net interest income and fee income remained resilient; income furthermore supported by positive valuation adjustments. Continued good operational cost control
    • CET1 ratio improved to 15.0%, reflecting higher capital and a decline in RWA, including capital management actions and lower lending volumes. Four-quarter rolling ROE was 6.1%
    • Result reflects higher collective provisioning triggered by a worsened macro-economic outlook due to the impact of the Covid-19 pandemic and higher individual Stage 3 provisions, as well as impairments on goodwill

CEO statement

“The Covid-19 pandemic continued in the second quarter to strongly impact the economies where we operate and how we conducted our own business,” said Steven van Rijswijk, CEO of ING Group. “Against this backdrop we saw continued strong net interest income. Fee income from brokerage services in our German retail operation was higher, and in Wholesale Banking income was up due to increased client demand for Financial Markets services. We maintained good operational cost control and primary customer relationships grew, demonstrating the strength of our digital business model, which enhances customer experience and supports a better cost infrastructure. This led to a resilient pre-provision result. The impact of Covid-19 was reflected in the higher risk provisioning and goodwill impairments we booked in the second quarter. We remain strongly capitalised with a CET1 ratio of 15%.

“At the same time, we supported customers and employees in dealing with the disruption from the crisis, played a positive role in the communities where we’re active and further enhanced our digital and mobile-first banking proposition. I’m very proud of the way our people and organisation are supporting our customers. I’m honoured to be ING’s new CEO and excited to lead this committed organisation.

“Our digitisation strategy is showing its worth. We continued to make banking easier and safer for customers and enabled our employees to work more effectively from home. In Poland, for example, customers requesting a bank card can immediately start using a digital card for mobile payments. In the Netherlands and Belgium, we’re successfully using new channels like video calls to advise customers as an alternative to face-to-face contact. Around three-quarters of ING’s employees worldwide continue to work from home. We support them with tools and guidance to create an optimal remote working environment.

"To provide customers everywhere with the same easy, smart and personal customer experience, we welcomed Belgian customers to the OneWeb banking environment shared with our Dutch customers, and we’re also introducing our awardwinning OneApp mobile environment used in the Netherlands and Germany. ING is the first bank in Germany to offer loans to businesses who sell through Amazon’s seller portal. And SME clients can now also access the digital lending solution of fintech Lendico via our German banking platform.

“In the second quarter we continued our work to become even more effective gatekeepers of the financial system. We set up a special Covid-19 taskforce to monitor transactions to protect customers from fraud. In our ongoing Know Your Customer (KYC) efforts we continued to improve customer due diligence files and rolled out enhanced tools in various countries to improve pretransaction screening and transaction monitoring.

“We also assisted communities through the many actions of our local businesses, such as donations of materials and funds. And ING will help fund UNICEF’s efforts to aid the world’s most vulnerable children and their caregivers. In keeping with our commitment to finance a low-carbon society, we grew our sustainable finance franchise in the second quarter. This included a US$1 billion green bond issued by ING to fund loans for renewable energy and green buildings.

“I’m confident about ING’s strength and resilience in these challenging times, and I believe that our strategic direction is the right one to guide us in the future.”

Consolidated results

Analyst and investor conference call

6 August 2020 at 8:30 am CET

+31 (0)20 341 8221 (NL)
+44 203 365 3209 (UK)
+1 866 349 6092 (US)

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Media conference call

6 August 2020 at 11:00 am CET

+31 (0)20 531 5855 (NL)
+44 203 365 3210 (UK)

Live audio webcast at
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Note for editors

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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 55,000 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 leading position in sector benchmarks by Sustainalytics and MSCI and our ‘A-list’ rating by CDP. ING Group shares are included in major sustainability and Environmental, Social and Governance (ESG) index products of leading providers STOXX, Morningstar and FTSE Russell.


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 (‘IFRSEU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2019 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, including changes affecting currency exchange rates, (2) the effects of the Covid-19 pandemic and related response measures, including lockdowns and travel restrictions, on economic conditions in countries in which ING operates, on ING’s business and operations and on ING’s employees, customers and counterparties, (3) changes affecting interest rate levels, (4) any default of a major market participant and related market disruption, (5) changes in performance of financial markets, including in Europe and developing markets, (6) changes in the fiscal position and the future economic performance of the United States, including potential consequences of a downgrade of the sovereign credit rating of the US government, (7) consequences of the United Kingdom’s withdrawal from the European Union, (8) changes in or discontinuation of ‘benchmark’ indices, (9) inflation and deflation in our principal markets, (10) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness, (11) failures of banks falling under the scope of state compensation schemes, (12) non-compliance with or changes in laws and regulations, including those financial services and tax laws, and the interpretation and application thereof, (13) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, (14) ING’s ability to meet minimum capital and other prudential regulatory requirements, (15) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers, (16) 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, (17) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, (18) changes in general competitive factors, (19) the inability to protect our intellectual property and infringement claims by third parties, (20) changes in credit ratings, (21) business, operational, regulatory, reputation and other risks and challenges in connection with climate change, (22) inability to attract and retain key personnel, (23) future liabilities under defined benefit retirement plans, (24) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines, (25) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, (26) the other risks and uncertainties detailed in the most recent 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

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