ING posts 3Q2022 net result of €979 million and announces additional distribution to shareholders

03 November 2022 07:00 CET ... min read


3Q2022 profit before tax of €1,380 million; CET1 ratio remains strong at 14.7%

  • Net customer deposits growth of €10.5 billion and net core lending growth of €4.7 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 €1.5 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 €4,412 million. Without two exceptional items it would have been €5,043 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 €343 million from new regulation in Poland for mortgages as previously announced, and a hedge accounting impact of €288 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 €1.5 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 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, including a video with CEO Steven van Rijswijk. The 'ING ON AIR’ video is also available on YouTube.

Additional financial information is available at
• ING Group Historical Trend Data
• ING Group Results presentation
• ING Group Credit Update presentation

For further information on ING, please visit 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.


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 2021 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 and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) 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) fiscal uncertainty in Europe and the United States (7) discontinuation of or changes in ‘benchmark’ indices (8) inflation and deflation in our principal markets (9) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (10) failures of banks falling under the scope of state compensation schemes (11) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (12) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and related international response measures (13) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (14) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (15) regulatory consequences of the United Kingdom’s withdrawal from the European Union, including authorizations and equivalence decisions (16) ING’s ability to meet minimum capital and other prudential regulatory requirements (17) changes in regulation of US commodities and derivatives businesses of ING and its customers (18) application of bank recovery and resolution regimes, including writedown and conversion powers in relation to our securities (19) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (20) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (21) operational and IT 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 (22) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy (23) changes in general competitive factors, including ability to increase or maintain market share (24) inability to protect our intellectual property and infringement claims by third parties (25) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (26) changes in credit ratings (27) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG-related matters (28) inability to attract and retain key personnel (29) future liabilities under defined benefit retirement plans (30) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (31) 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, and (32) 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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Any forward looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

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Raymond Vermeulen

Raymond Vermeulen
Head of Media Relations, Retail Banking Benelux, Corporate governance
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