ING posts 1Q2022 net result of €429 million and strong pre-provision profit

06 May 2022 07:00 CET ... min read


1Q2022 profit before tax of €668 million; CET1 ratio remains robust at 14.9%

  • Income strong with robust net interest income and continued increase in fee income
  • Operating expenses under control, lower than a year ago and sequentially
  • Retail Banking result 20% higher than in 1Q2021 on lower expenses and risk costs, despite impairment on TTB
  • Wholesale Banking results impacted by €834 million risk costs linked to Russia-related exposure
  • Additional capital distribution of €1.25 billion

CEO statement

“The first quarter of 2022 was marked by the terrible invasion of Ukraine, which is having a devastating impact on people’s lives and is threatening international stability and security,” said ING CEO Steven van Rijswijk. “Our first priority is to support our colleagues and their families, our clients and the humanitarian efforts in Ukraine and surrounding countries. Global and local ING initiatives have raised more than €12 million to date for humanitarian aid in Ukraine and for those who have fled to other countries. We're waiving fees for personal transactions to Ukraine so customers can send money to their loved ones for free. I’m inspired by our Ukrainian employees and the colleagues across ING who are supporting them in various ways. In addition, we stopped doing new business with Russian companies. We continue to monitor the situation closely, managing and controlling risks while assisting our colleagues and clients wherever possible.

“The geopolitical situation has also impacted our financial results, as the increased risk on our Russia-related exposure led us to book additional provisions in Wholesale Banking. Income was strong this quarter, supported by resilient net interest income and continued fee growth. We also maintained good cost control despite pressure from inflation. As our capital position remains strong, we announce an additional capital distribution to our shareholders of €1.25 billion.

“ING aims to be a banking leader when it comes to sustainability and the transition to a low-carbon economy. We worked hard over the years to build a power generation lending book that’s 60% renewables, outperforming by far the most ambitious climate goal of the Paris Agreement. We went a step further in March and announced that we aim to grow new financing of renewable energy by 50% by year-end 2025 from 2021 and will no longer provide dedicated finance to new oil & gas fields. These steps are aligned with the International Energy Agency’s Net-Zero Emissions by 2050 Roadmap.

“Delivering value through a superior customer experience remains important. An example from this quarter is how we became the first bank in Spain to offer instant lending for new clients, with tailor-made pricing based on our analysis of the applicant’s data. And as we digitalise our product offering, we launched Self Invest via mobile in Belgium, expanding the possibilities for our customers when it comes to online trading. Customers continue to choose for investment products, as total number of investment accounts globally rose nearly 13% year-on-year.

“The global uncertainty and supply chain disruptions are impacting the price of energy and other goods and services. This has caused inflation to rise strongly, impacting economic growth at least in the short term. In line with our strategy, we continue to focus on providing our customers with a superior experience, helped by our technology foundations, and facilitating the transition to a low carbon economy, supported by our prudent risk approach."

Consolidated results

Analyst and investor conference call

6 May 2022 at 9:00 am CET

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

Live audio webcast

Media conference call

6 May 2022 at 11:00 am CET

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

Live audio webcast

Further information

All publications related to ING’s 1Q2022 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
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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 57,000 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. ING's ESG rating by MSCI was affirmed 'AA' in December 2021. ING Group shares are included in major sustainability and Environmental, Social and Governance (ESG) index products of leading providers STOXX, Morningstar and FTSE Russell. In January 2021, ING received an ESG evaluation score of 83 ('strong') from S&P Global Ratings.


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 eff ects 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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Raymond Vermeulen

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