ING posts 3Q2019 net result of €1,344 million

31 October 2019 07:00 CET ... min read


  • ING continues to see growth in primary customers and customer deposits
    • Retail primary customers rose in 3Q2019 by 165,000 to 13.1 million; total retail customer base reaches 38.7 million
    • Net customer deposits in 3Q2019 grew by €4.4 billion; net core lending declined by €1.0 billion, while maintaining growth in mortgages

  • ING 3Q2019 underlying pre-tax result of €1,911 million
    • Result reflects well-diversified loan book with resilient margins, despite margin pressure on customer deposits, as well as higher fee income
    • Expenses increased mainly due to KYC; risk costs remain below ING’s through-the-cycle average
    • Four-quarter rolling underlying ROE was 10.3%; ING Group CET1 ratio increased to 14.6%

CEO statement

“We performed well in the third quarter. Even with the ongoing negative interest rate environment, our net interest income has remained resilient,” said Ralph Hamers, CEO of ING Group. “Furthermore, we saw an increase in fee income in the third quarter.
We also recorded higher expenses mostly related to our know your customer (KYC) programme and an increase in risk costs.
Net customer deposits grew by €4.4 billion in the quarter. Total net core lending, however, declined by €1.0 billion due to a €4.6 billion drop in Wholesale Banking, partly related to the development of the oil prices and the repayment of some larger term loans. Net core lending in Retail Banking grew by €3.6 billion, primarily in mortgages. Our capital position further improved this quarter. We do expect to see effects on capital from banking regulation and reviews in the coming quarters.

“We encourage working together with politicians and law enforcement and joining forces with other financial institutions in fighting financial and economic crime. Internally, we continue to take steps to improve how we manage non-financial risk. We have made progress strengthening our global KYC organisation and governance structure throughout ING, as well as progress in rolling out global KYC solutions that all countries can connect to. For example, our mid-corporate customers in Poland are now connected to our global solution for customer onboarding and review.

“We added about 165,000 primary customers in the third quarter, indicating that our efforts to offer them a differentiating experience continue to pay off. We keep on making it easier for customers to make payments. We rolled out Apple Pay and Google Pay in more countries, including becoming a pioneer in the Polish market by offering Apple Pay for business customers.
The number of customers who signed up to make mobile card payments soared 35% in the third quarter from last quarter, and the number of mobile card transactions almost doubled, totalling more than the transactions done in the entire first half of the year.

“We’re digitalising more processes to make them convenient and time-saving for customers. For example, Wholesale Banking clients in Poland can now also sign credit documentation electronically, and in Belgium we enable our customers to start the mortgage process online. Our partnerships with fintechs also help ING offer more financial tools to customers, such as our investment in Flowcast, a start-up that improves the credit-decision process.

“We continue to take action in the third quarter to contribute to combatting climate change. As we want to make a real positive impact, it’s imperative that the financial sector works together. Recent milestones of such cooperation include the launch of the UN-backed Principles for Responsible Banking as well as the Collective Commitment to Climate Action, two related initiatives that ING signed in September at Climate Week in New York.

“ING is committed to steering our portfolio towards the well-below two-degree goal of the Paris Agreement. In September, we shared our progress by showing which of our sectors are on track to meet global climate goals and where work is still in progress. We are the first bank to publish this kind of climate alignment disclosure and will continue on this path.

“A bank in today’s world must diligently manage risks and uphold its integrity, while playing its part to fight climate change and unfailingly putting its customers first. This is a balance that ING strives to achieve every day.”

3Q2019 Consolidated results

Analyst and investor conference call

31 October 2019 at 9:00 am CET

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Media conference call

31 October 2019 at 11:00 am CET

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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 53,000 employees offer retail and wholesale banking services to customers in over 40 countries.

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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 2018 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, (2) changes in performance of financial markets, including developing markets, (3) potential consequences of the United Kingdom leaving the European Union or a break-up of the euro, (4) changes in the fiscal position and the future economic performance of the US including potential consequences of a downgrade of the sovereign credit rating of the US government, (5) potential consequences of a European sovereign debt crisis, (6) changes in the availability of, and costs associated with, sources of liquidity such as interbank funding, (7) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness, (8) changes affecting interest rate levels, (9) inflation and deflation in our principal markets, (10) changes affecting currency exchange rates, (11) changes in investor and customer behaviour, (12) changes in general competitive factors, (13) changes in or discontinuation of ‘benchmark’ indices, (14) changes in laws and regulations and the interpretation and application thereof, (15) changes in compliance obligations including, but not limited to, those posed by the implementation of DAC6, (16) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, (17) changes in standards and interpretations under International Financial Reporting Standards (IFRS) and the application thereof, (18) conclusions with regard to purchase accounting assumptions and methodologies, and other changes in accounting assumptions and methodologies including changes in valuation of issued securities and credit market exposure, (19) changes in ownership that could affect the future availability to us of net operating loss, net capital and built-in loss carry forwards, (20) changes in credit ratings, (21) the outcome of current and future legal and regulatory proceedings, (22) 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, (23) risks and challenges related to cybercrime including the effects of cyber-attacks and changes in legislation and regulation related to cybersecurity and data privacy, (24) the inability to protect our intellectual property and infringement claims by third parties, (25) the inability to retain key personnel, (26) business, operational, regulatory, reputation and other risks in connection with climate change, (27) ING’s ability to achieve its strategy, including projected operational synergies and cost-saving programmes and (28) the other risks and uncertainties detailed in this 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 (29) This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document.
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