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

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Overig advies 03/11/2022 08:02
3Q2022 profi t 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 off set the impact of the Polish mortgage moratorium
• Risk costs normalised refl ecting 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, diversifi ed 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 benefi tted from higher interest
rates, supporting our revenues in both Retail and Wholesale Banking. Fee income was resilient, as higher fees from daily
banking were off set 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 infl ation and high energy prices are aff ecting consumers and companies alike. Our own expenses
were also impacted by increasing infl ationary 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 confi dent of the quality of our loan portfolio, the strength of our diversifi ed risk profi le 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 fi ve 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 fi nancial targets as communicated in June. I'm confi dent 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."

see & read more on
file:///Users/wimvelzeboer/Downloads/ING_Press_Release_3Q2022.pdf
tijd 09.37
ING EUR 10,296 +40,2 ct vol. 6,6 miljoen.



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