ING posts net income of €1,178 million in 2Q2022, supported by rising revenues and modest costs of risk


CEO statement
“The backdrop to ING’s performance in the second quarter of 2022 was continued geopolitical uncertainty and pressure on the global economy,” said ING CEO Steven van Rijswijk. “Despite these difficult operating conditions, I am satisfied with our results. I believe resilience and adaptability are two of ING’s core strengths, and we have once again demonstrated these qualities by growing our core customer base by 228,000 since the first quarter and continuing to diversify our revenue, with commission income up 4% year-on-year. Our resilience is underpinned by our strong capital position and risk management framework, with limited costs of risk in the second quarter. There was a slight increase in underlying expenses quarter over quarter, but this was well below inflation.

“During our Investor Update in June, I was proud that we were able to show how well ING has performed on many key financial indicators over the past few years, including during the pandemic. Going forward, we aim to strengthen our position as the leading universal bank in Europe by focusing on value creation through our Retail Banking and Wholesale Banking businesses.The strength of our Wholesale Bank lies in its combination of global reach, local knowledge and of sector expertise. During the quarter, Wholesale Banking increased its revenue contribution by €338 million compared to the second quarter of last year. In Retail Banking, we are concentrating our capital, our costs and our efforts where we can build sufficient local scale. That way we can deliver truly superior client propositions, attract and retain the right talent, and get good returns. lies.

“Our strong business performance this quarter stems from our overarching strategic priorities: to deliver a superior customer experience and put sustainability at the heart of what we do. This is how we aim to make a difference for people and society. planet. We continue to invest in a relevant, simple, personal and instantaneous customer experience, adapted to the needs of our customer segments. Our solid and scalable technological and operational base facilitates digital innovation, which in turn leads to improvements Q2 examples include a more digital mortgage application process in Romania and Belgium, new easy payment options in the Dutch app, and account aggregation in Spain. , we are committed to aligning ourselves with the climate objectives limiting the rise in
global temperatures at 1.5 degrees Celsius. We have therefore set intermediate sectoral targets for 2030 which correspond to a reduction in global emissions of 45% compared to 2010 levels.

“The economic and political challenges facing the world are likely to persist for the foreseeable future. Despite these worrying prospects, I am confident in ING’s ability to provide the necessary support to our customers and continue to create value for all stakeholders, while stepping up our efforts in the fight against climate change.”

ING profile
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. ING Bank’s goal is to empower people to stay ahead in life and in business. ING Bank’s more than 57,000 employees provide retail and wholesale banking services to customers in over 40 countries.

ING Group shares are listed on the Amsterdam Stock Exchange (INGA NA, INGA.AS), Brussels Stock Exchange and the New York Stock Exchange (ADR: ING US, ING.N).

Sustainability is an integral part of ING’s strategy, as evidenced by ING’s leading position in sector benchmarks. ING’s environmental, social and governance (ESG) rating by MSCI was confirmed as “AA” in December 2021. In September 2021, Sustainalytics considers ING’s material ESG risk management 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 leading sustainability and ESG index products from leading providers STOXX, Morningstar and FTSE Russell.

Important legal information
Elements of this press release contain or may contain information about ING Groep NV and/or ING Bank NV within the meaning of Article 7, paragraphs 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 (“IFRS-EU”). When preparing the financial information contained in this document, unless otherwise stated, the same accounting principles are applied as in the 2021 consolidated annual accounts of ING Group. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

Some 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 beliefs 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 indicated in these statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behavior , in particular economic conditions in ING’s principal markets, including changes affecting exchange rates and the regional and global economic impact of Russia’s invasion of Ukraine and related international response measures (2) the effects of the Covid-19 pandemic and related response measures, including lockdowns and travel restrictions, on the economic conditions of the countries in which ING operates, on ING’s business and operations and on employees , customers and counterparties of ING (3) changes affecting interest rate levels (4) any failure of a major market player and any related market disruption (5) changes in the 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 major markets (9) changes in conditions in credit and capital markets generally, including changes in the creditworthiness of borrowers and counterparties (10) bank failures within the scope of the state compensation (11) non-compliance with or modification of laws and regulations, including those relating to financial services, financial economic crimes and tax laws, as well as their interpretation and application (12) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities Russian authorities, including in connection with Russia’s invasion of Ukraine and inter-state response measures related national (13) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (14) prudential supervision and regulation, including with respect to stress tests and regulatory measures restrictions on dividends and distributions (also among the members of the group) (15 ) the regulatory consequences of the withdrawal of the United Kingdom from the European Union, including authorizations and equivalence decisions (16) the capacity of ING to respect the minimum capital and other prudential regulatory requirements (17) changes in regulation of the US commodities and derivatives business of ING and its customers (18) application of bank recovery and resolution regimes, including powers of impairment and conversion of our securities (19) the outcome of current and future litigation, enforcement proceedings, investigations or other measures regulatory res, including complaints from 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, security breaches, cyber-attacks, human error, changes in operational practices or inadequate controls, including in r respect for third parties with whom we do business (22) risks and challenges related to cybercrime, including the effects of cyberattacks and changes in laws and regulations related to cybersecurity and data privacy (23) changes in general competitive factors, including the ability to increase or maintain market share (24) inability to protect our property intellectual property and infringement claims by third parties (25) inability of counterparties to meet their financial obligations or ability to enforce rights against such counterparties (26) changes in credit ratings (27) business, operations, regulation, reputation , transition and other risks and challenges related to climate change and ESG-related issues (28) inability to attract and retain key personnel (29) future defined benefit pension plan liabilities (30) inability to manage business risks, particularly in relation to the use of models, the use of derivative instruments or the maintenance of appropriate policies and guidelines (31) changes in c capital and credit markets, including funding interbank, as well as customer deposits, which provide liquidity and capital to fund our operations, and (32) other risks and uncertainties tudes detailed in the latest annual report of ING Groep NV (including the Risk Factors contained therein) and the most recent information from ING, including press releases, which are available on www.ING.com .

This document may contain inactive text addresses to websites operated by us and third parties. Reference to such websites is made for informational purposes only and information found on such websites is not incorporated by reference herein. ING makes no representations or warranties as to the accuracy or completeness of the information found on websites operated by third parties, and assumes no liability in respect thereof. ING expressly disclaims any responsibility for any information found on websites operated by third parties. ING cannot guarantee that websites operated by third parties will remain available after the publication of this document, or that any information found on these websites will not change after the filing of this document. Many of these factors are beyond ING’s control.

Any forward-looking statement made by or on behalf of ING speaks only as of the date on which it is made, and ING undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information or for any other reason.

This document does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction.

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