ING 3Q16 underlying net result EUR 1,336 million
(Thomson Reuters ONE) -
ING Bank 3Q16 underlying net result EUR 1,336 million, up 22.3% year-on-year,
reflecting solid commercial momentum
· ING Bank recorded EUR 3.6 billion of net core lending growth and attracted
EUR 2.0 billion of net customer deposits in 3Q16
· Performance reflects continued loan growth at healthy margins, as well as
higher commission and fee income
· Operating expenses declined slightly year-on-year and sequentially; risk
costs remained relatively low at 34 bps of average RWA
ING Group 3Q16 net result EUR 1,349 million (or EUR 0.35 per share); robust
ING Group CET1 ratio and ING Bank ROE
· ING Group fully-loaded CET1 ratio rose to 13.5%; ING Bank underlying ROE of
11.3% for the first nine months of 2016
CEO statement
"ING delivered another quarterly result that exemplifies our Think Forward
strategy in action," said Ralph Hamers, CEO of ING Group. "We again recorded
solid commercial growth and introduced several new innovations. Year-to-date,
we have established over 400,000 new primary customer relationships. To foster
further growth and maintain our standing as a leading European bank, we strive
to keep getting better every day, while managing the pressure on returns from
the continuous regulatory burden and the low interest rate environment. In
this context, I am convinced that our recently announced investment programme
and intention to converge towards a single digital banking platform are
necessary steps to enable ING to evolve with changing customer expectations
and to increase operational efficiency."
"ING Bank recorded EUR 3.6 billion of net core lending growth and attracted
EUR 2.0 billion of net customer deposits in the third quarter. Lending growth
was well diversified across Retail and Wholesale Banking. We also continued to
facilitate our clients' sustainable transitions through deals that support
recycling, the circular economy and renewable energy. We are proud that our
integrated sustainability approach earned ING the number-one ranking among
global listed banks by Sustainalytics in August. We also achieved a
significant year-on-year improvement in our Dow Jones Sustainability Index
ranking, and received the highest possible score in CDP's annual review for
our performance and disclosure related to our climate change strategy."
"During the third quarter, we introduced another wave of innovative and
insightful financial tools that empower customers. In Spain, the launch of
Twyp Cash provides customers with greater convenience by enabling them to
withdraw cash using their smartphones when making purchases at more than
3,500 supermarkets and petrol stations. In Wholesale Banking, we developed
Virtual Cash Management, an advanced application that allows companies to
manage their cash across banks and borders. It provides corporate treasurers
with enhanced cash visibility, access and control, anytime and anywhere."
"More recently, we created and launched the money management platform Yolt as
a next step in digitalisation and in preparation for upcoming European
regulation that will open the payment services market to new players in 2018.
Yolt gives users insight into their account information from different banks
in one easy overview, helping customers stay on top of their finances. The app
is currently being tested only in the United Kingdom, but we will explore
opportunities for expansion."
"ING's third-quarter underlying result before tax was EUR 1,878 million,
reflecting continued loan growth at healthy margins, effective cost control
and a relatively low level of risk costs. Challengers & Growth Markets
delivered another record quarterly result on the back of further organic
growth. Retail Benelux showed resilience, as the performance of the
Netherlands compensated for the decline in results at Retail Belgium, which
were down 16.5% year-on-year. ING Group's fully-loaded CET1 ratio rose to
13.5%. ING Bank's underlying ROE was 11.3% for the first nine months of 2016."
"As announced on 3 October, we intend to invest EUR 800 million over the next
five years to create a scalable banking platform to cater for continued
commercial growth, an improved customer experience and a quicker delivery of
products. Regrettably, our intended transformation will impact many of our
employees, particularly in Belgium and the Netherlands. We will do our utmost
to build on our track record of helping colleagues who are or could be
affected to find new job opportunities. All of those affected will be treated
with respect and care."
"I fully appreciate the hard work of our employees that is reflected in our
quarterly results. While change is not easy, it is essential to build on our
position of strength. I have complete confidence in our ability to execute on
our strategy and truly believe that the measures we intend to implement will
ensure that we continue to empower customers to stay a step ahead."
Further information
All publications related to ING's 2016 Third Quarter can be found at
www.ing.com/3q16, including a video with Ralph Hamers, which is also available
at YouTube.
Additional financial information is available at www.ing.com/qr:
- ING Group historical trend data
- ING Group analyst presentation (also available via SlideShare) For further
information on ING, please visit www.ing.com.
Frequent news updates can be found in the Newsroom or via the (at)ING_news
Twitter feed. Photos of ING operations, buildings and its executives are
available for download at Flickr. Video is available on YouTube. Footage (B-
roll) of ING is available via videobankonline.com, or can be requested by
emailing info(at)videobankonline.com. ING presentations are available at
SlideShare.
Investor conference call, Media conference call and webcasts
Ralph Hamers, Patrick Flynn and Wilfred Nagel will discuss the results in an
Investor conference call on 3 November 2016 at 9:00 a.m. CET. Members of the
investment community can join the conference call at +31 20 703 8261 (NL),
+44 20 3043 2026 (UK) or +1 719 325 2213 (US) and via live audio webcast at
www.ing.com.
Ralph Hamers, Patrick Flynn and Wilfred Nagel will also discuss the results in
a Media conference call conference on 3 November 2016 at 11:00 a.m. CET.
Journalists are welcome to join the conference call via +31 20 531 5871 (NL)
or +44 203 365 3210 (UK). The Media conference call can also be followed via
live audio webcast at www.ing.com.
Investor enquiries
T: +31 20 576 6396
E: investor.relations(at)ing.com
Press enquiries
T: +31 20 576 5000
E: media.relations(at)ing.com
ING PROFILE
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 52,000 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, which is evidenced by
the number one position among 395 banks ranked by Sustainalytics. ING Group
shares are being included in the FTSE4Good index and in the Dow Jones
Sustainability Index (Europe and World) where ING is among the leaders in the
Banks industry group.
IMPORTANT LEGAL INFORMATION
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.
Projects may be subject to regulatory approvals. Insofar as they could have an
impact in Belgium, all projects described are proposed intentions of the bank.
No formal decisions will be taken until the information and consultation
phases with the Work Council have been properly finalised.
ING Group's annual accounts are prepared in accordance with International
Financial Reporting Standards as adopted by the European Union ('IFRS-EU'). In
preparing the financial information in this document, except as described
otherwise, the same accounting principles are applied as in the 2015 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, 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)
consequences of a potential (partial) break-up of the euro, (4) potential
consequences of European Union countries leaving the European Union, (5)
changes in the availability of, and costs associated with, sources of
liquidity such as interbank funding, as well as conditions in the credit
markets generally, including changes in borrower and counterparty
creditworthiness, (6) changes affecting interest rate levels, (7) changes
affecting currency exchange rates, (8) changes in investor and customer
behaviour, (9) changes in general competitive factors, (10) changes in laws
and regulations, (11) changes in the policies of governments and/or regulatory
authorities, (12) conclusions with regard to purchase accounting assumptions
and methodologies, (13) changes in ownership that could affect the future
availability to us of net operating loss, net capital and built-in loss carry
forwards, (14) changes in credit ratings, (15) ING's ability to achieve
projected operational synergies and (16) 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 www.ING.com. 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.
This document does not constitute an offer to sell, or a solicitation of an
offer to purchase, any securities in the United States or any other
jurisdiction.
ING 3Q16 results full Press Release (PDF) :
http://hugin.info/130668/R/2053879/768769.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ING Group via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 03.11.2016 - 06:59 Uhr
Sprache: Deutsch
News-ID 504645
Anzahl Zeichen: 12684
contact information:
Town:
Amsterdam
Kategorie:
Business News
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