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    INGA   NL0011821202

ING GROEP N.V.

(INGA)
  Report
Real-time Quote. Real-time Euronext Amsterdam - 07/23 11:39:51 am
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ING Groep N : posts 1Q2021 net result of EUR1,005 million

05/10/2021 | 07:03am EDT

1Q2021 result before tax of EUR1,463 million; capital position remains strong at 15.5%.

Net interest income up on 4Q2020, supported by the benefit from TLTRO III, which more than offset liability margin pressure.

Robust growth in fee income of 9.1% year-on-year, especially on investment products.

1Q2021 had a low level of risk costs. Expenses were under control, but included some incidental costs due to restructuring.

Lending and customer deposits increase

Net core lending growth of EUR17.8 billion in 1Q2021 as TLTRO funds were applied to support the economy; net customer deposits grew by EUR8.1 billion, reflecting ongoing impacts of Covid-19 pandemic and lockdowns.

Primary customer base was stable at 13.8 million in 1Q2021, reflecting impacts of the pandemic.

CEO statement

'ING delivered a strong performance in the first quarter of 2021. The sharp rebound in net profit compared to the year-earlier period was driven by a good increase in fee income and lower risk costs,' said ING CEO Steven van Rijswijk.

'Our fee-generating business was boosted by the growth of investment products, particularly in Germany and Belgium. ING's lending franchise demonstrated its strength in the first quarter, including through our success in converting European Central Bank TLTRO financing into lending to benefit our customers as they continue to deal with the effects of the Covid-19 pandemic, thereby supporting the recovery. On risk costs, we remain cautious and are taking into account expected delays in credit losses.

'We continued to adapt our business to serve customers better and to ensure we're focusing on the best growth opportunities for the future. We're advancing our digital and mobile-first strategy in response to the strong rise in the use of digital channels by our customers. In the Netherlands, this is resulting in a reduction in the number of branches and an increase in the number of service points, for which we've taken a restructuring provision. We also announced that we'll discontinue retail banking activities in Austria and the Czech Republic in order to focus on markets where we can achieve better scale and profitability.

'During the quarter, ING closed a record of more than 50 green deals in a growing number of sectors as clients increasingly focus on making their businesses sustainable and linking their efforts in this area to their financing. With our strong ESG profile, we're well positioned to support them in these endeavours. This is exemplified by the EUR10.1 billion revolving credit facility we helped to arrange for AB InBev, the largest-ever sustainability-linked loan.

'Also, to strengthen our focus on becoming a data-driven digital leader in banking, we separated the technology and operations roles at the management board level, appointing a chief technology officer. We also recently welcomed our new ING Group chief risk officer (CRO) and new head of Wholesale Banking (WB) who bring fresh perspectives and diverse backgrounds to our executive and management boards.

'I'd particularly like to thank our employees for their continued commitment, flexibility and hard work to support our customers in these challenging times.'

consolidated results

Analyst and investor conference call

6 May 2021 at 9:00 am CET

NL: +31 (0)20 341 8221

UK: +44 20 3365 3209

US: +1 866 349 6092

Live audio webcast

Media conference call

6 May 2021 at 11:00 am CET

NL: +31 (0)20 531 5855

UK: +44 203 365 3210

Live audio webcast

Note for editors

For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news Twitter feed. Photos of ING operations, buildings and its executives are available for download at Flickr. ING presentations are available at SlideShare.

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 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 by Sustainalytics and MSCI. ING ranks first in our marketcap group by Sustainalytics as of July 2020. ING's ESG rating by MSCI was upgraded to 'AA' in December 2020. 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.

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.

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 2020 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 (2) the 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) political instability and 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 (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 write-down 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 who feel mislead 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 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 effects of cyber-attacks 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) the 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 and other risks and challenges in connection with climate change (28) inability to attract and retain key personnel (29) future liabilities under defi ned 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 www.ING.com.

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. Many of those factors are beyond ING's control.

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.

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
ING GROEP N.V. 0.75% 10.53 Real-time Quote.37.81%
MSCI INC. 1.19% 578.95 Delayed Quote.29.66%
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Financials
Sales 2021 18 075 M 21 270 M 21 270 M
Net income 2021 4 269 M 5 024 M 5 024 M
Net Debt 2021 - - -
P/E ratio 2021 9,55x
Yield 2021 7,94%
Capitalization 41 102 M 48 350 M 48 369 M
Capi. / Sales 2021 2,27x
Capi. / Sales 2022 2,25x
Nbr of Employees 57 000
Free-Float 100,0%
Chart ING GROEP N.V.
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ING Groep N.V. Technical Analysis Chart | INGA | NL0011821202 | MarketScreener
Technical analysis trends ING GROEP N.V.
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 10,53 €
Average target price 12,12 €
Spread / Average Target 15,1%
EPS Revisions
Managers and Directors
Steven van Rijswijk Chief Executive Officer
Tanate Phutrakul Chief Financial Officer
Gerardus Johannes Wijers Chairman-Supervisory Board
Ronnie Henricus Van Kemenade Chief Technology Officer
Roel Louwhoff Chief Operations & Transformation Officer
Sector and Competitors