ING posts 1Q2025 net result of EUR1,455 million, with strong growth in customer balances and fee income

ING posts 1Q2025 net result of EUR1,455 million, with strong growth in customer balances and fee income

 
 
1Q2025 profit before tax of EUR2,124 million with a CET1 ratio of 
 13.6% 
--  Strong increase in fee income, driven especially by an increase 
     in investment products 
--  Total income was resilient, supported by an excellent growth in 
     deposits and a continued increase in mortgage volumes, as well as 
     strong results in Financial Markets 
--  Operating expenses excluding regulatory costs slightly lower 
    quarter-on-quarter 
--  We continue to move our capital towards our target level and announce 
     a EUR2.0 billion share buyback 
 CEO statement "While the geopolitical and macroeconomic circumstances remain 
 uncertain, we believe there is an opportunity for Europe to collectively 
 drive competitiveness and resilience through simplification of regulations 
 and investments in infrastructure, technology and defence," said Steven van 
 Rijswijk, CEO of ING Group. "As one of the largest and most geographically 
 diversified European banks, we are well-positioned to play a key role in 
 supporting this growth while navigating volatility. During these times, we 
 are staying particularly close to our clients to understand their concerns 
 and banking needs. Our scale, strong performance and robust capital ratios 
 enable us to provide our customers with the support required to manage 
 uncertainties, mitigate risks and capture opportunities. "During the first 
 quarter of 2025, we have delivered continued commercial growth, driven by 
 excellent growth in deposits and higher mortgage volumes. Total income has 
 increased, supported by resilient commercial net interest income and a strong 
 increase in fee income. Expenses have decreased slightly quarter-on-quarter 
 and the increase year-on-year was in line with our guidance, reflecting the 
 impact of inflation and client acquisition expenses. Risk costs were EUR313 
 million and below our through-the-cycle-average, reflecting the quality of 
 our loan portfolio. "In Retail Banking, our mobile primary customer base has 
 grown by 174,000 customers this quarter, mainly attributable to Germany, the 
 Netherlands, Spain and Poland. We have attracted EUR17 billion in retail core 
 deposits, primarily in Germany. And we have increased core lending by EUR9 
 billion, of which EUR6 billion is in residential mortgages, particularly in 
 the Netherlands and Germany, and nearly EUR2 billion in Business Banking. 
 Across our markets, we have seen 125,000 mortgage applications during this 
 quarter, up 20% year-on-year. Retail fee income has risen 18% year-on-year, 
 primarily driven by growth in the number of investment product customers, 
 higher assets under management and an increase in customer trading activity. 
 "In Wholesale Banking, total income was stable, with strong results in 
 Financial Markets as we have supported our clients during the turbulent 
 market conditions. This turbulence has also led to muted lending volumes. Fee 
 income in Wholesale Banking has increased quarter-on-quarter, mainly driven 
 by higher fees from Global Capital Markets and Trade Finance. Moreover, we 
 have continued to invest in front office growth, our digital customer 
 experience and the scalability of our systems. "We continue to support 
 clients in their sustainability transition by launching innovative services 
 or by entering into partnerships. In Wholesale Banking, we have increased 
 sustainable volume mobilised to EUR30 billion, a 23% increase versus last 
 year. In Spain, we have launched a service that helps retail customers get 
 insights into their CO2e emissions and provides tips on how to reduce their 
 environmental footprint. In Australia, ING has become the first bank to 
 participate in a new digital energy ratings programme that provides our 
 customers with free energy ratings of their homes and identifies potential 
 sustainability improvements. "We continue to converge our CET1 ratio to our 
 target level while taking the ongoing geopolitical and macroeconomic 
 uncertainty into account. In that light, today we announce a share buyback 
 programme of EUR2.0 billion. "We're pleased with our first-quarter 
 performance and are confident in our ability to deliver value to our 
 stakeholders in the current macroeconomic turbulence. We are well on track to 
 meet our 2027 targets and I would like to thank our employees across the 
 world for their contributions to these strong results and their commitment to 
 serving our customers." 
 
Further information 
 All publications related to ING's 1Q 2025 results can be found at 
 the quarterly results page on ING.com. For more on investor information, 
 go to www.ing.com/investors. 
 A short ING ON AIR video with CEO Steven van Rijswijk discussing 
 our 1Q 2025 results is available on Youtube. 
 For further information on ING, please visit www.ing.com. Frequent 
 news updates can be found in the Newsroom or via the @ING_news feed 
 on X. Photos of ING operations, buildings and its executives are 
 available for download at Flickr. 
 
Investor conference call and webcast 
 Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will 
 discuss the results in an Investor conference call on 2 May 2025 
 at 9:00 a.m. CET. Members of the investment community can join the 
 conference call at +31 20 708 5074 $(NL)$, or +44 330 551 0202 (UK) 
 (registration required via invitation) and via live audio webcast 
 at www.ing.com. 
 
Investor enquiries 
 E: investor.relations@ing.com 
 Press enquiries 
 T: +31 20 576 5000 
 E: media.relations@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 more than 60,000 employees offer 
 retail and wholesale banking services to customers in over 100 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). 
 ING aims to put sustainability at the heart of what we do. Our policies 
 and actions are assessed by independent research and ratings providers, 
 which give updates on them annually. ING's ESG rating by MSCI was 
 reconfirmed by MSCI as 'AA' in August 2024 for the fifth year. As 
 of December 2023, in Sustainalytics' view, ING's management of ESG 
 material risk is 'Strong'. Our current ESG Risk Rating, is 17.2 (Low 
 Risk). ING Group shares are also included in major sustainability 
 and ESG index products of leading providers. Here are some examples: 
 Euronext, STOXX, Morningstar and FTSE Russell. 
 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 ('Market Abuse Regulation'). 
 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 2024 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 and the regional and global economic impact of the 
 invasion of Russia into Ukraine and related international response 
 measures (2) changes affecting interest rate levels (3) any default 
 of a major market participant and related market disruption (4) changes 
 in performance of financial markets, including in Europe and developing 
 markets (5) fiscal uncertainty in Europe and the United States (6) 
 discontinuation of or changes in 'benchmark' indices (7) inflation 
 and deflation in our principal markets (8) changes in conditions 
 in the credit and capital markets generally, including changes in 
 borrower and counterparty creditworthiness (9) failures of banks 
 falling under the scope of state compensation schemes (10) noncompliance 
 with or changes in laws and regulations, including those concerning 
 financial services, financial economic crimes and tax laws, and the 
 interpretation and application thereof (11) geopolitical risks, political 
 instabilities and policies and actions of governmental and regulatory 
 authorities, including in connection with the invasion of Russia 
 into Ukraine and the related international response measures (12) 
 legal and regulatory risks in certain countries with less developed 
 legal and regulatory frameworks (13) prudential supervision and regulations, 
 including in relation to stress tests and regulatory restrictions 
 on dividends and distributions (also among members of the group) 
 (14) ING's ability to meet minimum capital and other prudential regulatory 
 requirements (15) changes in regulation of US commodities and derivatives 
 businesses of ING and its customers (16) application of bank recovery 
 and resolution regimes, including write down and conversion powers 

 in relation to our securities (17) outcome of current and future 
 litigation, enforcement proceedings, investigations or other regulatory 
 actions, including claims by customers or stakeholders who feel misled 
 or treated unfairly, and other conduct issues (18) changes in tax 
 laws and regulations and risks of non-compliance or investigation 
 in connection with tax laws, including FATCA (19) operational and 
 IT 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 
 and including any risks as a result of incomplete, inaccurate, or 
 otherwise flawed outputs from the algorithms and data sets utilized 
 in artificial intelligence (20) risks and challenges related to cybercrime 
 including the effects of cyberattacks and changes in legislation 
 and regulation related to cybersecurity and data privacy, including 
 such risks and challenges as a consequence of the use of emerging 
 technologies, such as advanced forms of artificial intelligence and 
 quantum computing (21) changes in general competitive factors, including 
 ability to increase or maintain market share (22) inability to protect 
 our intellectual property and infringement claims by third parties 
 (23) inability of counterparties to meet financial obligations or 
 ability to enforce rights against such counterparties (24) changes 
 in credit ratings (25) business, operational, regulatory, reputation, 
 transition and other risks and challenges in connection with climate 
 change, diversity, equity and inclusion and other ESG-related matters, 
 including data gathering and reporting and also including managing 
 the conflicting laws and requirements of governments, regulators 
 and authorities with respect to these topics (26) inability to attract 
 and retain key personnel (27) future liabilities under defined benefit 
 retirement plans (28) failure to manage business risks, including 
 in connection with use of models, use of derivatives, or maintaining 
 appropriate policies and guidelines (29) 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 (30) 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 ESG-related material that has been prepared 
 by ING on the basis of publicly available information, internally 
 developed data and other third-party sources believed to be reliable. 
 ING has not sought to independently verify information obtained from 
 public and third-party sources and makes no representations or warranties 
 as to accuracy, completeness, reasonableness or reliability of such 
 information. 
 Materiality, as used in the context of ESG, is distinct from, and 
 should not be confused with, such term as defined in the Market Abuse 
 Regulation or as defined for Securities and Exchange Commission ('SEC') 
 reporting purposes. Any issues identified as material for purposes 
 of ESG in this document are therefore not necessarily material as 
 defined in the Market Abuse Regulation or for SEC reporting purposes. 
 In addition, there is currently no single, globally recognized set 
 of accepted definitions in assessing whether activities are "green" 
 or "sustainable." Without limiting any of the statements contained 
 herein, we make no representation or warranty as to whether any of 
 our securities constitutes a green or sustainable security or conforms 
 to present or future investor expectations or objectives for green 
 or sustainable investing. For information on characteristics of a 
 security, use of proceeds, a description of applicable project(s) 
 and/or any other relevant information, please reference the offering 
 documents for such security. 
 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. 
 

Attachment

   -- Full ING 1Q2025 Results Press Release (PDF) 

(END) Dow Jones Newswires

May 02, 2025 00:59 ET (04:59 GMT)