GlobeNewswire

ING posts 2Q2020 net result of €299 million

Share

ING posts 2Q2020 net result of €299 million

ING actively supporting customers, employees and society during Covid-19 pandemic
With most staff still working from home, ING is actively supporting customers, employees and communities and continues to engage with governments and regulators to support recovery
Our digital model enabled continued growth in primary customers by 156,000
ING 2Q2020 result before tax of €542 million
Net interest income and fee income remained resilient; income furthermore supported by positive valuation adjustments.
Continued good operational cost control
CET1 ratio improved to 15.0%, reflecting higher capital and a decline in RWA, including capital management actions and
lower lending volumes. Four-quarter rolling ROE was 6.1%
Result reflects higher collective provisioning triggered by a worsened macro-economic outlook due to the impact of the
Covid-19 pandemic and higher individual Stage 3 provisions, as well as impairments on goodwill


CEO statement
“The Covid-19 pandemic continued in the second quarter to strongly impact the economies where we operate and how we conducted our own business,” said Steven van Rijswijk, CEO of ING Group. “Against this backdrop we saw continued strong net interest income. Fee income from brokerage services in our German retail operation was higher, and in Wholesale Banking income was up due to increased client demand for Financial Markets services. We maintained good operational cost control and primary customer relationships grew, demonstrating the strength of our digital business model, which enhances customer experience and supports a better cost infrastructure. This led to a resilient pre-provision result. The impact of Covid-19 was reflected in the higher risk provisioning and goodwill impairments we booked in the second quarter. We remain strongly capitalised with a CET1 ratio of 15%.



“At the same time, we supported customers and employees in dealing with the disruption from the crisis, played a positive role in the communities where we’re active and further enhanced our digital and mobile-first banking proposition. I’m very proud of the way our people and organisation are supporting our customers. I’m honoured to be ING’s new CEO and excited to lead this committed organisation.



“Our digitisation strategy is showing its worth. We continued to make banking easier and safer for customers and enabled our employees to work more effectively from home. In Poland, for example, customers requesting a bank card can immediately start using a digital card for mobile payments. In the Netherlands and Belgium, we’re successfully using new channels like video calls to advise customers as an alternative to face-to-face contact. Around three-quarters of ING’s employees worldwide continue to work from home. We support them with tools and guidance to create an optimal remote working environment.



"To provide customers everywhere with the same easy, smart and personal customer experience, we welcomed Belgian customers to the OneWeb banking environment shared with our Dutch customers, and we’re also introducing our award- winning OneApp mobile environment used in the Netherlands and Germany. ING is the first bank in Germany to offer loans to businesses who sell through Amazon’s seller portal. And SME clients can now also access the digital lending solution of fintech Lendico via our German banking platform.



“In the second quarter we continued our work to become even more effective gatekeepers of the financial system. We set up a special Covid-19 taskforce to monitor transactions to protect customers from fraud. In our ongoing Know Your Customer (KYC) efforts we continued to improve customer due diligence files and rolled out enhanced tools in various countries to improve pre- transaction screening and transaction monitoring.



“We also assisted communities through the many actions of our local businesses, such as donations of materials and funds. And ING will help fund UNICEF’s efforts to aid the world’s most vulnerable children and their caregivers. In keeping with our commitment to finance a low-carbon society, we grew our sustainable finance franchise in the second quarter. This included a US$1 billion green bond issued by ING to fund loans for renewable energy and green buildings.



“I’m confident about ING’s strength and resilience in these challenging times, and I believe that our strategic direction is the right one to guide us in the future.”

Further information
All publications related to ING’s 2Q 2020 results can be found at www.ing.com/2q20, including a video with Steven van Rijswijk. The video is also available on YouTube. Additional financial information is available at www.ing.com/qr:



• Full ING Group 2Q2020 press release (PDF)
• ING Group analyst presentation (PDF, also available via SlideShare)
• ING Group historical trend data (PDF, XLS)



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.
Investor conference call, Media conference call and webcasts
Steven van Rijswijk and Tanate Phutrakul will discuss the results in an Investor conference call on 6 August 2020 at 8:30 a.m. CET. Members of the investment community can join the conference call at +31 20 341 8221 (NL), +44 203 365 3209 (UK) or +1 866 349 6092 (US) and via live audio webcast at www.ing.com.



Steven van Rijswijk and Tanate Phutrakul will also discuss the results in a Media conference call on 6 August 2020 at 11:00 a.m. CET. Journalists are welcome to join the conference call via +31 20 531 5855 (NL) or +44 203 365 3210 (UK). The meeting can also be followed via live audio webcast at www.ing.com.
Investor enquiries
T: +31 20 576 6396
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 55,000 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 and our ‘A-list’ rating by CDP. ING Group shares are included in major sustainability and Environmental, Social and Governance (ESG) index products of leading providers 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.



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 2019 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, 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) changes in the fiscal position and the future economic performance of the United States, including potential consequences of a downgrade of the sovereign credit rating of the US government, (7) consequences of the United Kingdom’s withdrawal from the European Union, (8) changes in or discontinuation of ‘benchmark’ indices, (9) inflation and deflation in our principal markets, (10) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness, (11) failures of banks falling under the scope of state compensation schemes, (12) non-compliance with or changes in laws and regulations, including those financial services and tax laws, and the interpretation and application thereof, (13) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, (14) ING’s ability to meet minimum capital and other prudential regulatory requirements, (15) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers, (16) 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, (17) risks and challenges related to cybercrime including the effects of cyber- attacks and changes in legislation and regulation related to cybersecurity and data privacy, (18) changes in general competitive factors, (19) the inability to protect our intellectual property and infringement claims by third parties, (20) changes in credit ratings, (21) business, operational, regulatory, reputation and other risks and challenges in connection with climate change, (22) inability to attract and retain key personnel, (23) future liabilities under defined benefit retirement plans, (24) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines, (25) 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, (26) 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.


Attachment

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

AND (Ticker: AND.AS) intends to rebrand the company22.9.2020 18:05:00 CESTPress release

Supporting the turnaround and the new strategic direction of the company Capelle aan den IJssel, the Netherlands, 22 September 2020 - AND is happy to announce that it intends to change the company name and refresh its branding in Q4 2020. This change is designed to highlight the company’s new strategic direction as well as support and strengthen the transformation into a subscription based provider of premium location aware content and services. As announced on August 12th, the turnaround strategy has already delivered 22% revenue growth in the first half of 2020. AND believes the new company name and branding will help to drive continued revenue growth and put location-intelligence squarely at the center of the company’s profile. Further announcements will follow in Q4 2020. Ends About AND AND is an innovative location-aware content and service provider. Our focus is to create and deliver market leading, relevant, innovative and tailored content which fosters a safer and more sustaina

Wolters Kluwer Completes Divestment of ComplyTrack22.9.2020 17:30:00 CESTPress release

Wolters Kluwer Completes Divestment of ComplyTrack September 22, 2020 - Wolters Kluwer announces today that it has completed the divestment of ComplyTrack to symplr, as originally announced on September 8, 2020. About Wolters Kluwer Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolt

Joint Stock Company “Olainfarm” Extraordinary Shareholders Meeting on September 22, 2020 at 15.00  has not been held due to lack of quorum22.9.2020 14:20:00 CESTPress release

Joint Stock Company “Olainfarm” Extraordinary Shareholders Meeting on September 22, 2020 at 15.00 has not been held due to lack of quorum Joint Stock Company “Olainfarm” Management Board informs that for the Extraordinary Shareholders Meeting on September 22, 2020 at 15.00 pm shareholders who in total represented 3 877 425 voting shares or 27.53% of voting capital were registered, therefore shareholders' meeting did not take place due to lack of quorum. Olaine, September 22, 2020 Additional information: Jānis Dubrovskis Investor Relations Advisor of JSC Olainfarm Ph.: +371 29178878 janis.dubrovskis@olainfarm.com

RESOLUTIONS of the Annual General Meeting of Shareholders of JSC „Olainfarm” to be held on September 22, 202022.9.2020 13:05:00 CESTPress release

RESOLUTIONS of the Annual General Meeting of Shareholders of JSC „Olainfarm” to be held on September 22, 2020 Report of the Board on results of operations in 2019. Resolution: To take notice of the Report of the Board of the JSC “Olainfarm” on results of operations in 2019. Voting results: decision is taken with the required majority of votes. Report of the Council on results of operations in 2019. Resolution: To take notice of the Report of the Council of the JSC “Olainfarm” on results of operations in 2019. Voting results: decision is taken with the required majority of votes. Approval of the JSC “Olainfarm” Consolidated Annual Report for 2019. Resolution: To approve the Consolidated and Parent Company’s Annual Report of JSC „Olainfarm” for 2019 with profit in amount of EUR 22 239 000,00. Voting results: decision is taken with the required majority of votes. Distribution of profit of 2019. Resolution: 4.1. To pay dividends to the shareholders of the Joint Stock Company" Olainfarm " i

ProMIS Neurosciences to develop multivalent vaccine for Alzheimer’s disease22.9.2020 12:30:10 CESTPress release

Potential vaccine to incorporate ProMIS proprietary peptide antigens; early in vivo preclinical data demonstrate neuronal protection and improvement in cognitive deficits TORONTO and CAMBRIDGE, Mass., Sept. 22, 2020 (GLOBE NEWSWIRE) -- ProMIS Neurosciences, Inc. (TSX: PMN) (OTCQB: ARFXF), a biotechnology company focused on the discovery and development of antibody therapeutics targeting toxic oligomers implicated in the development of neurodegenerative diseases, announced today initiation of a program to construct and test a multivalent peptide vaccine for Alzheimer’s disease (AD). The critical first steps in vaccine development will be carried out by VIDO-InterVac, a global leader in vaccine research and development. Recent progress in the development of blood-based biomarkers for neurodegeneration is enabling increased screening to diagnose and identify individuals at risk of developing AD. A vaccine capable of inducing an effective antibody response against amyloid-beta toxic oligom

AIR Worldwide Releases Updated Multiple Peril Crop Insurance Model for China22.9.2020 12:11:10 CESTPress release

Boston, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Catastrophe risk modeling firm AIR Worldwide (AIR) today announced that it released an updated Multiple Peril Crop Insurance (MPCI) Model for China to support probabilistic assessments for five newly modeled crop lines of business and a newly modeled sub-peril. This update also includes a new livestock module that adds six additional lines of business and two new sub-perils. AIR Worldwide is a Verisk (Nasdaq:VRSK) business. “In 2011, AIR leveraged its considerable experience and success in modeling MPCI portfolios in the United States to develop a model for mainland China. Since then, the model has been updated several times to keep it current with the fast-changing Chinese agricultural insurance market,” said Dr. Jeff Amthor, assistant vice president, AIR Worldwide. “The MPCI Model for China captures the severity, frequency, and location of drought, flood, wind, frost, and heat events nationwide, covering over 90% of the weather-related crop