GlobeNewswire

ING posts 2Q2021 net result of €1,459 million

Share

ING posts 2Q2021 net result of €1,459 million

2Q2021 result before tax of €2,065 million; capital position strengthens to 15.7%
Growth in fee income of 18.3% year-on-year, especially in daily banking and investment products. Net interest income
declined due to liability margin pressure.
Net release of risk costs following an update of macroeconomic indicators. Expenses remained under control.
Shareholder distribution of €3,618 million after 30 September 2021.
More customers choose ING as their primary bank; lending decreases
Primary customer base rose by 281,000 in 2Q2021 to 14.0 million.
Net core lending growth of €-3.7 billion in 2Q2021 due to repayments; improvement in lending margin. Net core deposits
growth of €4.9 billion.


CEO statement
“I’m pleased with another set of resilient results in the second quarter,” said ING CEO Steven van Rijswijk. “Fee income of €855 million was in line with the strong result in the first quarter, while net interest income and in particular our liability margin remained under pressure. The improving economic environment meant that risk costs were significantly reduced, and expenses are developing in the right direction, which I will continue to monitor closely.



“I’m encouraged by the growth in primary customers, and we continue to see high demand from retail customers for digital investment products, which complement our savings product offering. An example is ‘Komfort-Anlage’ (‘Comfort Investing’), launched in Germany during the second quarter. ‘Komfort-Anlage’ empowers customers to invest online in one of seven funds that best matches their risk appetite, and features enhanced digital and video interaction capabilities to provide customers with advice when needed.



“In addition to diversifying income, we continued to take steps to future-proof our business and optimise capital allocation by making decisions on where and how we serve customers. We’ve reached an agreement to transfer our retail banking operations in Austria to bank99, the digital banking arm of the national postal service Österreichische Post. And the transfer of our retail customers in the Czech Republic is proceeding smoothly, with around half of customers and 60% of client balances migrated to Raiffeisenbank. We’re also conducting a strategic review of our retail banking business in France. I know these changes cause uncertainty for our colleagues and I’m grateful for their continued commitment.



“The effects of climate change are increasingly apparent, and taking action becomes more urgent by the day. I believe that for climate action to be successful, with the goal of net zero emissions by 2050, a concerted collaborative eff ort is needed from all sectors of society. That’s why ING has committed to the Net-Zero Banking Alliance. The pathway to net zero brings many opportunities for financing and investing in the necessary transition, and in the first half of 2021 we supported 133 sustainability deals. An example is the US$401 million Infrastructure Asset-Backed Securitised (IABS) issuance by Singapore based Bayfront Infrastructure Management. This was the first public securitisation with a sustainability tranche, for which ING acted as Joint Global Coordinator and Sole Sustainability Structuring Advisor.



“We will distribute €3,618 million after 30 September 2021. We will pay an amount of €0.48 per share in October 2021 and make an additional distribution of €1,744 million related to the amount reserved over 2019. The latter will be in the form of cash and/or a share buyback, subject to relevant approvals.



“With the pandemic continuing to affect life and business, I want to once again thank all ING colleagues, more than 80% of whom are still working from home, as they continue to help customers through these challenging times.”
Further information
All publications related to ING’s 2Q 2021 results can be found at www.ing.com/2q21.



Additional financial information is available at www.ing.com/qr:
• Full ING Group 2Q 2021 press release (PDF)
• ING Group analyst presentation (PDF, also available via SlideShare)
• ING Group historical trend data (PDF,and XLS)
• ING Group Interim Accounts for the period ended 30 June 2021 (PDF)



A short ING ON AIR video with CEO Steven van Rijswijk discussing 2Q 2021 results is available on Youtube. A longer conversation is available on the ING ON AIR podcast channel on Spotify.



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, Tanate Phutrakul and Ljiljana Čortan will discuss the results in an Investor conference call on 6 August 2021 at 9:00 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, Tanate Phutrakul and Ljiljana Čortan will also discuss the results in a Media conference call on 6 August 2021 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
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 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 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. 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 (‘IFRS- EU’). 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 defined 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.

Attachment

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

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

Another important step for dLab and Dala Energi28.9.2021 09:00:00 CEST | Press release

We are happy to announce that our journey with Dala Energi takes yet another important step! The product dAnalyzer Lite from cleantech company Dlaboratory Sweden AB (dLab), are being integrated to one more station, Lindan. Dala Energi's business concept is to offer solutions in energy and digital communication that help people and companies live and develop in our countryside in an easy, efficient, and sustainable way and dLab is happy to support Dala Energi in realizing their mission. dLab’s dInsight Analytics Platform provides a decision support system including a broad set of features and services. One of these features is dAnalyzer, collecting grid data from its minimal hardware, completely independent of age and make, including high-resolution sensors. The data is analyzed and put into meaningful context through a web-based interface; thereby enabling proactive fault detection as well as proactive maintenance. In modern substations equipped with digital protection relays including

DNO Updates North Sea Drilling28.9.2021 08:27:36 CEST | Press release

Oslo, 28 September 2021 – DNO ASA, the Norwegian oil and gas operator, today reported an oil discovery on the Gomez prospect in its operated PL006C license offshore Norway. The exploration well encountered hydrocarbons in the primary target in the Våle Formation of Paleocene Age. The reservoir is a 23 meters thick, homogeneous sandstone of poor to moderate quality. A small amount of oil was recovered during logging. The oil/water contact was not encountered. Based on preliminary assessments, there is uncertainty whether the reservoir can be commercially produced and no estimate of recoverable volumes has been established at this stage. DNO holds a 65 percent interest in the PL006C license and together with its partner Aker BP (35 percent) will study the extensive data collected during the operation before deciding next steps. In a separate announcement, Equinor as operator of license PL159B (DNO 32 percent) has reported that the recently completed Black Vulture exploration well did not

Statkraft sells Andershaw Wind Farm and retains long-term management role28.9.2021 08:10:13 CEST | Press release

- Greencoat UK Wind PLC has purchased 100% of Statkraft’s ownership in Andershaw Wind Farm - Statkraft to retain long-term operations and maintenance as well as asset management - The two companies have also signed an extension of the existing PPA agreement (UK and Norway, 28 Sept 2021) Statkraft, Europe’s largest generator of renewable energy, has today announced the sale of Andershaw Wind Farm in Scotland, to Greencoat UK Wind PLC for a purchase price of £121m (including cash and working capital). Statkraft, who together with Catamount Energy*, began joint development of the project in 2006 and operation in 2017, will maintain day-to-day operation and maintenance, as well as asset management responsibilities until 2037. The company has also negotiated an extension of its existing long-term market access power purchase agreement. * Andershaw Wind Farm (36 MW installed capacity), south of Glasgow, produces enough energy to meet the annual needs of about 26,000 homes. Eivind Torblaa, Vi

Statkraft selger Andershaw Wind Farm i Skottland og fortsetter å drifte vindparken28.9.2021 08:10:13 CEST | Pressemelding

- Greencoat UK Wind PLC har kjøpt hele Andershaw Wind Farm fra Statkraft - Statkraft vil levere alle drifts- og vedlikeholdstjenester for vindparken til Greencoat UK Wind - Partene har også forlenget en eksisterende kraftkjøpsavtale (Oslo/London, 28. september 2021) Statkraft, Europas største produsent av fornybar energi, har solgt Andershaw Wind Farm i Skottland til Greencoat UK Wind PLC for 121 millioner pund, inkludert kontanter og arbeidskapital. Statkraft startet utviklingen av prosjektet i 2006 og vindparken ble satt i drift i 2017. I forbindelse med salget er det avtalt at Statkraft skal fortsette å drifte anlegget, samt levere alle vedlikeholds- og eieroppfølgingstjenester til Greencoat fram til 2037. En forlengelse av den eksisterende kraftkjøpsavtalen er også avtalt. Vindparken som ligger sør for Glasgow har elleve turbiner, en samlet installert effekt på 36 MW og produserer nok fornybar energi til å dekke forbruket i rundt 26.000 britiske husstander. Eivind Torblaa, Vice Pre

Teledyne to showcase comprehensive portfolio of industrial and scientific imaging technology at Vision 202128.9.2021 08:00:00 CEST | Press release

MUNICH, Germany, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Teledyne, a part of Teledyne Technologies [NYSE: TDY], and a global leader in machine vision technology, will exhibit their newest technologies at Vision 2021 taking place October 5-7, 2021 in Stuttgart, Germany. Teledyne will display the world’s most comprehensive, vertically integrated portfolio of industrial and scientific imaging technology including the latest from newly acquired Teledyne FLIR. Visit the Teledyne booth and explore the unmatched capabilities and products from Teledyne’s DALSA, e2v, FLIR, and Lumenera business units. Your one source for unlimited vision will be on display at Stand 8 B10. Teledyne will participate in the Industrial Vision Days with keynote and technology presentations taking place Wednesday, October 6, 2021: At 9:20 AM join Teledyne DALSA’s Matthias Sonder delivering his presentation entitled “Clarity at High Speed” At 4:20 PM be sure to attend Teledyne e2v’s Sergio Morillas speaking about “Highly r

Ahold Delhaize share buyback update28.9.2021 08:00:00 CEST | Press release

Zaandam, the Netherlands, September 28, 2021 – Ahold Delhaize has repurchased 606,980 of Ahold Delhaize common shares in the period from September 20, 2021 up to and including September 24, 2021. The shares were repurchased at an average price of €28.55 per share for a total consideration of €17.3 million. These repurchases were made as part of the €1 billion share buyback program announced on November 4, 2020. The total number of shares repurchased under this program to date is 28,367,721 common shares for a total consideration of € 690.4 million. Download the share buyback transactions excel sheet for detailed individual transaction information from https://www.aholddelhaize.com/en/investors/share-buyback-programs/2021/ This press release is issued in connection with the disclosure and reporting obligation set out in Article 2(2) of the EU Regulation that contains technical standards for buyback programs.

ASM INTERNATIONAL HOSTS INVESTOR DAY, UPDATES Q3 2021 GUIDANCE28.9.2021 07:45:00 CEST | Press release

Almere, The Netherlands September 28, 2021, 7:45 a.m. CET ASM International N.V. (Euronext Amsterdam: ASM) today hosts its 2021 Investor Day. ASM today also announces that the order intake in Q3 2021 is expected to exceed previous guidance. ASM holds today its Investor Day. During this event ASM’s management will provide an update on the company’s strategy, how we are going to create value and drive growth through innovation Highlights include: Targeting revenue of €2.8-€3.4 billion by 2025 (2020-2025 CAGR of 16%-21%), gross margins of 46%-50% in 2021-2025, and operating margins of 26%-31% in 2021-2025;Targeting Net Zero emissions by 2035 and 100% renewable electricity by 2024;1Single-wafer ALD market expected to increase from $1.5 billion in 2020 to $3.1-3.7 billion by 2025;Further capacity expansion of our new manufacturing facility to be production ready by early 2023. “I’m very excited to share the strong prospects for our company during our first Investor Day,” said Benjamin Loh,