ING posts 2Q2022 net result of €1,178 million,
supported by increased income and modest
risk costs
Press release
ING Corporate Communications
Amsterdam, 4 August 2022
2Q2022 profi t before tax of €1,743 million; capital position remains strong with a 14.7% CET1 ratio
• Higher net interest income, supported by an increase in liability margins
• Increases in both customer lending and customer deposits highlight the strength of our universal banking model
• Risk costs in the quarter were modest as book quality remains strong
• Hyperinfl ationary conditions in Turkey require application of IAS 29, which combined with a goodwill impairment had an
impact of €-277 million on net profi t, but the impact on CET1 was slightly positive
• ING declares interim cash dividend of €0.17 per ordinary share
CEO statement
“The backdrop to ING’s performance in the second quarter of 2022 was one of ongoing geopolitical uncertainty and pressure
on the global economy,” said ING CEO Steven van Rijswijk. “Despite these diffi cult operating conditions, I’m pleased with
our results. I believe resilience and adaptability are two of ING’s core strengths, and we showed these qualities once again
by growing our primary customer base by 228,000 since the fi rst quarter and continuing to diversify our revenues, with fee
income up 4% year-on-year. Our resilience is underpinned by our strong capital position and risk management framework,
with limited risk costs in the second quarter. There was a small quarter-on-quarter rise in underlying expenses, but that was
well below infl ation.
“At our Investor Update in June, I was proud that we were able to show how well ING has performed on many key fi nancial
metrics over the past few years, including during the pandemic. Looking ahead, we aim to reinforce our position as the leading
universal bank in Europe by focusing on delivering value through our Retail Banking and Wholesale Banking businesses. The
strength of our Wholesale Bank is in its blend of global reach, local knowledge and sector expertise, and during this quarter
Wholesale Banking increased its income contribution by €338 million compared with the second quarter of last year. In Retail
Banking we’re focusing our capital, cost and eff orts on where we can build suffi cient local scale. In this way we can off er truly
superior customer propositions, attract and retain the right talent, and achieve good returns.
“Our strong commercial performance in this quarter fl ows from our overarching strategic priorities: to provide a superior
customer experience and put sustainability at the heart of what we do. This is how we aim to make a diff erence for people
and the planet. We continue to invest in a customer experience that’s relevant, easy, personal and instant, tailored to the
needs of our customer segments. Our strong, scalable technology and operations foundation facilitates digital innovation,
which in turn leads to impactful improvements for customers. Examples from the second quarter include a more digital
mortgage application process in Romania and Belgium, new easy payment possibilities in the Dutch app, and account
aggregation in Spain. When it comes to sustainability, we have committed to aligning with climate goals limiting the rise in
global temperatures to 1.5 degrees Celsius. We've therefore set intermediate sector-specifi c goals for 2030 that match a global
emissions decrease of 45% compared to 2010 levels.
“The economic and political challenges the world is facing will likely persist for the foreseeable future. Despite this unsettling
outlook, I’m confi dent in ING’s ability to provide the necessary support to our customers and to continue to create value for all
stakeholders, while intensifying our eff orts in the fi ght against climate change."