“The first quarter of 2022 was marked by the terrible invasion of Ukraine, which is having a devastating impact on people’s lives and is threatening international stability and security,” said ING CEO Steven van Rijswijk. “Our first priority is to support our colleagues and their families, our clients and the humanitarian efforts in Ukraine and surrounding countries.
Global and local ING initiatives have raised more than €12 million to date for humanitarian aid in Ukraine and for those who have fled to other countries. We're waiving fees for personal transactions to Ukraine so customers can send money to their loved ones for free. I’m inspired by our Ukrainian employees and the colleagues across ING who are supporting them in various ways. In addition, we stopped doing new business with Russian companies. We continue to monitor the situation closely, managing and controlling risks while assisting our colleagues and clients wherever possible.
“The geopolitical situation has also impacted our financial results, as the increased risk on our Russia-related exposure led us to book additional provisions in Wholesale Banking. Income was strong this quarter, supported by resilient net interest income and continued fee growth. We also maintained good cost control despite pressure from inflation. As our capital position remains strong, we announce an additional capital distribution to our shareholders of €1.25 billion.
1Q2022 profit before tax of €668 million; CET1 ratio remains robust at 14.9%
- Income strong with robust net interest income and continued increase in fee income
- Operating expenses under control, lower than a year ago and sequentially
- Retail Banking result 20% higher than in 1Q2021 on lower expenses and risk costs, despite impairment on TTB
- Wholesale Banking results impacted by €834 million risk costs linked to Russia-related exposure
- Additional capital distribution of €1.25 billion