“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."
- 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.