"Helping colleagues, customers and communities safely through the Covid-19 pandemic remains a top priority, and I’m proud of how ING has stepped up to deal with this challenge,” said Steven van Rijswijk, CEO of ING Group. “The pandemic continues to have a significant impact everywhere, with the second wave in Europe and the US putting further pressure on consumers and businesses. Looking back, ING’s third-quarter results were resilient, with increased fee income from diversified income sources, coupled with good cost control and lower risk costs. We saw a reduction in net interest income resulting from margin pressure on liabilities combined with lower lending demand. Our easy, smart and personal digital-first offering keeps attracting customers, with a net increase of 213,000 primary customers over the quarter."
ING 3Q2020 result before tax of €1,204 million
- Resilient result, with increased fee income and continued operational cost control; net interest income declines due to liability margin pressure, subdued lending growth and negative foreign currency impact.
- Result reflects significantly lower risk costs compared to 2Q2020, and impairments on our equity stake in TMB and on capitalised software.
ING provides capital update with revised CET1 ambition and distribution policy
- New CET1 ratio ambition of around 12.5%, implying a ~200 bps buffer over current minimum regulatory requirements; our current CET1 ratio is 15.3%.
- New distribution policy of a 50% pay-out ratio of resilient net profit, in cash or a combination of.