ING posts 2Q2019 net result of €1,438 million
“We achieved good results in the second quarter, with solid profitability and healthy growth in both lending and deposits. We added more than 300,000 primary customers in 2Q2019, which demonstrates that our customer experience continues to be differentiating and drive growth,” said Ralph Hamers, CEO of ING Group
“Higher volumes and resilient lending margins supported earnings despite the ongoing low interest rate environment. Looking ahead, we expect that persistently low interest rates will put pressure on net interest income. We took further steps in the second quarter to improve the way we manage non-financial risks. The number of FTEs working in KYC-related activities, including our global know your customer (KYC) enhancement programme has increased to over 3,000. File enhancement and transaction look-back operations are resulting in improved reporting of suspicious or unusual activity to authorities in various countries. Our increased focus on KYC and our efforts to streamline our operations are leading to an increased number of accounts that are being closed, including inactive accounts or accounts of which the customers were insufficiently responsive to information requests. And we have started a re-evaluation of certain client and business relationships. We’re also working on promising tools that use machine learning and artificial intelligence to increase the effectiveness of our KYC operations. At the same time, we welcome steps by the Dutch and other authorities to achieve wider cooperation between banks, law enforcement and regulators on both a national and European level to strengthen the financial system’s resilience in the fight against financial economic crime."