1Q2022 profi t 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
CEO Statement
“The fi rst 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 fi rst priority is to support
our colleagues and their families, our clients and the humanitarian eff orts 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 fl ed 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 fi nancial 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 infl ation. As our capital position
remains strong, we announce an additional capital distribution to our shareholders of €1.25 billion.
“ING aims to be a banking leader when it comes to sustainability and the transition to a low-carbon economy. We worked
hard over the years to build a power generation lending book that’s 60% renewables, outperforming by far the most ambitious
climate goal of the Paris Agreement. We went a step further in March and announced that we aim to grow new fi nancing of
renewable energy by 50% by year-end 2025 from 2021 and will no longer provide dedicated fi nance to new oil & gas fi elds.
These steps are aligned with the International Energy Agency’s Net-Zero Emissions by 2050 Roadmap.
“Delivering value through a superior customer experience remains important. An example from this quarter is how we became
the fi rst bank in Spain to off er instant lending for new clients, with tailor-made pricing based on our analysis of the applicant’s
data. And as we digitalise our product off ering, we launched Self Invest via mobile in Belgium, expanding the possibilities for
our customers when it comes to online trading. Customers continue to choose for investment products, as total number of
investment accounts globally rose nearly 13% year-on-year.
“The global uncertainty and supply chain disruptions are impacting the price of energy and other goods and services. This has
caused infl ation to rise strongly, impacting economic growth at least in the short term. In line with our strategy, we continue
to focus on providing our customers with a superior experience, helped by our technology foundations, and facilitating the
transition to a low carbon economy, supported by our prudent risk approach."
2 ING Press Release 1Q2022
Consolidated Results Business Highlights
Primary customers
14.0 mln
stable since 4Q2021
Mobile-only customers
52%
in % of total active customers
vs 51% at 4Q2021
Net result
€429 mln
-57% vs 1Q2021
Fee income
€933 mln
+9% vs 1Q2021
CET1 ratio
14.9%
-1.0%-point vs 4Q2021
Return on equity (4-qtr rolling avg)
8.0%
+2.6%-points vs 1Q2021

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