ING Posts Net Profit of €979 Million During Q3 2022

ING, a global financial institution with a strong European base, offering banking services through its operating company ING Bank, has released its financial metrics for the third quarter of 2022, showing a profit before tax of €1,380 million and net profit of €979 million.

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3Q2022 Highlights

• ​Net customer deposits growth of €10.5 billion and net core lending growth of €4.7 billion

• ​In net interest income, higher liability margins helped to offset the impact of the Polish mortgage moratorium

• ​Risk costs normalised reflecting the macroeconomic environment

• ​Additional distribution to shareholders of €1.5 billion

"I'm pleased with our solid performance, especially in light of the challenging economic and geopolitical environment,"said Steven van Rijswijk, CEO of ING."Our strategy and our strong, diversified balance sheet are paying off. Total income this quarter was €4,412 million. Without two exceptional items it would have been €5,043 million, as we benefitted from higher interest rates, supporting our revenues in both Retail and Wholesale Banking."

"Fee income was resilient, as higher fees from daily banking were offset by lower fees from investment products, due to a decline in stock markets and subdued trading activity. The two exceptional items were €343 million from new regulation in Poland for mortgages as previously announced, and a hedge accounting impact of €288 million, of which the mirroring positive impact will be recognised over the coming years."