ING Reports Net Profit of €1,178 Million During Q2 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 second quarter of 2022, showing a profit before tax of €1,743 million and net profit of €1,178 million.

2Q2022 Highlights

• ​Higher net interest income, supported by an increase in liability margins

• Increases in both customer lending and customer deposits highlight the strength of universal banking model

• ​Risk costs in the quarter were modest as book quality remains strong

• ​Hyperinflationary conditions in Turkey require application of IAS 29, which combined with a goodwill impairment had an impact of €-277 million on net profit, but the impact on CET1 was slightly positive

• ​ING declares interim cash dividend of €0.17 per ordinary share

"The backdrop to ING's performance in the second quarter of 2022 was one of ongoing geopolitical uncertainty and pressure on the global economy,"said ING CEO Steven van Rijswijk."Despite these difficult operating conditions, I'm pleased with our results. I believe resilience and adaptability are two of ING's core strengths, and we showed these qualities once again by growing our primary customer base by 228,000 since the first quarter and continuing to diversify our revenues, with fee income up 4% year-on-year. Our resilience is underpinned by our strong capital position and risk management framework, with limited risk costs in the second quarter. There was a small quarter-on-quarter rise in underlying expenses, but that was well below inflation."