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2016-05-10

ING Group: ING 1Q16 underlying net result EUR 842 million

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| ING's Think Forward strategy continues to improve the customer experience and |
|drive commercial growth |
| · Strengthened focus on innovation with further investments in proprietary |
| technologies and collaborations with fintechs |
| · ING Bank attracted EUR 8.8 billion of net customer deposits and recorded EUR |
| 7.1 billion of net core lending growth in 1Q16 |
| |
| ING Bank 1Q16 underlying net result EUR 842 million despite significant |
|increase in regulatory expenses |
| · Underlying pre-tax result EUR 1,186 million; or EUR 1,682 million before EUR |
| 496 million of regulatory costs in the quarter |
| · Net interest result increased, driven by volume growth and a higher interest |
| margin; commission income held up well |
| · Quality of loan book improved: risk costs continue to decline and the NPL |
| ratio decreased to 2.3% |
| |
| ING Group 1Q16 net result EUR 1,257 million (EUR 0.32 per share) including |
|profit on sales of NN Group shares in January |
| · Group's restructuring and strategic repositioning completed through the final |
| sales of NN shares in January and April 2016 |
| · Strong Group fully-loaded common equity Tier 1 (CET1) ratio of 12.9%, up from |
| 12.7% at the end of December 2015 |
| |
| CEO statement |
| |
|"The digital banking landscape has never been more dynamic than it is today," |
|said Ralph Hamers, CEO of ING Group. "Customers are changing the way they |
|bank, which requires us to be flexible and agile. Our Think Forward strategy |
|has enabled us to rise to this challenge and deliver a differentiating |
|experience to our more than 34 million customers around the world." |
|"ING Bank's most recent Net Promoter Scores rank us as number one relative to |
|our competitors in seven countries. This recognition underscores that ING is |
|delivering on the customer promise that is at the heart of our strategy. It |
|also motivates us to keep getting better as we strive to achieve our purpose |
|of empowering people in life and in business." |
| |
|"In the first quarter of 2016, we made further investments in |
|customer-friendly technologies and outside collaborations. We became the |
|first bank in France to introduce a digital financial advisor, 'Coach |
|Epargne', which helps customers to make more informed savings and investment |
|choices. In the Netherlands, we started working with small enterprises in our |
|'Ondernemerslab' facility to co-develop new services that meet their business |
|needs in areas such as finance and marketing. In Wholesale Banking, we added |
|new services to our InsideBusiness digital banking platform and expanded the |
|platform's availability to the UK and Ireland, empowering clients in these |
|countries to manage their finances anytime and anywhere." |
| |
|"We actively monitor advances in the fintech space and are able to respond |
|quickly to opportunities that have the potential to improve the customer |
|experience. We are currently partnered with around 45 fintechs dedicated to |
|creating innovative solutions for banking needs, such as money management, |
|payments, lending and mobile on-boarding. For example, seven start-ups are |
|working on their 'proof-of-concept' through the ING Fintech Village |
|initiative in Belgium, and four through the Innovation Studio in the |
|Netherlands. These open, collaborative programmes involve multiple partners |
|and provide access to their respective networks, allowing the start-ups to |
|accelerate their development." |
| |
|"Our strong customer focus reinforces the commercial momentum of our business. |
|During the first quarter of 2016, customers entrusted ING with an additional |
|EUR 8.8 billion of net deposits and we extended EUR 7.1 billion of net core |
|lending. Margins remained healthy, supporting the higher quarterly interest |
|result. The quality of the loan book also improved, as evidenced by lower |
|risk costs and a further decline in the NPL ratio. The Bank's solid |
|underlying pre-tax result of EUR 1,186 million reflects these factors and EUR |
|496 million of regulatory costs. In 2016, regulatory costs are expected to |
|increase by over EUR 300 million to approximately EUR 960 million, impacting |
|our cost/income ratio as we look for ways to offset these higher costs." |
| |
|"In January and April 2016, we sold our remaining stake in NN Group, marking |
|the completion of our divestment programme and the last step in our strategic |
|repositioning. Including the net profit from the sales of NN Group shares in |
|January, ING Group's first-quarter net result was EUR 1,257 million. ING |
|Group ended the quarter with a strong fully-loaded CET1 ratio of 12.9%, |
|excluding the first-quarter net profit and the impact of the NN share sale in |
|April. With our robust capital and liquidity position, we are well-placed to |
|adapt to the ever-changing regulatory environment." |
| |
|"Looking ahead, our focus is to accelerate the execution of our Think Forward |
|strategy. I am grateful to our employees for their dedication to serving our |
|customers to the best of our ability. Our priorities are clear, and I am |
|confident that ING's strong portfolio of businesses will enable us to |
|continue empowering our customers and deliver sustainable shareholder |
|returns." |
| Further information |
| |
|All publications related to ING's 2016 First Quarter can be found |
|atwww.ing.com/1q16, including a video with Ralph Hamers, which is also |
|available atYouTube |
| |
| |
|Additional financial information is available atwww.ing.com/qr: |
| |
|- ING Group historical trend data |
|- ING Group analyst presentation (also available viaSlideShare) |
| |
| |
| |
| |
|For further information on ING, please visitwww.ing.com. Frequent news updates |
|can be found in theNewsroomor via the@ING_newsTwitter feed. Photos of ING |
|operations, buildings and its executives are available for download atFlickr. |
|Video is available onYouTube. Footage (B-roll) of ING is available |
|viavideobankonline.com, or can be requested by |
|emailinginfo@videobankonline.com. ING presentations are available |
|atSlideShare. |
| Investor conference call, media conference call and webcasts |
| |
|Ralph Hamers, Patrick Flynn and Wilfred Nagel will discuss the results in an |
|analyst and investor conference call on 10 May 2016 at 9:00 a.m. CET. Members |
|of the investment community can join the conference call at +31 20 794 8500 |
|(NL), +44 20 7190 1537 (UK) or +1 480 629 9031 (US) and via live audio |
|webcast atwww.ing.com. |
| |
|Ralph Hamers, Patrick Flynn and Wilfred Nagel will also discuss the results in |
|a media conference call on 10 May 2016 at 11:00 a.m. CET. Journalists are |
|welcome to join the conference call via +31 20 531 5871 (NL) or +44 203 365 |
|3210 (UK). The media conference call can also be followed via live audio |
|webcast atwww.ing.com. |
| |
| Investor enquiries |
| |
| |
|T: +31 20 576 6396 |
|E:investor.relations@ing.com |
| |
| |
|Press enquiries |
| |
|T: +31 20 576 5000 |
|E:media.relations@ing.com ...

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