ING Groep N.V. (ING) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

November 3, 2022 4:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning. This is Mark, your operator welcoming you to the ING's 3Q 2022 Conference Call.

Before handing this call -- conference over to Steven van Rijswijk, Chief Executive Officer of ING Group, let me first say, that today's comments may include forward-looking statements such as statements including -- regarding future developments in our business, expectations for our future financial performance, and any statement not involving an historical fact.

Actual results may differ materially from those projected in any forward-looking statement. A discussion of factors that may cause actual results to differ from those in any forward-looking statements is contained in our public filings, included in our most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission, and our earnings press release as posted on our website today.

Furthermore, nothing in today's comments constitutes an offer to sell or solicitation of an offer to buy any securities.

Good morning, Steven, over to you.

Steven van Rijswijk

Thank you, operator. Good morning, and welcome to our third quarter 2022 results call. I hope you're all well. As usual, I'm joined by our CFO, Tanate Phutrakul and CRO, Ljiljana Cortan. And I'm pleased to take you through today's presentation. After that, we will take your questions.

It has become a recurring theme that we operate in a challenging environment and also recurring is as we performed well under these circumstances, and with our strong positioning and strategy. And I'm confident that we will continue to do so.

That confidence applies to a successful execution of our strategy as well as delivering healthy financial results. I'm proud to see our people making an effort every day to create a superior experience for our customers and to support the transition to a more sustainable society.

The results of these efforts were again visible this quarter in more primary customers, a leading NPS position in more countries as well as more sustainable deals, and volumes mobilized.

On our financial results, the accelerating NII momentum is a clear tailwind, while fee income provided proved to be resilient. Expenses were well contained despite the increasing inflationary pressure from indexation and continued investments to realize our strategy.

Loan growth continued with good growth in Wholesale Banking and a slightly slower pace in retail. Risk costs reflect our prudent approach of taking management actions to incorporate the uncertainty posed by the economic environment and we continue to operate with a low stage three ratio and with confidence in the quality of our loan book.