ING Groep(US:ING)2024-06-24 14:39Financial Performance - ING Group's lending growth is in line with expectations, and the full-year impact from accounting asymmetry is assumed to be stable[1] - Net Interest Income (NII) for 2024 is expected to be at the upper end of the previously disclosed range[1, 9] - The company reported resilient net interest income from lending and liabilities, with margins holding up well[20, 24] - Net core lending grew by €4.2 billion, driven by Retail Banking (mortgages) and Wholesale Banking (capital efficiency)[5] - Net core deposits increased by €13.5 billion[5] - Net fee and commission income increased by 11% year-over-year in 1Q2024, exceeding the target range[36, 53] Customer Growth and Strategy - The company added 99,000 primary customers and is on track to reach 17 million primary customers by the end of 2025[5] - ING Group mobilized €24.7 billion in sustainable volume in 1Q2024[12] - 62% of customers are mobile-only users[10] Capital and Shareholder Returns - A €2.5 billion share buyback program was announced, backed by strong capital generation[34] - The pro forma CET1 ratio is 14.1%[34] - The company has €5 billion CET1 capital in excess of the target of approximately 12.5% by the end of 2025[34] Risk and Regulatory - Risk costs were €258 million, representing 16 bps of average customer lending, which is below the through-the-cycle average of approximately 25 bps[67] - The CET1 ratio increased to 14.8%, driven by strong capital generation[72, 73] - Regulatory costs decreased year-on-year by 32% as no contribution is required to the SRF in the eurozone in 2024[55]