Q2 2024 ING Groep NV Earnings Call Transcript
Key Points
- ING Groep NV (ING) reported strong commercial performance in Q2 2024, with an increase in the number of customers in lending and deposits.
- The number of mobile primary customers increased by almost 250,000 in Q2, contributing to a total growth of over 900,000 customers in the last 12 months.
- Net interest income remained resilient, with an increase compared to the previous quarter, despite the negative impact of higher accounting asymmetry.
- Fee income was close to EUR 1 billion for the quarter, driven by structural increases and strong performance in retail banking.
- ING Groep NV (ING) announced an interim dividend of EUR 0.35 per share, bringing the year-to-date yield to over 13%.
- Risk costs increased to EUR 300 million in Q2, or 18 basis points of average customer lending, reflecting the quality of the loan book.
- The overall net interest margin decreased by 3 basis points due to the impact of increased accounting asymmetry.
- Total expenses in the first half of the year increased by roughly 3% compared to the first six months of 2023, driven by inflation and higher VAT costs.
- The CET1 ratio decreased due to the ongoing share buyback, although it remains at a healthy level.
- Growth in wholesale banking lending was offset by loan sales, impacting the overall lending growth figures.
Welcoming you to the ING's 2Q 2024 conference call. Before handing this conference call over to Steven van Rijswijk, Chief Executive Officer of ING Groep.
Let me first say that today's comments may include forward-looking statements. Such as statements regarding future developments in our business, patience for our future financial performance and any statement not involving a 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 statement is contained in our public filings, including our most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission, and our earnings press release is posted on our website today. Furthermore, nothing in today's comments constitutes an offer to sell for a solicitation of an offer to buy any securities.
Good morning, Steven, over to you.
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