ING Q1 Results: Gradually Reverting to Normal

ING Groep N.V. (ING or the Group) reported net profit of EUR 1,005 million in Q1 2021, up 50% year-on-year (YoY), driven by higher revenues and significantly lower loan loss provisions. Overall, the Group's ROE (using average IFRS-EU shareholders' equity and on a 4-quarter rolling average) was 5.4% in Q1 2021, and 7.8% for the quarter on a regular ROE basis. Management has re-iterated its ROE ambition of 10-12%, as revenues are expected to further benefit from the TLTRO III programme, as well as from negative rates being charged to customers, loan and fee growth, continued discipline on controllable expenses, and the intention to reduce capital over time. Digitalisation and ESG remain core priorities for the Bank.