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Bond Market News

ING Reports Soft Results on Increased Provisions

February 4, 2022

ING Groep reported its Q4 2021 results with a 27% rise in pretax profits to €1.33bn ($1.5bn), missing forecasts of a €1.47bn ($1.7bn) number. The miss was on account of higher-than-expected provisions. Provisions rose to €356mn ($409mn) from €208mn ($238mn) during the same period last year. ING’s net interest margin shrank slightly from a year earlier to 1.37% from 1.41%. ING’s cost-to-income ratio was at 63.7%, better than the 69.9% reported in Q4 2020. Its CET1 ratio stood at 15.9%, up 10bp sequentially. ING CEO Steven van Rijswijk said, “Fee income rose 17% in 2021 compared to a year earlier and contributed 19% to our total full-year income… We gained 481,000 primary customers in 2021, bringing the total number to 14.3 million, 3.5% higher than at end-2020”.

ING’s dollar bonds were slightly lower with its 5.75% Perp down 0.4 points to 105.25, yielding 4.52%.

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