Thank Ljiljana I'm today's we joined the our CFO, you welcome call. morning, through and presentation. hope I'm by you, will our happy Phutrakul; questions. 'XX take COO, I well. that, quarter And take results to all you're Tanate operator. Good Cortan. After third your and to
back on learned We so in COVID-XX are and looking themes. closing we already see I is and economies big rebounding. to 'XX two and of November far, with quickly down the One effects cope
is as clients in transition we is acceleration other accelerate where our change low-carbon a to by have supporting support urgency actions to most the bank, this The can to which impact and society. climate our the a And transition. we
Now focusing results. on our quarterly
strong net And fees, that performance was pre-provision on such a On a income, are pressure a we'll with to despite control. rates and we cost grow. performance rate I and effects strong the NII, continued on resilient I'm are income reporting liability Our good, we result pleased but still the development, takes mortgage, time swap higher before mentioned before, see are levels overall lending positive as and negative. it good continue interest
the strong Year-to-date, improved there the the forecasts core Stage limited million, applied line level. risk in low where Risk quarter, ambitions, the mid files indicators room back, net book. quality our overlays individual on business costs improvement. management loan and X.X%. in reflecting remains while a asset coming so in higher in corporates are in robust Overall, annualized ratio were side, lease from and part repayments X is with loan previous business with of €XX of demands the Banking GDP risk were costs some side, growth growth, for On at saw we at though lending Wholesale our X.X% we an
related distribution. resilient to CETX And XX.X%, not for net mention paid We event, a dividend October, our share and continue quarter close issues to we prices. of that with out in monitoring is quarter chain it is the supply with it important the XX% third of is a profit have reserves and challenges third future is rising book also well. which by a €X.XX although start progressing ratio program,
green times. this spend Now on first quarter's of before time strong transition in and still performance turbulent to the me our some we go the all, on, slides let secondly, contribution to figures, our
needed activities already sectors almost realize The the support efforts where have accelerate first what supporting ambition, forward Upstream needed forward and also our sustainability one steer moved are we climate for of able risk to contribute putting from time On zero provide and the At clients over which market to to and I but want target steer management person operations first need climate that you organization. on the to is other the we sustainability into to more of And and clients embedding in we from direction. that initial XXXX to strong the choose as zero can book of I'm transition. said action climate target translated net zero complex XXXX months deals in in doubled our as push also availability follow moving our number The we is proud right time, new ambitions to continue net a XXXX. the to net have the over be September, by And to is integrates and clear scenarios climate a have the same oil to to our reflect action our we ambition portfolio, and gas net footprint directly this transition And clients guidance. this will on for change move this change climate we when governments management to to our action embedding direction, biggest and progress and in challenges needed. of address which available, can XXXX. reducing to a the being and we is zero that me sector their our the by depending published XXXX target climate organization. our efforts, alignment, I We've X by their report, loan risk one our the our in is on In our pathways our impact date upped is are traditional ambition scenarios, aligning with RNG on need manage our in know, of transition. the compared be to same also which for will the brings transition setting now. we
key actually have the deal tackle sustainability which efforts the great We the clients' I moving that to commitment company's transaction in months the This recognized want in and franchise. regulatory fourth and is to in Alliance. time realize strength center. data transition It's a trust thing the our testament of slide ESG transition challenges to to transitional next XX of it's takes green and with center through to the highlighted reiterate get sustainability the to efforts that is framework. our before data linked their One support our we
higher ratio about additional now, and move regulatory profit, Slide in only the also also excluding transitional asset XX% green is not we both but an in green This the ratio, has focus area of feel on effective comparable strategic quarters for right that pre-provision we And the if our apply around direction. further visible increase whether transition. for we items the is My growing with level a the approach income years. this questions level shows accelerating in supports past at yes. and a see the it's preempt the costs volatile the to with strong growth? in our for either more this inclusive I'm example, an happy contribution And For both shift an asset or -- diversifying And transitional question across issued been board. answer room see off way to adjusted fee sustainable? And growth NII is paying to four fees.
primary despite structural compared the high fees. assets and number high the [ph] quarter's record a customer to trace reflecting supported level by of fee first was investment lower level accounts nimble of banking in the a growing products, and In sustained, level growth This daily growth was a under quarter. management, fee
of fees growth, are in fees on secondly, in at than on initiate future markets, And largest or pre-COVID either banking see other we at fee possibilities look the also customary increase. we're several propositions. and our other we or to and improved work an For we fee see still transactions new primary level. markets, drivers, international [indiscernible] of first levels further some cheaper base, our continue for And still we are follow increase low back the being growing levels still to lower peers peers. continue products, thirdly, lending
managed The for €XXX is customers. however, 'XX. negative thresholds, is our we based paying expect margin Germany year that also around €XXX contribution so rates far digital introducing retail for on by for 'XX And a we and current full the of million million NII So pressure, in clearly that example liability investment believe off. an proposition pressure have I of reflecting has share the well ongoing declined,
helpful the taken pressure segment. not the been continue And a will NII. have the past also in we as were Cost several Retail margin We relatively also review healthy quarters, quarter, control high and also over impact is of loan to fees the businesses. has said margins the quarter having this liability X, that, a level of the Benelux following there rates, prepayment July the reminder, of negative increase rate is linear. of reflecting swap in for per focus recovery business on our and interest good in the actions Netherlands on still And increasing despite growth and charging
dynamic good So overall, to and remains time. a in be a challenging performance what
quarters. Now just have lives. improving the sector pandemic risk however, analysis the and five. And of daily parameters of But the under is still book, of of our part the turn is is our as it time previous challenging COVID a on said, the based management in we still the taken forecast, I to vulnerable macroeconomic overlays released slide loan robust part
monitoring part reopening the of close is we Economic clients could as and for COVID reflected schemes this in in ending. to the is economies see do extra new we bringing support book loan to we however, attention government impact market also vulnerable with other monitor a increased rebound demand of who the more forecast, the surge of And of the remain not current on overlays and place continue or in sectors keep The do, following challenges. to dynamics. yet macroeconomic vulnerable but eye be specific sector
our to books and be risk our past track compared our not managed appetite at experience effective. also peers incorporates have by through risk cycles and cycles framework, to looking our COVID. did change record loan during which previous We framework proven supported prudent are has and this a from lessons also We learned
prudent confident a and on well-collateralized book We it with have with to changed our senior loan continue process. provisioning not be and now and asset diversified quality
ago million Now with stake the €XX annual income as our total take income included TLTRO the dividend And in year banking third stake from comparable the an loss year-on-year, fee Investment announced results, transfer included to the NII €XXX quarter million you in benefit. to the TMB. which was TLTRO let income starting million as dividend I Bank reflected mentioned, a Other reflected Austria. investment Sequentially, on €XX Beijing. mainly aforementioned income our the quarter, in level higher quarter. the strong related me agreement supported through the slide Investment of quarter, was in paid to up, from operations an was our retail benefit quarter second Bank was In the included of on income annual is Beijing, fee our growth. third always estimated the also the higher income as impairment seven. by included third of further previously equity
the as charging, due primarily reflecting were was lower, eight. Year-on-year, environment Negative pressure, TLTRO on have the to and excluding and margins was reflected thresholds margin introduced was to substantial. NII then of year. will Now quarter's we absorbed Netherlands at in previous was and quarter have NII charging grow lending all benefit Compared gradually rate higher that Retail up, start this to from at both income. average in while NII, third of the for and Belgium liability on rate use NII part the to thresholds to of charging volumes. pleased on negative in this pressure. been a as the on year liability on pressure result in TLTRO while lowering I'm beginning higher rate NII the quarter. counter levers we liability interest continued lending aforementioned higher. ago, this managed available margins, compared excluding this interest This the lowered, NII the to in of flows fairly This quarter, pressure continue Benelux the slide negative
a change also caution drawing we I quick However, have too a to that conclusion against trends. in want
lower the won't Netherlands uptick of income there. and And in want still negative the prepayment of interest while in be before could charging rates you've and also we it improvement shop that helpful. on to rate quarter, the a see the further heard the I pressure reiterate return is to liability will penalties contribution levels Next
for maturities, over territory. year and the average below in invest still years. negative which X can from remain part XX we overnight they the in However, range rolling are large And to
about say from in invest and time. in curve medium-term could we as improvement a overall list every curve. replicating portfolio over positive of durations yield benefit our will XX% a so you purposes, only we most steepening come And year, an For of an that the before, we said
mortgages of shows and quarter facilities elevated working the for lending the lower driven Poland repayments while an much we some The [indiscernible] though to That strong In capital. short for visible be most this Spain by by growth. rate with nine. Our and absorbed And consumer especially XXX demand repayments in basis overall, basis retail, some than in core points, again, for quarter's pressure. a higher term also on in this points net saw margin growth lending charging slide with lending. mainly level strong, level which negative with increased was at X lending higher previous amount wholesale quarter. in continue of increased liability interest the margin of banking, the was to interest in [indiscernible] the banking, Then and primary growth Germany, to mortgages margins, driver some net
Delta With pandemic product a in will And quarter, future demand with demand our are at uncertainty working loan that are variant, need our segments remains the the back this returns some geographical pre-COVID evolve. overall customers investments while to positioned and how few saw we When yet and well for not opportunities. levels. we capture business growth diversification, capital support
Banking is is of were XX growth fees. of minus €X.X the growth saw where we especially by the lower Belgium driven XX%, in back of Wholesale billion about Wholesale reduce up. impressive was deposits deposit inflow level Banking. continued. increase things, there actions at and savings million, fees levels. an Germany where the customer growth bank in fees And Retail payment payment Page both increase recovery €XXX in net Finally, slightly reflects fee a impact in was and Year-on-year, domestic customers, of of which and retail up grew the and transactions and this pre our were in XX%, actually income package primary with the in further COVID by fees, daily with XX% Retail growth to
redundancy by management also However, higher not fees Investment were quarter XX deal assets segments. financial lower banking if And quarter. across syndicated whereas Germany, in is And activity. were usually expenses, In so reflecting lower Slide up, XX% international items, actually slightly with increased compensation driven fees this quarter the yet. were Benelux products trades. customers growth credit fees €XXX while a a were by on higher which and included €XXX banking reflecting lending were Retail sequentially, payment XX% fees driven remained year, seasonally €XX also growth the transactions for In reflecting reflecting there products, foreign in for million shows under costs. and provision banking accounts, consumer certain fees look higher, you million retail markets, lower fees investment incidental our daily Dutch were and X% million and third of products the and subdued, impairment to lending. stable,
both staff, than quarter Year-on-year, cost and the quarter-on-quarter, costs regulatory operating the for quarter-on-quarter, CLA costs in slightly year-on-year quarter were Excluding lower or marketing control. quarter this and more a incidentals, down, this compensated system, expenses VAT guarantee and lower deposit expenses Germany. went under services while previous remained additional lower. increases, third-party professional showed Having refund. were Regulatory quarter-on-quarter, contributions as DGS, mainly for included
costs a insolvency, level greenfield to slightly the due year-on-year, deposits. higher higher Following regulatory of car were
ruling as some recent one related peers. for for risk remain such requirements last we evolving court the in. expenses on And VAT as charges to elevated. our -- expect model following and the there redevelopment mentioned quarter, are With a KYC, ruling services costs do intercompany coming unforeseen of
clients operations we start need measures At and which the and returns. measures invest far, the always and experience see quarters certainty efficient, reducing €XXX to to which can Netherlands. annum, and time. our days focus brought same September. can help to developing more we we time, to solutions. gross. you also on can medium time they or the approval, making keep where focus XX discipline the means and which cost partial as on going in points the our [ph] release million, give II, the million investments, When we to experience technology million primarily time to on release to the and ago And volumes we management loan the parameters the building need days we on is also and [ph] page around from optimizing this as some improve over from average improved a by achieve of on customer customer and customer the in forward is and lending. remains become with over robust we costs the executing projects on that’s by of to allowing capital where to to lease areas see process with were mentioned reduce we in leveraging reflected in we working vulnerable seven materialize. in look to to where down the our further the get forecast. pleased macroeconomic grow sectors are serve what we X where have COVID process benefits our us like taken I'm is Then how those time Stage this, the where my expect of this the absorb existing us also the projects increase example, improve give includes improvement effects To book, and mortgage analysis up year quarters this an coming experience take five, grow €XX to same risk and/or the This so the to to [indiscernible] €XX products, impact previous basis focusing can may on some overlays key, improved We’ve customer this business, slide a best profitably. will are yes, invest Overall, which will per from We of is risk XX, At –
ratio million releases, costs update Challenger the releases. and stages. capital XX% profit net mainly XX% in both The line Stage shows overall outstandings was €XXX Retail in CETX the driven by ratio Stage due III model additions. profile XX.X%. loan Risk-weighted or lower, to mainly assets And our impacts, policy. this very were partly Markets, collateral provisioning by III €XXX was increased slide a ongoing Poland. costs due and collective risk for risk mainly finally, CETX and higher for Retail our next and this II these In credit book. risk quarter, Banking, increased reflecting lower of of was further guidelines. reserved both III on Benelux, reflected inclusion the that to costs Stage in reflecting RWA, future million Spain the And distribution the an billion Stage redevelopments with offset was EBA model Wholesale from individual in other and limited Belgium model €XX Aside improved mainly for higher to as some were And reflected Growth and in low, reflecting
the Now with estimates but billion currently IV. that, Basel maybe. this see inflation is known for has will regulatory temporary ahead a risk were into for We which and case it implementation [indiscernible] moment releases from or the RWA in additions been still this from postponed quarter's expect this small around waiting front be implementation Besides regular the impacts, €X incorporated. the almost we as at at XXXX fully updates impact Basel as risk-weighted model to floor continue expect to we ROA Netherlands, of load mortgages of the to IV assets
we October with X. which optimize Finally, program, €X.X the started to the on structure billion capital share on a have path started the buyback
ahead XX, is return. ROE, with is XX%. our our of provide the to can an continue we you an income growth more attractive of cost reiterate, and CETX we returning, our to on ambition for ambition to ambition To very optimization maintain work see on to continue on XX% important input intend with and total much and well and our capital ROE improving cost As focus slide ratio remains
to acceleration, change billion over per quarter, As for outside a is wrap in the impact as on the To return urgency we use with this most time. of capital bank clients transition by our amount Climate a additional low and have as society. over of also currently agenda our to an can actions we an capital as policy, of top position. specials up to just that CETX distribution, we with €X.X intend to highlights reserved supporting have carbon to We where the accelerate support
strong. performance Our was
grow quarter, pressure manage record NII, the managed realize Risk while quarter to to expenses were our we This to mortgage control. million. another under and in €XX book we kept fees on costs
overlays loan evidenced files We a reflecting on improved very with released Stage in was our part previous our X.X%. risk of sectors, individual on applied GDP book. The the limited of management a X costs have and and forecast quality indicators risk loan again the ratio low robust of book
supply the continue close with questions. concludes take We rising Thank and chain your are you. to now monitoring, also to prices. though, the and to related we challenges presentation, That happy issues