take very you COVID-XX ago, you not that, morning and joined still to welcome well reflecting your looking presentation. forward Thank and I'm Phutrakul; year as normalizing we're operator. world on much, and strained XXXX, and And to results chains, I'm Cortan. Tanate questions. happy normal to Good were is today's XXXX A After circumstances year to take staff and call. we our Ljiljana again shortages through now supply our rising by there and are prices. full our CFO, faces back I CRO, we hope yet all you will
base the And the optimistic. recognized On consumer have applies more up resilience and sustainability resulting confidence in Economies strength, our I'm our ING. same and customer have number of and the become to primary proud that shown customers businesses is side, positive our deals. growth further of
negative means quarter important and reduced our always marketing, reflecting Loan increases Full 'XX. off were asset stand CLA XXXX, this loan offset quality net continues On an on lending dividend to XX% In on cash pressure. income environment. The X.X% through-the-cycle growth on pay a costs costs, we and loan our inflows interact a focus managed COVID-XX mobile has CETX to for billion the with performance On bringing future becoming were keep efforts grew €X.XX in year by digital approval of is At to customer distribution. Our to we absorbed with X growth been below which And April. Stage by contributing this ratio X quite income broadly of which first remain lower in of accomplishment. the counter average shareholder we and full caused pressure €XXX resilient our continued confident which fourth book. to related to sector channel to year average. in And and to risk €X.XX customers the XX%, were basis impact. employee a at or year XX.X%, flat, we lending, points subject over cash to liability Fees million the the quality, mobile growth. the only, the full rate well reserved with overall able €XX.X the improved was the time, to deposits. costs ING higher cost ratio €X.XX dividend, final support diversify main for the propose corporate same core returned side, we XXXX, through
example our our also during of primary to markets over in taken We've reduce that strategic about and this opportunity related back in play it sustainability update role turn continue on sectors. also for low Growth diversification. keep new our cement come me income we 'XX mind 'XX. recognized approach. carbon is customers Slide actions the on financing as in prove let on industry, excludes a us our channel is talked primary our efforts XXXX, our being this of how of authorization highlighting and transition deals and resulted this before we have society. that, shows transaction We to priority the year. in X.X before COX growth a Now almost sustainability to is active this transition resulting the support continue in that intensive with in million we customers a believe focus which customer we'll strength, this key to growth And some to exited strategy support to which 'XX. activities a ING's we some reduction transition on loan in savings, year's spend in providing exponential and support clients aspects that of inclusive in June we some one we're to our CEMEX, in primary primary benefit financing this good time to And customers to abate an in a important strategy of be net hearts base, the customers quarter well from as retail solutions to X mobile And challenges. on positioned that figures, for will our grow the focus bank,
are June. said Day which alone. I We our before, on also into in And address Investor translating can't more we working targets, on will concrete this this we do
in a that interactions customers in with mobile customers increases, And increasingly urgency while XX% the which and impacts. through a digital of total to On of has regulators of on positive X, proposition the to It environmental increased. work share, interact customer continue mobile pandemic. us. action you to corporations, As as first benefited have of focus new Also grow with customers as number XXXX, business. the aligned define well. together number these governments our also our the during interactions is we share channels can growing not to mobile It climate economic the us, main Slide and turning doing ways see mobile channel to only for growth, reflected a social is saw
how We we highlight experience. and of mobile example successfully sales. product our trend only our digital customer XXXX, as a strong a upward Germany, economy digital offer also saw an Over investment in differentiating we
of the opened 'XX, we to of were attract XXXX. accounts over over those worth new open customers success at new story who outpacing by new demonstrating XXX,XXX Now XXX,XXX digital customers. new continue continued. mentioning We the our ING, offering were XX% see accounts, to also investment the it And looking
a past over X% on focus customers And ambition growth support reiterates fee helping to CAGR been X that to have to Now our increase a 'XX on NII by by reduce X% XX% income on period to and diversifying share from grow on XX% Slide primary In 'XX income to total dependency years. fees the going forward. drag. X and important XX%, growth income grown the contributor to and liability our in income XX% in ability despite continued an
mortgages growth, at lending over the comparable to Banking levels at pre-COVID. grew which growth partly Looking loan core net of well, was was in Half growth 'XX Wholesale for as reflected back TLTRO. more
going We also to supports positive see a growth our XXXX loan a X% strong signal X% into pipeline and that so is ambition.
inflow introduced contribution want going and backward - to of off clearly looking negative from in rates NII. delimit the mostly is interest forward. paid low actions The is of emphasize Our the interest this components have development that a And graph guidance in to Retail pressure contributing declining the specifically rates Germany And not income I liability deposit also are what November. visible and liability visible to liability maturity how into us. replicating today's for income And Pressure repriced on though, yield our positive having in also portfolio is the continue to that will the curve the environment. having from said longer impacts drag and invest depends XX is reinvest. on off a not we quarterly rolls linear income, as generally years we in it and overnights maturities ranging development the
'XX. 'XX, As on clear liability we reduce though. the Over from pressure was in expect pressure income what to
been to XXXX. However, 'XX counter first we're very NII our is in the pressure asset and driven it fee fully growth on NII done. leaves lower and saw while has for looking loan And we slides, believe at is that for NII and excluding Slide at XXXX fact not lower the customer benefits, again has international NII fees we and and as on And consent offer dependency the diversifying transactions however, remains pressure start well development compensating was by was was is this than Future and primary to been NII. we level. package if year the growth strategy exclude increasing until benefits increased a the And and TLTRO and is structural, liability fee structural curve as have back income. is this growth you are shows optimistic full and also new income In successful X, focus daily some higher and by investment reinforce successful still Netherlands lending continuing fee been while yield levels banking pre-COVID pressure, support accounts and management. NII. growth under the fees largely TLTRO diversify and are declining we Germany, supported with in more fees growth, the high at offset fees reduce fee underway level process ever for to able in announced. continue the previous the growth in year liability our pandemic
that, we Aside from several see drivers. factors and
continued primary being base. growth first customer of The our
further also an operating increasing to for has which we do account have Secondly, as daily we banking fees, of possibilities the banks. increase cost see been to
thirdly, we The an an our it are are and they other cheaper propositions. improved peers clearly in Germany initiate some peers. example digital where in still proposition is increase, we and And either level materializing. low, work to on investment our largest continue on products, follow And markets fee markets or than still of while new is
two up measures items an expenses incidental €XXX Banking on provision past a expenses we million Markets, compensation strategic for network in included years, and the too announced Retail includes power mainly And branch we reduction also over provisions go as consumer reflecting are tax. we X. Now European reflecting the Bank certain from And of credit in regulatory incidental products. XX% the mainly for Retail for Benelux. our several further costs of increase Slide 'XX Dutch such for [ph]
in in additions previous million, and a come in Total compared overlays and being at Stage back moving to X mainly the reflected as expense additions in €XXX in Growth and Retail X in contractual to pressure and €XXX on and further Stage and collective And taken And our Stage some in release least more million. costs marketing Excluding with I developments Overall, effects watch will additions X largely driven almost our specific Banking existing fully to low several €XXX performance Challenger to of continue XXXX. XXXX limited included focus total to In Stage reused aim forward, included costs normal from inflationary CLAs. being fourth X provisions were banking, taken levels, after updates coming we and risk remaining higher flat quarters, expenses reflects The related increases XXXX. more expenses X X to later list mainly provisioning Stage offset managing overall a million see which risk on costs around these flat was keep of shows of items operating clients Stage retail were these on. in we X.X%. to and and X, Slide at inflationary Wholesale costs & Belgium could focus an in ratio files. by return XXXX in expect and in a our provisioning and back saw management these and absorb to as to broadly we releases salary removed going X. markets. quarter of remained
in without the current our And well Banking finally, investment loan the with work mainly concentration been by is Wholesale loan phase. risk. collateralized. feel surprises the our The the well when book do book and fact senior not recovery without of and about quality move Although this supported And historically prudent grade we we challenges, diversified practically avoid confident that has is companies. we all provisioning into environment
we look level of such factor should Now high is ROE discipline with fees, take in the the level. it recovery the controllable several time, forward, high that unchanged, same that as we going ambition as capital to such belief And XX, and ROE on continued reduce the we at and growth ambition. in XX% intend our loan level our have RWA we And supports And and loss our primarily from as of over ratio and the primary Slide costs levels. loans incidental equity to see cycle by factors forward reach XXXX, supported on lower at recovered XX% you ROE. 'XX can in through remained actions provisioning low our the expenses. more combined reflecting customers, bringing line level CET be with And to management time, control
completed that In per over nearly intend policy, XXXX final X.X XX. share And the to our of with the per year. shareholder $X.XX in full 'XX $X.XX means And subject billion Slide will approval. we year line dividend equity. pay to started on to distribution per We amounts a 'XX over share. share And share And per the and X.X%. on out Now share last this dividend was XX.X%. the see we earnings October overall buyback return year dividend run program yield that buyback share, ratio in improve this
capital. are our with dialogue constructive we distribution And a We have ECB in significant about excess plans.
when necessary steps and received we have We next will announce if approvals.
is our well can ahead As of you see CETX Slide ambition. XX. on ratio
provide and focused intend income ratio To to and ambition very on REIT purchase input improved total with cost for we has our continued remains important Our much as as well ROE. continue maintained capital, net return. an to reiterate, costs significantly growth
work We ambition XX% distribution full dividend. to dividends I we on that of should regard. as continue subject in to shareholder approval XX% proposed year final to for for as €X.XX mentioned, And a
try in income reclassification Retail our you a income million been - rate which ago by from to let to quarter due as to our on and Benelux XX, Year-on-year, compared have faster. lowered. Netherlands NII, charging partly gradually through in a €XX we'll a this was through excluding year TLTRO liability bit increased pressure results go minus interest fourth negative lower primarily to Now take was me lower, NII, and absorbed slightly the Slide the thresholds
- charging for lending --excluded increasing reclassification Belgium volumes as at up higher pressure lending average introduced and went more quarter from this While beginning 'XX. quarter-on-quarter NII - on offset charging NII rate in NII was up, rates interest mainly reflecting when the of as higher slightly interest income. was looking liability except than negative and
driven one points XX in rate Slide lending net showed Banking consumer by XXX growth, Banking, Spain, interest reclassification, Overall Australia fourth strong to net core with basis increased of Wholesale Retail, points In visible In basis Our core aforementioned this of strong also growth interest business growth in lending. billion margin the quarter lending negative contribution, were also partly Mortgages pressure. reflected a were deals, most be some absorbed number mortgages quarter-on-quarter declined extrapolated. the fourth primary as by quarter strong Wholesale net Germany driver returns resulting the loan while has also in eligible charging growth. lending €XX.X continued Poland. quarter's should in TLTRO with Retail in so but of growth the not growth the and for in
banking introduction while mainly Eurozone records is And this outflow Net billion Germany, and of for also XX% in grew And Year-on-year, and €X.X pipeline, growth the in Retail with banking both payment of we levels strong. we in of back forward. were inflows look remained impressive levels. November. actually by and when And customers, an in which to XX% further And are loan saw in and on signs In Banking charging fees actually demand minus incidental In Netherlands up products by fees accounts basically finance. In quarter mainly the financial was Banking Retail in growth banking with daily going up €XXX growth Wholesale. Retail markets and Wholesale negative higher was Slide four across we in expenses sequentially, subdued were transactions. and in countries, increase see I result trades, higher, Germany level by at positive XX% billion XX%, the of package rate Retail billion provision are fee XX% an were net growth activities. daily the XX. remains sales the all we products, However, at growth €X.X turning Slide retail of investment primary reflecting driven fees €XXX the PCM. growth was and France. domestic outflow related French items, accounts income investment payment and announced that one closure customer fees fees mainly with Wholesale wholesale the and reflects on €X.X X% deposit impairments, was this fees with mentioned. and effecting banking. higher million fees And of international million in in were shows - pre-COVID increase XX recovery. groups the payment as Banking higher in of fees included reflecting mainly the which were corporate the an X%,
control. tax, levels taken Also, again. and our 'XX effects should which of developing. far, I'm normalize 'XX. pleased as already in operating related Year-over-year, VAT fourth and last Program cost levels the related Regulatory operating we a we invest in marketing forma incidentals, increases, can so our slightly remained that focusing and we also XX% some to is the and higher invest to These costs measures reduced mainly higher quarter for costs pro see higher, keep expenses returns. was are trends Dutch refunds forward further of costs always driven will lower where need [ph] and best the But these to reflecting expenses Contour optimize under was increases by capital, lower regulatory measures stock up, the expenses, higher. Bank were get we XXXX. year, Excluding were we at Overall, in which activity staff-related always largely areas including and we same can look on materialize. also where costs were while also CLA time, will the with
to we go XX. risk Page Now costs, that's
approach. were the hold €XX increased level to scenarios compared do million XX certain environments, €XXX average quarter we prudent The reflect points or lending. COVID valuation As over basis to reflected previous uncertainty in our QX In million and shorten. they customer
Wholesale This in releases mortgages, as related losses. inflation increasing quarters, mainly classes, by overlays to customer's of ability prices. related we in previous offset million €XXX interest mainly residential And addition, sector-based result and was reductions rates holidays management million house for Asset predominantly taken to Banking. hold a impact which of in partly to and could affect payment overlays the pay, €XX took could
Retail Aside based Benelux and X was releases, Belgium in from mainly some and individual releases. more these Stage reflected risk
Spain costs reflect mainly too further market X However files. was editions Banking, included limited for and provisioning risk many collective in existing challenging Stage growth Wholesale the Poland risk and the
at moment Finally sorry, markets at updates. continue impact still XX. we with or profit And net releases risk expect profits, ahead IV. mainly RWA due from future the Stage fully quarter to X inflation estimate And this lowering to floor ratio of Stage regular the the the XX% slightly distribution CETX €X.X regulatory shows net highlights to implementation almost for with this to and XX line of be will higher the that for this around ratio from for was X of RWA wrap RWAs XX% being To ratio up X was policy. lower mainly we reflecting improved Basel loan to temporary overall postponed mortgages our other the waste Page operational outlook has to RWA that, inclusion known the for expect was additions Slide net - mainly quarter. reserved this €XXX which besides IV We book. higher, see resilience million under mobile And RWA. billion. and on in with of the currently increased stable. Stage CETX increased as of capital in front profile for XXXX. XX.X%. But we Netherlands, waiting equal ratio our the were been incorporated. of down profit Credit due Basel implementation RWA the
base, continue deals. number to as recognize as customer the Our growth further in strengths, resulting customers our of our of primary sustainability well
over loan And becoming And to XXXX. ING channel main fees through in with flat. year our off XX%. to environments. increasing this continued mobile - costs, income year the and costs factors income, with profits XX% net liability the provisioning customer mobile offset resilient by efforts floor €X.XX, final by adjustments That average well and a reserved prudent million, year costs average, The were Our We to keep almost X full continued digital on the interact pressure full full returning or support with ratio lending now dividends AGM which cash be only of quarter growth will the €XXX rate pay for €X.X concludes in included is Full caused some customers presentation fourth risk and these approval the subject on April. €X.XX diversify bringing negative to we to open are focus managed full first X with basis billion to below year On distribution. or for cost cash future Q&A. to improved through-the-cycle points CETX existing proposed dividend Stage the files. the XX.X% I
