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Press release ING ING Corporate Communications Amsterdam , 6 May 2021 ING posts 1Q2021 net result of € 1,005 million 1Q2021 result before tax of € 1,463 million ; capital position remains strong at 15.5 % .Net interest income up on 4Q2020 , supported by the benefit from TLTRO III , which more than offset liability margin pressure . ⚫ Robust growth in fee income of 9.1 % year - on - year , especially on investment products . ⚫ 1Q2021 had a low level of risk costs . Expenses were under control , but included some incidental costs due to restructuring . Lending and customer deposits increase .Net core lending growth of € 17.8 billion in 1Q2021 as TLTRO funds were applied to support the economy ; net customer deposits grew by € 8.1 billion , reflecting ongoing impacts of Covid - 19 pandemic and lockdowns . • Primary customer base was stable at 13.8 million in 1Q2021 , reflecting impacts of the pandemic . CEO Statement " ING delivered a strong performance in the first quarter of 2021. The sharp rebound in net profit compared to the year - earlier period was driven by a good increase in fee income and lower risk costs , " said ING CEO Steven van Rijswijk . " Our fee - generating business was boosted by the growth of investment products , particularly in Germany and Belgium . ING's lending franchise demonstrated its strength in the first quarter , including through our success in converting European Central Bank TLTRO financing into lending to benefit our customers as they continue to deal with the effects of the Covid - 19 pandemic , thereby supporting the recovery . On risk costs , we remain cautious and are taking into account expected delays in credit losses . " We continued to adapt our business to serve customers better and to ensure we're focusing on the best growth opportunities for the future . We're advancing our digital and mobile - first strategy in response to the strong rise in the use of digital channels by our customers . In the Netherlands , this is resulting in a reduction in the number of branches and an increase in the number of service points , for which we've taken a restructuring provision . We also announced that we'll discontinue retail banking activities in Austria and the Czech Republic in order to focus on markets where we can achieve better scale and profitability . " During the quarter , ING closed a record of more than 50 green deals in a growing number of sectors as clients increasingly focus on making their businesses sustainable and linking their efforts in this area to their financing . With our strong ESG profile , we're well positioned to support them in these endeavours . This is exemplified by the € 10.1 billion revolving credit facility we helped to arrange for AB InBev , the largest - ever sustainability - linked loan . " Also , to strengthen our focus on becoming a data - driven digital leader in banking , we separated the technology and operations roles at the management board level , appointing a chief technology officer . We also recently welcomed our new ING Group chief risk officer ( CRO ) and new head of Wholesale Banking ( WB ) who bring fresh perspectives and diverse backgrounds to our executive and management boards . " I'd particularly like to thank our employees for their continued commitment , flexibility and hard work to support our customers in these challenging times . " Investor enquiries T : +31 ( 0 ) 20 576 6396 E : investor.relations@ing.com Press enquiries T : +31 ( 0 ) 20 576 5000 E : media.relations@ing.com Analyst call 6 May 2021 at 9:00 am CET +31 ( 0 ) 20 341 8221 ( NL ) +44 203 365 3209 ( UK ) +1 866 349 6092 ( US ) Live audio webcast at www.ing.com Media call 6 May 2021 at 11:00 am CET +31 ( 0 ) 20 531 5855 ( NL ) +44 203 365 3210 ( UK ) Live audio webcast at www.ing.com