ING Groep NV Q3 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Omar Fall - Barclays Bank PLC, Research Division - Analyst : Just -- firstly, just a couple of clarifications on numbers. How much was the prepayment penalty amount in mortgages in the Netherlands roughly? And then sorry if I've missed this, but what was the Q-on-Q increase -- negative charging benefit in the quarter? And then on -- similar kind of numbers question, but just on the restructuring costs announced so far for the businesses in runoff, Czech Republic and Austria, is that largely complete and all that's pending is France basically? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 04, 2021 / 8:00AM, INGA.AS - Q3 2021 ING Groep NV Earnings Call And then ex the numbers, my question would just be on fees and commissions. Could you let us know specifically by geography what is left now in terms of pricing changes on daily banking fees? I think the last quarter, you maybe mentioned Southern Europe. But I guess it's just hard because if one looks at advertised prices, it's a bit unclear where you differ from incumbents locally now. So is it a case of kind of new customer versus existing customer pricing? Or if you could just give us some specific geographies and products where there's still a material difference, that would be very helpful.

Question: Kirishanthan Vijayarajah - HSBC, Research Division - Analyst : A couple of questions, if I may, on the gearing to higher oil and energy prices that we're seeing. So firstly, to what extent does that feed through potentially into Wholesale Banking volumes from bigger ticket sizes and potentially more energy CapEx you're seeing in the pipeline? Or is it more a case that you're still somewhat cautious on growing the energy commodity side of things, I guess, particularly with ESG considerations, et cetera? And then in a similar vein in terms of asset quality, does the higher oil price give you scope for maybe more provision releases? I'm thinking particularly on the Stage 3 book. And also, what kind of timing should we see that potentially with 4Q? Is that more a kind of 2022 thing? Does that higher oil and energy prices feed through into your provisioning models?

Question: Raul Sinha - JPMorgan Chase & Co, Research Division - Analyst : Some of us probably don't want to wait until June next year, so I wanted to ask you about the 12.5% ambition again. And we see the gap keeps expanding every quarter as you build capital. Maybe to ask it slightly differently, Steven. Consensus currently models your CET1 ratio reducing to 14.9% next year but remaining stable at 14.9% in 2023. Do you think that appropriately captures the pace at which you want to normalize to your ambition?

Question: Raul Sinha - JPMorgan Chase & Co, Research Division - Analyst : Correct, yes. Basically, we are expecting -- the sum total of expectations in the market is that your CET1 is still going to be almost 15% in 2023. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 04, 2021 / 8:00AM, INGA.AS - Q3 2021 ING Groep NV Earnings Call

Question: Raul Sinha - JPMorgan Chase & Co, Research Division - Analyst : Is that fair?

Question: Raul Sinha - JPMorgan Chase & Co, Research Division - Analyst : Okay. Did I hear you correctly when you said you will update on the next distribution in Q1 2022? Does that mean we should expect an update at full year results?

Question: Raul Sinha - JPMorgan Chase & Co, Research Division - Analyst : So that's in May? Okay.

Question: Raul Sinha - JPMorgan Chase & Co, Research Division - Analyst : Got it.

Question: Raul Sinha - JPMorgan Chase & Co, Research Division - Analyst : Yes.