ING Groep NV (MEX:INGN)

MXN 247 0 (0%) Market Cap: 766.08 Bil Enterprise Value: 2.22 Til PE Ratio: 7.06 PB Ratio: 0.91 GF Score: 67/100

Q3 2023 ING Groep NV Earnings Press Conference Transcript

Nov 02, 2023 / 10:00AM GMT

Release Date Price: MXN228.5

Transcript

Operator

Welcome to the ING Third Quarter 2023 Media Call. I'm happy to give the floor to Steven van Rijswijk, CEO of ING.

Steven J. A. van Rijswijk

ING Groep N.V. - CEO and Chairman of the Executive Board & Management Board Banking

Thank you, operator. Welcome, and thank you for joining us on the call. On the call with me are Tanate Phutrakul, our CFO; and Ljiljana Cortan, our CRO. We will give you a short update on the developments in the third quarter, and then we'll open the call for questions.

In the third quarter, we recorded another strong set of results with our net profit more than doubling compared to a year ago. We gained 181,000 primary customers to a total of 15.1 million. And this growth occurred across almost all of our retail markets, our 10 retail markets, especially in Germany, Australia and Turkey. In many markets, we now onboard most of our new retail customers fully digitally, for instance, 75% in the Netherlands and 72% in Australia. And 62% of our active customers only do business with us through their mobile, which is 5 percent

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