May 7 - ING misses forecasts for Q1, but lending is on the up and the bank has no plans to exit Ukraine, says CFO Patrick Flynn.
I keep us -- to profits missing full cost thanks to Sutherland also joining me now on the line from Amsterdam this company CF bank passionate fan. At Patrick thank you so much for joining us I -- question is -- losses are still high. When we -- -- see this come down significantly. Well good morning. Yes we we can post a good veterans so that actually in the banking and fact Q won't. This quarters as head of the same -- last year. If you can see you deviate Pacific is very strong results. And this is also the -- reducing loan loss provisions they have come down. From the peak of last last year. It's quite a marked reduction in commercial banking. Which is the driver behind this also reductions in. In the in the in the those who -- it goes remain elevated there so the trend. Is for reducing. The last provisions. Okay by the same time the Dutch economy still remained stuck in the doldrums. Net lending grew have a however by five point one billion year is building on the -- the last few courses. When are we gonna see net lending in the second hall. But we are pleased to see that there's there is you know the beginnings of an economic recovery units which Europe it's gaining further momentum. Well it doesn't mean -- -- Being in Europe are very in this in the that'll just picking up -- well -- it was slower. It's the classic recovery export led. Confidence building and housing market. We're seeing here investment in improving as well politically it is that have been as stupidly high. Yes we -- done even with that we have five billion of lending growth. Which is I really publicized so rightly see that we are able to growing in the book. Which is part of our. Core strategic condition. You know not many of the CES and see if residents seeking to have -- consents of Ukraine and Russia I knew that you thought. Just a small percentage of the overall book expo is to Ukraine and Russia but just give us the favor of what you're seeing that. Yeah we've been in both -- twenty years we. Valued client relationships there. Obviously with this day economic and political turmoil we are you maintaining a very close dialogue with our customers looking to them every day. And you know working with them through this difficult period. Do you plan to cut your exposure completely. We've been at the -- we've been there for twenty years through you know even long term relationships and this is of course difficult period we're going through. Put itself something at least -- it's completely. These relationships with an excellent work to work through this difficult period with -- with their customers. Can actually you return -- on I could see for your bank was at ten point 2%. For the course up against a target of ten to 13%. When he did hit the 13%. Side. Well we get an out -- our investors daily amount to go to their ambitions to get to ten to 15%. Into double -- I'm very pleased that we are in diluted terror -- now I'm ready. Giving a return of the cost of capital very pleasing. We have four years to execute -- -- we will push on from here. Right my thanks dyeing TCF that Patrick then that's offered a finance must announce its use anything which -- More big name into used during the ending season I'm and seeing all. -- -- --