INGVF - ING Groep NV (ING) Q4 2023 Earnings Call Transcript
2024-02-01 08:09:06 ET
ING Groep NV (ING)
Q4 2023 Earnings Conference Call
February 01, 2024, 03:00 ET
Company Participants
Steven van Rijswijk - CEO
Tanate Phutrakul - CFO
Conference Call Participants
Giulia Miotto - Morgan Stanley
Tarik El Mejjad - Bank of America Merrill Lynch
Raul Sinha - JPMorgan Chase & Co.
Samuel Moran-Smyth - Barclays Bank
Kirishanthan Vijayarajah - HSBC
Michael Harrison - Redburn
Benoit Petrarque - Kepler Cheuvreux
Johan Ekblom - UBS
Hugh Moorhead - Berenberg
Marta Sánchez Romero - Citigroup
Presentation
Operator
Good morning. This is Saskia, welcoming you to ING's Fourth Quarter 2023 Conference Call. Before handing this conference call over to Steven van Rijswijk, Chief Executive Officer of ING Group, let me first say that today's comments may include forward-looking statements such as statements regarding future developments in our business, expectations for our future financial performance and any statement not involving a historical fact. Actual results may differ materially from those projected in any forward-looking statements as discussion of factors that may cause actual results to differ from those in any forward-looking statements is contained in our public filings, including our most recent annual report on Form 20-F filed with the United States Securities and Exchange Commission. Noting in today's comments constitutes an offer to sell or a solicitation of an offer to buy any securities.
Good morning, Steven, over to you.
Steven van Rijswijk
Thank you very much, Saskia. Good morning, and welcome to our results call for the fourth quarter. I hope you're all well and had a good start of the year. And as usual, I'm joined by our CRO, Ljiljana Cortan; and our CFO, Tanate Phutrakul. In today's presentation, I would like to highlight our exceptional results in 2023, discussed that the developments that we saw in the fourth quarter and share our outlook for 2024. And as always, there will be room for questions at the end of the call. First, I will start with explaining how we were impacted by the developments in the world around us on Slide 2.
Notably, we live in a world with increasing geopolitical tensions and conflicts in many countries, resulting in the loss of many lives. And we're saddened and concerned by the devastating impacts that these conflicts are having and the threat that they pose to international stability and security and these tensions also have an ongoing effect on the global economy and have led to heightened economic uncertainty and increased pressure on supply chains.
At the same time, inflation remained elevated for most of 2023 and only came down towards the end of the year. To take this inflation, central bankers around the world have increased policy rates at an unprecedented speed. And now with inflation at a much lower level, the market expects rates to come down during 2024. The economies have proven to be resilient and the IMF is forecasting '24.
We've also witnessed political and regulatory uncertainty in 2023. Several government elections have already had a surprising outcome and other important elections are coming up in '24. On the regulatory side, we've seen increased volatility following the collapses of Silicon Valley Bank and Credit Suisse. And in the aftermath, the European banking sector has proven its strength. Lastly, we see a continued and accelerating transition to a more sustainable economy, also reinforced by a promising outcome of and giving our strong ESG focus, the transition of significant opportunities for ING, and we look forward to continuing this front-runner role. ...
ING Groep NV (ING) Q4 2023 Earnings Call Transcript