ING Groep Reports Better-Than-Expected Profit Decline

Published 4 hours agoING

ING Groep Reports Better-Than-Expected Profit Decline

ING Groep recently announced that its net profit for 2024 was €6.392 billion, marking a 12.3% decline compared to the previous year. However, this decrease was smaller than anticipated, showcasing a stronger financial position than expected. The news was positively received in the market, leading to an uptick in ING Groep's stock price.

In terms of income performance, the bank maintained stable total income at €22.6 billion. Notably, fee and commission income saw significant growth, with an increase of 11.5% to over €4 billion for the first time. Additionally, ING reported robust customer and lending growth, with its mobile primary customer base climbing by 1.1 million to reach 14.4 million. Net core lending rose by €28 billion, a growth rate of 4%, and net core deposits increased by €47 billion or 7%.

ING Groep reaffirmed its confidence in its financial stability, proposing a final cash dividend of €0.71 per share. The bank achieved a return on equity of 13.0% and has set a target for a 14% return on equity by 2027. For 2025, ING expects its total income to remain stable, with fee income projected to grow between 5% and 10%. The bank aims to keep its cost/income ratio between 52% and 54%, according to information from uk.marketscreener.com.

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