Highlights

1Q2024 profit before tax of €2,293 million; 4-quarter rolling return on equity of 14.8% on higher CET1 ratio of 14.8%
Net interest income from lending and liabilities remains strong
Double-digit growth in fee income, with strong contributions from both Retail and Wholesale Banking
Increase of 99,000 primary customers, net core deposits growth of €13.5 billion and net core lending growth of €4.2 billion while keeping our focus on capital efficiency
€2.5 billion share buyback as we continue to align our capital to our target level
CEO statement
“We had a very strong start to 2024 with good financial and commercial results as we executed on our strategy,” said ING CEO Steven van Rijswijk. “Our total income has remained strong and was boosted this quarter by double-digit fee income growth, with contributions from both Retail Banking and Wholesale Banking. Net interest income from lending and liabilities continued to be resilient. Operating expenses have declined due to lower regulatory costs, and our own costs were under control, while risk costs were again below the through-the-cycle-average. We have delivered very good results despite ongoing challenges in the geopolitical landscape.

“We have added 99,000 primary customers this quarter, comprising new and existing customers who have chosen to have a payment account and at least one other product with us. This indicates their trust in us and demonstrates how we’re deepening existing customer relationships. This was also seen in the growth across customer lending, led by mortgages as we have helped more people to buy homes, and in the growth in customer deposits, mainly in Germany and Poland.

“Fee income rose 11% compared with the same period last year and 14% from last quarter. Growth in Retail was driven by higher fee income for both daily banking and investment products. We have benefited from more customers choosing ING for their banking products and from increased package fees, as well as from growth in assets under management and in the number of brokerage trades. Fee income was strong for Global Capital Markets and for Lending in Wholesale. For example, ING was an active bookrunner on several of the largest euro-denominated corporate bonds placed this year.

“We offer customers a superior experience across all our segments. In Business Banking, for example, we have launched a feature in the Netherlands that enables mobile onboarding for new clients. In Poland, we integrated a product offer page into ING Business Mobile, making it easier for customers to see solutions that can support the growth of their companies. And in Romania, we have expanded our instant lending proposition by introducing an instant overdraft product in addition to term loans, giving customers a complete offering. In Wholesale Banking, the ING InsideBusiness portal now includes a portfolio insights tool that saves clients time by giving them real-time insights into their lending portfolio. The pilot was successful and it is now being expanded to more clients and countries.

“We also continued to support clients in their sustainability transitions, with the volume of sustainable finance mobilised rising 13% from the first quarter of last year to €24.7 billion. We have led a €7 billion syndicated facility for Switzerland’s largest provider of renewable energy, as well as the financing of a wind farm and battery energy storage system in Australia. These deals support our aim to triple our renewable energy financing by 2025, contributing to the transition to a low-carbon world.

“We are working to expand our sustainability offerings in Retail Banking, in line with our ambition to offer sustainable alternatives for our main Retail products in all markets by 2025. In Poland, we have introduced a mortgage-linked renovation loan. This means that customers buying a poor energy-efficient home can receive additional funds for energy renovations, benefiting from discounted rates. This is important because meeting net-zero climate goals in housing is dependent on energy renovations of existing homes.

“We continue to align our capital to our target level. And we are announcing a share buyback programme of €2.5 billion. Our results confirm that we are a well-capitalised bank with strong earnings power, enabling us to navigate our global operating landscape confidently. I am proud of how ING has continued to make the difference by improving our customers’ experience and by working hard to put sustainability at the heart of what we do. This is how we add value for all of our stakeholders.”

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https://www.ing.com/Newsroom/News/Press-releases/1Q2024-ING-press-release.htm