ING posts full-year 2024 net profit of €6,392 million and
outstanding commercial growth
|
Full-year profit before tax of €9,300 million, supported by
growing customer base and increase in lending and
deposits |
|
• |
Mobile primary
customer base rises by 1.1 million in 2024 to 14.4 million |
|
• |
Net core lending
growth of €28 billion, or 4%, and net core deposits growth of €47
billion (7%) |
|
• |
Total income of
€22.6 billion; double-digit growth in fee income, surpassing €4
billion for the first time |
|
• |
Full-year return
on equity of 13.0%; proposed final cash dividend of €0.71 per
share |
|
|
|
4Q2024 profit before tax of €1,771 million with a CET1
ratio of 13.6% |
|
• |
Increase of
434,000 mobile primary customers in the fourth quarter, with growth
in all markets |
|
• |
Total income
resilient year-on-year, supported by continuously strong fee
income |
|
• |
Risk costs remain
below our through-the-cycle average, reflecting strong asset
quality |
|
• |
CET1 ratio
decreases to 13.6% following the shareholder distribution announced
in October |
|
CEO statement “In 2024, we have made very good progress in the
implementation of our strategy. We have accelerated growth,
diversified our income, provided superior value to customers and
continued to play a leading role in supporting our clients’
sustainable transition,” said ING CEO Steven van Rijswijk. “We’re
pleased with our strong results and are on track to make the
targets as communicated on our Capital Markets Day in June. We have
continued to invest in the growth of our business, resulting in a
larger customer base and higher revenues, while continuously
executing our plans to drive operational efficiencies. "We
have increased the number of our mobile primary customers by 1.1
million, resulting in a total of 14.4 million mobile primary
customers, with Germany, the Netherlands, Spain and Poland
especially contributing to the growth. Core lending has also grown
across all markets, by €28 billion, with particularly strong growth
of €19 billion in our mortgage portfolio, especially in Germany and
the Netherlands. Our deposit base has risen by €47 billion, again
with contributions from all Retail countries and our Wholesale
business. In Wholesale Banking, we have seen strong results from
Financial Markets and we have continued investing in our front
office and building our product foundations. “Total income
has increased to a record €22.6 billion and we have posted a net
result of €6.4 billion, maintaining a high level after a very
strong 2023. Fee income has increased 11% year-on-year, following
an increase in both assets under management and in customer trading
activity in Retail. Fee income growth in Wholesale Banking was
mainly driven by a higher number of capital markets issuance deals
for our clients. “Sustainability is a priority for our
clients and for ING. We have increased our sustainable volume
mobilised to €130 billion, up from €115 billion in 2023, showing
strong progress against our 2027 target of €150 billion per annum.
During the year, we have engaged with more than 1,600 of our
Wholesale Banking clients on their transition plans. In Retail
Banking, including in Germany, the Netherlands and Australia, we
have supported our customers with sustainable mortgages, renovation
loans and digital tools, allowing them to identify possible energy
upgrades to their homes and connecting them with accredited home
renovators. “For the coming year, we remain vigilant as we
foresee ongoing geopolitical volatility and a fragmented economic
outlook. We are confident that we have the right strategy to
deliver value to all of our stakeholders by growing our customer
base, continuing to diversify our income and supporting clients in
their sustainable transitions. I would like to take this
opportunity to thank our shareholders for their continued support,
our clients for their continued trust and our employees for their
hard work and collaboration.” |
|
|
|
Further informationAll publications related to ING’s Full year and
4Q 2024 results can be found at the quarterly results page on
ING.com. For more on investor information, go
to www.ing.com/investors. A short ING ON AIR video with CEO
Steven van Rijswijk discussing our FY/4Q2024 results is available
on Youtube. For further information on ING, please visit
www.ing.com. Frequent news updates can be found in the Newsroom or
via the @ING_news feed on X. Photos of ING operations, buildings
and its executives are available for download at Flickr. |
|
|
|
Investor conference call, Media meeting and webcastsSteven van
Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the
results in an Investor conference call on 6 February 2025 at
9:00 a.m. CET. Members of the investment community can join the
conference call at +31 20 708 5074 (NL), or +44 330 551 0202 (UK)
(registration required via invitation) and via live audio webcast
at www.ing.com. Steven van Rijswijk, Tanate Phutrakul and
Ljiljana Čortan will also discuss the results in a media meeting on
6 February 2024 at 11:00 a.m. CET. Journalists are welcome at ING’s
Cedar office, Bijlmerdreef 106, Amsterdam. Alternatively, they can
dial-in in listen-only mode via +31 20 708 5073 (NL), or +44 330
551 0200 (UK) - quote ING Media Call 4Q2024 when prompted by the
operator. The meeting can also be followed via live audio webcast
at www.ing.com. |
|
|
|
Investor enquiriesE: investor.relations@ing.com Press enquiries T:
+31 20 576 5000E: media.relations@ing.com |
|
|
| ING
ProfileING is a global financial institution with a strong European
base, offering banking services through its operating company ING
Bank. The purpose of ING Bank is: empowering people to stay a step
ahead in life and in business. ING Bank’s more than 60,000
employees offer retail and wholesale banking services to customers
in over 100 countries. ING Group shares are listed on the
exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New
York Stock Exchange (ADRs: ING US, ING.N). ING aims to put
sustainability at the heart of what we do. Our policies and actions
are assessed by independent research and ratings providers, which
give updates on them annually. ING's ESG rating by MSCI was
reconfirmed by MSCI as 'AA' in August 2024 for the fifth year. As
of December 2023, in Sustainalytics’ view, ING’s management of ESG
material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2
(Low Risk). ING Group shares are also included in major
sustainability and ESG index products of leading providers. Here
are some examples: Euronext, STOXX, Morningstar and FTSE Russell.
Important legal informationElements of this press release
contain or may contain information about ING Groep N.V. and/ or ING
Bank N.V. within the meaning of Article 7(1) to (4) of EU
Regulation No 596/2014 (‘Market Abuse Regulation’). ING
Group’s annual accounts are prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union (‘IFRS- EU’). In preparing the financial information
in this document, except as described otherwise, the same
accounting principles are applied as in the 2023 ING Group
consolidated annual accounts. The Financial statements for 2024 are
in progress and may be subject to adjustments from subsequent
events. All figures in this document are unaudited. Small
differences are possible in the tables due to rounding.
Certain of the statements contained herein are not historical
facts, including, without limitation, certain statements made of
future expectations and other forward-looking statements that are
based on management’s current views and assumptions and involve
known and unknown risks and uncertainties that could cause actual
results, performance or events to differ materially from those
expressed or implied in such statements. Actual results,
performance or events may differ materially from those in such
statements due to a number of factors, including, without
limitation: (1) changes in general economic conditions and customer
behaviour, in particular economic conditions in ING’s core markets,
including changes affecting currency exchange rates and the
regional and global economic impact of the invasion of Russia into
Ukraine and related international response measures (2) changes
affecting interest rate levels (3) any default of a major market
participant and related market disruption (4) changes in
performance of financial markets, including in Europe and
developing markets (5) fiscal uncertainty in Europe and the United
States (6) discontinuation of or changes in ‘benchmark’ indices (7)
inflation and deflation in our principal markets (8) changes in
conditions in the credit and capital markets generally, including
changes in borrower and counterparty creditworthiness (9) failures
of banks falling under the scope of state compensation schemes (10)
noncompliance with or changes in laws and regulations, including
those concerning financial services, financial economic crimes and
tax laws, and the interpretation and application thereof (11)
geopolitical risks, political instabilities and policies and
actions of governmental and regulatory authorities, including in
connection with the invasion of Russia into Ukraine and the related
international response measures (12) legal and regulatory risks in
certain countries with less developed legal and regulatory
frameworks (13) prudential supervision and regulations, including
in relation to stress tests and regulatory restrictions on
dividends and distributions (also among members of the group) (14)
ING’s ability to meet minimum capital and other prudential
regulatory requirements (15) changes in regulation of US
commodities and derivatives businesses of ING and its customers
(16) application of bank recovery and resolution regimes, including
write down and conversion powers in relation to our securities (17)
outcome of current and future litigation, enforcement proceedings,
investigations or other regulatory actions, including claims by
customers or stakeholders who feel misled or treated unfairly, and
other conduct issues (18) changes in tax laws and regulations and
risks of non-compliance or investigation in connection with tax
laws, including FATCA (19) operational and IT risks, such as system
disruptions or failures, breaches of security, cyber-attacks, human
error, changes in operational practices or inadequate controls
including in respect of third parties with which we do business and
including any risks as a result of incomplete, inaccurate, or
otherwise flawed outputs from the algorithms and data sets utilized
in artificial intelligence (20) risks and challenges related to
cybercrime including the effects of cyberattacks and changes in
legislation and regulation related to cybersecurity and data
privacy, including such risks and challenges as a consequence of
the use of emerging technologies, such as advanced forms of
artificial intelligence and quantum computing (21) changes in
general competitive factors, including ability to increase or
maintain market share (22) inability to protect our intellectual
property and infringement claims by third parties (23) inability of
counterparties to meet financial obligations or ability to enforce
rights against such counterparties (24) changes in credit ratings
(25) business, operational, regulatory, reputation, transition and
other risks and challenges in connection with climate change and
ESG-related matters, including data gathering and reporting (26)
inability to attract and retain key personnel (27) future
liabilities under defined benefit retirement plans (28) failure to
manage business risks, including in connection with use of models,
use of derivatives, or maintaining appropriate policies and
guidelines (29) changes in capital and credit markets, including
interbank funding, as well as customer deposits, which provide the
liquidity and capital required to fund our operations, and (30) the
other risks and uncertainties detailed in the most recent annual
report of ING Groep N.V. (including the Risk Factors contained
therein) and ING’s more recent disclosures, including press
releases, which are available on www.ING.com. This document
may contain ESG-related material that has been prepared by ING on
the basis of publicly available information, internally developed
data and other third-party sources believed to be reliable. ING has
not sought to independently verify information obtained from public
and third-party sources and makes no representations or warranties
as to accuracy, completeness, reasonableness or reliability of such
information. Materiality, as used in the context of ESG, is
distinct from, and should not be confused with, such term as
defined in the Market Abuse Regulation or as defined for Securities
and Exchange Commission (‘SEC’) reporting purposes. Any issues
identified as material for purposes of ESG in this document are
therefore not necessarily material as defined in the Market Abuse
Regulation or for SEC reporting purposes. In addition, there is
currently no single, globally recognized set of accepted
definitions in assessing whether activities are “green” or
“sustainable.” Without limiting any of the statements contained
herein, we make no representation or warranty as to whether any of
our securities constitutes a green or sustainable security or
conforms to present or future investor expectations or objectives
for green or sustainable investing. For information on
characteristics of a security, use of proceeds, a description of
applicable project(s) and/or any other relevant information, please
reference the offering documents for such security. This
document may contain inactive textual addresses to internet
websites operated by us and third parties. Reference to such
websites is made for information purposes only, and information
found at such websites is not incorporated by reference into this
document. ING does not make any representation or warranty with
respect to the accuracy or completeness of, or take any
responsibility for, any information found at any websites operated
by third parties. ING specifically disclaims any liability with
respect to any information found at websites operated by third
parties. ING cannot guarantee that websites operated by third
parties remain available following the publication of this
document, or that any information found at such websites will not
change following the filing of this document. Many of those factors
are beyond ING’s control. Any forward-looking statements
made by or on behalf of ING speak only as of the date they are
made, and ING assumes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information or for any other reason. This document does not
constitute an offer to sell, or a solicitation of an offer to
purchase, any securities in the United States or any other
jurisdiction. |
