ING posts 1Q2024 net result of €1,578 million, with strong commercial performance

 

ING posts 1Q2024 net result of €1,578 million,
with strong commercial performance

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.