Ing Groep N.V. ( (ING) ) has released its Q3 earnings. Here is a breakdown of the information Ing Groep N.V. presented to its investors.
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ING Groep N.V., a prominent financial institution in the banking sector, is known for its diverse range of services including retail and wholesale banking, with a focus on delivering strong digital experiences and sustainable finance. In its third-quarter 2024 earnings report, ING Groep N.V. reported a net result of €1,880 million, supported by commercial growth and robust fee income. The company achieved a profit before tax of €2,668 million, with a solid return on equity of 13.8% on a four-quarter rolling average. Notably, ING announced a €2.5 billion distribution, aligning its capital with target levels.
Key performance indicators for the third quarter include a resilient net interest income, bolstered by volume growth in lending and deposits, and an 11% increase in fee income compared to the previous year, surpassing €1 billion. The bank also reported an increase of 189,000 mobile primary customers and significant growth in its mortgage segment. Additionally, ING has been actively pursuing sustainability initiatives, with €85.3 billion mobilized in sustainable finance for the year, and a decisive shift away from financing new upstream oil and gas projects.
ING’s Retail Banking sector showed remarkable growth, with net core lending growth of €6.4 billion and a net core deposits growth of €1 billion. The company’s ability to quickly process digital mortgage applications has led to increased market share in the Netherlands. Wholesale Banking also exhibited strong performance with positive results in Payments & Cash Management and Financial Markets, coupled with a strategic reduction in risk-weighted assets.
Looking ahead, ING’s management remains optimistic about continuing its growth trajectory and executing its strategy to enhance customer value and sustainability efforts. The company is well-positioned to maintain its financial health and support its stakeholders, with an expected convergence of its CET1 ratio towards the target level of 12.5% by 2025.
