ING Group, the Dutch multinational banking and financial services corporation, reported a 12.3% decrease in net profit for 2024, reaching €6.392 billion. This comes despite the company achieving record annual revenue of €22.615 billion, a 0.2% increase from 2023. However, net interest income declined by 6% to €15.023 billion, while commission income rose by 11.5% to €4.008 billion.
ING's provisions for the full year amounted to €1.194 billion, representing a 129% increase year-on-year. This includes a 247% rise in the fourth quarter to €299 million. Meanwhile, regulatory costs decreased by 15.4% to €882 million, although they increased by 9.5% between October and December to €347 million.
In the fourth quarter of 2024, ING Group recorded a net profit of €1.154 billion, a 25.9% drop compared to the same period in 2023. Despite this, the Dutch bank's revenue remained stable at €5.407 billion during the same period.
Net interest income fell by 5% between August and December 2024 to €3.680 billion, while commission income climbed by 13.9% to €1.001 billion.
Despite the decline in profit, ING CEO Stevem van Rijswijk expressed satisfaction with the “solid results.” However, he cautioned that the company expects persistent geopolitical volatility and a fragmented economic outlook in 2025.
ING anticipates that total revenue in 2025 will “end up at roughly the same level as in 2024,” supported by business volume growth and a targeted increase of 5% to 10% in commission income. However, the bank expects total expenses to rise to between €12.500 and €12.700 billion.