ING Group has reported a net profit of €6,392 million for the full year 2024, highlighting significant commercial growth. The CEO of ING, Steven van Rijswijk, expressed satisfaction with the company's progress in implementing its strategy. "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," he stated.
The company has seen an increase in its mobile primary customer base by 1.1 million, bringing the total to 14.4 million. This growth was notably strong in Germany, the Netherlands, Spain, and Poland. Core lending expanded by €28 billion across all markets with a notable €19 billion rise in the mortgage portfolio particularly in Germany and the Netherlands. Additionally, ING's deposit base increased by €47 billion.
Total income for ING reached a record €22.6 billion while fee income grew by 11% year-on-year due to increased assets under management and customer trading activity within Retail Banking. Wholesale Banking saw fee income growth driven by more capital markets issuance deals.
Sustainability remains a key focus for ING as it increased its sustainable volume mobilised to €130 billion from €115 billion in 2023. The bank engaged with over 1,600 Wholesale Banking clients on their transition plans and supported Retail Banking customers with sustainable financial products.
Looking ahead to 2025, van Rijswijk noted potential challenges: “For the coming year, we remain vigilant as we foresee ongoing geopolitical volatility and a fragmented economic outlook." He emphasized confidence in ING's strategy to continue delivering value through customer base expansion and diversification of income streams.
The company is set to discuss further details during conference calls scheduled for February 6th.