ING posts 4Q2023 net result of €1,558 million
and full-year 2023 net result of €7,287 million
Quarterly profit before tax increases 31% year-on-year to €2,247 million; CET1 ratio remains strong at 14.7%
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Income up 11% year-on-year and net interest income holds up well in the quarter
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Increase of 236,000 primary retail customers in the fourth quarter, combined with stable deposits and growth in lending
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Low risk costs, reflecting strong asset quality and disciplined risk management
Full-year result before tax of €10,492 million, with strong contributions from both Retail and Wholesale Banking
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Exceptional results in a year that was characterised by a rapid increase of interest rates and a benign economic environment
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Retail Banking results supported by growth in primary customers, customer lending and deposits, and higher liability margins
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Strong performance of Wholesale Banking with higher income and disciplined approach in de-risking and capital optimisation
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Full-year return on equity rises to 14.8%; proposed final dividend of €0.756 per share, bringing total distribution to €7.8 billion1)
CEO statement
“In many respects 2023 was a challenging year, as geopolitical and economic shocks affected many of our clients and the societies we operate in. At the same time, most economies proved resilient with low unemployment, inflation coming down, and rates turning positive at an unprecedented pace. In that context, we were able to continue the successful execution of our strategy by increasing the number of customers, working to provide them with a superior customer experience, further improving our digital offerings and helping our clients in their sustainable transitions,” said CEO Steven van Rijswijk.
“We’re pleased to see that both Retail and Wholesale Banking contributed to our strong results, with net profit almost doubling to €7.3 billion and a full-year RoE of 14.8%. This was driven by higher net interest income and our continued low risk costs, reflecting our strong asset quality.
"In Retail Banking, we added 750,000 primary customers to reach a total of 15.3 million. Especially Germany, Spain and the Netherlands contributed to this growth. It’s rewarding to know our customers value our services, as evidenced by our number one position in net promoter score (NPS) in five of our 10 Retail markets. In a challenging housing market in many countries, we were able to grow our mortgage portfolio by €8 billion in 2023. And in a competitive savings market, our retail customer deposit base grew by more than €18 billion over the year.
“Our corporate clients continued to benefit from the global reach, knowledge and sector expertise of ING Wholesale Banking. We achieved an all-time high NPS score of 72, reflecting the high satisfaction of our clients across the globe. Our continued support of our clients resulted in double-digit income growth. Our focus on capital efficiency is also bearing fruit, reflected in a significant increase of income over capital deploye