Highlights
2Q2024 profit before tax of €2,568 million with a four-quarter rolling average RoE of 14.0%
Significant mobile primary customer growth of 248,000 across markets
Net interest income remains resilient, supported by increased lending and deposit volumes
Continued strong fee income, driven by daily banking and investment products in Retail Banking
ING will pay an interim cash dividend of €0.35 per ordinary share
CEO statement
“In the second quarter of 2024, we have delivered good results across our business,” said Steven van Rijswijk, CEO of ING. “We have continued to perform well financially and have maintained commercial momentum throughout the first six months of the year. Our results were mainly driven by strong fee income and resilient net interest income, supported by increased customer lending and customer deposit volumes. Our performance underlines our ability to accelerate growth, increase impact and deliver value.

“Our customer base has grown significantly in the second quarter. The number of mobile primary customers grew by 248,000 to 13.7 million, representing 88% of our total primary customer base of 15.6 million. Key contributors to this growth were the Netherlands, Germany and Spain.

"Fee income drivers have remained strong, reflecting structural improvements in Retail Banking. Our growing customer base and favourable market conditions have helped us lift fee income from investment products, daily banking, mortgage brokerage and insurance. In Germany, we have achieved the milestone of €100 billion in assets under management in investment products. Fees in Wholesale Banking have shown a limited decline after an exceptional first quarter for Global Capital Markets.

“We have delivered excellent commercial performance in Retail Banking, with deposits growing by €9 billion, partly due to seasonal inflows of holiday allowances. Interest income for lending was up sequentially and year-on-year, supported by growth in core lending of €9 billion, which includes an increase in mortgage volumes in all of our markets.

“Wholesale Banking has recorded another strong quarter, with a 5% quarter-on-quarter increase in revenues. Furthermore, core deposits have grown by €6 billion, mainly attributable to successful initiatives in Payments & Cash Management and Money Markets. During the quarter, we have continued to invest in our Wholesale Banking franchise to enable top-line growth, improve the digital experience and accelerate the execution of our strategy.

“Expenses increased as expected, reflecting the impact of delayed inflationary pressure on staff costs, as well as increased marketing expenses. Risk costs were up but remained below the through-the-cycle-average, showing the quality of our loan book. Our CET1 ratio was 14.0%, mostly driven by the impact of the share buyback programme that was announced in May 2024 and is well underway. Our 4-quarter rolling return on equity came out at 14.0%, which also reflects the favourable impact of the share buyback programmes.

“Reinforcing our strategic focus to put sustainability at the heart of what we do, we have updated our annual sustainable volume mobilised target to €150 billion by 2027, up from our previous target of €125 billion by 2025. We have seen good progress already, with our sustainable volume mobilised increasing to €56.9 billion in the first half of the year, up 21% year-on-year.

“As we introduced the next phase of our strategy during the quarter, we have continued to deliver value to all our stakeholders. I would like to thank our employees across the world for their contributions to these strong results and look forward to keep growing the difference.”

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