Company: INGVF
Filing Date: 2025-03-06
Form Type: 20-F
Source: 0001628280-25-010764
Chunk: 129

Company: ING GROEP NV
Filing Date: 2025-03-06
Form: 20-F
Item: Item 5
Chunk 129
---
,140 million in 2023. The net result was affected by a EUR 1,058 million negative contribution of fair value changes on derivatives related to asset-liability-management activities for the mortgage and savings portfolios in the Benelux, Germany, France, Spain, and Italy, versus a EUR 3,147 million negative contribution in 2023. These fair value changes were mainly caused by changes in market interest rates. No hedge accounting is applied to these derivatives under IFRS-IASB.
ING’s IFRS-EU net result (when applying the EU ‘IAS 39 carve-out’) declined to EUR 6,392 million from EUR 7,287 million in 2023. The total income in 2024 was supported by double-digit growth in fee income and strongly increased customer lending and customer deposit volumes. Higher expenses show the continued investments in the growth of our business, as well as inflationary effects on staff expenses. Risk costs remained below our through-the-cycle average.

Total income rose to EUR 22,615 million. This was supported by continued growth of our customer base, double-digit growth in fee income and sharply increased lending and deposit volumes.
We recorded outstanding commercial growth in 2024. Net core lending growth (which is the increase in customer lending adjusted for currency impacts and excluding Treasury and the run-off portfolios) was EUR 27.7 billion. We were particularly successful in increasing our residential mortgages portfolio, by EUR 18.9 billion, spread across all our retail countries. In addition, we also grew our consumer lending and business lending books (by EUR 6.9 billion in total). And we recorded a net growth in Wholesale Banking of EUR 1.8 billion, while we continued to optimise our capital usage. 
Net core deposits growth (which excludes FX impacts and movements in Treasury deposits) was EUR 47.4 billion in 2024, with strong contributions from both Retail Banking and Wholesale Banking. At the end of 2024, 68% of our balance sheet was funded by customer deposits.
Net interest income (NII) from lending and liabilities held up well; however, total NII declined 6.0% to EUR 15,023 million due to lower NII in Financial Markets and Treasury. Lending NII rose by EUR 139 million, reflecting volume growth at a stabilising margin. Liability NII declined by EUR 318 million as deposit growth could not entirely offset the impact of normalising margins. Financial Markets NII was EUR