Company: INGVF
Filing Date: 2025-03-06
Form Type: 20-F
Source: 0001628280-25-010764
Chunk: 137

Company: ING GROEP NV
Filing Date: 2025-03-06
Form: 20-F
Item: Item 5
Chunk 137
---
 other income was strongly up because 2024 included EUR 77 million for our share in the one-off profit of an associate.
Net core lending (which excludes Treasury) rose by EUR 3.7 billion, reflecting a EUR 2.7 billion increase in business lending and EUR 1.0 billion of growth in the mortgage portfolio. Net core deposits (which excludes Treasury) increased by EUR 6.4 billion, driven by a EUR 5.5 billion inflow from our successful term deposit campaigns (exceeding the EUR 2.6 billion outflow we saw in 2023 when customers bought bonds issued by the Belgian government).
Operating expenses amounted to EUR 1,811 million, including EUR 206 million of regulatory costs (versus EUR 211 million in 2023) and EUR 59 million of incidental item costs related to restructuring and a further optimisation of the branch network (compared with EUR 76 million for this in 2023). Expenses excluding regulatory costs and incidental items declined 1.3%, as the impact of automatic salary indexation was offset by FTE reductions. 
The net addition to the provision for loan losses amounted to EUR 134 million, or 14 basis points of average customer lending, down from EUR 169 million in 2023. Risk costs for mortgages and consumer lending declined while risk costs for business lending were stable.
Year ended 31 December 2023 compared to year ended 31 December 2022
The net result of Retail Belgium (including ING in Luxembourg) more than tripled to EUR 479 million in 2023 from EUR 151 million in 2022. The result before tax for Retail Belgium (which includes ING’s retail activities in Luxembourg) jumped to EUR 661 million compared with EUR 223 million in 2022. The strong increase was mainly due to growth in net interest income and the impact of one-off income items in the year before. Total income rose by EUR 536 million, or 25%, to EUR 2,683 million. Net interest income increased by EUR 395 million, or 24%, as higher income from liabilities more than compensated for the impact of lower margins on mortgages due to higher funding costs.
Net fee and commission income slipped 1.8% from a year earlier as higher fees on investment products, reflecting an increase in assets under management, were offset by lower daily banking fees due to higher fees paid to brokers. Investment and other income in 2022 had included an impact of