Company: INGVF
Filing Date: 2025-03-06
Form Type: 20-F
Source: 0001628280-25-010764
Chunk: 136

Company: ING GROEP NV
Filing Date: 2025-03-06
Form: 20-F
Item: Item 5
Chunk 136
---
 million compared with EUR 2,115 million in 2022. Excluding EUR 38 million lower regulatory costs and EUR 75 million of incidental item costs in 2022 (related to consumer credit products), expenses rose by EUR 133 million or 7.4%. This was primarily due to higher staff expenses, reflecting the impact of a new collective labour agreement in 2023, and restructuring provisions. 
The net addition to loan loss provisions was very low at EUR 5 million, down from EUR 67 million in the prior year. Limited net additions in 2023 for the mortgage portfolio, including the impact of a methodology update, were almost fully offset by a net release for the business lending portfolio.
Retail Belgium

Retail Belgium                                                                            
in EUR million                                            2024          2023          2022
Income:                                                                                   
Net interest income                                  1,959         2,063         1,668    
Net fee and commission income                          603           502           511    
Investment income and other income                     189           117           -32    
Total income                                         2,751         2,683         2,147    
Expenditure:                                                                              
Operating expenses                                   1,811         1,852         1,786    
Additions to the provision for loan losses             134           169           139    
Total expenditure                                    1,944         2,022         1,924    
Result before tax                                      807           661           223    
Taxation                                               210           182            72    
Net result IFRS-IASB                                   597           479           151    
Year ended 31 December 2024 compared to year ended 31 December 2023
The net result of Retail Belgium (including ING in Luxembourg) increased by EUR 118 million, or 25%, to EUR 597 million in 2024 from EUR 479 million in 2023. The result before tax for Retail Belgium rose 22% to EUR 807 million. The increase was attributable to higher income, coupled with lower operating expenses and a decline in risk costs.
Net interest income decreased by EUR 104 million or 5.0%, mainly due to lower Treasury-related interest income. In addition, net interest income was impacted by higher funding costs for mortgages. Net fee and commission income rose by EUR 101 million or 20%, supported by an increase in assets under management 

and lower commissions paid. Investment and