Company: INGVF
Filing Date: 2025-03-06
Form Type: 20-F
Source: 0001628280-25-010764
Chunk: 134

Company: ING GROEP NV
Filing Date: 2025-03-06
Form: 20-F
Item: Item 5
Chunk 134
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           959           892    
Investment income and other income                     835           945           417    
Total income                                         4,910         5,001         4,196    
Expenditure:                                                                              
Operating expenses                                   2,124         2,135         2,115    
Additions to the provision for loan losses              -8             5            67    
Total expenditure                                    2,117         2,140         2,182    
Result before tax                                    2,793         2,861         2,014    
Taxation                                               723           740           540    
Non-controlling interests                                0             0             0    
Net result IFRS-IASB                                 2,070         2,121         1,474    
Year ended 31 December 2024 compared to year ended 31 December 2023
The net result of Retail Netherlands decreased by EUR 51 million, or 2.4%, to EUR 2,070 million in 2024 from EUR 2,121 million in 2023. Retail Netherlands posted a result before tax of EUR 2,793 million compared with EUR 2,861 million in 2023. The 2.4% decline was due to lower Treasury-related income, while expenses were broadly flat and risk costs showed a small net release.
Net interest income was EUR 3,027 million, or 2.2% lower than a year earlier. The decline was attributable to lower Treasury-related interest income, reflecting the impact of the ECB’s adjustment of the remuneration on the minimum reserve requirement to zero basis points in September 2023 as well as less favourable money market conditions. Net interest income from lending increased, supported by significant growth in 

the mortgage portfolio. Net fee and commission income was strong and rose 9.4% to EUR 1,049 million. This was driven by growth in the number of customers, higher fees for payment packages and a double-digit increase in assets under management. Other income decreased due to lower other income from specific money market and FX transactions in Treasury.
Net core lending growth (which excludes movements in Treasury and in the WestlandUtrecht Bank run-off portfolio) was EUR 9.6 billion, driven by strong growth of the mortgage portfolio. Customer deposits (excluding Treasury) grew by EUR 5.0 billion.
Operating expenses slightly decreased to EUR 2,124 million. Regulatory costs declined by EUR