Company: INGVF
Filing Date: 2025-03-06
Form Type: 20-F
Source: 0001628280-25-010764
Chunk: 140

Company: ING GROEP NV
Filing Date: 2025-03-06
Form: 20-F
Item: Item 5
Chunk 140
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2,792         2,812    
Result before tax                                    1,605         1,441           825    
Taxation                                               381           359           254    
Non-controlling interests                              221           174            47    
Net result IFRS-IASB                                 1,002           908           525    
Year ended 31 December 2024 compared to year ended 31 December 2023
Retail Other consists of the Other Challengers & Growth Markets. The net result of Retail Other increased to EUR 1,002 million in 2024 from EUR 908 million in 2023. For Retail Other, result before tax increased 11% to EUR 1,605 million, mainly thanks to higher income.
Total income rose 11% to EUR 4,688 million. Net interest income was up 11% to EUR 3,817 million, supported by growth in both lending and deposit volumes in all countries, coupled with higher margins on liabilities outside the eurozone. Net interest income in 2024 included a EUR -39 million impact from the Polish 

mortgage moratorium, following amendments to the regulation that offers some customers the right to suspend up to four instalment payments on their mortgage loan. Net fee and commission income increased 17% to EUR 609 million. This was driven by higher fees in daily banking, reflecting an increase in the number of customers and an updated pricing for payment packages, combined with higher fee income from investment products. Other income decreased due to lower Treasury-related income. 
Net customer lending growth (adjusted for currency effects and Treasury) was EUR 8.2 billion in 2024, with growth in all countries, but particularly in Australia, Poland, Spain and Italy. Net core deposits growth (also excluding currency impacts and Treasury) was EUR 12.7 billion, primarily driven by net inflows in Poland, Spain and Australia. 
Operating expenses in 2024 amounted to EUR 2,792 million. Excluding regulatory costs (which were slightly up on 2023) and restructuring costs and impairments (EUR 17 million in 2024 versus EUR 36 million in 2023), expenses increased by 15%. This was due to inflationary pressure (particularly in Türkiye), higher client acquisition expenses and investments in further business growth. 
The net addition to loan loss provisions was EUR 291 million, or 26 basis points of average customer lending, compared with EUR 313 million in 2023.