Company: INGVF
Filing Date: 2025-03-06
Form Type: 20-F
Source: 0001628280-25-010764
Chunk: 139

Company: ING GROEP NV
Filing Date: 2025-03-06
Form: 20-F
Item: Item 5
Chunk 139
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 EUR 1,790 million compared with EUR 901 million in 2022, mainly on the back of a 45% increase in total income. This was driven by a 72% growth in net interest income, supported by higher liability volumes at significantly improved margins, and by an increase in interest income from treasury-related products and mortgages.
Net fee and commission income declined 18% to EUR 357 million. This reflected a decrease in fees from mortgages (due to lower brokerage volumes) and from investment products (due to a lower number of brokerage trades). Investment and other income decreased by EUR 136 million, largely due to lower Treasury-related revenues.
Net core lending growth (which excludes Treasury) was EUR 1.7 billion, consisting of EUR 1.4 billion growth in the residential mortgages portfolio and EUR 0.3 billion growth in other lending. Net core deposits (which excludes Treasury) increased by EUR 8.5 billion following successful promotional campaigns to attract new savings and customers. 

ING Group Annual Report 2024 on Form 20-F 75

Contents       Part I         Part II        Part III       Additional information        Financial statements    
Operating expenses rose 9.0% to EUR 1,243 million. This included EUR 96 million of regulatory costs (up EUR 3 million from 2022) and EUR 20 million of incidental items for restructuring costs and staff allowances (compared with EUR 10 million in 2022). Excluding regulatory costs and incidental items, cost growth was 8.7% due to higher staff expenses related to annual salary increases, and higher marketing expenses and investments to support business growth. 
Net additions to loan loss provisions declined to EUR 119 million (12 basis points of average customer lending) and were primarily related to consumer lending.
Retail Other

Retail Other                                                                              
in EUR million                                            2024          2023          2022
Income:                                                                                   
Net interest income                                  3,817         3,437         2,725    
Net fee and commission income                          609           519           535    
Investment income and other income                     263           277           377    
Total income                                         4,688         4,233         3,637    
Expenditure:                                                                              
Operating expenses                                   2,792         2,479         2,509    
Additions to the provision for loan losses             291           313           302    
Total expenditure                                    3,083