ING Group posted full-year 2024 net profit of EUR 6.4 billion, down 12% from the record EUR 7.3 billion of 2023. Profit before tax reached EUR 9.3 billion and total income reached a record EUR 22.6 billion, broadly unchanged on the prior year, as an 11% rise in fee income and higher other income offset a 6% fall in net interest income. Return on equity for the full year came in at 13.0%.
Fee income exceeded EUR 4 billion for the first time in the group's history, a threshold that management highlighted as evidence of meaningful progress in diversifying revenue away from net interest income that is mechanically sensitive to rate movements.
LENDING, DEPOSITS AND CUSTOMERS
Net core lending grew by EUR 28 billion, equivalent to a 4% increase, over the course of 2024, while net core deposits expanded by EUR 47 billion, or 7%. The mobile primary customer base reached 14.4 million at the end of the year, an addition of 1.1 million customers during 2024, with Germany, the Netherlands, Spain and Poland contributing most to the growth.
CAPITAL AND DIVIDEND
ING's Common Equity Tier 1 ratio stood at 13.6% at the end of the fourth quarter of 2024. The board proposed a final cash dividend of EUR 0.71 per share for the 2024 financial year, adding to the interim distributions paid during the course of the year. Risk costs for the full period came in below ING's through-the-cycle average.