Dutch banking and financial services company ING reported a net income of €1.57bn for the quarter ended 2024, a 1% decline compared to €1.59bn for the respective quarter in 2023.
The company reported a net interest income of €3.82bn for the first quarter of 2024 (Q1 2024), a 5% decrease compared to €4.01bn for the same period the previous year.
The Dutch lender reported operating expenses of €3.03bn for Q1 2024, a 1% decline compared to €3.07bn for the corresponding quarter in 2023.
ING reported a profit before tax of €2.29bn for Q1 2024, a 2% decrease compared to €2.34bn for the same period the previous year.
The company’s common equity tier-1 ratio (CET-1 ratio) for the reported period was 14.8%, which remained unchanged from the respective quarter in 2023.
ING attributed the decline in operating expenses to lower regulatory costs, stating their costs were under control, while risk costs were below the average.
Also, the Dutch lender said that the growth in retail was driven by higher fee income for both daily banking and investment products.
ING CEO Steven van Rijswijk said: “We offer customers a superior experience across all our segments. In Business Banking, for example, we have launched a feature in the Netherlands that enables mobile onboarding for new clients.
“In Poland, we integrated a product offer page into ING Business Mobile, making it easier for customers to see solutions that can support the growth of their companies. And in Romania, we have expanded our instant lending proposition by introducing an instant overdraft product in addition to term loans, giving customers a complete offering.
“In Wholesale Banking, the ING InsideBusiness portal now includes a portfolio insights tool that saves clients time by giving them real-time insights into their lending portfolio.”
In a separate development, ING has unveiled its plans to repurchase ordinary shares of ING Groep, for a total value of €2.5bn.
The company said that the share buyback programme aims to converge its CET1 ratio towards the target of around 12.5%, which is currently at 14.8%.
European Central Bank (ECB) has approved the buyback, which will be executed in line with the Market Abuse Regulation and the existing regulation to acquire up to 20% of the issued shares.
The Dutch lender has entered a non-discretionary arrangement with a financial intermediary to execute the share buyback programme.
Rijswijk added: “We continue to align our capital to our target level. And we are announcing a share buyback programme of €2.5bn.
“Our results confirm that we are a well-capitalised bank with strong earnings power, enabling us to navigate our global operating landscape confidently.
“I am proud of how ING has continued to make the difference by improving our customers’ experience and by working hard to put sustainability at the heart of what we do. This is how we add value for all of our stakeholders.”
