ING doubled its net profit last year to almost 7.3 billion euros. The Dutch bank mainly benefited from rising interest rates, which allowed it to make higher margins on savings, among other things.
ING doubled its net profit last year to almost 7.3 billion euros, the Dutch bank reported on Thursday morning. “In many ways, 2023 has been a challenging year, as geopolitical and economic shocks have affected many of our customers and the societies in which we operate. At the same time, most economies have proven to be resilient with low unemployment, falling inflation and positive interest rates,” CEO Steven van Rijswijk said in an explanation.
He further points out that ING has grown with mortgages. We also managed to attract more customers who purchase multiple services from the bank, especially in Germany, Spain and the Netherlands.
Profits also rose sharply in the last three months of the year, but not as strongly as in previous parts of the year. Interest income also showed only a very limited increase in the fourth quarter.