ING Belgium maintains record profits despite falling rates

ING Belgium maintains record profits despite falling rates
The headquarters of the ING banking group, Wednesday 22 February 2023 in Brussels. Credit: Belga/ Benoit Doppgane

Despite declining interest rates, ING Belgium reported a net profit of €889 million for its 2024 fiscal year, maintaining its record profits posted the year prior.

The bank’s financial director, Hans De Munck, highlighted in a statement that growth in “all segments” of the bank's activities, combined with disciplined cost management, enabled them to match their record results from 2023.

ING Belgium’s revenues reached nearly €3.52 billion, just 1.6% shy of their  2023 record. Despite falling revenues from interest payments, which fell by 8.6% to €2.48 billion, income from commissions rose by 16.4%, and profits from "other" sources of income jumped by 42.8%.

Operating costs at the Belgian branch of the Dutch banking giant decreased by 1.1%, falling to €2.17 billion. In 2024, ING Belgium gained €148 million from the provision of risky loans, a figure comparable to 2023, which represented 0.13% of the bank’s total loans, which remains well above the long-term average.

Before taxation, the bank's total profits amounted to approximately to €1.2 billion, a decrease of 3.3% compared to 2023. In 2024, ING Belgium boasted an interest margin of 1.66% and a cost-to-income ratio of 61.7%.

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Customer deposits grew by €7.6 billion or 7.8% from 2023, reaching nearly €110 billion euros. ING Belgium credited its advantageous account offering in September, following record maturity of state bonds last year, for significantly contributing to this growth.

ING Belgium’s loan portfolio expanded by over €5 billion or 5.5%, totalling €115.6 billion. Managed funds increased by €1.8 billion or 2.2%, reaching €47.3 billion.


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