Business
ING Group GAAP EPS of €0.48, revenue of €5.58B; reaffirms FY24 outlook
- ING Group press release (NYSE:ING): Q1 GAAP EPS of €0.48.
- Total income of €5.58B (+0.2% Y/Y).
- 1Q2024 profit before tax of €2,293 million; 4-quarter rolling return on equity of 14.8% on higher CET1 ratio of 14.8%.
- In the first quarter, our primary customer base grew by 99,000 primary customers, net core deposits growth of €13.5 billion and net core lending growth of €4.2 billion while keeping our focus on capital efficiency.
- €2.5 billion share buyback as we continue to align our capital to our target level.
- 2024 Outlook: Based on current assumptions and scenarios, total income in 2024 to remain strong in a positive rate environment albeit somewhat lower than in 2023. Our aim is to increase fee income by 5-10%. Based on the current outlook, a total cost growth of around 3% (excluding incidental items) is foreseen. The CET1 ratio is expected to converge towards our ~12.5% target by 2025. Return on equity expected of >12%.
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