ING Backs FY25 Target Of CET1 Ratio; Sees Annual Income Growth In 2024-2027 Of 4%-5%

(RTTNews) - Dutch financial services firm ING Group (ING), ahead of its Capital Markets Day 2024 on Monday, reaffirmed its CET1 ratio target of around 12.5 percent by end of 2025. The company also announced financial targets for the period 2024-2027, targeting an annual total income growth of 4 percent to 5 percent.

For 2027, the company targets a fee income of 5 billion euros, a cost/income ratio of 52-54 percent and a return on equity of 14 percent.

Under the headline 'Growing the difference', CEO Steven van Rijswijk and the other executives will provide an update on the next phase of ING's strategy. The company aims at being the best European bank by accelerating growth, increasing impact, and delivering value.

Regarding its targets for the period 2024-2027, the company said it expects structurally improved profitability, and to grow the number of mobile primary customers by one million per annum.

The company further said it continues to manage its portfolio towards net-zero by 2050, taking a science-based approach per sector. ING plans to phase out financing of oil and gas production by 2040 while aiming to triple the financing of renewable energy to 7.5 billion euros annually by 2025.

ING updated its target for sustainable volume mobilised to 150 billion euros per annum by 2027.