ING Group Q4 Profit Before Tax Up 31%

(RTTNews) - ING Group (ING), on Thursday, reported Q4 net result of €1.558 billion, and full-year 2023 net result of €7.287 billion.

Q4 profit before tax grew 31% year-on-year to €2.247 billion, while CET1 ratio remains strong at 14.7%.

Further, the company stated that its fourth-quarter income rose 11% year-on-year and net interest income held up well in the quarter. ING also reported a growth of 236,000 primary retail customers in the fourth quarter, combined with stable deposits and growth in lending.

"As society transitions to a low-carbon economy, so do our clients and so does ING. Building on the outcome of COP28 and the most recent scientific insights and scenarios, we announced in December that we will speed up the phasing out of the financing of exploration and production of oil and gas, gradually bringing our portfolio to zero by 2040. We also aim to triple the financing of renewable energy to €7.5 billion annually by 2025, up from €2.5 billion in 2022," CEO said.