ING is targeting total income growth of between 4 and 5 per year in 2024 to 2027, the largest Dutch lender by assets said in a statement on Monday (Jun 17) ahead of its capital markets day event.
The group, which has a market capitalisation of 52.8 billion euros (S$76.5 billion), said it is also aiming for fee income of five billion euros and a return on equity of 14 per cent over the same period.
ING, whose operating arm ING Bank provides banking services in more than 40 countries, said it will continue focusing on expanding its retail business. It aims to have risk-weighted assets in the sector of 50 to 55 per cent by 2027. The group added it would prioritise local scale in retail banking and build wholesale banking as a separate pillar.
In the first quarter, ING saw an income increase from its retail banking unit, boosted by higher fee income for both daily banking and investment products. The bank announced it aims to deliver one billion euros of additional fee income by 2027, notably through growing its customer base.
ING said it expects the inflationary impact to exceed headline inflation due to delayed effects of collective labour agreements. Regulatory costs in 2025 are expected to be flat compared with 2024 and, as of 2026, to grow in line with deposit volumes. Reuters
