ING Groep+2.52%
ING's Q4 net income rises 15% to €1.1 billion
ING Groep N.V. said on Thursday that its net income in the fourth trimester of fiscal 2022 came in at €1.1 billion, rising 15% compared to the same period in 2021. Year over year, total income amounted to €4.9 billion in the quarter ending December 31, growing 5%, while operating expenses fell 2% landing at €2.8 billion.
For the whole fiscal year, net income tumbled 23% on an annual basis, standing at €3.7 billion. Full-year 2022 total income and operating expenses edged up 0.4% and 0.1% in comparison to the same timeframe a year prior, reaching €18.6 billion and €11.2 billion respectively.
"Despite the challenging operating conditions and lingering effects of Covid-19, we performed well. We continued to execute on our strategy and delivered strong results, as well as made significant progress in a number of areas, including providing seamless digital services using our strong scalable tech and operations foundations," CEO Steven van Rijswijk said.