The company reported operating expenses of €3.07bn for the first quarter (Q1) 2023, a 4.3% increase compared to €2.95bn for the same quarter previous year, and an income before tax of €2.34bn for Q1 2023, a 251% rise compared to €668m for Q1 2022
ING's headquarters in Amsterdam, Netherlands. (Credit: Ceescamel/Wikipedia)
Dutch banking company ING has reported a net income of €1.59bn for the quarter ended 31 March 2023, a 271% rise compared to €429m for the respective period in 2022.
The company reported operating expenses of €3.07bn for the first quarter (Q1) 2023, a 4.3% increase compared to €2.95bn for the same quarter previous year.
The Dutch lender reported an income before tax of €2.34bn for Q1 2023, a 251% rise compared to €668m for the corresponding quarter in 2022.
The company reported total income of €5.56bn for Q1 2023, a 21% increase compared to €4.6bn for the same period in the previous year.
ING CEO Steven van Rijswijk said: “The year 2023 got off to a good start, as we recorded a strong first quarter. Our results confirm the strength of our diversified business model with a growing client franchise.
“During this quarter, marked by turbulent market conditions, clients continued to put their trust in us. This was evidenced by our stable and diversified deposit base, which grew by €1.3bn in the quarter.”
“Another key element for future value creation is increasing the number of primary customers, as this provides us with opportunities to deepen our client relationships.
“I’m pleased that our primary customer base grew by 106,000 to 14.7 million during this quarter, with a strong contribution from our franchise in Germany.”
The company’s Netherlands retail banking unit reported total income of €1.30bn for Q1 2023, a 20% increase compared to €1.08bn for the same quarter previous year.
Its Wholesale Banking arm reported a total income of €1.79bn for Q1 2023, a 17% rise compared to €1.53bn for the respective quarter in 2022.
The company’s Corporate Line business reported total income of €43m for Q1 2023, a 105% increase compared to €21m for the same period in the previous year.
Earlier this year, the Dutch financial services company has spun-out Loan Optics to vc trade, a digital platform for private placement and promissory note loans.