“ING reports record high profits in Q1 2023 thanks to interest margins”

NOS News

ING has had one of the best quarters in recent years. In the first three months of the year, a profit of 1.6 billion euros was made, more than 270 percent more than a year earlier. At that time, the bank still had to set aside more than 800 million euros because of the Russian invasion of Ukraine.

Like other banks, ING has benefited in recent months from the margins it has made on interest rates. On the one hand, people with loans pay significantly more interest to the bank than a few years ago. On the other hand, ING spends much less on interest on savings. The interest on savings is rising, but not as fast as the interest on loans.

The interest margin earned the bank 4 billion, almost 700 million more than a year ago. Yesterday, competitor ABN Amro already reported a profit increase of 77 percent. Banks also made more profit in 2022 thanks to higher interest rates on loans and relatively low interest rates on savings.

ING will buy back 1.5 billion of its own shares. Shareholders usually benefit from this, because it drives up the price of the ING share.

2023-05-11 05:42:48
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