Dutch bank ING posted a net profit of €3,674 million in 2022 as a whole, a contraction of 23.1 percent compared with a profit of €4,776 million in 2021.
Between January and December last year, the bank’s revenues amounted to €18,561 million, an increase of 0.4 percent compared to the previous year’s turnover of €18,490 million.
However, in the fourth quarter alone, net profit reached 1.089 billion euros, compared to a positive balance of 945 million euros a year earlier, up 15.2 percent year-on-year, the company reported.
Meanwhile, quarterly revenue was €4,868 million, up 5.3 percent compared to revenue of €4,624 million in 2021.
In total 2022, the drop in earnings was affected by the ECB’s modification of the terms of the third series of targeted longer-term refinancing operations (Tltro III) and by the mortgage moratorium passed in Poland in the middle of last year, which has affected the company’s balance sheet, causing losses of €315 million and €343 million, respectively.
«We have managed to limit the growth in expenses despite the increase in payroll and marketing expenses in order to broaden our customer base,» said Steven van Rijswijk, CEO of ING.
In this regard, the financial institution has added 585,000 new customers in 2022, to a total of 14.6 million.
Source: (EUROPA PRESS)
