(Finance) – ING, the Dutch banking group, closes the third quarter with a net profit more than doubled compared to the first quarter of 2022 at €1,982 million, driven by strong revenues in both Retail Banking and Wholesale Banking. There were 181 thousand new primary customers in the third quarter, with growth in almost all markets. A €2.5 billion share buyback program announced to align capital to target levels. In Italy it has acquired in retail banking 66 thousand new customers since the beginning of the year, which brings the total to 1,211,000 as of September 30th.
Pre-tax profit grew significantly year-on-year to 2,866 million euros, the CET1 ratio increased to 15.2%. In the first 9 months of 2023, it should also be noted that the ING Group signed 507 sustainable finance transactions for a volume of 73.9 billion euros.
The first nine months of 2023 are positive for ING in Italy both in the Retail and Wholesale sectors. Double-digit growth for Orange Mortgage, with new disbursements amounting to 1.6 billion, for an increase of 83% compared to the first 9 months of 2022. In terms of financing, good also Orange Loan with 129 million new loans (+15% vs 9M22). The growth in assets managed and administered also continues, which overall saw a 30% increase compared to the previous year (total €3.5 billion as of 30 September 2023). As regards the Wholesale Banking division, ING “continued to support the Italian economy and the country’s green transition through 16 sustainable finance operations, including 10 green & sustainable loans and 3 financing in the renewables sector. 3 were also placed green and SDG-linked bonds”.