On February 6, Reuters reported that ING shares were affected by a cautious outlook and underwhelming yearly results, leading to a 12% decline in annual net profit compared to the previous year. The CEO, Steven van Rijswijk, expressed interest in acquiring European competitors. ING's shares dropped by up to 4% after van Rijswijk stated a stagnant projection for total annual income in 2025 due to ongoing interest rate cuts by the ECB.
Van Rijswijk mentioned that ING anticipated revenue to remain at 22.6 billion euros and aims to offset the impact on net interest income by adjusting fees and deposit pricing. Despite concerns over global trade tensions, particularly following President Trump's tariffs, van Rijswijk highlighted growth in Europe, particularly in mortgage lending markets within the Netherlands, Germany, Belgium, and Poland.
Regarding potential acquisitions, ING's CEO emphasized the exploration of opportunities in Germany, Italy, and Spain to enhance the existing segment diversification. The bank expects fee income to grow by 5% to 10% in 2025, following an 11% rise to 4 billion euros in the previous year, while net interest income decreased by almost one billion euros.
The report also noted that ING's financial projections did not account for the impact of recent events.