ING Groep provides three-year financial targets ahead of capital markets day

ING is hosting a Capital Markets Day. Steven van Rijswijk, CEO of ING, and the other members of ING’s management board will provide an update on the next phase of ING’s strategy. As part of the Capital Markets Day, the company will share financial targets for the period 2024-2027. The company said, “In this period, we aim to grow our number of mobile primary customers by one million per annum and target an annual total income growth of 4-5%. For 2027, we target a fee income of EUR 5 billion, a cost/income ratio of 52-54% and a return on equity of 14%. Our CET1 ratio target of around 12.5% by end of 2025 is reaffirmed and will be periodically reviewed against capital requirements. Building on our strategic pillars of superior value for customers and putting sustainability at the heart, we present our plan to increase impact, build scale in more market segments and play a bigger role in the economies we operate in. We will invest to expand our product offerings, grow our customer base, and deepen our customer relationships. We increase capital allocation to our retail business while focusing on growth combined with improving capital efficiency in wholesale banking. We also provide an update today on our ambition to be a leader in financing the sustainable transition. We continue to manage our portfolio towards net-zero by 2050, taking a science-based approach per sector. As announced earlier, we will phase out financing of oil and gas production by 2040 while aiming to triple the financing of renewable energy to EUR 7.5 billion annually by 2025. We update our target for sustainable volume mobilised to EUR 150 billion per annum by 2027.”