ING Groep N.V. announced on Thursday that its net result in the third quarter of 2022 amounted to €979 million, falling 28.4% compared to the same period in 2021. The bank declared a total income of €4.4 billion, down by 5.1% compared with Q3 2021.
On the other side, the bank's operating expenses decreased by 2.1% to stand at €2.6 billion, and the result before tax was €1.4 billion, 28.3% below the result in the third quarter a year earlier.
"The exceptionally high inflation and high energy prices are affecting consumers and companies alike. Our own expenses were also impacted by increasing inflationary pressure and adverse currency developments this quarter; however, controllable expenses were well contained," said Steven van Rijswijk, CEO of ING, while adding that the bank is "on track to reach" its "financial targets as communicated in June."
