ING Groep N.V. announced on Thursday that its net income reached €2.2 billion in the second quarter of fiscal 2023, shooting up 82.9% on an annual level. Year over year, in the reported period, total income came in at €5.7 billion, jumping 23%, while operating expenses landed at €2.6 billion, down 4.1%.
In the first half of fiscal 2023 compared to the same timeframe in fiscal 2022, net income skyrocketed 133.3% to €3.7 billion, while total income soared 22% to €11.3 billion. Operating expenses in the first six months grew 0.2% on an annual basis, standing at €5.7 billion.
"The second quarter of 2023 was characterized by ongoing challenges, as economic sentiment weakened, geopolitical uncertainties persisted and inflation remained elevated ... “In these circumstances, we continued to deliver strong results. The current interest rate environment drove income growth in both Retail and Wholesale Banking," CEO Steven van Rijswijk commented.
