Ahead of its Capital Markets Day 2024, Dutch financial services firm ING Group (ING) reaffirmed its target CET1 ratio of around 12.5% by the end of 2025. The company also unveiled its financial targets for the 2024-2027 period, aiming for an annual total income growth rate between 4% and 5%.
By 2027, ING has set additional targets including achieving a fee income of €5 billion, a cost/income ratio of 52-54%, and a return on equity of 14%.
Under the theme 'Growing the Difference,' CEO Steven van Rijswijk and the executive team will outline the next phase of ING's strategy, focusing on becoming the leading European bank by accelerating growth, enhancing impact, and delivering substantial value.
The company expects structurally improved profitability during the 2024-2027 period and aims to increase the number of mobile primary customers by one million each year.
In terms of sustainability, ING continues to align its portfolio with a net-zero target by 2050, adopting a science-based approach for each sector. The firm plans to cease financing oil and gas production by 2040 while aiming to triple its renewable energy financing to €7.5 billion annually by 2025.
Furthermore, ING has updated its target for sustainable volume mobilised to €150 billion annually by 2027.
