Dutch banking and financial services corporation ING Bank has reported an underlying net profit of €4.22bn in 2015, up 23.2% year-on-year .

According to the group, the strong performance reflects higher interest results and lower risk costs "despite higher regulatory costs." Regulatory costs increased by 53.3% to €279m.

Underlying income rose by 8.2% year-on-year to €16.55bn, while operating expenses increased to €9.25bn from €8.98bn a year ago.

Positive growth was recorded across both the group’s retail and wholesale banking. ING’s core lending book was 4.2% (€21.7bn) higher compared to 2014.

In 2015, ING has introduced its fintech products in more countries and invested in WeLab.

Ralph Hamers, chief executive officer at ING Group said: "In the fourth quarter, Poland introduced Moje ING, a platform which gives customers a comprehensive overview of their finances with the help of an easy-to-use financial planning tool, and is based on a similar system in Spain. Twyp, our app for peer-to-peer payments using telephone numbers, was launched in Spain in December. In the new year we also launched Twyp in the Netherlands and announced an investment in the fintech WeLab, which provides consumer loans in China and Hong Kong in a fully automated process that takes just minutes."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

During the year ING completed the divestment of its US insurance unit Voya and "significantly" reduced its stake in Dutch insurer NN Group, which according to Hamers these actions brought the group closer to completing its restructuring.