Year
New Ing Germany boss: make more of customers
More customers, but less profit: The new ING CEO Lars Stoy presents the balance of his predecessor. For his first year at the head of the direct bank, he has made up for a lot.
The new Ing Germany boss Lars Stoy wants to make the almost ten million customers of the direct bank more and thus ensure growth again after the decline in profits. “That does not mean that we plan to open branches to permanently pattern customers that they have to complete something,” said Stoy at his first appearance before the media since he took office on January 1, 2025. “Nevertheless, we have gaps in the range we will close. “
For example, Stoy wants to expand investment offers for wealthy customers and also address younger customer groups – for example with a checking account junior aged 7 and over, which is supposed to come in summer.
“Want less paperwork”
In addition, the processes of the ING Germany, which were already digitized 81 percent last year, are to become even more convenient for both private customers as well as for company and business customers. The former Deutsche Bank manager Stoy is “firmly convinced that the app will be the linchpin of the customer relationship in the future”.
Profit under the previous year’s record
In 2024, the direct bank made less profit despite rapid customer growth. Both the result before taxes with around 2.12 billion euros and the surplus with a good 1.43 billion euros were 14 percent below the record values of 2023. Nevertheless, this was the second highest result in the history of the company, which has been in 2025 for 60 years consists.
One reason for the decline in profits: For possible credit cases, the bank covered more than six times as much money with 222 million euros due to the economic flaut with 222 million euros as a year earlier. The institute evaluates this in a long -term comparison as normalizing its risk prevention. In the 2023 financial year, the Bank had resolved provision for business with Russia relief.
Lower interest rates press profit
At the same time, the interest result was four percent lower than a year earlier with a good 3.55 billion euros. The European Central Bank (ECB) has reduced the key interest rates in the euro area several times since summer. This affects the business of the money houses.
The parent company of the direct bank, the large Dutch bank Ing, also earned in 2024 due to the lower interest rates less than a year earlier: the surplus fell by around twelve percent to just under 6.4 billion euros.
The goal of ten million customers almost achieved
In its target of ten million private customers targeted for 2025, the ING Germany sees itself on the best: the institute counted a good 9.9 million customers at the end of last year and thus 571,000 more than a year earlier. This was the strongest customer growth for the direct bank for more than 15 years. According to Stoy’s information, the bank counted 9,964 million customers on the morning of the balance sheet template.
Important from the management’s point of view: More and more customers are not only lured by interest offers and parking money on call money accounts, but also turning the institute into their house bank. The number of customers who use at least one more product from the bank in addition to the checking account with a monthly receipt of money continued to increase by around 290,000 to 3.0 million. The deposits of Ing-Germany customers in savings products and on checking accounts increased by 4.6 percent to the record of 150.2 billion euros.
The direct bank cost customer advertising 50 million euros last year. This is also what the new CEO wants to stick to: “We will continue to drive in the market to gain deposits,” announced Stoy. The strategy of the past few years was correct. “We don’t want to convert the bank into a universal bank, but we want to set up a little more universal.”
Ing Germany sees great growth potential in its relatively young segment for business customers. “The goal is clear: Business banking should become our third strong pillar,” said Financial Director Nurten Erdogan.
Ing Germany for the appointment of Stoy 6.9.2024 Deutsche Bank for the departure of Stoy 6.9.2024 Ing Germany for the balance sheet 2023 Board of Directors Ing Germany Press releases Ing Germany
dpa
Source: Stern
