ING Groep N.V. - ADR

**Strong Growth and Customer Acquisition**: ING reported a significant commercial performance in Q3 2024, increasing mobile primary customers by 189,000, resulting in a total annual growth of approximately 900,000. The lending book rose by €9 billion, driven by robust mortgage performance, particularly in the Netherlands, with market share in new production increasing as a result of digitalization and operational flexibility.

**Record Total Income and Fee Growth**: Total income reached a record level for Q3, with fee income exceeding €1 billion for the first time. Annualized customer balances growth (lending and deposits combined) amounted to 5.3% for the first nine months, surpassing the planned target of 4%. This growth reflects an effective strategic focus on enhancing customer experience and product offerings.

**Optimistic Outlook with Revised Forecasts**: ING has revised its outlook for total income for the full year to above €22.5 billion and maintained total costs at around €12 billion, indicating a cost/income ratio improvement to around 53%. Return on equity is expected to exceed 13%, showing confidence in maintaining profitability amidst market fluctuations.