ING Groep N.V. (NYSE:ING) Q4 2023 Earnings Call Transcript

Hugh Moorhead: Yes, of course, 25 basis points through the guidance cost of risk level, is that being assumed for 2024 cost of risk in your 12% ROE guidance? And could you review the 25 basis point level at your CMD as part of your kind of refresh of CMD targets in June.

Steven van Rijswijk: Okay. Thank you very much. So I think, clearly, we don’t guide for risk costs in a particular year. So we also don’t do that for 2024. But what we have said is that our risk costs through the cycle are around the 25 basis points. Clearly, you see how we’re doing on risk costs over ’23. We are quite confident in our loan book and the strength of our assets and , we have factored in, but we have not given a specific guidance for 2024.

Tanate Phutrakul: And then you see that our other income is somewhat elevated in 2023 . And I think part of that is the symmetric accounting treatment between NII and other income, but partly is also driven by really strong financial results from Financial Market division and Treasury division in 2023. And that we don’t give guidance on, but just to say that the results in ’23 were very strong.

Operator: And as there are no further questions in the queue at the moment, I would now like to hand the call back over to you, Mr. Van Rijswijk for any additional or closing remarks.

Steven van Rijswijk: Well, thank you very much for your time. Thank you very much for your attention and the good questions. All the best during 2024, and we look forward to seeing you again soon. Thank you.

Operator: And you may now disconnect.