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News > Fintech

ING reports €12.3bn lending increase

Jordan Williams | 17:00 Wednesday 9th May 2018

Net core lending by Amsterdam-based bank ING increased by €123bn in Q1 2018.

In its first-quarter results, ING also announced that its overall customer base grew by more than 400,000 to 37.8 million.

The bank also recorded an underlying pre-tax profit of €1.68bn during Q1, up 2.1% on the same period last year.

“We delivered solid profitability in the first quarter, at the same time providing a differentiating experience for customers and innovating to stay relevant for them in the future,” said Ralph Hamers, CEO at ING Group.

“We attracted new customers and deepened the relationship with existing ones.”

ING's UK Open Banking platform Yolt helped towards the rise in customers as it passed the 250,000-user mark during Q1 2018.

“Yolt empowers by giving people better insights into their finances with the help of tools to manage their money across financial institutions,” Ralph added.

“Yolt taps into the disruption ushered in by the European PSD2 open payments directive with a multi-bank value proposition that we at ING feel will be a key element of the go-to banking platforms of the future.”

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