ING benefited considerably from the higher interest rates last quarter. The group saw an increase in interest income in particular.
In the period from April to June, ING posted a net profit of around EUR 2.2 billion. That is an increase of no less than 83 percent compared to the same period last year. Total interest income rose by about 20 percent to 4.1 billion euros last quarter.
The group mainly owes the higher interest income to the interest rate hikes of the European Central Bank (ECB). Those who take out a loan nowadays pay the bank more interest. But savers benefit only sparingly, as ING allows savings interest to rise less quickly than other banks.
ING customers with a savings balance of up to and including EUR 10,000 will receive 1.25 percent interest from mid-August. Savers who are above this will receive 1.15 percent up to an amount of 1 million euros. Customers who have more than 1 million euros in the bank do not receive any interest.
At Rabobank, most savers will receive 1.5 percent interest from August. And ABN AMRO already raised the interest on savings to 1.25 percent for all deposits up to 1 million euros at the beginning of this month.
2023-08-03 05:45:14
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