ING Spain also recorded a record profit of 208 million euros in 2022, 14% more than in the previous year, thanks to the rise in interest rates and cost management, which have allowed it to have a performance in the country superior to that of the Dutch parent company, the entity announced today at a press conference at its headquarters in Madrid.
"The business of all the banks has been in negative for years and the rises in interest rates allow us to balance the model and solidify the income statement, although they also bring us obligations, and for this reason we have begun to reward savings," he said. the CEO of ING in Spain, Ignacio Juliá.
The great unknown for many individuals is precisely when the banks will start competing to reward savings. ING says that it takes advantage of its competitors because its Orange Account offers, without being a deposit, a return of 0.7% per year, while its star savings product gives 2% to individuals.
"We once again have options to give back to our clients and have a positive margin," said Juliá. She did not report the launch of any new product, but did point out that the bank "will adapt its offer to the environment and to how the market is going." "We have increased the profitability of Cuenta Naranja twice in two years" and "we are reacting from the outset and quite strongly. We are satisfied with our proactivity," she said.
The profit before taxes last year was 303 million, 14% more. Of this figure, 111 million correspond to wholesale banking and 192 million to the business linked to individuals. ING Spain has managed to gain weight over the group as a whole, but warns that, both in the country and in the rest of Europe, this year will be characterized by "a very uncertain and changing environment".
Revenues increased by 14% and stood at 883 million euros, of which 9% correspond to wholesale banking, 12% to diversified revenues and 16% to mortgages, which have gained weight this year. Mortgage delinquency is low, at 0.38%, a percentage below the national average.
Revenues have been above the 800 million euros set by the Government to apply the new tax on banks, of 4.8% on the total turnover. However, ING will not have to pay the levy because the threshold is set for 2019 revenue, when the bank's Spanish subsidiary was below this level. Despite this, "we are not happy with its impact on the economy, we do not believe it is the right channel," Juliá said.
ING Spain forecasts that interest rates will end this year at 3.5%. The group has added 29,000 new mortgages in 2022 for some 3,300 million euros. The default ratio on this type of loan is 0.38%, a particularly low level. "We do not see that clients are having difficulties to pay for the moment," says the bank.
The bank incorporated 256,000 clients last year and now has more than 4 million. It has a market share of 7% and is the fourth bank in Spain in number of Bizum operations, as well as the sixth in number of clients and the fifth in number of accounts.
