ING 1Q2023 Financial Targets Update
Operating expenses include full-year 2022 inflationary impact and
investments in growth
Expenses (in € mln)
3,070
2,945
2,888
2,738
525
2,629
291
649
214
159
96
85
82
4
2,296
2,365
2,448
2,515
2,541
1Q2022
2Q2022
3Q2022
4Q2022
1Q2023
Regulatory costs¹)
Incidental items²)
Expenses excluding regulatory costs and incidental items
1) Formal build-up phase of several local DGS and SRF are scheduled to be completed by 2024
2) Incidental expenses as included in volatile items on slide 18
■ Excluding regulatory costs and incidental items, expenses
were 10.7% higher YoY
Main driver was higher staff expenses, largely reflecting
the full-year inflationary impact of indexation (incl. 10.5%
YoY impact for Belgium) and CLA increases (incl. an accrual
for the new CLA in NL). Further impacts included a one-off
energy payment in Germany and a more frontloaded
accrual for variable remuneration in Wholesale Banking
Furthermore, marketing costs were up, as we invest in
growth of our customer base, while also legal provisions
and energy costs were at elevated levels this quarter
Sequentially, expenses excluding regulatory costs and
incidental items were 1.0% higher, mainly driven by higher
staff and IT expenses
■ Regulatory costs were lower YoY, mainly due to a lower tariff
for the European SRF contribution. The QoQ increase
reflected the full payment in the first quarter of each year of
the annual contributions to the SRF and Belgian DGS. This
also applies to the annual Belgian bank tax, while 4Q2022
included the annual Dutch bank tax
Incidental cost items in 1Q2023 were €4 mln for
hyperinflation accounting in Turkey (IAS 29)
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