Chris Hallam's questions to ING Groep NV (ING) leadership • Q4 2024
Question
Chris Hallam of Goldman Sachs asked for the split between loan and deposit growth in the 4% guidance and questioned if efficiency efforts needed to intensify to offset inflation, probing the changing expense mix.
Answer
Executive Steven van Rijswijk confirmed the 4% growth target applies to both lending and deposits. CFO Tanate Phutrakul acknowledged the inflation impact in 2025 but expects it to ease in subsequent years, highlighting specific efficiency gains in call centers and KYC processes that are enabling FTE reductions and operational scaling.