Giulia Miotto's questions to ING Groep NV (ING) leadership • Q4 2024
Question
Giulia Miotto of Morgan Stanley questioned the 2025 cost guidance, asking what had changed since the Capital Markets Day, and inquired about asset quality development, particularly the RWA increase in the Wholesale bank.
Answer
CFO Tanate Phutrakul cited persistent inflation and collective labor agreements for the cost outlook but reiterated the 2027 targets. CRO Ljiljana Cortan clarified that the Stage 2 RWA increase was due to methodological changes and enhanced early warning systems, not a deterioration in underlying credit quality, noting that Stage 3 risk costs actually declined.