ING Group’s retail banking arm has posted total underlying income of 2.69bn for the fourth quarter of 2014, a rise of nearly 5% from 2.56bn in the year ago quarter.
The unit’s total investment income decreased to 5m from 11m a year ago, while commission income stood at 318m versus 319m a year ago.
Operating expenses soared to 1.87bn from 1.63bn in the year ago fourth quarter.
The cost/income ratio for the retail banking division in the fourth quarter was 69.6% compared to a 63.8% a year earlier.
Overall, the banking group posted a total underlying income of 3.75bn, down from 3.94bn in the fourth quarter of 2013.