ING’s press release for the first quarter of 2025

ING has announced its net profit for the first quarter of 2025, totaling €1,455 million, accompanied by significant growth in customer balances and fee income. The profit before tax stood at €2,124 million with a CET1 ratio of 13.6%. The bank experienced a robust rise in fee income, especially due to a surge in investment products.

The total income remained resilient, supported by substantial growth in deposits and a continuous increase in mortgage volumes, along with strong results in Financial Markets. Operating expenses, excluding regulatory costs, were marginally lower quarter-on-quarter. ING has been strategically channeling its capital towards its target level and has unveiled a share buyback program worth €2.0 billion.

Steven van Rijswijk, the CEO of ING Group, emphasized the importance of leveraging Europe’s potential to enhance competitiveness and resilience through simplification of regulations and investments in infrastructure, technology, and defense. As a leading European bank with extensive geographical diversification, ING is well-equipped to play a pivotal role in bolstering growth while navigating through volatile markets. By closely engaging with clients and addressing their needs, ING aims to provide the necessary support to help them manage uncertainties, mitigate risks, and seize opportunities.

The bank showcased sustained commercial growth in the first quarter of 2025, driven by remarkable increases in deposits and higher mortgage volumes. Total income witnessed a surge, buoyed by sturdy commercial net interest income and a notable rise in fee income. Operating expenses saw a slight decrease quarter-on-quarter, aligning with inflation and client acquisition expenses.

In Retail Banking, the mobile primary customer base expanded by 174,000 customers, mainly in Germany, the Netherlands, Spain, and Poland. A substantial €17 billion in retail core deposits were obtained, primarily in Germany. Core lending increased by €9 billion, including €6 billion in residential mortgages, predominantly in the Netherlands and Germany. Moreover, Business Banking saw nearly €2 billion in core lending. Notably, there were 125,000 mortgage applications during the quarter, showing a 20% increase year-on-year. Retail fee income grew by 18% year-on-year, primarily fueled by the growing number of investment product customers, higher assets under management, and increased customer trading activity.

Within Wholesale Banking, total income remained stable, with robust results in Financial Markets, where clients were supported during tumultuous market conditions. Although lending volumes were subdued due to market turbulence, fee income in Wholesale Banking spiked quarter-on-quarter, mainly propelled by increased fees from Global Capital Markets and Trade Finance. ING continues to invest in enhancing front office capabilities, digital customer experiences, and system scalability.

To further support clients in their sustainability journey, innovative services and partnerships have been launched. In Wholesale Banking, sustainable volume mobilized reached €30 billion, marking a 23% increase from the previous year. Efforts in Spain include a service that educates retail customers about their carbon emissions and offers tips for reducing their environmental impact. ING has also pioneered participation in a digital energy ratings program in Australia, providing customers with free energy ratings for their homes and recommendations for sustainable improvements.

Despite ongoing geopolitical and macroeconomic uncertainties, ING remains focused on aligning its CET1 ratio with target levels. Therefore, a share buyback program worth €2.0 billion has been announced to navigate through market challenges effectively.

As the bank continues to make strides towards its 2027 targets, it acknowledges the dedication and contributions of its global workforce in delivering robust results and ensuring customer satisfaction.Acknowledging the employees’ efforts, ING is confident in its ability to generate value for stakeholders amidst macroeconomic turbulence.