ING Bank Slaski (ING) Q3 2025 earnings summary

Executive summary

• Net profit for Q3 2025 was PLN 1,112 million, up 1% year-over-year, and Q3 2025 YTD net profit reached PLN 3,261 million, up from PLN 3,060 million year-over-year.

• Retail and corporate client bases grew, with 135,000 new retail and 18,000 new corporate customers year-over-year, reaching nearly 4.7 million retail and 590,000 corporate clients.

• Mortgage loan growth was strong at 46% year-over-year, with PLN 5 billion in new sales in Q3 and an 18% market share in new sales.

• Mutual funds assets grew 33% year-over-year to PLN 22.6 billion, with a 7.1% market share.

• Total assets as of 30 September 2025 were PLN 282,996 million, up from PLN 254,420 million a year earlier.

Financial highlights

• Net income grew 1% year-over-year in Q3 and 7% over the first three quarters, exceeding PLN 3 billion.

• Net interest income for Q3 2025 was PLN 2,192 million (+1% q/q, -3% y/y), and for Q3 2025 YTD was PLN 6,576 million, up from PLN 6,464 million year-over-year.

• Net commission income for Q3 2025 YTD was PLN 1,761 million, up from PLN 1,729 million year-over-year.

• Loans increased by 2% and deposits by 7% quarter-on-quarter, with client deposits at PLN 230.2 billion (+PLN 20.1 billion y/y).

• Cost of risk for nine months was PLN 653 million, down 24% year-over-year; Q3 cost of risk was PLN 251 million.

Outlook and guidance

• No further interest rate changes expected before 2026, with rates anticipated to stabilize at 4%.

• Economic growth in Poland is forecast at 3.5% for 2025, with inflation expected near the NBP target.

• The CIT rate for domestic banks will increase to 30% in 2026, 26% in 2027, and 23% from 2028, impacting future profitability.

• The transition from WIBOR to POLSTR as the benchmark rate is underway, with full replacement by end-2027.

• Dividend guidance will be provided in early 2024; payout for 2023 included 75% of profit plus reserve capital.