ING Groep (INGA) Q4 2025 Fixed Income earnings summary

Executive summary

• Achieved record total income for the third consecutive year, driven by strong commercial net interest income and fee growth, with over 1 million new mobile primary customers in 2025.

• Net result for FY2025 reached €6,327 million, with return on equity of 13.2% and profit before tax of €9,148 million.

• Maintained strong profitability, returning over €7 billion to shareholders in 2025 through dividends and buybacks.

• Operational efficiency gains offset business growth investments, supporting a stable cost base.

• Sustainable finance volumes mobilized increased 28% year-over-year to €166 billion.

Financial highlights

• Total income reached €23.0 billion in 2025, with fee income up 15% to €4.6 billion and commercial net interest income at €14.7 billion.

• Net profit for 2025 was €6.3 billion, and return on equity reached 13.2%.

• Deposit book grew by 6%, and loan book by 8%, mainly from residential mortgages and corporate lending.

• Announced additional distributions totaling €3.6 billion, with a final cash dividend of €0.736 per share for 2025.

• Cost/income ratio for 2025 was 54.6%, and loan-to-deposit ratio stood at 1.00.

Outlook and guidance

• Total income expected to reach €24 billion in 2026 and exceed €25 billion in 2027, with fee income projected to grow 5%-10% and surpass €5 billion in 2027.

• Operating expenses (excluding incidentals) forecasted at €12.6-12.8 billion in 2026 and around €13 billion in 2027.

• Return on tangible equity (ROTE) expected to rise from 13.6% in 2026 to over 15% by 2027.

• CET1 capital ratio guidance maintained at around 13% through 2027.

• Outlook excludes the impact of the intended sale of the Russian business, expected to have a €0.8 billion post-tax loss.