ING Groep (INGA) Q4 2025 (Media) earnings summary

Executive summary

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

• Over 1 million new primary customers in 2025, bringing the total to over 15 million, with strong growth in Germany, Spain, and Romania.

• Significant growth in business volumes, including lending, deposits, and investment customers.

• Total income rose to €23.0 billion, with fee income up 15% to €4.6 billion.

• CET1 ratio stood at 13.1%, and a final dividend of €0.736 per share was proposed.

Financial highlights

• Lending book grew by €56.9 billion (8% year-over-year), double the growth rate of 2024.

• Total deposits increased by €38.1 billion (6% year-over-year).

• Asset management and e-brokerage volumes reached €278 billion, up 16% year-over-year.

• Fee income rose 15% to €4.6 billion, driven by investment products and wholesale banking.

• Net interest income for FY2025 was €14,681 million, down 2.3% year-over-year.

Outlook and guidance

• 2026 total income expected around €24 billion, with 5-10% fee income growth and operating expenses of €12.6-12.8 billion.

• ROTE outlook of >14% for 2026 and >15% for 2027, with CET1 ratio guidance at ~13%.

• Expect continued SRT (Significant Risk Transfer) trades in 2026, with anticipated capital release of 15-20 basis points.

• Ongoing focus on digital transformation, customer experience, and expanding product offerings, especially in investment and SME banking.