ING Groep (INGA) Q4 2025 earnings summary

Executive summary

• Achieved record total income for the third consecutive year, driven by strong commercial growth, operational efficiency, and digitalization.

• FY2025 net result was €6,327 million, with a 13.2% return on equity and a 13.1% CET1 ratio.

• Over 1 million mobile primary customers were added in 2025, with significant loan and deposit growth across key markets.

• More than €7 billion was returned to shareholders in 2025 through dividends and share buybacks.

• Upgraded outlook for 2026 and 2027 reflects confidence in continued growth, operational efficiency, and capital strength.

Financial highlights

• Total income reached €23.0 billion in 2025, with Commercial NII at €15.3 billion and fee income up 15% to €4.6 billion.

• Net core lending grew by €56.9 billion and net core deposits by €38.1 billion in 2025.

• Operating expenses (excluding regulatory and incidental items) grew by only 3% due to strict cost discipline.

• Risk costs for 2025 were €365 million (20 bps of average customer lending), in line with through-the-cycle averages.

• Net result per share for FY2025 was €2.12, up 7.1% 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.

• 2026 ROE expected at 14%, ROTE above 14%; 2027 total income to exceed €25 billion, with fee income above €5 billion.

• Return on equity and ROTE both targeted above 15% for 2027.

• CET1 ratio to be managed around 13%.

• The outlook excludes the impact of the intended sale of the Russian business, expected to have a negative post-tax P&L impact of ~€0.8 billion.