4Q2025 Execution of our strategy resulted in outstanding growth and strong value delivery 29 January 2026 Outstanding commercial growth in 2025 Mobile primary customers +352,000 in 4Q2025 +1.0 mln in 2025 Lending growth2) €20.4 bln in 4Q2025 +€56.9 bln in 2025 Deposits growth2) €9.5 bln in 4Q2025 +€38.1 bln in 2025 Return on equity 13.2% in 2025 Fee income €1,221 mln in 4Q2025 €4,602 mln in 2025 Sustainable volume mobilised3) €56 bln in 4Q2025 €166 bln in 2025 Customer growth Customer lending Customer depos ...

Group 1 - The bank anticipates growth driven by an increase in loan volume and higher income from fees and commissions [1] - The bank aims to diversify its income sources as central banks reduce interest rates [1]

International bank ING Groep beat quarterly profit expectations on Thursday, boosted by strong interest and fee income for the last three months of 2025. ...

来源：滚动播报 荷兰国际集团利率策略师在一份报告中称，政府支出增加伴随着财政风险，日本上周提醒市场不应忽视 这些风险，尤其是美国国债投资者。这些策略师称，虽然美国最新的赤字数据显示出一些改善，但平均 预期显示，2026年和2027年的预算赤字仍将远高于6%。他们称，与此同时，美国依赖外国投资者来为 其经常账户赤字提供资金。"虽然我们没有看到即将出现去美元化的迹象，但我们确实看到存在这样一 种风险，即地缘政治紧张局势和对美联储独立性的挑战会降低美国国债作为安全资产的吸引力，"这些 策略师称，并补充说，这使得10年期美国国债收益率保持高位，收益率曲线更加陡峭。 ...

格隆汇1月13日｜荷兰国际银行分析师Francesco Pesole在一份报告中表示，英镑近期对欧元的涨势可能 难以维持，因英国央行可能比市场预期更早再次降息。他指出，英国央行可能在三月再次降息，这将导 致未来几个月英镑兑欧元汇率水平逐步回落。数据显示，市场尚未完全定价六月前降息一次。Pesole补 充道："欧镑汇率已经跌至0.8700以下，这在我们的模型中属于短期适度低估区间。" ...

Core Viewpoint - The Euro against the US Dollar remains stable, retracing some gains from the previous trading day due to easing concerns over the independence of the Federal Reserve [1] Group 1: Market Reactions - Some Republican lawmakers have voiced opposition to the criminal investigation by the US Department of Justice into Federal Reserve Chairman Jerome Powell, alleviating market tensions [1] - Francesco Pesole from ING noted that unless the theme surrounding the independence of the Federal Reserve resurfaces, the opportunity to break above 1.1700 USD may have been missed [1] Group 2: Economic Indicators - If data shows that the US core inflation rate for December exceeds expectations, the US Dollar may further rebound [1] - The Euro is currently flat at 1.1662 USD, with ING suggesting that there is potential for the Euro to drop to 1.1600 USD in the coming days [1]

格隆汇1月7日｜荷兰国际集团的Bert Colijn在报告中表示，欧洲央行在决定下一步行动之前，可以等待 更多关于经济的数据。欧元区12月通胀率从11月的2.1%回落至2.0%的目标水平。他指出，展望未来几 个月，欧元走强、能源价格处于低位以及工资增长放缓均预示着物价涨幅将进一步趋缓。然而，由于近 期企业对商品的销售价格预期有所上升，预计通胀不会大幅跌破2%。Colijn认为，到2026年晚些时候， 随着财政支出预计将对经济增长产生温和的推动作用，通胀可能会重新面临上行压力。他补充称，欧洲 央行"在决定下一步举措之前，完全有能力等待更多有关经济和通胀走向的信号"。 ...

受事件影响，石油市场供应将出现更多不确定性。短期影响在很大程度上取决于委内瑞拉将出现何种权 力过渡。如果过渡期漫长且混乱，短期内供应中断风险会上升。若出现平稳过渡，且委政府更愿意与美 国合作，市场可能面临更大下行压力。 地缘政治的因素也不容忽视。美国总统特朗普并未排除向委内瑞拉派遣地面部队的可能性。如果美国被 拖入在多个拉丁美洲国家展开军事行动的复杂局势中，投资者可能会对美国财政状况和美元前景持更悲 观的态度。更具对抗性和干预主义特征更加明显的美国外交政策，或将引发相关国家重新考虑抛售美国 资产。 荷兰国际集团大宗商品策略主管沃伦·帕特森认为，当前石油市场反应平淡，原因是受制裁影响，委内 瑞拉在12月下旬的供应量相对较小，约为日均50万桶。 新华财经布鲁塞尔1月5日电（记者康逸）金融机构荷兰国际集团5日发布分析报告指出，在金融市场迎 来2026年第一个交易周之际，市场注意力高度聚焦美国袭击委内瑞拉事件。投资者将评估其带来的短 期、中期和长期影响，以及对更广泛的地区和国际关系的影响。报告摘要如下： 中长期来看，市场影响取决于委内瑞拉石油产量能得到多大程度的提升。如果该国产量提升至日均250 万至300万桶的水平 ...

Core Viewpoint - The analysis report from ING highlights the market's focus on the recent U.S. attack on Venezuela and its potential short-term, medium-term, and long-term impacts on regional and international relations [1] Group 1: Immediate Market Reactions - The initial market reaction to the January 3rd event in Venezuela was a mild "risk-off" sentiment, with gold and Swiss franc gaining traction, while the dollar received some support [1] - Stock index futures did not show excessive reaction to the current situation, while the oil market remained volatile as it assessed the short-term and medium-term impacts on Venezuela's oil production [1] Group 2: Currency and Commodity Implications - Investors may prefer the liquidity of the dollar in the face of uncertainty in the coming days, which could put pressure on Latin American currencies, particularly the Colombian peso and potentially the Mexican peso [1] - The oil market is expected to face increased uncertainty regarding supply, with short-term impacts largely dependent on the nature of the power transition in Venezuela [1] Group 3: Long-term Projections - The long-term market impact will depend on how much Venezuela can increase its oil production, which may take 5 to 10 years to reach levels of 2.5 to 3 million barrels per day [2] - The euro to dollar exchange rate has faced pressure after briefly exceeding 1.18 in late December 2025, with future developments in Venezuela potentially influencing further declines in the euro [2] Group 4: Geopolitical Considerations - Geopolitical factors are significant, as U.S. President Trump has not ruled out the possibility of deploying ground troops to Venezuela, which could lead to a complex military situation in multiple Latin American countries [2] - If the U.S. becomes embroiled in such conflicts, investors may adopt a more pessimistic outlook on U.S. fiscal health and the dollar's future [2]

Group 1 - The core focus of the financial market is on the recent U.S. attack on Venezuela, with investors assessing its short-term, medium-term, and long-term impacts on regional and international relations [1] - Initial market reactions included a mild "risk-off" sentiment, with gold and Swiss franc gaining traction, while the dollar received some support [1] - Oil market remains uncertain as investors evaluate the short-term and medium-term impacts on Venezuela's oil production, with current supply at approximately 500,000 barrels per day due to sanctions [1] Group 2 - The long-term market impact will depend on Venezuela's ability to increase oil production, which could take 5 to 10 years to reach levels of 2.5 to 3 million barrels per day [2] - The euro to dollar exchange rate has faced pressure, with geopolitical factors influencing its future trajectory [2] - U.S. President Trump's potential military involvement in Venezuela could lead to a more pessimistic outlook on U.S. fiscal health and the dollar, prompting investors to reconsider U.S. asset holdings [2]