Financial Data and Key Metrics Changes - The company reported a net profit of €6 billion over the past four quarters, contributing an additional two percentage points to the CET1 capital ratio [5] - The four-quarter rolling average ROE stands at 12.6%, with an upward revision of the full-year ROE outlook to more than 12.5% [4][11] - Total income for 2025 is expected to reach around €22.8 billion, with fee income growth raised to more than 10% [10][11] Business Line Data and Key Metrics Changes - Retail banking saw €8.6 billion in net core lending growth, primarily driven by residential mortgages, while wholesale banking also delivered strong growth supported by trade finance services [3][13] - Fee income increased by 15% year on year, with wholesale banking achieving a quarterly record fee income of €383 million [12][17] - Core deposits declined slightly by around €200 million, attributed to outflows in Germany and Belgium after promotional campaigns [13] Market Data and Key Metrics Changes - Customer balances grew at an annualized rate of 7% in the first nine months of 2025, aligning with the company's 4% annual growth target [4] - The company added nearly 700,000 mobile primary customers in 2025, remaining on track to achieve the annual growth target of 1 million [10] Company Strategy and Development Direction - The company aims to maintain an attractive shareholder return supported by a 50% dividend payout policy while investing in value-accretive growth and considering M&A opportunities [9] - The CET1 capital ratio target has been revised to around 13%, providing a buffer above the MDA threshold [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and quality of the loan book, with total risk costs at €326 million, reflecting a low average of 19 bps of average customer lending [20] - The company remains committed to supporting clients in their sustainability transitions, with sustainable finance volumes up 29% compared to the same period last year [4] Other Important Information - The company announced a €1.6 billion distribution, including a new share buyback of €1.1 billion and a cash dividend of €500 million in January 2026 [6][7] - The company is actively integrating generative AI capabilities, with a chatbot now live in six markets [18] Q&A Session Summary Question: On capital requirements and deposit trends - Management indicated no additional pressure on capital requirements and noted that retail deposit outflows were primarily due to the end of marketing campaigns in Germany [24][26] Question: On lending margins and AI initiatives - Management expects lending margins to normalize and confirmed that AI initiatives are being rolled out globally, not just in the Netherlands [29][31][33] Question: On tech investments and M&A focus - Management confirmed ongoing investments in AI for KYC processes and emphasized a focus on market segments for potential M&A opportunities [35][38] Question: On fee growth and SRT transactions - Management highlighted strong fee growth driven by an increase in primary customers and confirmed an upcoming SRT transaction for Q4 [80][84]

Financial Performance - The company reported a net profit of €6.1 billion [8] - Fee income reached €1,165 million, a 12% increase compared to 9M2024 [5] - Return on Equity was 12.6% [5] Commercial Growth - Mobile primary customers increased by 197,000 [5] - Net core lending grew by €14.2 billion [5] - Sustainable volume mobilised reached €110 billion for 9M2025 [5] Capital Management - The CET1 ratio stood at 13.4% [8] - A regular dividend of €3.1 billion was distributed [8] - Cash and share buybacks amounted to €4.5 billion [8] Outlook and Strategy - The company anticipates a return on equity exceeding 12.5% for the full year 2025 [58] - Total income for 2025 is projected to be approximately €22.8 billion [23]

Core Insights - Dutch international lender ING Groep announced a share buyback program worth 1.1 billion euros ($1.3 billion) following its third-quarter earnings that exceeded market expectations, driven by strong performance [1] Financial Performance - ING Groep's third-quarter earnings surpassed market forecasts, indicating robust financial health and operational efficiency [1] Share Buyback Program - The company plans to initiate a share buyback of 1.1 billion euros, reflecting confidence in its financial position and commitment to returning value to shareholders [1]

Core Viewpoint - Inter Milan secured a decisive 3-0 victory against Fiorentina in the 9th round of Serie A, showcasing strong performance and positioning in the league standings [1] Group 1: Match Summary - Inter Milan played at home in the Meazza Stadium against Fiorentina [1] - Key moments included Bastoni missing a one-on-one chance and De Gea making crucial saves [1] - In the second half, Calhanoglu scored from a long-range shot, followed by a goal from Sučić, and Calhanoglu converted a penalty [1] - Fiorentina's Viti received two yellow cards and was sent off during the match [1] Group 2: League Standings - Following the match, Inter Milan's points increased to 18, moving them up to third place in the Serie A standings [1] - Fiorentina remains at the bottom with only 4 points [1]

Core Viewpoint - Rising inflation in Japan provides a clear basis for the Bank of Japan to raise interest rates again in December, with the central bank currently viewing a December rate hike as the baseline scenario [1] Inflation Data - In September, Japan's core Consumer Price Index (CPI), excluding fresh food, rose by 2.9% year-on-year, accelerating from 2.7% in August, aligning with market expectations and significantly exceeding the Bank of Japan's 2% price stability target [1] Economic Factors - Strong underlying inflationary pressures, coupled with steady wage growth, are effectively boosting private consumption expenditure, which supports the sustainability of inflation [1] - The continued weakness of the yen is seen as a significant short-term driver of rising inflation [1] Monetary Policy Implications - Rising import costs may further translate into higher end prices in the coming months, reinforcing the necessity for the Bank of Japan to tighten monetary policy [1] - The expectation is that this will support the Bank of Japan in raising interest rates in the coming months, with December's rate hike viewed as a basic scenario [1]

Core Viewpoint - ING has announced the appointment of Ljiljana Čortan as the new head of Wholesale Banking, succeeding Andrew Bester, effective no later than April 2026, pending regulatory approval [1][4]. Group 1: Leadership Changes - Ljiljana Čortan, currently the Chief Risk Officer (CRO) and a member of both the Executive Board and Management Board Banking, will continue in her current roles until the transition [1][2]. - Andrew Bester, who has led Wholesale Banking for the past five years, will step down to return to the UK and begin a non-executive career phase [4]. Group 2: Background of New Leader - Ljiljana Čortan has over 25 years of international banking experience, including roles in risk, corporate banking, strategy, and business development [2]. - Prior to joining ING in 2021, she served as a member of the Management Board and CRO at HypoVereinsbank, a subsidiary of UniCredit Germany [2]. Group 3: Comments from Leadership - Steven van Rijswijk, CEO of ING, expressed confidence in Čortan's capabilities to lead Wholesale Banking, highlighting her strong execution and leadership track record [3]. - Čortan emphasized her commitment to realizing the full potential of the Wholesale Banking business and thanked Bester for his collaboration [3]. Group 4: Transition and Future Plans - The search for a successor to the CRO position has already begun, with announcements to follow in due course [4].

Group 1 - The individual began investing in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - Recently, the investment strategy has evolved to combine long stock positions with covered calls and cash secured puts, reflecting a more sophisticated approach to investing [1] - The investment philosophy is fundamentally long-term, with a primary focus on REITs and financials, while occasionally covering ETFs and other stocks influenced by macroeconomic trends [1]

Group 1 - The individual began investing in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - Recently, the investment strategy has evolved to combine long stock positions with covered calls and cash secured puts, reflecting a more sophisticated approach to investing [1] - The investment philosophy is fundamentally long-term, with a primary focus on REITs and financials, while occasionally covering ETFs and other stocks influenced by macroeconomic trends [1]

Core Viewpoint - The U.S. dollar remains resilient but faces downside risks due to the lack of progress on the government shutdown issue, which will delay the release of official economic data [1] Group 1: Economic Indicators - The upcoming release of the Federal Reserve meeting minutes will be closely monitored by investors for insights into Chairman Powell's cautious stance on potential interest rate cuts [1] - The risk sentiment appears slightly dovish, which may lead to negative reactions for the U.S. dollar [1]

Core Viewpoint - Dutch bank ING is experiencing a delay in the completion of the sale of its Russian division to Global Development JSC [1] Company Summary - ING announced a previously planned sale of its Russian division to Global Development JSC [1] - The completion of this sale is now facing delays [1] Industry Summary - The news highlights ongoing challenges in the banking sector related to divestitures and geopolitical factors affecting operations in Russia [1]