Financial Data and Key Metrics Changes - The bank reported a net profit of PLN 1,035 million, representing an 18% year-on-year growth for Q2 2025, and a 10% growth year-on-year for the first six months [26] - The cost of risk decreased by 39% year-on-year, indicating improved risk management and lower provisions [27][39] - The total assets and liabilities showed consistent growth across all segments, contributing positively to the net result [27] Business Line Data and Key Metrics Changes - Retail customer base increased by nearly 80,000 in Q2, with a total annual increase of 155,000 clients [3][4] - Mortgage loans reached a total value of €5 billion in Q2, with a market share of 21% for new production [5][6] - Cash loans grew by 13% year-on-year, marking one of the best quarters in the bank's history [6] - Corporate loans saw a modest growth of 1.3% quarter-on-quarter and 3% year-on-year, with a notable increase in loans to SMEs [7][8] Market Data and Key Metrics Changes - The Polish economy is projected to grow by 3.5% in 2025, outperforming regional neighbors [10][11] - Household savings rates in Poland are solid, higher than pre-pandemic levels, which supports the bank's business model [12][13] - The bank's market share in mortgage loans is strong, but competition from alternative funding sources is impacting corporate lending margins [8][25] Company Strategy and Development Direction - The bank is focused on increasing market share through real growth based on active customers, emphasizing the importance of customer engagement [4] - A revision of the bank's strategy is underway, with plans to enhance customer service and reduce reliance on physical branches [52][53] - The bank aims to improve its private banking services and mutual fund offerings, reflecting a cautious yet optimistic approach to growth [54][55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in the retail segment, despite challenges in corporate lending due to competitive pressures [25][66] - The bank anticipates a rebound in corporate lending, supported by public sector investments and lower interest rates [22][25] - Inflation is expected to stabilize around 2.8%, which may influence interest rate sensitivity and profitability [19][20] Other Important Information - The bank's cost-to-deposit ratio improved to 76.3%, one of the highest in the sector [35] - The non-performing loan (NPL) ratio remains stable at 3.9%, below the sector average, indicating strong asset quality [41][42] - Capital adequacy ratio stands at 15.66%, reflecting a solid financial position despite recent loan sales [44] Q&A Session Summary Question: Future evolution of profitability of interest assets - Management refrained from commenting on forward-looking profitability but noted that lower interest rates would impact net profit sensitivity [46][47] Question: Impact of obligatory provision on performance - The expected impact on the banking sector is between PLN 1.5 billion and PLN 2 billion, proportional to each bank's market share [48] Question: Interest in fixed-rate mortgage loans - The share of fixed-rate loans has decreased from 80% to 60%, as customers prefer floating rates amid declining interest expectations [49][50] Question: Strategic priorities for the near future - A revised strategy will be presented on November 19, focusing on customer service improvements and private banking initiatives [51][52] Question: Improvement in derivatives and FX - The growth in derivatives and FX was attributed to effective management and market volatility, leading to a 95% increase [56] Question: Cost of hedging and its impact - The cost of hedging remained flat despite rate reductions, with a focus on long-term analysis rather than short-term quarterly impacts [57][58] Question: Mortgage loans as a fundamental product - Management affirmed the importance of mortgage loans, citing ongoing demand despite demographic challenges [60][61] Question: Corporate lending margins and future expectations - Management expressed hope for a pickup in corporate lending in the second half of the year, influenced by regulatory factors and market conditions [62][66]

Financial Data and Key Metrics Changes - Total income increased compared to the previous quarter, with commercial net interest income (NII) supported by the repricing of customer deposits and continued volume growth, which almost fully compensated for the impact of the lower ECB deposit facility rate and a stronger euro [2][3] - Fee income grew significantly by 12% year on year, with expectations for continued growth [2][10] - Total risk costs were €299 million this quarter, or 17 basis points of average customer lending, which is below the through-the-cycle average [13][14] Business Line Data and Key Metrics Changes - Net core lending rose by €15.4 billion, driven by record growth in retail banking, which grew by over €11 billion [3][4] - Wholesale Banking also saw growth in net core lending, primarily driven by working capital solutions and short-term trade finance [4] - Fee growth in wholesale banking reached a quarterly record of $360 million, driven by strong fee income in lending, daily banking, and trade finance [9] Market Data and Key Metrics Changes - The retail banking business recorded strong commercial momentum, particularly in mortgages, with growth in loan books across most markets [3][4] - The demand for long-term corporate loans remained subdued due to ongoing economic uncertainty, impacting the wholesale banking segment [4][36] Company Strategy and Development Direction - The company aims to allocate more capital towards the more profitable retail banking business, with a target of 55% retail and 45% wholesale by 2027 [7][8] - The strategy includes diversifying services offered to existing customers and filling gaps in markets where the company is already active [44][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued commercial growth despite geopolitical and macroeconomic turmoil, expecting commercial NII to grow in the second half of the year [17][18] - The outlook for profitability in 2025 has improved, with an expected return on equity of around 12.5% [18] Other Important Information - The interim dividend for 2025 is set at $0.35 per share, to be paid on August 11 [16] - The company is focusing on expense management, with total expenses expected to end up at the lower end of the previously indicated range [12][18] Q&A Session Summary Question: FX sensitivity and corporate loan demand outlook - Management acknowledged the impact of an 8% reduction in the U.S. dollar against the euro, which affected NII and total revenue, and noted that corporate loan demand remains muted but could change with potential trade deals [21][25][36] Question: Commercial NII trends and guidance - Management confirmed that underlying trends in commercial NII are satisfactory, with positive volume growth, but long-term lending demand remains soft [30][36] Question: Deposit strategy and M&A focus - Management indicated that there were no major deposit campaigns in Q2, and the focus is on diversifying services and targeting specific customer segments [42][44] Question: Liability margin guidance - Management stated that with the end of the German campaign, the liability margin is expected to return to around 100 basis points [108][110] Question: ROE guidance and expense management - Management explained that the improved ROE guidance is due to a combination of higher fee intensity and lower costs, with ongoing investments in digitalization and efficiency [118][120]

Financial Data and Key Metrics Changes - Total income increased compared to the previous quarter, with commercial net interest income (NII) supported by the repricing of customer deposits and continued volume growth, which almost fully compensated for the impact of the lower ECB deposit facility rate and a stronger euro [1][2] - Fee income grew significantly by 12% year on year, with expectations for continued growth [1][2] - Total risk costs were €299 million this quarter, or 17 basis points of average customer lending, which is below the through-the-cycle average [12] Business Line Data and Key Metrics Changes - Net core lending rose by €15.4 billion, driven by record growth in retail lending, which increased by over €11 billion [2][3] - Wholesale Banking also saw growth in net core lending, primarily driven by working capital solutions and short-term trade finance [3] - Fee growth in wholesale banking reached a quarterly record of $360 million, driven by strong fee income in lending, daily banking, and trade finance [7] Market Data and Key Metrics Changes - The retail banking business recorded strong commercial momentum, with core deposits increasing by more than €6 billion this quarter [3] - The demand for long-term corporate loans remained subdued due to ongoing economic uncertainty, particularly in Germany [3][22] Company Strategy and Development Direction - The company aims to allocate more capital towards the more profitable retail banking business, with a target of 55% retail and 45% wholesale by 2027 [5][6] - The strategy includes diversifying services offered to existing customers and targeting specific customer segments such as Gen Z and affluent clients [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating continued commercial growth despite geopolitical and macroeconomic turmoil, with expectations for commercial NII to grow in the second half of the year [16] - The company expects to deliver a healthy return on equity of around 12.5% in 2025, supported by improved profitability outlook [17] Other Important Information - The interim dividend for 2025 is set at $0.35 per share, continuing the company's track record of providing attractive returns to shareholders [15] - The company is investing in digitalization and operational efficiencies to manage costs effectively, with a focus on enhancing customer acquisition and tech platform scaling [11] Q&A Session Summary Question: FX sensitivity and revenue/cost mix disclosure - Management acknowledged the impact of an 8% reduction in the U.S. dollar against the euro, which had a €37 million negative impact on NII and an overall impact of around $60 million to $70 million on total revenue [25][26] Question: Corporate loan demand and future outlook - Management noted that while there was some growth in the wholesale bank, long-term loan demand remains muted, and it is too early to predict changes in this trend [22][23] Question: Commercial NII trends and guidance - Management confirmed that the underlying trends in commercial NII are satisfactory, with expectations for a 2.5% to 5% quarter-on-quarter improvement in Q4 [30][38] Question: Deposit strategy and M&A focus - Management indicated that there were no major deposit campaigns in Q2, and the focus is on diversifying services and targeting specific customer segments rather than pursuing M&A aggressively [43][46] Question: Liability margin guidance - Management stated that the liability margin is expected to stabilize around 100 basis points, with the end of the German campaign contributing to this stability [109][111] Question: ROE guidance and factors influencing it - Management explained that the improved ROE outlook is driven by a combination of higher fee intensity and operating within the lower end of cost guidance [119]

Continued growth and on track to reach our targets 2Q2025 31 July 2025 Continued strong growth in 2Q2025; well on track to reach our targets Mobile primary customers +309,000 37% of our >40 mln customers are mobile primary1) +1 mln annual growth Lending growth2) €15.4 bln 6% annualised net core lending growth in 1H2025 ~4% annual growth Deposits growth2) €6.2 bln 8% annualised net core deposits growth in 1H2025 ~4% annual growth Fee income €1,122 mln 11% growth in 1H2025 versus 1H2024 Return on equity3) 12. ...

金十数据7月30日讯，荷兰国际集团资深利率策略师Michael Tukker在一份报告中表示，如果欧元区GDP 初值（北京时间17:00公布）弱于预期，欧元区政府债券利差可能会扩大。目前利差有所收窄，因为投 资者最近认为欧洲资产是贸易战的避风港。然而，随着欧美达成贸易协议，欧元区政府债券可能会失去 一些吸引力。除此之外，欧元区疲弱的增长数据可能是欧元区政府债券利差开始再次扩大的催化剂。根 据Tradeweb数据，意大利和德国10年期国债收益率之差最新报84个基点。 德国10年国债收益率 荷兰国际：欧元区GDP数据可能导致债券息差扩大 ...

金十数据7月28日讯，荷兰国际集团分析师Chris Turner在一份报告中表示，外汇市场对美欧贸易协议的 反应有限，因为上周就已经有了达成协议的预期。由于市场等待美联储本周的利率决议，欧元承压下 跌。市场普遍预计美联储将维持利率不变。荷兰国际集团预计，如果美联储继续抵制降息的政治压力， 欧元兑美元可能跌至1.16。数据显示，货币市场预计美联储在10月份之前不会降息。 欧元/美元 荷兰国际：欧元承压下跌 本周美联储料维持利率不变 ...

Core Viewpoint - Tokyo inflation has cooled but remains at a high level, supporting the Bank of Japan's policy normalization [1] Group 1: Inflation Trends - Tokyo's core inflation pressure remains high despite government measures to stabilize prices [1] - The recent decline in Tokyo's inflation is not sufficient to alter the Bank of Japan's current policy stance [1] Group 2: Monetary Policy Outlook - The Bank of Japan is expected to maintain its current policy and not raise interest rates in the immediate future [1] - The focus is shifting towards the quarterly outlook report and comments on the US-Japan trade agreement [1] - The Bank of Japan is likely to revise its core inflation forecasts for fiscal years 2025 and 2026, excluding energy [1] Group 3: Trade Agreement Implications - The US-Japan tariff agreement is viewed as a negative for the economy, but it may reduce uncertainty, which the central bank could welcome [1] - The decision regarding interest rate hikes remains challenging, but October is still seen as the most likely time for an increase [1]

Core Viewpoint - The chief economist of ING, Carsten Brzeski, maintains the expectation that the European Central Bank (ECB) will lower interest rates in September after a pause in today's meeting [1] Group 1 - Core inflation and service sector inflation remain above 2%, providing the ECB with little reason to move away from its current "comfort zone" [1] - If two more weak inflation data points emerge over the summer, along with hard data consistently underperforming soft data, a final rate cut may be seen in the September meeting [1]

Core Points - Tanate Phutrakul will step down as CFO and Executive Board member of ING at the Annual General Meeting in April 2026 after 24 years with the company, including seven years on the Executive Board [1][2] - Karl Guha, chairman of ING's Supervisory Board, praised Tanate for his integrity and contributions to the bank's strong performance [2] - CEO Steven van Rijswijk acknowledged Tanate's pivotal role during turbulent times for the bank and expressed gratitude for his service [2] - The search for a successor for the CFO position has already begun, with announcements to follow [3] Company Overview - ING is a global financial institution with a strong European base, providing banking services through ING Bank, which employs over 60,000 people and operates in more than 100 countries [5] - ING Group shares are listed on the Amsterdam, Brussels, and New York Stock Exchanges [6] Sustainability Efforts - ING aims to integrate sustainability into its operations, with an ESG rating of 'AA' from MSCI and a strong management of ESG material risk according to Sustainalytics [7]

Group 1 - The article discusses the author's long-term investment approach, focusing on REITs, preferred stocks, and high-yield bonds, which began in high school in 2011 [1] - The author has recently combined long stock positions with covered calls and cash secured puts, indicating a strategy that balances risk and return [1] - The primary focus of the author's coverage on Seeking Alpha includes REITs and financials, with occasional insights on ETFs and macro-driven stock ideas [1]