[FORM 6-K](index=1&type=section&id=FORM%206-K) [Presentation of Information](index=3&type=section&id=Presentation%20of%20information) [Accounting Principles and Reporting Standards](index=3&type=section&id=Accounting%20Principles%20and%20Reporting%20Standards) The company reports to the SEC under IFRS-IASB, differing from its primary IFRS-EU statements mainly due to the IAS 39 carve-out for hedge accounting - ING prepares SEC filings under IFRS-IASB, but its primary financial statements use IFRS-EU, with differences mainly in **IAS 39 hedge accounting** for interest rate risk[8](index=8&type=chunk)[11](index=11&type=chunk)[13](index=13&type=chunk) [Cautionary Statement with respect to Forward-looking Statements](index=4&type=section&id=Cautionary%20Statement%20with%20respect%20to%20Forward-looking%20Statements) [Forward-Looking Statements and Risk Factors](index=4&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) The report contains forward-looking statements subject to risks from economic conditions, regulatory changes, and geopolitical events - Forward-looking statements are subject to material risks including **economic conditions, interest rates, financial market performance, regulatory changes, geopolitical risks, and operational/IT risks**[16](index=16&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) - ESG-related materiality in this document differs from SEC reporting definitions, and there is **no globally recognized standard** for "green" or "sustainable" activities[17](index=17&type=chunk)[20](index=20&type=chunk) [Interim Report](index=6&type=section&id=Interim%20Report) [Condensed Consolidated Results](index=6&type=section&id=Condensed%20consolidated%20results) Net results declined in 1H2025 amid stable income, as rising operating expenses and loan loss provisions offset strong lending and deposit growth Condensed Consolidated Results (6M2025 vs 6M2024) | Metric (in EUR million) | 6M2025 | 6M2024 | Growth % | | :---------------------- | :----- | :----- | :------- | | Net result IFRS-EU | 3,130 | 3,358 | -7 % | | Net result IFRS-IASB | 3,915 | 4,456 | -12 % | | Net interest income | 7,159 | 7,655 | -6 % | | Net fee and commission income | 2,216 | 1,998 | 11 % | | Total income | 11,339 | 11,300 | 0 % | | Operating expenses | 6,234 | 5,880 | 6 % | | Addition to loan loss provisions | 612 | 559 | 9 % | | Result before tax | 4,493 | 4,861 | -8 % | | Net core lending growth (in EUR billion) | 22.2 | 12.0 | | | Net core deposits growth (in EUR billion) | 28.8 | 28.2 | | | Risk costs in bps of average customer lending | 18 | 17 | | - The IFRS-IASB net result adjustment for the EU 'IAS 39 carve-out' was **EUR 786 million** (6M2025) compared to **EUR 1,099 million** (6M2024), mainly due to positive fair value changes on derivatives[27](index=27&type=chunk) - Net core lending growth was **EUR 22.2 billion**, driven by residential mortgages, while net core deposits grew by **EUR 28.8 billion**, led by Retail deposits[30](index=30&type=chunk)[31](index=31&type=chunk) [Retail Banking](index=9&type=section&id=Retail%20Banking) The segment saw strong customer growth and higher fee income, though net interest income declined and loan loss provisions increased Retail Banking Key Financial Metrics (6M2025 vs 6M2024) | Metric (in EUR million) | 6M2025 | 6M2024 | Growth % | | :---------------------- | :----- | :----- | :------- | | Commercial net interest income | 5,595 | 5,784 | -3 % | | Net fee and commission income | 1,522 | 1,325 | 15 % | | Total income | 7,623 | 7,620 | 0 % | | Operating expenses | 4,093 | 4,019 | 2 % | | Addition to loan loss provisions | 385 | 264 | 46 % | | Result before taxation | 3,145 | 3,338 | -6 % | | Net core lending growth (in EUR billion) | 19.9 | 12.4 | | | Net core deposits growth (in EUR billion) | 25.9 | 18.2 | | | Risk costs in bps of average customer lending | 15 | 11 | | - Retail Banking's mobile primary customers **increased by 1.1 million** year-on-year[47](index=47&type=chunk) - Net core lending growth was **EUR 19.9 billion**, with EUR 13.2 billion from mortgages, and net core deposits growth was **EUR 25.9 billion**, significantly driven by Germany[48](index=48&type=chunk)[49](index=49&type=chunk) - Net fee and commission income **increased 15%**, primarily due to investment products and daily banking fees[50](index=50&type=chunk) [Retail Netherlands](index=10&type=section&id=Retail%20Netherlands) Retail Netherlands Key Financial Metrics (6M2025 vs 6M2024) | Metric (in EUR million) | 6M2025 | 6M2024 | Growth % | | :---------------------- | :----- | :----- | :------- | | Commercial net interest income | 1,803 | 1,803 | 0 % | | Net fee and commission income | 540 | 513 | 5 % | | Total income | 2,451 | 2,423 | 1 % | | Operating expenses | 981 | 1,023 | -4 % | | Addition to loan loss provisions | 72 | -43 | | | Result before taxation | 1,398 | 1,443 | -3 % | | Net core lending growth (in EUR billion) | 8.5 | 3.4 | | | Net core deposits growth (in EUR billion) | 5.2 | 1.4 | | | Risk costs in bps of average customer lending | 9 | -6 | | - Regulatory costs declined due to the Netherlands' **deposit guarantee fund reaching its target level**[57](index=57&type=chunk) [Retail Belgium](index=10&type=section&id=Retail%20Belgium) Retail Belgium Key Financial Metrics (6M2025 vs 6M2024) | Metric (in EUR million) | 6M2025 | 6M2024 | Growth % | | :---------------------- | :----- | :----- | :------- | | Commercial net interest income | 831 | 948 | -12 % | | Net fee and commission income | 339 | 306 | 11 % | | Total income | 1,298 | 1,402 | -7 % | | Operating expenses | 995 | 980 | 2 % | | Addition to loan loss provisions | 76 | 65 | 17 % | | Result before taxation | 226 | 357 | -37 % | | Net core lending growth (in EUR billion) | 1.7 | 3.4 | | | Net core deposits growth (in EUR billion) | 0.7 | 2.4 | | | Risk costs in bps of average customer lending | 15 | 14 | | - Commercial NII **declined 12%** due to reduced liability margins[61](index=61&type=chunk) [Retail Germany](index=11&type=section&id=Retail%20Germany) Retail Germany Key Financial Metrics (6M2025 vs 6M2024) | Metric (in EUR million) | 6M2025 | 6M2024 | Growth % | | :---------------------- | :----- | :----- | :------- | | Commercial net interest income | 1,115 | 1,242 | -10 % | | Net fee and commission income | 287 | 212 | 35 % | | Total income | 1,425 | 1,498 | -5 % | | Operating expenses | 680 | 628 | 8 % | | Addition to loan loss provisions | 77 | 65 | 18 % | | Result before taxation | 667 | 805 | -17 % | | Net core lending growth (in EUR billion) | 3.2 | 1.7 | | | Net core deposits growth (in EUR billion) | 14.2 | 9.8 | | | Risk costs in bps of average customer lending | 14 | 13 | | - Customer deposits **rose by EUR 14.2 billion**, reflecting a strong inflow from a promotional savings campaign[67](index=67&type=chunk) - Fee income **increased 35%** due to higher investment product trades, customer growth, and daily banking fees[69](index=69&type=chunk) [Retail Other](index=11&type=section&id=Retail%20Other) Retail Other Key Financial Metrics (6M2025 vs 6M2024) | Metric (in EUR million) | 6M2025 | 6M2024 | Growth % | | :---------------------- | :----- | :----- | :------- | | Commercial net interest income | 1,847 | 1,790 | 3 % | | Net fee and commission income | 356 | 293 | 22 % | | Total income | 2,449 | 2,297 | 7 % | | Operating expenses | 1,436 | 1,388 | 3 % | | Addition to loan loss provisions | 159 | 176 | -10 % | | Result before taxation | 854 | 733 | 17 % | | Net core lending growth (in EUR billion) | 6.4 | 3.9 | | | Net core deposits growth (in EUR billion) | 5.7 | 4.6 | | | Risk costs in bps of average customer lending | 27 | 32 | | - Commercial NII **rose 3.2%** due to higher lending income from expanded volumes at stable margins[74](index=74&type=chunk) - Net fee and commission income **increased 22%**, driven by investment products, daily banking, and insurance[75](index=75&type=chunk) [Wholesale Banking](index=12&type=section&id=Wholesale%20Banking) Net results declined significantly due to lower total income from margin compression and a 14% rise in operating expenses Wholesale Banking Key Financial Metrics (6M2025 vs 6M2024) | Metric (in EUR million) | 6M2025 | 6M2024 | Growth % | | :---------------------- | :----- | :----- | :------- | | Commercial net interest income | 1,971 | 2,030 | -3 % | | Net fee and commission income | 696 | 676 | 3 % | | Total income | 3,452 | 3,580 | -4 % | | Operating expenses | 1,901 | 1,662 | 14 % | | Addition to loan loss provisions | 227 | 295 | -23 % | | Result before taxation | 1,324 | 1,623 | -18 % | | Net result IFRS-EU | 962 | 1,194 | -19 % | | Net result IFRS-IASB | 1,748 | 2,293 | -24 % | | Net core lending growth (in EUR billion) | 2.3 | -0.5 | | | Net core deposits growth (in EUR billion) | 2.9 | 10.0 | | | Risk costs in bps of average customer lending | 24 | 31 | | - Total income **declined 3.6%**, with strong Financial Markets performance offset by margin compression in Payments & Cash Management[82](index=82&type=chunk) - Operating expenses **increased 14%**, including **EUR 90 million for restructuring provisions** (EUR 85 million for workforce redundancies)[79](index=79&type=chunk)[89](index=89&type=chunk) [Risk Management](index=14&type=section&id=Risk%20management) [Business Environment and Geopolitical Risks](index=14&type=section&id=Business%20Environment%20and%20Geopolitical%20Risks) Elevated geopolitical risks from global conflicts and trade tensions created market volatility and operational uncertainty in 1H2025 - Geopolitical risks remained elevated in 1H2025, causing market volatility and operational uncertainty due to **global conflicts, trade tensions, and political fragmentation**[96](index=96&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) - ING's remaining credit exposure to Russian counterparties booked outside Russia **decreased to €0.7 billion**, with the sale of its Russian bank expected to close in Q3 2025[103](index=103&type=chunk)[104](index=104&type=chunk) - ING's credit exposure in Ukraine was approximately **€470 million**, largely guaranteed by international parents or strong collateral[106](index=106&type=chunk) [Credit Risk](index=16&type=section&id=Credit%20Risk) The loan portfolio quality remains strong, with ECL models incorporating climate risk adjustments and updated macroeconomic scenarios - ING applies the IFRS 9 ECL model, incorporating **climate risk factors** via a management adjustment for high greenhouse gas-emitting sectors[110](index=110&type=chunk)[112](index=112&type=chunk) Portfolio Quality by IFRS 9 Stage (30 June 2025) | IFRS 9 Stage | % of Total Gross Carrying Amounts | | :----------- | :------------------------------ | | Stage 1 | 91.7 % | | Stage 2 | 7.1 % | | Stage 3 | 1.2 % | - **Stage 3 gross carrying amount decreased by €0.8 billion** to €12.9 billion, while **Stage 2 decreased by €2.3 billion** to €77.6 billion[121](index=121&type=chunk) Management Adjustments to ECL Models (in EUR million) | Adjustment Type | 30 June 2025 | 31 December 2024 | | :--------------------------------------------- | :----------- | :--------------- | | Commercial Real Estate/Inflation & Interest Rate | 32 | 50 | | Economic sector / portfolio based adjustments | 20 | 38 | | Mortgage portfolio adjustments | 112 | 112 | | Climate transition risk | 44 | 29 | | Other Post Model Adjustments | 29 | -27 | | **Total management adjustments** | **236** | **203** | - The June 2025 macroeconomic forecast for global GDP growth **deteriorated slightly** to 2.0% for 2025 and 2.1% for 2026 due to geopolitical tensions[137](index=137&type=chunk) [Other Risks and Uncertainties](index=25&type=section&id=Other%20Risks%20and%20Uncertainties) Business performance is exposed to market volatility, while Poland's WIBOR benchmark reform is progressing toward a 2027 replacement - ING's business is exposed to volatility in economic, business, liquidity, funding, and capital markets, with factors like **geopolitical events, interest rates, and climate change** posing risks[171](index=171&type=chunk)[172](index=172&type=chunk) - The WIBOR benchmark in Poland is being replaced by the new POLSTR index, with full replacement expected by **December 31, 2027**[175](index=175&type=chunk) [Condensed Consolidated Interim Financial Statements](index=26&type=section&id=Condensed%20consolidated%20interim%20financial%20statements) [Condensed Consolidated Statement of Financial Position](index=26&type=section&id=Condensed%20consolidated%20statement%20of%20financial%20position) Total assets grew to EUR 1,091 billion as of June 30, 2025, driven by increases in both customer loans and deposits Condensed Consolidated Statement of Financial Position (in EUR million) | Item | 30 June 2025 | 31 December 2024 | | :--------------------------------------- | :----------- | :--------------- | | **Assets** | | | | Cash and balances with central banks | 75,565 | 70,353 | | Loans and advances to banks | 50,080 | 21,770 | | Financial assets at fair value through profit or loss | 152,486 | 137,580 | | Loans and advances to customers | 693,285 | 683,611 | | Total assets | 1,090,974 | 1,023,856 | | **Liabilities** | | | | Customer deposits | 738,028 | 691,661 | | Debt securities in issue | 151,016 | 142,367 | | Total liabilities | 1,037,653 | 970,158 | | **Equity** | | | | Total equity | 53,321 | 53,698 | | Total liabilities and equity | 1,090,974 | 1,023,856 | [Condensed Consolidated Statement of Profit or Loss](index=27&type=section&id=Condensed%20consolidated%20statement%20of%20profit%20or%20loss) Net result for 1H2025 was EUR 4,042 million, a decrease from the prior year due to lower total income and higher expenses Condensed Consolidated Statement of Profit or Loss (1 Jan to 30 June, in EUR million) | Item | 2025 | 2024 | | :--------------------------------------- | :------ | :------ | | Total interest income | 25,842 | 29,929 | | Total interest expense | -18,552 | -22,166 | | Net interest income | 7,290 | 7,762 | | Net fee and commission income | 2,216 | 1,998 | | Total income | 12,404 | 12,812 | | Total expenses | 6,846 | 6,439 | | Result before tax | 5,558 | 6,373 | | Net result | 4,042 | 4,575 | | Net result attributable to shareholders of the parent | 3,915 | 4,456 | | Basic earnings per ordinary share (in EUR) | 1.29 | 1.35 | | Diluted earnings per ordinary share (in EUR) | 1.29 | 1.35 | [Condensed Consolidated Statement of Comprehensive Income](index=28&type=section&id=Condensed%20consolidated%20statement%20of%20comprehensive%20income) Total comprehensive income for 1H2025 decreased to EUR 4,016 million, impacted by negative other comprehensive income Condensed Consolidated Statement of Comprehensive Income (1 Jan to 30 June, in EUR million) | Item | 2025 | 2024 | | :--------------------------------------- | :---- | :---- | | Net result (before non-controlling interests) | 4,042 | 4,575 | | Total other comprehensive income | -26 | 570 | | Total comprehensive income | 4,016 | 5,145 | | Comprehensive income attributable to shareholders of the parent | 3,786 | 5,020 | [Condensed Consolidated Statement of Changes in Equity](index=29&type=section&id=Condensed%20consolidated%20statement%20of%20changes%20in%20equity) Total equity decreased slightly to EUR 53,321 million, as dividends and share buybacks more than offset net profit Condensed Consolidated Statement of Changes in Equity (in EUR million) | Item | 30 June 2025 | 31 December 2024 | | :--------------------------------------- | :----------- | :--------------- | | Balance as at 1 January | 53,698 | 55,628 | | Net result | 4,042 | 4,575 | | Total comprehensive income net of tax | 4,016 | 5,145 | | Dividends and other cash distributions | -2,345 | -2,750 | | Share buyback programmes, commitment | -2,000 | -2,500 | | Share buyback programmes, repurchases of shares | -64 | -43 | | Balance as at 30 June | 53,321 | 55,505 (30 June 2024) | [Condensed Consolidated Statement of Cash Flows](index=31&type=section&id=Condensed%20consolidated%20statement%20of%20cash%20flows) Net cash flow from operating activities increased significantly to EUR 10,491 million in 1H2025, driving a higher overall net cash flow Condensed Consolidated Statement of Cash Flows (1 Jan to 30 June, in EUR million) | Item | 2025 | 2024 | | :--------------------------------------- | :------ | :------ | | Net cash flow from operating activities | 10,491 | 5,948 | | Net cash flow from investing activities | -8,829 | -6,532 | | Net cash flow from financing activities | 9,268 | 10,948 | | Net cash flow | 10,931 | 10,364 | | Cash and cash equivalents at end of the period | 79,389 | 102,010 | [Notes to the Condensed Consolidated Interim Financial Statements](index=33&type=section&id=Notes%20to%20the%20Condensed%20consolidated%20interim%20financial%20statements) [Basis of Preparation and Significant Changes](index=33&type=section&id=1%20Basis%20of%20preparation%20and%20significant%20changes%20in%20the%20current%20reporting%20period) Financials are prepared under IFRS-IASB, with the IAS 39 carve-out for hedge accounting being the key difference from IFRS-EU - The report uses IFRS-IASB for SEC reporting, differing from IFRS-EU primarily in **IAS 39 hedge accounting** for portfolio hedges of interest rate risk[196](index=196&type=chunk)[200](index=200&type=chunk) Reconciliation of Net Result (IFRS-EU vs IFRS-IASB) (1 Jan to 30 June, in EUR million) | Item | 2025 | 2024 | | :--------------------------------------- | :---- | :---- | | Net result IFRS-EU (attributable to parent) | 3,130 | 3,358 | | Adjustment of EU IAS 39 carve-out | 1,065 | 1,512 | | Tax effect of adjustment | -279 | -414 | | Effect of adjustment after tax | 786 | 1,099 | | Net result IFRS-IASB (attributable to parent) | 3,915 | 4,456 | Reconciliation of Shareholders' Equity (IFRS-EU vs IFRS-IASB) (1 Jan to 30 June, in EUR million) | Item | 2025 | 2024 | | :--------------------------------------- | :------ | :------ | | Shareholders' equity IFRS-EU (attributable to parent) | 49,115 | 50,147 | | Adjustment of EU IAS 39 carve-out | 4,443 | 6,413 | | Tax effect of adjustment | -1,268 | -1,871 | | Effect of adjustment after tax | 3,175 | 4,542 | | Shareholders' equity IFRS-IASB | 52,290 | 54,689 | [Financial Assets at Fair Value Through Profit or Loss](index=35&type=section&id=2%20Financial%20assets%20at%20fair%20value%20through%20profit%20or%20loss) These assets increased to EUR 152.5 billion, driven by a rise in mandatorily measured assets and reverse repurchase transactions Financial Assets at Fair Value Through Profit or Loss (in EUR million) | Item | 30 June 2025 | 31 December 2024 | | :--------------------------------------- | :----------- | :--------------- | | Trading assets | 64,744 | 72,897 | | Non-trading derivatives | 2,075 | 2,463 | | Designated at fair value through profit or loss | 3,951 | 5,740 | | Mandatorily measured at fair value through profit or loss | 81,715 | 56,481 | | **Total** | **152,486** | **137,580** | Exposure to (Reverse) Repurchase Agreements (in EUR million) | Item | 30 June 2025 | 31 December 2024 | | :--------------------------------------- | :----------- | :--------------- | | **Reverse repurchase transactions** | **119,502** | **79,675** | | Loans and advances to banks | 35,200 | 10,777 | | Loans and advances to customers | 2,324 | 3,471 | | Trading assets, loans and receivables | 4,392 | 12,033 | | Loans and receivables mandatorily measured at fair value through profit or loss | 77,586 | 53,393 | | **Repurchase transactions** | **60,629** | **43,723** | [Financial Assets at Fair Value Through Other Comprehensive Income](index=36&type=section&id=3%20Financial%20assets%20at%20fair%20value%20through%20other%20comprehensive%20income) These assets increased to EUR 49.8 billion, mainly due to additions to debt securities and an increased stake in Van Lanschot Kempen Financial Assets at Fair Value Through Other Comprehensive Income by Type (in EUR million) | Item | 30 June 2025 | 31 December 2024 | | :--------------------------------------- | :----------- | :--------------- | | Equity securities | 2,753 | 2,562 | | Debt securities | 45,618 | 42,219 | | Loans and advances | 1,475 | 1,608 | | **Total** | **49,846** | **46,389** | - ING increased its ownership in Van Lanschot Kempen from 2.7% to **9.9% in March 2025**, with a further increase to **20.3% by July 24, 2025**[224](index=224&type=chunk)[387](index=387&type=chunk) - Exchange rate differences of **EUR -226 million** were mainly related to the stake in Bank of Beijing due to CNY depreciation[228](index=228&type=chunk) [Debt Securities](index=37&type=section&id=4%20Debt%20securities) Total exposure to debt securities increased to EUR 113.9 billion, with government and supranational bonds being the largest categories Exposure to Debt Securities (in EUR million) | Item | 30 June 2025 | 31 December 2024 | | :--------------------------------------- | :----------- | :--------------- | | Debt securities at fair value through other comprehensive income | 45,618 | 42,219 | | Debt securities at amortised cost | 53,805 | 50,273 | | Total debt securities at fair value through profit or loss | 14,501 | 15,586 | | **Total debt securities** | **113,924** | **108,078** | Debt Securities by Type of Exposure (in EUR million) | Type of Exposure | 30 June 2025 | 31 December 2024 | | :--------------------------------------- | :----------- | :--------------- | | Government bonds | 52,604 | 47,780 | | Central bank bonds | 4,642 | 3,344 | | Sub-sovereign, Supranationals and Agencies | 29,282 | 27,985 | | Covered bonds | 9,639 | 9,791 | | Corporate bonds | 206 | 1,033 | | Financial institutions' bonds | 1,963 | 3,261 | | ABS portfolio | 5,100 | 4,832 | | **Total debt securities portfolio** | **103,409** | **97,999** | [Loans and Advances to Customers](index=38&type=section&id=5%20Loans%20and%20advances%20to%20customers) Total loans and advances to customers increased to EUR 693.3 billion, with residential mortgages comprising the largest portion Loans and Advances to Customers by Type (in EUR million) | Type | 30 June 2025 | 31 December 2024 | | :--------------------------------------- | :----------- | :--------------- | | Loans and advances to public authorities | 20,930 | 18,661 | | Residential mortgages | 358,708 | 348,594 | | Other personal lending | 38,780 | 36,797 | | Corporate Lending | 280,638 | 285,393 | | Loan loss provisions | -5,771 | -5,833 | | **Total** | **693,285** | **683,611** | [Investments in Associates and Joint Ventures](index=38&type=section&id=6%20Investment%20in%20associates%20and%20joint%20ventures) These investments decreased to EUR 1.5 billion, as the share of results from associates declined, primarily from TMBThanachart Bank Investments in Associates and Joint Ventures (in EUR million) | Item | 30 June 2025 | 31 December 2024 | | :--------------------------------------- | :----------- | :--------------- | | TMBThanachart Bank Public Company Limited | 1,191 | 1,266 | | Other investments | 345 | 412 | | **Total** | **1,536** | **1,679** | - Share of results from associates and joint ventures **decreased to EUR 85 million** (from EUR 205 million in 2024), primarily from TMBThanachart Bank (TTB)[238](index=238&type=chunk)[240](index=240&type=chunk) - **No impairment trigger was observed** for the investment in TTB as of June 30, 2025, and no reversal of impairment was recognized[241](index=241&type=chunk) [Customer Deposits](index=39&type=section&id=7%20Customer%20deposits) Customer deposits increased significantly to EUR 738.0 billion, with savings accounts representing the largest category Customer Deposits by Type (in EUR million) | Type | 30 June 2025 | 31 December 2024 | | :--------------------------------------- | :----------- | :--------------- | | Current accounts / Overnight deposits | 232,153 | 227,827 | | Savings accounts | 379,403 | 354,560 | | Time deposits | 120,143 | 107,695 | | Other | 6,329 | 1,579 | | **Total** | **738,028** | **691,661** | [Financial Liabilities at Fair Value Through Profit or Loss](index=39&type=section&id=8%20Financial%20liabilities%20at%20fair%20value%20through%20profit%20or%20loss) These liabilities increased to EUR 93.5 billion, driven by a rise in liabilities designated at fair value through profit or loss Financial Liabilities at Fair Value Through Profit or Loss (in EUR million) | Item | 30 June 2025 | 31 December 2024 | | :--------------------------------------- | :----------- | :--------------- | | Trading liabilities | 26,387 | 35,255 | | Non-trading derivatives | 2,499 | 2,101 | | Designated at fair value through profit or loss | 64,637 | 49,543 | | **Total** | **93,524** | **86,900** | [Debt Securities in Issue](index=40&type=section&id=9%20Debt%20securities%20in%20issue) Debt securities in issue increased to EUR 151.0 billion as new issuances significantly outweighed redemptions Changes in Debt Securities in Issue (in EUR million) | Item | 30 June 2025 | 31 December 2024 | | :--------------------------------------- | :----------- | :--------------- | | Opening balance as at 1 January | 142,367 | 124,670 | | Additions | 80,301 | 124,701 | | Redemptions / Disposals | -65,413 | -113,014 | | Foreign exchange movement | -6,919 | 3,512 | | **Closing balance** | **151,016** | **142,367** | [Subordinated Loans](index=40&type=section&id=10%20Subordinated%20loans) Subordinated loans decreased to EUR 16.6 billion following the redemption of Tier 2 and AT1 securities Changes in Subordinated Loans (in EUR million) | Item | 30 June 2025 | 31 December 2024 | | :--------------------------------------- | :----------- | :--------------- | | Opening balance as at 1 January | 17,878 | 15,401 | | Additions | 1,232 | 4,603 | | Redemptions / Disposals | -1,818 | -2,931 | | Foreign exchange movement | -1,000 | 565 | | **Closing balance** | **16,566** | **17,878** | - ING Groep N.V. issued **EUR 1.25 billion** 4.13% Fixed Rate Subordinated Green Tier 2 Notes in May 2025[251](index=251&type=chunk) - ING Groep N.V. redeemed **EUR 750 million** Tier 2 notes in March 2025 and **USD 1.25 billion** AT1 securities in April 2025[252](index=252&type=chunk) [Equity](index=41&type=section&id=11%20Equity) Total equity decreased to EUR 53.3 billion, primarily due to share buybacks and negative currency translation movements Total Equity (in EUR million) | Item | 30 June 2025 | 31 December 2024 | | :--------------------------------------- | :----------- | :--------------- | | Share capital and share premium | 17,148 | 17,148 | | Other reserves | -3,158 | -687 | | Retained earnings | 38,300 | 36,243 | | Shareholders' equity (parent) | 52,290 | 52,703 | | Non-controlling interests | 1,031 | 995 | | **Total equity** | **53,321** | **53,698** | - **Treasury shares increased significantly** to EUR -2,746 million (from EUR -765 million) due to ongoing share buyback programs[254](index=254&type=chunk)[259](index=259&type=chunk) - The currency translation reserve saw a **net decrease of EUR -813 million**, mainly due to USD, TRY, GBP, and AUD exchange rate differences[256](index=256&type=chunk) [Net Interest Income](index=43&type=section&id=12%20Net%20interest%20income) Net interest income decreased to EUR 7.3 billion for 1H2025, driven by lower total interest income Net Interest Income (1 Jan to 30 June, in EUR million) | Item | 2025 | 2024 | | :--------------------------------------- | :------ | :------ | | Total interest income | 25,842 | 29,929 | | Total interest expense | -18,552 | -22,166 | | **Net interest income** | **7,290** | **7,762** | - Net interest income was affected by a **EUR 131 million impact** from reversing the EU 'IAS 39 carve-out' hedge accounting[263](index=263&type=chunk) [Net Fee and Commission Income](index=44&type=section&id=13%20Net%20fee%20and%20commission%20income) Net fee and commission income increased to EUR 2.2 billion for 1H2025, showing broad-based growth across services Net Fee and Commission Income (1 Jan to 30 June, in EUR million) | Item | 2025 | 2024 | | :--------------------------------------- | :---- | :---- | | **Fee and commission income** | **3,090** | **2,757** | | Payment Services | 1,217 | 1,072 | | Securities business | 482 | 395 | | Insurance and other broking | 327 | 287 | | Portfolio management | 386 | 339 | | Lending business | 311 | 313 | | **Fee and commission expenses** | **874** | **760** | | **Net fee and commission income** | **2,216** | **1,998** | [Valuation Results and Net Trading Income](index=44&type=section&id=14%20Valuation%20results%20and%20net%20trading%20income) This income decreased to EUR 2.8 billion for 1H2025, as negative derivatives results offset strong securities trading Valuation Results and Net Trading Income (1 Jan to 30 June, in EUR million) | Item | 2025 | 2024 | | :--------------------------------------- | :------ | :------ | | Securities trading results | 2,194 | 492 | | Derivatives trading results | -1,169 | 292 | | Foreign exchange transactions results | 3,190 | -1,630 | | **Total** | **2,773** | **3,016** | - The EU 'IAS 39 carve-out' adjustment had a **EUR 933 million impact** on valuation results and net trading income[266](index=266&type=chunk) [Other Operating Expenses](index=45&type=section&id=15%20Other%20operating%20expenses) Other operating expenses increased to EUR 2.5 billion for 1H2025, driven by higher IT, outsourcing, and provision costs Other Operating Expenses (1 Jan to 30 June, in EUR million) | Item | 2025 | 2024 | | :--------------------------------------- | :---- | :---- | | Promotional and client acquisition costs | 206 | 199 | | IT related expenses | 382 | 353 | | Outsourcing and subcontracting | 327 | 296 | | Regulatory costs | 439 | 446 | | Depreciation and impairment of property and equipment | 218 | 231 | | Amortisation and impairment of intangible assets | 111 | 109 | | Additions and releases of provisions | 150 | 91 | | **Total** | **2,485** | **2,393** | - Regulatory costs for 1H2025 included **EUR 136 million for Deposit Guarantee Schemes** and EUR 41 million for SRF/local resolution funds[272](index=272&type=chunk) [Earnings Per Ordinary Share](index=45&type=section&id=16%20Earnings%20per%20ordinary%20share) Basic and diluted earnings per share both decreased to EUR 1.29 for 1H2025 due to a lower net result Earnings Per Ordinary Share (1 Jan to 30 June) | Item | 2025 (EUR) | 2024 (EUR) | | :--------------------------------------- | :--------- | :--------- | | Basic earnings per ordinary share | 1.29 | 1.35 | | Diluted earnings per ordinary share | 1.29 | 1.35 | Weighted Average Number of Ordinary Shares Outstanding (in millions) | Item | 2025 | 2024 | | :--------------------------------------- | :-------- | :-------- | | Basic | 3,041.9 | 3,292.5 | | Diluted | 3,041.9 | 3,295.8 | [Dividend Per Ordinary Share](index=46&type=section&id=17%20Dividend%20per%20ordinary%20share) An interim dividend of EUR 0.350 per share was declared for 1H2025, with the total 2024 dividend amounting to EUR 1.06 per share Dividends to Shareholders of the Parent (in EUR) | Item | Per Ordinary Share | Total (in EUR million) | | :--------------------------------------- | :----------------- | :--------------------- | | **In respect of 2024** | | | | Interim dividend, paid August 2024 | 0.350 | 1,129 | | Final dividend, paid May 2025 | 0.710 | 2,152 | | Total dividend in respect of 2024 | 1.060 | 3,281 | | **In respect of 2025** | | | | Interim dividend declared | 0.350 | 1,043 | [Additional Notes to the Condensed Consolidated Interim Financial Statements](index=47&type=section&id=Additional%20notes%20to%20the%20Condensed%20consolidated%20interim%20financial%20statements) [Segments](index=47&type=section&id=18%20Segments) Performance is monitored by banking segments and a Corporate Line, with the latter's income boosted by hedging and dividends in 1H2025 - ING Group monitors performance by segments (Retail Netherlands, Belgium, Germany, Other, Wholesale Banking) and a Corporate Line, using **IFRS-EU results**[279](index=279&type=chunk)[283](index=283&type=chunk)[284](index=284&type=chunk) - The Corporate Line's total income in 1H2025 was **EUR 265 million**, driven by higher foreign currency hedging income and dividends from Asian stakes[290](index=290&type=chunk) ING Group Total (IFRS-EU) (1 Jan to 30 June, in EUR million) | Item | 2025 | 2024 | | :--------------------------------------- | :------ | :------ | | Net interest income | 7,159 | 7,655 | | Net fee and commission income | 2,216 | 1,998 | | Total investment and other income | 1,965 | 1,647 | | Total income | 11,339 | 11,300 | | Operating expenses | 6,234 | 5,880 | | Addition to loan loss provisions | 612 | 559 | | Result before taxation | 4,493 | 4,861 | | Net result IFRS-EU | 3,130 | 3,358 | [Fair Value of Assets and Liabilities](index=51&type=section&id=19%20Fair%20value%20of%20assets%20and%20liabilities) Fair values are determined using a three-level hierarchy, with most Level 3 assets based on quoted prices in inactive markets - Fair values are determined using a hierarchy: **Level 1** (quoted prices in active markets), **Level 2** (observable inputs), and **Level 3** (unobservable inputs)[297](index=297&type=chunk)[298](index=298&type=chunk) Adjustments in Fair Value on Financial Assets and Liabilities (in EUR million) | Item | 30 June 2025 | 31 December 2024 | | :--------------------------------------- | :----------- | :--------------- | | Deferred Day One Profit or Loss | -93 | -94 | | Own credit adjustments | -24 | -17 | | Bid/Offer | -150 | -130 | | Model Risk | -49 | -33 | | CVA | -138 | -123 | | DVA | 42 | 50 | | CollVA | -2 | -3 | | FVA | -98 | -64 | | Other valuation adjustments | 2 | 2 | | **Total Valuation Adjustments** | **-511** | **-412** | - Of the EUR 11.6 billion Level 3 financial assets, **EUR 9.5 billion (81.9%) are based on unadjusted quoted prices in inactive markets**, showing no significant sensitivity to ING's own unobservable inputs[319](index=319&type=chunk) - The sensitivity analysis for Level 3 instruments shows potential fair value movements of **+EUR 37 million** and **-EUR -28 million** from using alternative unobservable inputs[341](index=341&type=chunk) [Legal Proceedings](index=60&type=section&id=20%20Legal%20proceedings) The Group is involved in various legal proceedings, including investor claims on AML shortcomings and uncertainty from a CJEU ruling in Poland - ING faces litigation from investors claiming **EUR 587 million in damages** related to historical financial economic crime policies and the 2018 settlement[355](index=355&type=chunk) - An investigating judge in Luxembourg intends to prepare a **criminal indictment against ING Luxembourg** for alleged AML shortcomings[357](index=357&type=chunk) - A recent CJEU ruling questioned the "two-claims theory" in Polish jurisprudence for invalidated mortgage contracts, **creating legal uncertainty for banks**[370](index=370&type=chunk)[371](index=371&type=chunk)[372](index=372&type=chunk) - Milieudefensie initiated legal proceedings against ING in March 2025, holding the bank liable for **alleged contributions to climate change**[374](index=374&type=chunk) [Potential Sale of ING Bank (Eurasia) JSC](index=63&type=section&id=21%20Potential%20sale%20of%20ING%20Bank%20(Eurasia)%20JSC) The sale of ING's Russian business is expected to close in Q3 2025 with an estimated negative post-tax impact of EUR 0.8 billion - ING agreed to sell its Russian business (ING Bank (Eurasia) JSC), with closing expected in **Q3 2025**, pending regulatory approvals[377](index=377&type=chunk) - ING estimates a **negative post-tax impact of EUR 0.8 billion** from the sale, comprising an estimated EUR 0.5 billion book loss and a EUR 0.3 billion currency translation impact[379](index=379&type=chunk) - **No loss was recognized as of June 30, 2025**, due to uncertainties, and assets were not classified as held for sale[380](index=380&type=chunk) [Capital Management](index=63&type=section&id=22%20Capital%20management) The CET1 ratio decreased to 13.3% due to a share buyback program, remaining above the target level of around 12.5% Capital Position (in EUR million) | Item | 30 June 2025 | 31 December 2024 | | :--------------------------------------- | :----------- | :--------------- | | Available common equity Tier 1 capital | 44,534 | 45,260 | | Risk weighted assets | 335,804 | 333,708 | | Common equity Tier 1 ratio | 13.3 % | 13.6 % | | Tier 1 ratio | 15.1 % | 16.0 % | | Total capital ratio | 18.2 % | 18.9 % | - The CET1 ratio decreased due to a **EUR 2,000 million deduction** for the ongoing share buyback program, partially offset by net profit[381](index=381&type=chunk) - ING's distribution policy targets a **50% pay-out ratio** on resilient net profit, primarily in cash[384](index=384&type=chunk) [Subsequent Events](index=64&type=section&id=23%20Subsequent%20events) ING increased its stake in Van Lanschot Kempen to 20.3% but will continue to classify it as a passive investment at FVOCI - As of July 24, 2025, ING increased its stake in Van Lanschot Kempen to **20.3%**[387](index=387&type=chunk) - Despite exceeding 20% voting rights, the investment will be classified as **fair value through other comprehensive income (FVOCI)** due to ING's passive investment purpose[387](index=387&type=chunk) [Other Information](index=65&type=section&id=Other%20information) [Alternative Performance Measures](index=65&type=section&id=Alternative%20performance%20measures) The company uses APMs like resilient net profit and net core lending growth to provide a clearer view of its commercial performance - **Resilient net profit** is defined as net profit adjusted for significant items not linked to the normal course of business[392](index=392&type=chunk) - **Net core lending and deposits growth** measures real commercial growth, adjusted for currency impacts and non-core portfolios[392](index=392&type=chunk) - **Commercial net interest income** focuses on interest-driven products and excludes significant volatile items for better comparison[392](index=392&type=chunk) [SIGNATURES](index=67&type=section&id=SIGNATURES)

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 cost-to-deposit ratio improved to 76.3%, one of the highest in the sector [35] Business Line Data and Key Metrics Changes - Retail customer base increased by nearly 80,000, while corporate customers grew by 20,000, totaling an 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] - Cash loans saw a 13% year-on-year increase, marking one of the best quarters in the bank's history [6] - Corporate loans grew by only 1.3% quarter-on-quarter and 3% year-on-year, with SMEs showing faster growth compared to larger corporations [7] Market Data and Key Metrics Changes - The Polish economy is projected to grow by 3.5% in 2025, outperforming regional neighbors like Romania and Hungary [10][11] - Household savings rates are solid, higher than pre-pandemic levels, which supports the bank's business model [12] - Investment in the construction sector is expected to rise slowly, with public investment beginning to increase [14][15] Company Strategy and Development Direction - The bank is focusing on increasing market share through active customer growth and digitization of processes [4][5] - A revision of the bank's strategy is underway, with plans to present it on November 19, emphasizing improved customer service and reduced reliance on physical branches [51][52] - The bank aims to enhance private banking services and mutual fund sales while maintaining a conservative approach to risk [54] Management's Comments on Operating Environment and Future Outlook - Management noted that while corporate lending is facing challenges, there is optimism for a rebound in the second half of the year [63] - The bank is prepared for potential impacts from interest rate changes, with a belief that their sensitivity to these changes is low due to effective risk management [46][47] - The outlook for mortgage lending remains positive, despite demographic challenges, with a significant demand for residential properties still expected [60][61] Other Important Information - The bank's interest margin is stable despite fluctuations in interest rates, supported by effective management of interest rate risk [34][33] - The bank is actively participating in discussions for a model mortgage loan contract to enhance consumer protection and simplify processes [69][71] Q&A Session Summary Question: Future evolution of profitability of interest assets - Management refrained from commenting on forward-looking data but acknowledged that lower interest rates would impact net profit sensitivity [46][47] Question: Impact of obligatory provision on performance - 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 operational efficiency [51][52] Question: Improvement in derivatives and FX - The growth in derivatives and FX was attributed to market volatility and effective trading management [56] Question: Cost of hedging remaining flat - The impact of hedging on financial performance should be analyzed over a longer time perspective rather than quarterly [57] Question: Mortgage loans as a fundamental product - The bank views mortgage loans as essential and plans to continue offering them despite market challenges [59][60]

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]