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]