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 [6] - 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% [5][11] - Total income is expected to reach around €22.8 billion for the year, with fee income growing by 12% year to date [10][12] Business Line Data and Key Metrics Changes - Retail banking saw a net core lending growth of €8.6 billion, primarily driven by residential mortgages [4][13] - Wholesale banking also delivered strong performance, with significant growth in trade finance services and lending [4][12] - Fee income in wholesale banking reached a quarterly record of €383 million, driven by increased loan underwriting activities [16] 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 [5] - Core deposits declined slightly by around €200 million, attributed to outflows in Germany and Belgium after promotional campaigns [13][27] 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 [9] - The CET1 capital ratio target has been revised to around 13%, providing a buffer above the MDA threshold [8] - The company is focused on enhancing earnings potential through capital-efficient loan book expansion and considering M&A opportunities [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic and geopolitical uncertainties but emphasized strong commercial momentum and capital generation [3][21] - The outlook for 2025 has been improved, with expectations for higher fees and stronger total income [10][21] - Management remains committed to supporting clients in their sustainability transitions, with sustainable finance volumes up 29% compared to the previous year [5] 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 [7][21] - The company is actively integrating generative AI capabilities to enhance customer support and operational efficiency [17][38] Q&A Session Summary Question: On capital requirements and retail deposit outflows - Management does not foresee additional upward pressure on capital requirements and attributes retail deposit outflows to seasonal effects and the conclusion of marketing campaigns [25][27] Question: On lending margins and AI initiatives - Management expects lending margins to normalize and return to growth, while AI initiatives are being implemented globally, not just in the Netherlands [30][32] Question: On net interest income (NII) guidance - The guidance for NII is set between €15.2 billion and €15.3 billion, reflecting a significant catch-up in wholesale banking NII growth [42][46] Question: On fee growth momentum - Management is confident in the strong fee growth momentum and anticipates it will continue into the next year [91] Question: On capital deployment and M&A focus - The company is looking to make a more significant impact in markets where it currently operates, focusing on business banking and consumer lending opportunities [39][40] Question: On recent board appointments - The appointments are aimed at ensuring continuity and enhancing the company's strategic focus on risk management and cost discipline [85][87]