Ing Groep N.v Stock Earnings Reports

ING delivered a strong Q3 2025 with broad commercial momentum: nearly 200k mobile primary customers added in the quarter (≈1.1m y/y, on track for 1m in 2025), strong loan growth (net core lending +€14.2bn YTD; Retail +€8.6bn driven by mortgages; Wholesale supported by trade finance and syndicated lending), and customer balances growing at an annualized ~7% through the first 9 months. Fee income continued to accelerate (ytd growth ~12–15% depending on the reference; the bank raised its full‑year fee growth outlook to >10%) and management raised 2025 guidance for total income (~€22.8bn) and ROE (now expected >12.5%). Commercial NII was strong in the quarter; full‑year commercial NII guidance is €15.2–15.3bn. Costs remain managed (expenses ex-regulatory/incidental <3% y/y); total costs are still expected toward the lower end of the €12.5–12.7bn range despite some incidental items and restructuring provisions (c.€30m in annualized savings once implemented). Risk costs were €326m (19bps of avg. lending), below through‑the‑cycle averages; Stage 3 additions drove the majority of provisions but no broad sectoral pattern was identified. Capital: management revised the CET1 target to around 13% ( ~180bps buffer above the MDA) and confirmed capital allocation priorities — maintain a 50% payout ratio, invest in value‑accretive growth (including selective M&A), and return any structural capital above the 13% target. ING announced additional distributions of €1.6bn (pro forma ~48bps impact on CET1), comprising a €1.1bn buyback and a €500m cash dividend to be paid Jan 2026. Digital/AI: GenAI initiatives are being rolled out (chatbot live in 6 markets) and management signposted potential workforce impacts (an estimate of ~950 positions at risk in the Netherlands as part of required national notifications). Management will update 2026 guidance at Q4 results.