エドガーで原本を確認する
| ☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| ☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| Title of each class | Trading symbols | Name of each exchange on which registered | ||||||||||||
| American Depositary Shares | ING | New York Stock Exchange | ||||||||||||
| Ordinary shares | New York Stock Exchange(i) |
|||||||||||||
| 3.950% Fixed Rate Senior Notes due 2027 | ING27 | New York Stock Exchange | ||||||||||||
| 4.550% Fixed Rate Senior Notes due 2028 | ING28 | New York Stock Exchange | ||||||||||||
| 4.050% Fixed Rate Senior Notes due 2029 | ING29 | New York Stock Exchange | ||||||||||||
| 1.726% Callable Fixed-to-Floating Rate Senior Notes due 2027 | ING27A | New York Stock Exchange | ||||||||||||
| 2.727% Callable Fixed-to-Floating Rate Senior Notes due 2032 | ING32 | New York Stock Exchange | ||||||||||||
| Callable Floating Rate Senior Notes due 2027 | ING27B |
New York Stock Exchange | ||||||||||||
| 4.017% Callable Fixed-to-Floating Rate Senior Notes due 2028 | ING28A | New York Stock Exchange | ||||||||||||
| 3.869% Callable Fixed-to-Floating Rate Senior Notes due 2026 | ING26 | New York Stock Exchange | ||||||||||||
| 4.252% Callable Fixed-to-Floating Rate Senior Notes due 2033 | ING33 | New York Stock Exchange | ||||||||||||
| Callable Floating Rate Senior Notes due 2026 | ING26A | New York Stock Exchange | ||||||||||||
| 6.083% Callable Fixed-to-Floating Rate Senior Notes due 2027 | ING27C | New York Stock Exchange | ||||||||||||
| $500,000,000 Callable Floating Rate Senior Notes due 2027 | ING27D | New York Stock Exchange | ||||||||||||
| $1,250,000,000 6.114% Callable Fixed-to-Floating Rate Senior Notes due 2034 | ING34 | New York Stock Exchange | ||||||||||||
| 5.335% Callable Fixed-to-Floating Rate Senior Notes due 2030 | ING30 | New York Stock Exchange | ||||||||||||
| 5.550% Callable Fixed-to-Floating Rate Senior Notes due 2035 | ING35 | New York Stock Exchange | ||||||||||||
| † | The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. | ||||
| U.S. GAAP☐ | International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ |
Other ☐ | ||||||||||||
ING Groep N.V. Bijlmerdreef 106 1102 CT Amsterdam P.O. Box 1800, 1000 BV Amsterdam The Netherlands | ||
| Telephone +31 20 563 9111 | ||
|
ING Financial Holdings Corporation
1133 Avenue of the Americas New York, NY 10036 United States of America
| ||
| Telephone +1 646 424 6000 | ||
| Our values and behaviours | Main ING policies and procedures |
|||||||||||||
| Business Conduct Framework | ||||||||||||||
The Orange Code is a manifesto that describes our way of working. It is comprised of our values and behaviours |
Orange Code |
ING Global Code
of Conduct
|
Whistleblower Policy | |||||||||||
| Global Investigations Charter | ||||||||||||||
Zero tolerance on corruption and bribery |
Anti-bribery and Corruption Policy | ABC High-Risk Roles Guidance | Global Event Management Procedure | |||||||||||
Values |
Behaviours |
||||
We are honest |
You take it on and make it happen. | ||||
We are prudent |
You help others to be successful. | ||||
We are responsible |
You are always a step ahead. | ||||
| Total operations | |||||||||||||||||||||||
|
1 January to 31 December 2024
in EUR million
|
Retail Banking Netherlands |
Retail Banking Belgium |
Retail Banking Germany |
Retail Other |
Wholesale Banking |
Corporate Line |
Total | ||||||||||||||||
| Income: | |||||||||||||||||||||||
| - Net interest income | 3,027 | 1,959 | 2,647 | 3,817 | 3,259 | 315 | 15,023 | ||||||||||||||||
| - Net fee and commission income | 1,049 | 603 | 433 | 609 | 1,317 | -3 | 4,008 | ||||||||||||||||
| - Total investment and other income | 835 | 189 | -173 | 263 | 2,405 | 66 | 3,584 | ||||||||||||||||
| Total income | 4,910 | 2,751 | 2,906 | 4,688 | 6,981 | 378 | 22,615 | ||||||||||||||||
| Expenditure: | |||||||||||||||||||||||
| - Operating expenses | 2,124 | 1,811 | 1,303 | 2,792 | 3,558 | 533 | 12,121 | ||||||||||||||||
| - Additions to loan loss provision | -8 | 134 | 149 | 291 | 627 | 1 | 1,194 | ||||||||||||||||
| Total expenditure | 2,117 | 1,944 | 1,452 | 3,083 | 4,185 | 534 | 13,315 | ||||||||||||||||
| Result before taxation | 2,793 | 807 | 1,455 | 1,605 | 2,796 | -156 | 9,300 | ||||||||||||||||
| Taxation | 723 | 210 | 505 | 381 | 693 | 138 | 2,650 | ||||||||||||||||
| Non-controlling interests | 1 | 221 | 35 | 258 | |||||||||||||||||||
| Net result IFRS-EU | 2,070 | 597 | 949 | 1,002 | 2,068 | -294 | 6,392 | ||||||||||||||||
| Adjustment of the EU 'IAS 39 carve-out' | -1,058 | -1,058 | |||||||||||||||||||||
| Net result IFRS-IASB | 2,070 | 597 | 949 | 1,002 | 1,010 | -294 | 5,334 | ||||||||||||||||
| Total operations | |||||||||||||||||||||||
|
1 January to 31 December 2023
in EUR million
|
Retail Banking Netherlands |
Retail Banking Belgium |
Retail Banking Germany |
Retail Other |
Wholesale Banking |
Corporate Line |
Total | ||||||||||||||||
| Income: | |||||||||||||||||||||||
| - Net interest income | 3,096 | 2,063 | 2,862 | 3,437 | 4,028 | 489 | 15,976 | ||||||||||||||||
| - Net fee and commission income | 959 | 502 | 357 | 519 | 1,259 | -1 | 3,595 | ||||||||||||||||
| - Total investment and other income | 945 | 117 | -67 | 277 | 1,771 | -38 | 3,005 | ||||||||||||||||
| Total income | 5,001 | 2,683 | 3,152 | 4,233 | 7,057 | 450 | 22,575 | ||||||||||||||||
| Expenditure: | |||||||||||||||||||||||
| - Operating expenses | 2,135 | 1,852 | 1,243 | 2,479 | 3,313 | 542 | 11,564 | ||||||||||||||||
| - Additions to loan loss provision | 5 | 169 | 119 | 313 | -92 | 5 | 520 | ||||||||||||||||
| Total expenditure | 2,140 | 2,022 | 1,362 | 2,792 | 3,222 | 547 | 12,084 | ||||||||||||||||
| Result before taxation | 2,861 | 661 | 1,790 | 1,441 | 3,836 | -97 | 10,492 | ||||||||||||||||
| Taxation | 740 | 182 | 631 | 359 | 900 | 158 | 2,970 | ||||||||||||||||
| Non-controlling interests | 174 | 61 | 235 | ||||||||||||||||||||
| Net result IFRS-EU | 2,121 | 479 | 1,159 | 908 | 2,875 | -255 | 7,287 | ||||||||||||||||
| Adjustment of the EU 'IAS 39 carve-out' | -3,147 | -3,147 | |||||||||||||||||||||
| Net result IFRS-IASB | 2,121 | 479 | 1,159 | 908 | -272 | -255 | 4,140 | ||||||||||||||||
| Total operations | |||||||||||||||||||||||
|
1 January to 31 December 2022
in EUR million
|
Retail Banking Netherlands |
Retail Banking Belgium |
Retail Banking Germany |
Retail Other |
Wholesale Banking |
Corporate Line |
Total | ||||||||||||||||
| Income: | |||||||||||||||||||||||
| - Net interest income | 2,888 | 1,668 | 1,666 | 2,725 | 4,260 | 550 | 13,756 | ||||||||||||||||
| - Net fee and commission income | 892 | 511 | 437 | 535 | 1,217 | -6 | 3,586 | ||||||||||||||||
| - Total investment and other income | 417 | -32 | 69 | 377 | 849 | -460 | 1,219 | ||||||||||||||||
| Total income | 4,196 | 2,147 | 2,172 | 3,637 | 6,325 | 84 | 18,561 | ||||||||||||||||
| Expenditure: | |||||||||||||||||||||||
| - Operating expenses | 2,115 | 1,786 | 1,140 | 2,509 | 3,114 | 535 | 11,199 | ||||||||||||||||
| - Additions to loan loss provision | 67 | 139 | 131 | 302 | 1,220 | 2 | 1,861 | ||||||||||||||||
| Total expenditure | 2,182 | 1,924 | 1,271 | 2,812 | 4,334 | 537 | 13,060 | ||||||||||||||||
| Result before taxation | 2,014 | 223 | 901 | 825 | 1,991 | -453 | 5,502 | ||||||||||||||||
| Taxation | 540 | 72 | 202 | 254 | 581 | 76 | 1,725 | ||||||||||||||||
| Non-controlling interests | 3 | 47 | 52 | 1 | 102 | ||||||||||||||||||
| Net result IFRS-EU | 1,474 | 151 | 696 | 525 | 1,358 | -530 | 3,674 | ||||||||||||||||
| Adjustment of the EU 'IAS 39 carve-out' | 8,451 | 8,451 | |||||||||||||||||||||
| Net result IFRS-IASB | 1,474 | 151 | 696 | 525 | 9,810 | -530 | 12,126 | ||||||||||||||||
| Retail Netherlands | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Income: | |||||||||||
| Net interest income | 3,027 | 3,096 | 2,888 | ||||||||
| Net fee and commission income | 1,049 | 959 | 892 | ||||||||
| Investment income and other income | 835 | 945 | 417 | ||||||||
| Total income | 4,910 | 5,001 | 4,196 | ||||||||
| Expenditure: | |||||||||||
| Operating expenses | 2,124 | 2,135 | 2,115 | ||||||||
| Additions to the provision for loan losses | -8 | 5 | 67 | ||||||||
| Total expenditure | 2,117 | 2,140 | 2,182 | ||||||||
| Result before tax | 2,793 | 2,861 | 2,014 | ||||||||
| Taxation | 723 | 740 | 540 | ||||||||
| Non-controlling interests | 0 | 0 | 0 | ||||||||
| Net result IFRS-IASB | 2,070 | 2,121 | 1,474 | ||||||||
| Retail Belgium | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Income: | |||||||||||
| Net interest income | 1,959 | 2,063 | 1,668 | ||||||||
| Net fee and commission income | 603 | 502 | 511 | ||||||||
| Investment income and other income | 189 | 117 | -32 | ||||||||
| Total income | 2,751 | 2,683 | 2,147 | ||||||||
| Expenditure: | |||||||||||
| Operating expenses | 1,811 | 1,852 | 1,786 | ||||||||
| Additions to the provision for loan losses | 134 | 169 | 139 | ||||||||
| Total expenditure | 1,944 | 2,022 | 1,924 | ||||||||
| Result before tax | 807 | 661 | 223 | ||||||||
| Taxation | 210 | 182 | 72 | ||||||||
| Net result IFRS-IASB | 597 | 479 | 151 | ||||||||
| Retail Germany | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Income: | |||||||||||
| Net interest income | 2,647 | 2,862 | 1,666 | ||||||||
| Net fee and commission income | 433 | 357 | 437 | ||||||||
| Investment income and other income | -173 | -67 | 69 | ||||||||
| Total income | 2,906 | 3,152 | 2,172 | ||||||||
| Expenditure: | |||||||||||
| Operating expenses | 1,303 | 1,243 | 1,140 | ||||||||
| Additions to the provision for loan losses | 149 | 119 | 131 | ||||||||
| Total expenditure | 1,452 | 1,362 | 1,271 | ||||||||
| Result before tax | 1,455 | 1,790 | 901 | ||||||||
| Taxation | 505 | 631 | 202 | ||||||||
| Non-controlling interests | 1 | 0 | 3 | ||||||||
| Net result IFRS-IASB | 949 | 1,159 | 696 | ||||||||
| Retail Other | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Income: | |||||||||||
| Net interest income | 3,817 | 3,437 | 2,725 | ||||||||
| Net fee and commission income | 609 | 519 | 535 | ||||||||
| Investment income and other income | 263 | 277 | 377 | ||||||||
| Total income | 4,688 | 4,233 | 3,637 | ||||||||
| Expenditure: | |||||||||||
| Operating expenses | 2,792 | 2,479 | 2,509 | ||||||||
| Additions to the provision for loan losses | 291 | 313 | 302 | ||||||||
| Total expenditure | 3,083 | 2,792 | 2,812 | ||||||||
| Result before tax | 1,605 | 1,441 | 825 | ||||||||
| Taxation | 381 | 359 | 254 | ||||||||
| Non-controlling interests | 221 | 174 | 47 | ||||||||
| Net result IFRS-IASB | 1,002 | 908 | 525 | ||||||||
| Wholesale Banking | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Income: | |||||||||||
| Net interest income | 3,259 | 4,028 | 4,260 | ||||||||
| Net fee and commission income | 1,317 | 1,259 | 1,217 | ||||||||
| Investment income and other income | 2,405 | 1,771 | 849 | ||||||||
| Total income | 6,981 | 7,057 | 6,325 | ||||||||
| Expenditure: | |||||||||||
| Operating expenses | 3,558 | 3,313 | 3,114 | ||||||||
| Additions to the provision for loan losses | 627 | -92 | 1,220 | ||||||||
| Total expenditure | 4,185 | 3,222 | 4,334 | ||||||||
| Result before tax | 2,796 | 3,836 | 1,991 | ||||||||
| Taxation | 693 | 900 | 581 | ||||||||
| Non-controlling interests | 35 | 61 | 52 | ||||||||
| Net result IFRS-EU | 2,068 | 2,875 | 1,358 | ||||||||
| Adjustment of the EU 'IAS 39 carve-out' | -1,058 | -3,147 | 8,451 | ||||||||
| Net result IFRS-IASB | 1,010 | -272 | 9,810 | ||||||||
| Customer lending IFRS-IASB versus Customer lending IFRS-EU and Net core lending growth by business line | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retail Netherlands | Retail Belgium | Retail Germany | Retail Other | Wholesale Banking | Corporate Line | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| in EUR billion | 2024 | 2023 | change | 2024 | 2023 | change | 2024 | 2023 | change | 2024 | 2023 | change | 2024 | 2023 | change | 2024 | 2023 | change | 2024 | 2023 | change | ||||||||||||||||||||||||||||||||||||||||||||
Customer lending IFRS-IASB 1 |
164.3 | 152.8 | 11.4 | 98.3 | 94.3 | 4.0 | 110.2 | 102.9 | 7.3 | 117.2 | 109.8 | 7.4 | 199.2 | 192.9 | 6.3 | 0.3 | 0.3 | 0.0 | 689.4 | 652.9 | 36.5 | ||||||||||||||||||||||||||||||||||||||||||||
| IFRS-EU 'IAS 39 carve out' impact | -3.4 | -4.9 | 1.5 | -3.4 | -4.9 | 1.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Customer lending IFRS-EU | 164.3 | 152.8 | 11.4 | 98.3 | 94.3 | 4.0 | 110.2 | 102.9 | 7.3 | 117.2 | 109.8 | 7.4 | 195.8 | 188.0 | 7.8 | 0.3 | 0.3 | 0.0 | 686.1 | 648.0 | 38.0 | ||||||||||||||||||||||||||||||||||||||||||||
| Exclude: FX impact | 0.0 | 0.0 | 0.0 | 0.9 | -4.7 | -3.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exclude: Change in fair value of macro hedged loans | 0.0 | 0.0 | 0.0 | 0.0 | -1.5 | -1.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exclude: Treasury, run-off portfolios and other | -1.9 | -0.4 | -2.9 | -0.2 | 0.2 | 0.0 | -5.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net core lending growth | 9.6 | 3.7 | 4.4 | 8.2 | 1.8 | 0.0 | 27.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Customer deposits IFRS-IASB versus Customer deposits IFRS-EU and Net core deposits growth by business line | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retail Netherlands | Retail Belgium | Retail Germany | Retail Other | Wholesale Banking | Corporate Line | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| in EUR billion | 2024 | 2023 | change | 2024 | 2023 | change | 2024 | 2023 | change | 2024 | 2023 | change | 2024 | 2023 | change | 2024 | 2023 | change | 2024 | 2023 | change | ||||||||||||||||||||||||||||||||||||||||||||
| Customer deposits IFRS-IASB | 200.7 | 199.7 | 1.0 | 97.1 | 91.2 | 5.9 | 151.1 | 143.6 | 7.5 | 163.2 | 151.0 | 12.1 | 79.6 | 64.8 | 14.9 | 0.0 | 0.0 | 0.0 | 691.7 | 650.3 | 41.4 | ||||||||||||||||||||||||||||||||||||||||||||
| IFRS-EU 'IAS 39 carve out' impact | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Customer deposits IFRS-EU | 200.7 | 199.7 | 1.0 | 97.1 | 91.2 | 5.9 | 151.1 | 143.6 | 7.5 | 163.2 | 151.0 | 12.1 | 79.6 | 64.8 | 14.9 | 0.0 | 0.0 | 0.0 | 691.7 | 650.3 | 41.4 | ||||||||||||||||||||||||||||||||||||||||||||
| Exclude: FX impact | 0.0 | 0.0 | 0.0 | 0.6 | -0.4 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exclude: Treasury, run-off portfolios and other | 4.0 | 0.5 | 0.0 | -0.1 | 1.3 | 0.0 | 5.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net core deposits growth | 5.0 | 6.4 | 7.5 | 12.7 | 15.8 | 0.0 | 47.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Customer lending IFRS-IASB versus Customer lending IFRS-EU and Net core lending growth by business line | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retail Netherlands | Retail Belgium | Retail Germany | Retail Other | Wholesale Banking | Corporate Line | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| in EUR billion | 2023 | 2022 | change | 2023 | 2022 | change | 2023 | 2022 | change | 2023 | 2022 | change | 2023 | 2022 | change | 2023 | 2022 | change | 2023 | 2022 | change | ||||||||||||||||||||||||||||||||||||||||||||
Customer lending IFRS-IASB 1 |
152.8 | 153.6 | -0.7 | 94.3 | 91.7 | 2.6 | 102.9 | 98.3 | 4.6 | 109.8 | 108.2 | 1.6 | 192.9 | 198.9 | -6.1 | 0.3 | 0.2 | 0.1 | 652.9 | 650.9 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||||
| IFRS-EU 'IAS 39 carve out' impact | -4.9 | -9.4 | 4.5 | -4.9 | -9.4 | 4.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Customer lending IFRS-EU | 152.8 | 153.6 | -0.7 | 94.3 | 91.7 | 2.6 | 102.9 | 98.3 | 4.6 | 109.8 | 108.2 | 1.6 | 188.0 | 189.5 | -1.6 | 0.3 | 0.2 | 0.1 | 648.0 | 641.5 | 6.5 | ||||||||||||||||||||||||||||||||||||||||||||
| Exclude: FX impact | 0.0 | 0.0 | 0.0 | 0.3 | 2.6 | 2.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exclude: Change in fair value of macro hedged loans | 0.0 | 0.0 | 0.0 | 0.0 | -4.5 | -4.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exclude: Treasury, run-off portfolios and other | 3.0 | -1.2 | -2.9 | 2.4 | 2.3 | -0.1 | 3.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net core lending growth | 2.3 | 1.4 | 1.7 | 4.3 | -1.2 | 0.0 | 8.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Customer deposits IFRS-IASB versus Customer deposits IFRS-EU and Net core deposits growth by business line | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retail Netherlands | Retail Belgium | Retail Germany | Retail Other | Wholesale Banking | Corporate Line | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| in EUR billion | 2023 | 2022 | change | 2023 | 2022 | change | 2023 | 2022 | change | 2023 | 2022 | change | 2023 | 2022 | change | 2023 | 2022 | change | 2023 | 2022 | change | ||||||||||||||||||||||||||||||||||||||||||||
| Customer deposits IFRS-IASB | 199.7 | 201.1 | -1.4 | 91.2 | 91.5 | -0.3 | 143.6 | 135.9 | 7.7 | 151.0 | 137.7 | 13.3 | 64.8 | 74.6 | -9.8 | 0.0 | 0.0 | 0.0 | 650.3 | 640.8 | 9.5 | ||||||||||||||||||||||||||||||||||||||||||||
| IFRS-EU 'IAS 39 carve out' impact | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Customer deposits IFRS-EU | 199.7 | 201.1 | -1.4 | 91.2 | 91.5 | -0.3 | 143.6 | 135.9 | 7.7 | 151.0 | 137.7 | 13.3 | 64.8 | 74.5 | -9.8 | 0.0 | 0.0 | 0.0 | 650.3 | 640.8 | 9.5 | ||||||||||||||||||||||||||||||||||||||||||||
| Exclude: FX impact | 0.0 | 0.0 | 0.0 | -0.4 | 0.3 | -0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exclude: Treasury, run-off portfolios and other | -0.2 | -1.0 | 0.8 | 0.0 | 1.6 | 0.0 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net core deposits growth | -1.6 | -1.3 | 8.5 | 12.9 | -7.9 | 0.0 | 10.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ING Group Consolidated Cash Flows | |||||||||||
| cash and cash equivalents | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Treasury bills and other eligible bills included in securities at AC | 37 | 0 | 1 | ||||||||
| Deposits from banks | -6,303 | -5,132 | -6,172 | ||||||||
| Loans and advances to banks | 4,982 | 7,931 | 13,948 | ||||||||
| Cash and balances with central banks | 70,353 | 90,214 | 87,614 | ||||||||
| Cash and cash equivalents at end of year | 69,069 | 93,012 | 95,391 | ||||||||
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Steven van Rijswijk (CEO)
Born: 1970
Nationality: Dutch
|
Tanate Phutrakul (CFO)
Born: 1965
Nationality: Thai
|
Ljiljana Čortan (CRO)
Born: 1971
Nationality: Croatian
|
Pinar Abay
Born: 1977
Nationality: Turkish
|
Andrew Bester
Born: 1965
Nationality: British/South African
|
Marnix van Stiphout (COO)
Born: 1970
Nationality: Dutch
|
Daniele Tonella (CTO)
Born: 1971
Nationality: Swiss
|
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Steven has been a member of the Executive Board since May 2017. He has been CEO and chairperson of this Board since July 2020. Prior to his appointment as CEO and chairperson of this Board, he was the chief risk officer.
Steven is responsible for ING's strategy including ESG and sustainability, decision- making, results, governance, culture, branding, reputation and people.
|
Tanate was appointed as chief financial officer and member of the Management Board Banking in February 2019. Subsequently, Tanate was appointed as a member of the Executive Board of ING Groep at the Annual General Meeting in April 2019.
Tanate is responsible for ING's financial strategy, budgeting, cost control and the financing of the company.
|
Ljiijana was appointed as chief risk officer and a member of the Management Board Banking effective January 2021. Ljiijana was appointed as a member of the Executive Board At the Annual General Meeting in April 2021.
Ljiijana is responsible for ING's risk activities including formulating our risk framework and risk appetite, risk culture and awareness, risk governance and policies and compliance.
|
Pinar was appointed a member of the Management Board Banking in January 2020. She is also head of Retail, Market Leaders and Challengers & Growth Markets. She was appointed as non-executive member of the board of ING in Belgium in March 2021 and was chairperson of that board from May 2022 until December 2023. In May 2023, Pinar was appointed a member of the supervisory board of ING-DiBa AG.
Pinar is responsible for defining strategy and priorities for global retail banking and driving performance, operations and compliance of retail, market leaders and challengers & growth markets.
|
Andrew was appointed as a member of the Management Board Banking and head of Wholesale Banking in April 2021.
Andrew is responsible for ING's wholesale banking activities globally.
|
Marnix was appointed as a member of the Management Board Banking and chief operations officer in September 2021.
Marnix is responsible for translating, overseeing and implementing ING's strategies into a strategy for the operations function.
|
Daniele joined ING's Management Board Banking as chief technology officer on 5 August 2024.
Daniele is responsible for overseeing and managing the total IT landscape and advising on technology-driven business opportunities.
|
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|
Relevant CRD IV position(s)
CEO and chairperson of the
EB and MBB
Other ancillary positions
▪Member of the Management Board of the Nederlandse Vereniging van Banken (NVB)
▪Member of the Cyber Security Council (CSR)
|
Relevant CRD IV position(s)
CFO and member of the EB and the MBB
Other ancillary positions
▪None
|
Relevant CRD IV position(s)
CRO and member of the EB and the MBB
Other ancillary positions
▪None
|
Relevant CRD IV position(s)
Member of the MBB, non-executive member of the board of ING Belgium N.V./S.A. and member of the supervisory board of ING-DiBa A.G.
Other ancillary positions
▪Member of the board of EPI Company SE
|
Relevant CRD IV position(s)
Member of the MBB
Other ancillary positions
▪None
|
Relevant CRD IV position(s)
Member of the MBB
Other ancillary positions
▪None
|
Relevant CRD IV position(s)
Member of the MBB
Other ancillary positions
▪None
|
||||||||||||||||||||||||||||||||||||||||||||
 |
 |
 |
 |
 |
 |
 |
 |
 |
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|
Karl Guha (chairperson)
Born: 1964
Nationality: Dutch
Term expires: 2027
|
Mike Rees (vice-chairperson)
Born: 1956
Nationality: British
Term expires: 2027
|
Juan Colombás
Born: 1962
Nationality: Spanish
Term expires: 2028
|
Margarete Haase
Born: 1953
Nationality: Austrian
Term expires: 2025
|
Lodewijk Hijmans van den Bergh
Born: 1963
Nationality: Dutch
Term expires: 2025
|
Herman Hulst
Born: 1955
Nationality: Dutch
Term expires: 2028
|
Harold Naus
Born: 1969
Nationality: Dutch
Term expires: 2028
|
Alexandra Reich
Born: 1963
Nationality: Austrian
Term expires: 2027
|
Herna Verhagen
Born: 1966
Nationality: Dutch
Term expires: 2027
|
||||||||||||||||||||||||||||||||||||||||||
|
Karl was appointed chairperson of the SB at the General Meeting in April 2023. He started in July 2023.
Karl is chairperson of the
Nomination and Corporate
Governance Committee
and member of the Remuneration Committee,
the Risk Committee, the
Audit Committee, the ESG Committee and the Technology & Operations Committee.
|
Mike was appointed a member of the SB at the General Meeting in April 2019.
Mike is vice-chairperson of the SB, chairperson of the Risk Committee and member of the Nomination and Corporate Governance Committee and the Audit Committee.
|
Juan was appointed a member of the SB at the General Meeting in April 2020. He started in October 2020.
Juan is chairperson of the Technology & Operations Committee and member of the Risk Committee, the Audit Committee and the ESG Committee.
|
Margarete was appointed a member of the SB at the General Meeting in May 2017.
Margarete is chairperson of the Audit Committee and member of the Risk Committee and the Remuneration Committee.
|
Lodewijk was appointed a member of the SB at the General Meeting in April 2021.
Lodewijk is chairperson of the ESG Committee and member of the Risk Committee.
|
Herman was appointed a member of the SB at the General Meeting in April 2020.
Herman is member of the Audit Committee, the Risk Committee and the ESG Committee.
|
Harold was appointed a member of the SB at the General Meeting in April 2020.
Harold is member of the
Remuneration Committee,
the Risk Committee and the Technology & Operations Committee.
|
Alexandra was appointed a member of the SB at the General Meeting in April 2023.
Alexandra is member of the
Risk Committee, the Technology & Operations Committee and the ESG
Committee.
|
Herna was appointed a member of the SB at the General Meeting in April 2019, and started in October 2019.
Herna is chairperson of the
Remuneration Committee and
member of the Nomination and Corporate Governance
Committee.
|
||||||||||||||||||||||||||||||||||||||||||
|
Former position:
CEO of Van Lanschot Kempen
Relevant CRD IV position(s)
▪Chairperson of the SB
▪Member of the supervisory board of SHV Holdings N.V.
Other ancillary positions
▪Member of the supervisory board of Rijksmuseum Fonds
|
Former position:
Deputy CEO of Standard Chartered Bank PLC.
Relevant CRD IV position(s)
▪Vice-chairperson of the SB
▪Non-executive chairperson of the board of directors of Travelex International Limited
▪Non-executive chairperson of the board of directors of Midlands Mindforge
Other ancillary positions
▪Non-executive chairperson of the board of directors of Mauritius Africa FinTech Hub
|
Former position:
Chief operations officer and executive board member of the board of directors of Lloyds Banking Group
Relevant CRD IV position(s)
▪Member of the SB
▪Non-executive member of the board of directors of Azora Capital S.L.
▪Non-executive chairperson of the board of directors of Bluserena Spa
Other ancillary positions
▪Member of the global alumni advisory board of the Institute de Empresa (IE) Business School
|
Former position:
CFO of Deutz AG
Relevant CRD IV position(s)
▪Member of the SB
▪Chairperson of the supervisory board of ams-OSRAM AG
▪Member of the supervisory board of Fraport AG
Other ancillary positions
▪Chairperson of the employers association of Kölnmetall
▪Member of the German Corporate Governance Commission
|
Former position:
Partner/member of the management committee of De Brauw Blackstone Westbroek N.V.
Relevant CRD IV position(s)
▪Member of the SB
▪Deputy chairperson of the supervisory board of HAL Holding N.V.
▪Member of the supervisory board of Heineken N.V.
Other ancillary positions
▪Chairperson of the board of Utrecht University Fund (the Netherlands)
▪Chairperson of the executive committee of Vereniging Aegon
|
Former position:
Global vice-chairperson EY Japan
Relevant CRD IV position(s)
▪Member of the SB
Other ancillary positions
▪None
|
Former position:
Global head of Trading Risk Management and general manager Market Risk of ING Bank
Relevant CRD IV position(s)
▪Member of the SB
▪CEO of Cardano Asset Management N.V.
▪CEO of Cardano Risk Management B.V.
▪Member of the executive board of Cardano Holding Limited
Other ancillary positions
▪None
|
Former position:
CEO of Telenor Thailand
Relevant CRD IV position(s)
▪Member of the SB
▪Member of the non-executive board of directors of Cellnex Telecom S.A.
▪Member of the non-executive board of directors of Salt Mobile S.A.
▪Member of the non-executive board of directors of DELTA Fiber
Other ancillary positions
▪None
|
Former position:
Member of the supervisory board of SNS Reaal N.V. (now: SRH N.V.)
Relevant CRD IV position(s)
▪Member of the SB
▪CEO of PostNL N.V.
▪Member of the supervisory board of Koninklijke Philips N.V.
Other ancillary positions
▪Member of the supervisory board of Het Concertgebouw N.V.
▪Member of the advisory council of Goldschmeding Foundation
|
||||||||||||||||||||||||||||||||||||||||||
| Stakeholder alignment | Employees | Shareholders | Regulators | Customers | Society at large | ||||||||||||||||||||||||
 |
▪The Executive Board remuneration policy is aligned with the remuneration principles that apply to all ING employees.
▪Salaries for the EB are reviewed in the context of salary developments across ING's wider workforce.
▪EB members' variable remuneration is determined using a multi-step and integrated process, which is closely aligned to the approach used to determine variable remuneration for the wider workforce.
▪We communicate with our employees through our ongoing engagement with the Works Council in the Netherlands on EB remuneration.
▪In recent years, this stakeholder group has focused on ensuring EB remuneration levels and decisions are acceptable to society at large.
|
▪Remuneration outcomes take into account performance against stretching financial and non-financial targets that are consistent with ING's strategy.
▪Variable remuneration for EB members is deferred fully into ING Group shares.
▪In recent years, shareholders continuously expressed their concerns about the low variable remuneration and low total remuneration levels of EB members.
▪Alignment of EB performance targets and variable remuneration serves as an important driver of the Company’s strategic priorities and long-term shareholder value creation.
|
▪Variable remuneration outcomes reflect ex-ante and ex-post risk performance.
▪Variable remuneration pay structures are aligned with regulatory requirements, including deferral, malus and clawback.
|
▪Through our qualitative survey we engaged with and listened to the views of our customers on a range of executive compensation topics, which was used to inform our remuneration policy and decision-making.
▪Variable remuneration is designed with appropriate consideration of the views and interest of customers and clients, ensuring this is represented in the Executive Board remuneration policy and decision-making.
|
▪In recent years, customers are increasingly interested in the way EB remuneration is linked to environmental and social objectives.
▪Environmental and social objectives within variable remuneration for the EB reflects ING's wider purpose and strategy.
▪Variable remuneration includes measures to drive our diversity and gender ambitions.
|
||||||||||||||||||||||||
| Executive Board remuneration principles | ||
Consistent with ING’s strategy and the promotion of sound and effective risk management; | ||
Being able to attract, motivate and retain leaders with the ability, experience, skills, values and behaviours to fulfil our role as a global bank; | ||
| The interest of EB members to receive fair, consistent and balanced remuneration; | ||
| Maintaining a sustainable balance between the short and long-term interests of our clients, shareholders, employees, society at large and other stakeholders, and encouraging sustainable long-term value creation; | ||
Complying with all applicable regulatory requirements. | ||
| Remuneration component | Operation |
||||
| Base salary |
▪Base salary is set to reflect the individual's role, responsibilities, and experience, and to reward ongoing contribution to the role.
▪Base salary is fully paid out in cash.
▪Base salary is reviewed annually by the SB with potential increases normally applying from January.
|
||||
| Pension |
▪Participation in ING's general collective defined contribution (CDC) pension plan in the same way as all employees working in the Netherlands.
▪Same approach to all participants in the Dutch CDC pension plan who earn a salary above the maximum allowed pensionable salary, the EB members are compensated for the lack of pension accrual by means of a monthly individual savings allowance.
|
||||
| Benefits |
▪Benefits are offered if considered appropriate by the SB in the context of the executive’s role, specific individual circumstances and benefits offered to the wider workforce, and for comparable roles in ING’s peer group.
▪Benefits may include reimbursement of costs related to travel and accident insurance, expatriate allowances, banking and insurance benefits from ING, tax and financial planning services, and the use of a company car or driver service.
|
||||
| Variable remuneration |
▪The maximum annual variable remuneration opportunity is 20 percent of annual base salary. In case of achievement of target performance, variable remuneration of 16 percent of annual base salary will be awarded.
▪Variable remuneration is delivered fully in ING Group shares.
▪The amount of variable remuneration is based on performance as measured against agreed financial, non-financial and risk objectives. At least 50 percent of variable remuneration metrics must be based on non-financial targets. At the beginning of each performance year, the Supervisory Board determines the performance measures and targets applicable for determining variable remuneration that year.
▪Variable remuneration awards are paid 40 percent upfront and 60 percent is deferred. The deferred portion vests in equal annual tranches over five years plus an additional retention year as of the vesting date.
|
||||
Variable remuneration is awarded taking into consideration performance over the prior year. |
100% | ||||||||||||||||||||||||||||||||||
| Delivery fully in shares | Upfront shares are awarded and vest on the same date and have a five-year retention period. |
40% | |||||||||||||||||||||||||||||||||
| 60% | |||||||||||||||||||||||||||||||||||
Deferred shares are awarded on the same date but vest in five tranches. There is a holding period requirement of five years from the award date plus a minimum retention period of 12 months post vesting. |
12% | ||||||||||||||||||||||||||||||||||
| 12% | |||||||||||||||||||||||||||||||||||
| 12% | |||||||||||||||||||||||||||||||||||
| 12% | |||||||||||||||||||||||||||||||||||
| 12% | |||||||||||||||||||||||||||||||||||
Holdback |
Unvested tranches are subject to holdback provision. |
||||||||||||||||||||||||||||||||||
Clawback |
Vested tranches remain subject to clawback provision. Clawback provision applies during the maximum limitation period as permitted by applicable law. |
||||||||||||||||||||||||||||||||||
Guiding principle |
Short description |
||||
Size |
ING acknowledges the importance of including companies that are broadly comparable in terms of size and complexity. |
||||
Governance framework |
ING is subject to the Dutch (financial services) regulatory framework and operates within a Dutch stakeholder environment. | ||||
Geography |
ING is a leading European universal bank with a global presence and is headquartered in the Netherlands. | ||||
Talent market |
ING is increasingly experiencing a cross-pollination of talent across sectors/industries, not limited to traditional banking competitors. | ||||
Balancing |
ING acknowledges the importance of not losing sight of relevant peer companies that do not match on the other criteria. |
||||
|
▪ABN AMRO
▪Aegon1
▪Ahold Delhaize
▪ASML
▪Banco Santander
|
▪BBVA
▪BNP Paribas
▪Commerzbank
▪Crédit Agricole
▪Deutsche Bank
|
▪Heineken
▪Intesa Sanpaolo
▪KBC
▪Lloyds Banking Group
▪NatWest
|
▪NN Group
▪Philips
▪Rabobank
▪Société Générale
▪UniCredit
|
||||||||
| 1. 2024 variable remuneration outcomes | ||||||||||||||||||||||||||||||||||||||||||||
|
Target –
Minimum
|
Target |
Target –
Maximum
|
Performance | Steven van Rijswijk (CEO) | Tanate Phutrakul (CFO) | Ljiljana Čortan (CRO) | ||||||||||||||||||||||||||||||||||||||
| Weighting | Assessment | Outcome | Weighting | Assessment | Outcome | Weighting | Assessment | Outcome | ||||||||||||||||||||||||||||||||||||
| Financial | Profit before tax | 6,790 | 8,488 | 10,185 | 9,300 | 16.7 | % | 90 | % | 15 | % | 16.7 | % | 90 | % | 15 | % | 8.3 | % | 90 | % | 7 | % | |||||||||||||||||||||
| Return on equity | 9.7 | % | 12.2 | % | 14.6 | % | 13.0 | % | 16.7 | % | 87 | % | 14 | % | 16.7 | % | 87 | % | 14 | % | 8.3 | % | 87 | % | 7 | % | ||||||||||||||||||
| Operational expenses | 12,731 | 12,125 | 11,519 | 12,121 | 16.7 | % | 80 | % | 13 | % | 16.7 | % | 80 | % | 13 | % | 8.3 | % | 80 | % | 7 | % | ||||||||||||||||||||||
| Non-financial | Customer | Performance against non-financial measures are organised around these target areas. Please see the following pages for more details on the non-financial performance of each Executive Board member. |
7.5 | % | 77 | % | 6 | % | 5.0 | % | 77 | % | 4 | % | NA |
NA | NA | |||||||||||||||||||||||||||
Risk & Regulatory |
15.0 | % | 91 | % | 14 | % | 17.5 | % | 92 | % | 16 | % | 45.0 | % | 89 | % | 40 | % | ||||||||||||||||||||||||||
| Strategy | 12.5 | % | 80 | % | 10 | % | 12.5 | % | 90 | % | 11 | % | 15.0 | % | 87 | % | 13 | % | ||||||||||||||||||||||||||
Environment & Social |
15.0 | % | 81 | % | 12 | % | 15.0 | % | 84 | % | 13 | % | 15.0 | % | 91 | % | 14 | % | ||||||||||||||||||||||||||
| Total | 100 | % | 84 | % | 100 | % | 86 | % | 100 | % | 88 | % | ||||||||||||||||||||||||||||||||
| Final 2024 variable remuneration outcomes | 84 | % | 86 | % | 88 | % | ||||||||||||||||||||||||||||||||||||||
Payout out of 20 percent variable remuneration cap (16 percent is at target variable remuneration) |
17 | % | 17 | % | 18 | % | ||||||||||||||||||||||||||||||||||||||
 |
Steven van Rijswijk
CEO
|
|||||||||||||||||||||||||||||||||||||||||||
| Customer | Risk & Regulatory | Strategy | Environment | Social | ||||||||||||||||||||||||||||||||||||||||
|
▪Increase number of primary customers
▪Increase customer satisfaction of Retail and Wholesale customers by increasing NPS
|
▪Manage financial risk within risk appetite with a specific focus on the revision of the use of internal models
▪Manage non-financial risk within risk appetite with a specific focus on identity and access management and operational resilience
▪Deliver on regulatory programmes, including KYC
|
▪Increase digitisation and STP rate of customer processes
|
▪Increase sustainable volume mobilised
▪Support the transition of the most carbon-intensive sectors in Wholesale Banking (being power generation, oil & gas, cement, steel, automotive, aviation, shipping, and commercial real estate) towards a better carbon performance, in line with our 2030 decarbonisation target
|
▪Strengthen organisational health with a focus on four priority areas:
–Strategic clarity
–Role clarity
–Customer focus
–Operational discipline
▪Increase gender balance in ING's leadership cadre
|
||||||||||||||||||||||||||||||||||||||||
|
▪Earning 'primary relationships' with customers is an important driver for profitable growth. In 2024, the number of primary customers increased by 0.8 to 16.2 million. This is slightly below target.
▪In 2024, ING ranked number one in five of our Retail markets: Australia, Poland, Germany, Romania and Spain, which was in line with target. ING ranks in the top three in another two markets: Italy and the Netherlands.
▪In Wholesale Banking the NPS score exceeded target, as it increased to 74, up from 72 in 2023, with clients recognising ING's sector expertise, global reach and local experts.
|
▪Credit, financial and non-financial risk were managed well within ING’s risk appetite.
▪The delivery of credit risk models in 2024 was in line with the defined multi-year plan for redevelopment of credit models.
▪Continued improvement of identity and access management (IAM) by standardisation and harmonisation of processes, workflows and automation of IAM controls, as well as the further rollout of supporting global tooling.
▪Implementation of the Digital Operational Resilience Act (DORA), which aims to further strengthen the digital operational resilience.
▪The bank’s KYC activities further matured and maintained a sustainable level of operational effectiveness during 2024.
|
▪Developed and rolled out the next phase of ING’s strategy, 'Growing the difference', aimed at being the best European bank by accelerating growth, increasing impact and delivering value.
▪In 2024, the digitalisation of key customer journeys developed in line with target to create the foundation for providing a superior customer experience which is easy, instant, personal, and relevant.
–Customer friction has been further decreased. This is measured by the percentage of customer journeys that is handled without manual intervention, which went up from 71 percent year-end 2023 to 77 percent year-end 2024.
– Improved customer experience through the use of our GenAI chatbot, which also led to higher chat deflection.
–Continuous investment in AI to further strengthen ING's position as one of the leaders in the AI and analytics space by, among others, the launch of personalised marketing for specific retail segments.
|
▪Increased the sustainable finance volume mobilised to more than €130 bn in 2024, up from €115 bn in 2023, with 835 sustainable deals supported in 2024.
▪Sharpened relationship management approach towards our clients to be able to perform tighter monitoring and tracking of our clients' sustainability progress and a deeper risk-based analysis. During the year, engagement with Wholesale Banking clients has taken place on their transition plans.
▪ING uses the 'Terra' approach to steer our portfolios in high-emitting sectors towards net-zero alignment by 2050. The transition of the most carbon-intensive Wholesale Banking sectors was measured using eight sector indicators. Overall, we demonstrated good progress, and most sectors showed significant advancement. Two sectors, cement and steel, did not meet their targets. The sectors experienced slower progress, requiring further technological advancements and close collaboration among multiple stakeholders to stay on track for their targets.
|
▪In 2024, we held two OHI surveys, and 80 percent of our workforce provided feedback – the highest response rate ever. There is sustained engagement among ING's employees and feedback showed that the employees continue to value and appreciate their colleagues, the ability to work hybrid, and the opportunities that support their wellbeing.
▪Female representation in senior management increased in line with expectations from 31 percent at the end of 2023 to 32 percent at the end of 2024, with progress in nearly all domains.
|
||||||||||||||||||||||||||||||||||||||||
 |
Tanate Phutrakul
CFO
|
|||||||||||||||||||||||||||||||||||||||||||
| Customer | Risk & Regulatory | Strategy | Environment | Social | ||||||||||||||||||||||||||||||||||||||||
|
▪Increase number of primary customers
▪Increase customer satisfaction of Retail and Wholesale customers by increasing NPS
|
▪Manage financial risk within risk appetite with a specific focus on the revision of the use of internal models
▪Manage non-financial risk within risk appetite with a specific focus on identity and access management and operational resilience
|
▪Increase efficiency of finance processes while maintaining the effectiveness of controls |
▪Prepare for Corporate Sustainability Reporting Directive (CSRD) disclosure requirements |
▪Strengthen organisational health with a focus on four priority areas:
–Strategic clarity
–Role clarity
–Customer focus
–Operational discipline
▪Increase gender balance in ING's leadership cadre
|
||||||||||||||||||||||||||||||||||||||||
|
▪Earning 'primary relationships' with customers is an important driver for profitable growth. In 2024, the number of primary customers increased by 0.8 to 16.2 million. This is slightly below target.
▪In 2024, ING ranked number one in five of our Retail markets: Australia, Poland, Germany, Romania and Spain, which was in line with target. ING ranks in the top three in another two markets: Italy and the Netherlands.
▪In Wholesale Banking the NPS score exceeded target, as it increased to 74, up from 72 in 2023, with clients recognising ING's sector expertise, global reach and local experts.
|
▪Credit, financial and non-financial risk were managed well within ING’s risk appetite.
▪The delivery of credit risk models in 2024 was in line with the defined multi-year plan for redevelopment of credit models.
▪Continued improvement of identity and access management (IAM) by standardisation and harmonisation of processes, workflows, and automation of IAM controls as well as the further rollout of supporting global tooling.
▪Implementation of the Digital Operational Resilience Act (DORA), which aims to further strengthen the digital operational resilience.
|
▪Developed and rolled out the next phase of ING’s strategy, 'Growing the difference', aimed at being the best European bank by accelerating growth, increasing impact and delivering value.
▪Increased efficiency of finance processes while maintaining overall effectiveness of the financial reporting control environment by: improving control efficiency across processes; further automation of manual controls and processes; and focusing on first time right for new and remediated controls in design and execution.
|
▪Enhanced the internal controls supporting the preparation of the 2024 sustainability disclosures (CSRD/ESRS):
–Installed proper governance to prepare, review, and approve disclosures.
–Implemented improved controls around receiving external climate data from vendors.
–Implemented improved controls in reporting processes with respective data and disclosure owners.
|
▪In 2024, we held two OHI surveys, and 80 percent of our workforce provided feedback - the highest response rate ever. There is sustained engagement among ING's employees, and feedback showed that the employees continue to value and appreciate their colleagues, the ability to work hybrid, and the opportunities that support their wellbeing.
▪Female representation in senior management increased in line with expectations from 31 percent at the end of 2023 to 32 percent at the end of 2024 with progress in nearly all domains.
|
||||||||||||||||||||||||||||||||||||||||
 |
Ljiljana Čortan
CRO
|
|||||||||||||||||||||||||||||||||||||||||||
| Risk & Regulatory | Strategy | Environment | Social | |||||||||||||||||||||||||||||||||||||||||
|
▪Manage financial risk within risk appetite with a specific focus on the revision of the use of internal models
▪Manage non-financial risk within risk appetite with a specific focus on identity and access management and operational resilience
▪Deliver on regulatory programmes including KYC
|
▪Increase efficiency of risk processes while maintaining the effectiveness of controls
|
▪Implementation of ESG risk assessment methodology following CSRD requirements |
▪Strengthen organisational health with a focus on four priority areas:
–Strategic clarity
–Role clarity
–Customer focus
–Operationally disciplined
▪Increase gender balance in ING's leadership cadre
|
|||||||||||||||||||||||||||||||||||||||||
|
▪Credit, financial and non-financial risk were managed well within ING’s risk appetite.
▪The delivery of credit risk models in 2024 was in line with the defined multi-year plan for redevelopment of credit models.
▪Ongoing improvement of identity and access management (IAM) by standardisation and harmonisation of processes, workflows, and automation of IAM controls as well as the further rollout of supporting global tooling.
▪Implementation of the Digital Operational Resilience Act (DORA), which aims to further strengthen the digital operational resilience.
▪Maintained a sustainable level of operational effectiveness of KYC through oversight and challenge as the second line of defence, as the bank's KYC activities have matured.
|
▪Developed the next phase of ING’s strategy, 'Growing the difference', aimed at being the best European bank by accelerating growth, increasing impact, and delivering value.
▪Contributed to the digitalisation of lending processes by delivering on the defined automation milestones in risk processes of the retail and business banking lending journeys beyond expectation.
▪Improved the non-financial risk control processes in line with target while maintaining the effectiveness.
|
▪Exceeding expectations by implementing multiple initiatives to support the climate and environmental risk assessment process, among which:
–Enhancing the climate stress-testing methodology to assess the impact of climate risks on corporate and mortgage exposures from a credit risk perspective;
–Development and implementation of a transition risk scorecard, which is used to quantify transition risk with a scorecard approach at client level in order to identify the pool of high-risk clients within specific sectors;
–Developed a tool to measure and assign a level of physical risk for four chronic and nine acute physical risks across the short, medium and long term for portfolios and geographies in which ING operates; and
–Developed a new ESG risk assessment approach which considers the (climate and) environmental, social and governance risk factors, negative impacts and dependencies of ING's Wholesale Banking customers, and fully integrates the previous ESR framework. Tooling was developed to support the implementation of the assessment approach in the credit granting process. The new approach was gradually rolled out in 2024.
|
▪In 2024, we held two OHI surveys and 80 percent of our workforce provided feedback – the highest response rate ever. There is sustained engagement among ING's employees and feedback showed that the employees continue to value and appreciate their colleagues, the ability to work hybrid, and the opportunities that support their wellbeing.
▪Female representation in senior management increased in line with expectations from 31 percent at the end of 2023 to 32 percent at the end of 2024 with progress in nearly all domains.
|
|||||||||||||||||||||||||||||||||||||||||
| 2. 2024 remuneration outcomes | ||||||||||||||||||||||||||||||||
| 1. Fixed remuneration | 2. Variable remuneration | 3. Extraordinary items | 4. Pension benefits | 5. Total remuneration | 6. Proportion of fixed and variable remuneration | |||||||||||||||||||||||||||
| Amounts in euros (rounded figures) |
Base salary | Fees | Other benefits | One-year variable1 |
Multi-year variable | |||||||||||||||||||||||||||
| Steven van Rijswijk (CEO) | 2024 | 1,847,300 | — | 507,200 | 311,800 | — | — | 27,900 | 2,694,200 | 88.4% / 11.6% | ||||||||||||||||||||||
| 2023 | 1,776,300 | — | 503,300 | 299,600 | — | — | 26,100 | 2,605,200 | 88.5% / 11.5% | |||||||||||||||||||||||
| Tanate Phutrakul (CFO) | 2024 | 1,270,500 | — | 336,100 | 219,700 | — | — | 27,900 | 1,854,300 | 88.2% / 11.8% | ||||||||||||||||||||||
| 2023 | 1,221,700 | — | 362,300 | 224,100 | — | — | 26,100 | 1,834,200 | 87.8% / 12.2% | |||||||||||||||||||||||
| Ljiljana Čortan (CRO) | 2024 | 1,270,500 | — | 495,000 | 223,600 | — | — | 27,900 | 2,017,100 | 88.9% / 11.1% | ||||||||||||||||||||||
| 2023 | 1,221,700 | — | 481,400 | 208,000 | — | — | 26,100 | 1,937,200 | 89.3% / 10.7% | |||||||||||||||||||||||
| 3. Breakdown of benefits paid in 2024 | |||||||||||
| Amounts in euros (rounded figures) | Steven van Rijswijk (CEO) | Tanate Phutrakul (CFO) | Ljiljana Čortan (CRO) |
||||||||
| Contribution individual savings plans | 64,700 | 44,500 | 44,500 | ||||||||
| Individual savings allowance | 378,100 | 250,500 | 250,500 | ||||||||
| Travel and accident insurance | 15,000 | 15,000 | 15,000 | ||||||||
Other benefits1 |
49,400 | 26,100 | 185,000 | ||||||||
| Total | 507,200 | 336,100 | 495,000 | ||||||||
| 4. Share-based remuneration for Executive Board members | ||||||||||||||||||||||||||||||||||||||||||||
| The main conditions of share award plans | Information regarding the reported financial year | |||||||||||||||||||||||||||||||||||||||||||
| Opening balance | During the year | Closing balance | ||||||||||||||||||||||||||||||||||||||||||
| 1 | 2 | 3 | 4 | 5 | 6A | 6B | 6C | 7 | 8 | 9 | 10 | 11A | 11B | |||||||||||||||||||||||||||||||
Specification of plan1 |
Performance period | Granting/ offering date | Vesting date | End of retention period | Shares held at the beginning of the year | Shares subject to retention at the beginning of the year | Shares sold-to-cover2 |
Shares granted/ offered | Shares vested |
Shares subject to a performance condition | Shares granted/ offered and unvested at year-end | Shares subject to a retention period | Vested shares sold-to-cover2 |
|||||||||||||||||||||||||||||||
| Steven van Rijswijk (CEO) | LSPP Deferred Shares Idnt | 2017 | 27/03/2018 | 27/03/2023 | 27/03/2024 | - | 179 | 167 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2017 | 10/05/2018 | 11/05/2023 | 11/05/2024 | - | 410 | 380 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
| LSPP Upfront Shares | 2019 | 11/05/2020 | 11/05/2020 | 11/05/2025 | - | 4,193 | 3,350 | - | - | - | - | 4,193 | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2019 | 11/05/2020 | 11/05/2021 | 11/05/2025 | - | 1,241 | 1,022 | - | - | - | - | 1,241 | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2019 | 11/05/2020 | 11/05/2022 | 11/05/2025 | - | 1,224 | 1,039 | - | - | - | - | 1,224 | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2019 | 11/05/2020 | 11/05/2023 | 11/05/2025 | - | 1,202 | 1,061 | - | - | - | - | 1,202 | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2019 | 11/05/2020 | 11/05/2024 | 11/05/2025 | 2,263 | - | - | - | 2,263 | - | - | 1,174 | 1,089 | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2019 | 11/05/2020 | 11/05/2025 | 11/05/2026 | 2,263 | - | - | - | - | - | 2,263 | - | - | |||||||||||||||||||||||||||||||
| LSPP Upfront Shares | 2021 | 09/05/2022 | 09/05/2022 | 09/05/2027 | - | 5,108 | 4,082 | - | - | - | - | 5,108 | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2021 | 09/05/2022 | 11/05/2023 | 09/05/2027 | - | 1,512 | 1,245 | - | - | - | - | 1,512 | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2021 | 09/05/2022 | 11/05/2024 | 09/05/2027 | 2,757 | - | - | - | 2,757 | - | - | 1,491 | 1,266 | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2021 | 09/05/2022 | 11/05/2025 | 09/05/2027 | 2,757 | - | - | - | - | - | 2,757 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2021 | 09/05/2022 | 11/05/2026 | 11/05/2027 | 2,757 | - | - | - | - | - | 2,757 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2021 | 09/05/2022 | 11/05/2027 | 11/05/2028 | 2,757 | - | - | - | - | - | 2,757 | - | - | |||||||||||||||||||||||||||||||
| LSPP Upfront Shares | 2022 | 11/05/2023 | 11/05/2023 | 11/05/2028 | - | 4,846 | 3,872 | - | - | - | - | 4,846 | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2022 | 11/05/2023 | 11/05/2024 | 11/05/2028 | 2,615 | - | - | - | 2,615 | - | - | 1,434 | 1,181 | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2022 | 11/05/2023 | 11/05/2025 | 11/05/2028 | 2,615 | - | - | - | - | - | 2,615 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2022 | 11/05/2023 | 11/05/2026 | 11/05/2028 | 2,615 | - | - | - | - | - | 2,615 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2022 | 11/05/2023 | 11/05/2027 | 11/05/2028 | 2,615 | - | - | - | - | - | 2,615 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2022 | 11/05/2023 | 11/05/2028 | 11/05/2029 | 2,618 | - | - | - | - | - | 2,618 | - | - | |||||||||||||||||||||||||||||||
| LSPP Upfront Shares | 2023 | 10/05/2024 | 10/05/2024 | 10/05/2029 | - | - | - | 9,742 | 9,742 | - | - | 5,415 | 4,327 | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2023 | 10/05/2024 | 11/05/2025 | 10/05/2029 | - | - | - | 2,922 | - | - | 2,922 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2023 | 10/05/2024 | 11/05/2026 | 10/05/2029 | - | - | - | 2,922 | - | - | 2,922 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2023 | 10/05/2024 | 11/05/2027 | 10/05/2029 | - | - | - | 2,922 | - | - | 2,922 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2023 | 10/05/2024 | 11/05/2028 | 11/05/2029 | - | - | - | 2,922 | - | - | 2,922 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2023 | 10/05/2024 | 11/05/2029 | 11/05/2030 | - | - | - | 2,925 | - | - | 2,925 | - | - | |||||||||||||||||||||||||||||||
| Total | 28,632 | 19,915 | 16,218 | 24,355 | 17,377 | - | 35,610 | 28,840 | 7,863 | |||||||||||||||||||||||||||||||||||
| 4. Share-based remuneration for Executive Board members – continued | ||||||||||||||||||||||||||||||||||||||||||||
| The main conditions of share award plans | Information regarding the reported financial year | |||||||||||||||||||||||||||||||||||||||||||
| Opening Balance | During the year | Closing balance | ||||||||||||||||||||||||||||||||||||||||||
| 1 | 2 | 3 | 4 | 5 | 6A | 6B | 6C | 7 | 8 | 9 | 10 | 11A | 11B | |||||||||||||||||||||||||||||||
Specification of plan1 |
Performance period | Granting/ offering date | Vesting date | End of retention period | Shares held at the beginning of the year | Shares subject to retention at the beginning of the year | Shares sold-to-cover2 |
Shares granted/ offered | Shares vested | Shares subject to a performance condition | Shares granted/ offered and unvested at year-end | Shares subject to a retention period | Vested shares sold-to-cover2 |
|||||||||||||||||||||||||||||||
| Tanate Phutrakul (CFO) | LSPP Deferred Units Idnt (Equity settled) | 2016 | 27/03/2017 | 27/03/2023 | NULL | - | 238 | 247 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
| LSPP Deferred Units Idnt (Equity settled) | 2017 | 27/03/2018 | 27/03/2023 | NULL | - | 197 | 200 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Units Idnt (Equity settled) | 2017 | 27/03/2018 | 27/03/2024 | NULL | 401 | - | - | - | 401 | - | - | 200 | 201 | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2018 | 27/03/2019 | 27/03/2023 | 27/03/2024 | - | 117 | 110 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2018 | 27/03/2019 | 27/03/2024 | 27/03/2025 | 227 | - | - | - | 227 | - | - | 117 | 110 | |||||||||||||||||||||||||||||||
| LSPP Upfront Shares | 2019 | 11/05/2020 | 11/05/2020 | 11/05/2025 | - | 3,934 | 3,144 | - | - | - | - | 3,934 | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2019 | 11/05/2020 | 11/05/2021 | 11/05/2025 | - | 1,164 | 959 | - | - | - | - | 1,164 | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2019 | 11/05/2020 | 11/05/2022 | 11/05/2025 | - | 1,148 | 975 | - | - | - | - | 1,148 | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2019 | 11/05/2020 | 11/05/2023 | 11/05/2025 | - | 1,127 | 996 | - | - | - | - | 1,127 | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2019 | 11/05/2020 | 11/05/2024 | 11/05/2025 | 2,123 | - | - | - | 2,123 | - | - | 1,102 | 1,021 | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2019 | 11/05/2020 | 11/05/2025 | 11/05/2026 | 2,124 | - | - | - | - | - | 2,124 | - | - | |||||||||||||||||||||||||||||||
| LSPP Upfront Shares | 2021 | 09/05/2022 | 09/05/2022 | 09/05/2027 | - | 3,700 | 2,956 | - | - | - | - | 3,700 | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2021 | 09/05/2022 | 11/05/2023 | 09/05/2027 | - | 1,095 | 902 | - | - | - | - | 1,095 | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2021 | 09/05/2022 | 11/05/2024 | 09/05/2027 | 1,997 | - | - | - | 1,997 | - | - | 1,080 | 917 | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2021 | 09/05/2022 | 11/05/2025 | 09/05/2027 | 1,997 | - | - | - | - | - | 1,997 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2021 | 09/05/2022 | 11/05/2026 | 11/05/2027 | 1,997 | - | - | - | - | - | 1,997 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2021 | 09/05/2022 | 11/05/2027 | 11/05/2028 | 1,997 | - | - | - | - | - | 1,997 | - | - | |||||||||||||||||||||||||||||||
| LSPP Upfront Shares | 2022 | 11/05/2023 | 11/05/2023 | 11/05/2028 | - | 3,351 | 2,678 | - | - | - | - | 3,351 | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2022 | 11/05/2023 | 11/05/2024 | 11/05/2028 | 1,808 | - | - | - | 1,808 | - | - | 991 | 817 | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2022 | 11/05/2023 | 11/05/2025 | 11/05/2028 | 1,808 | - | - | - | - | - | 1,808 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2022 | 11/05/2023 | 11/05/2026 | 11/05/2028 | 1,808 | - | - | - | - | - | 1,808 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2022 | 11/05/2023 | 11/05/2027 | 11/05/2028 | 1,808 | - | - | - | - | - | 1,808 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2022 | 11/05/2023 | 11/05/2028 | 11/05/2029 | 1,811 | - | - | - | - | - | 1,811 | - | - | |||||||||||||||||||||||||||||||
| LSPP Upfront Shares | 2023 | 10/05/2024 | 10/05/2024 | 10/05/2029 | - | - | - | 7,288 | 7,288 | - | - | 4,051 | 3,237 | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2023 | 10/05/2024 | 11/05/2025 | 10/05/2029 | - | - | - | 2,186 | - | - | 2,186 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2023 | 10/05/2024 | 11/05/2026 | 10/05/2029 | - | - | - | 2,186 | - | - | 2,186 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2023 | 10/05/2024 | 11/05/2027 | 10/05/2029 | - | - | - | 2,186 | - | - | 2,186 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2023 | 10/05/2024 | 11/05/2028 | 11/05/2029 | - | - | - | 2,186 | - | - | 2,186 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2023 | 10/05/2024 | 11/05/2029 | 11/05/2030 | - | - | - | 2,188 | - | - | 2,188 | - | - | |||||||||||||||||||||||||||||||
| Total | 21,906 | 16,071 | 13,167 | 18,220 | 13,844 | - | 26,282 | 23,060 | 6,303 | |||||||||||||||||||||||||||||||||||
| 4. Share-based remuneration for Executive Board members – continued | ||||||||||||||||||||||||||||||||||||||||||||
| The main conditions of share award plans | Information regarding the reported financial year | |||||||||||||||||||||||||||||||||||||||||||
| Opening Balance | During the year | Closing balance | ||||||||||||||||||||||||||||||||||||||||||
| 1 | 2 | 3 | 4 | 5 | 6A | 6B | 6C | 7 | 8 | 9 | 10 | 11A | 11B | |||||||||||||||||||||||||||||||
Specification of plan1 |
Performance period | Granting/ offering date | Vesting Date | End of retention period | Shares held at the beginning of the year | Shares subject to retention at the beginning of the year | Shares sold-to-cover2 |
Shares granted/ offered | Shares vested | Shares subject to a performance condition | Shares granted/ offered and unvested at year-end | Shares subject to a retention period | Vested shares sold-to-cover2 |
|||||||||||||||||||||||||||||||
| Ljiljana Cortan (CRO) | LSPP Upfront Shares | 2021 | 09/05/2022 | 09/05/2022 | 09/05/2027 | - | 4,478 | 1,936 | - | - | - | - | 4,478 | - | ||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2021 | 09/05/2022 | 11/05/2023 | 09/05/2027 | - | 1,331 | 593 | - | - | - | - | 1,331 | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2021 | 09/05/2022 | 11/05/2024 | 09/05/2027 | 1,924 | - | - | - | 1,924 | - | - | 1,319 | 605 | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2021 | 09/05/2022 | 11/05/2025 | 09/05/2027 | 1,924 | - | - | - | - | - | 1,924 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2021 | 09/05/2022 | 11/05/2026 | 11/05/2027 | 1,924 | - | - | - | - | - | 1,924 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2021 | 09/05/2022 | 11/05/2027 | 11/05/2028 | 1,925 | - | - | - | - | - | 1,925 | - | - | |||||||||||||||||||||||||||||||
| LSPP Upfront Shares | 2022 | 11/05/2023 | 11/05/2023 | 11/05/2028 | - | 4,419 | 1,911 | - | - | - | - | 4,419 | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2022 | 11/05/2023 | 11/05/2024 | 11/05/2028 | 1,899 | - | - | - | 1,899 | - | - | 1,313 | 586 | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2022 | 11/05/2023 | 11/05/2025 | 11/05/2028 | 1,899 | - | - | - | - | - | 1,899 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2022 | 11/05/2023 | 11/05/2026 | 11/05/2028 | 1,899 | - | - | - | - | - | 1,899 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2022 | 11/05/2023 | 11/05/2027 | 11/05/2028 | 1,899 | - | - | - | - | - | 1,899 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2022 | 11/05/2023 | 11/05/2028 | 11/05/2029 | 1,899 | - | - | - | - | - | 1,899 | - | - | |||||||||||||||||||||||||||||||
| LSPP Upfront Shares | 2023 | 10/05/2024 | 10/05/2024 | 10/05/2029 | - | - | - | 6,766 | 6,766 | - | - | 4,724 | 2,042 | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2023 | 10/05/2024 | 11/05/2025 | 10/05/2029 | - | - | - | 2,029 | - | - | 2,029 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2023 | 10/05/2024 | 11/05/2026 | 10/05/2029 | - | - | - | 2,029 | - | - | 2,029 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2023 | 10/05/2024 | 11/05/2027 | 10/05/2029 | - | - | - | 2,029 | - | - | 2,029 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2023 | 10/05/2024 | 11/05/2028 | 11/05/2029 | - | - | - | 2,029 | - | - | 2,029 | - | - | |||||||||||||||||||||||||||||||
| LSPP Deferred Shares Idnt | 2023 | 10/05/2024 | 11/05/2029 | 11/05/2030 | - | - | - | 2,033 | - | - | 2,033 | - | - | |||||||||||||||||||||||||||||||
| Total | 17,192 | 10,228 | 4,440 | 16,915 | 10,589 | - | 23,518 | 17,584 | 3,233 | |||||||||||||||||||||||||||||||||||
| 5. ING shares held by Executive Board members | ||||||||
| Numbers of shares | 2024 | 2023 | ||||||
| Steven van Rijswijk (CEO) | 101,908 | 92,394 | ||||||
| Tanate Phutrakul (CFO) | 33,160 | 25,619 | ||||||
| Ljiljana Čortan (CRO) | 17,584 | 10,228 | ||||||
| 6. 2025 Target areas | CEO | CFO | CRO | ||||||||||||||
| Weighting | Weighting | Weighting | |||||||||||||||
| Financial | Profit before tax | 16.7% | 16.7% | 8.3% | |||||||||||||
| Return on equity | 16.7% | 16.7% | 8.3% | ||||||||||||||
| Operational expenses | 16.7% | 16.7% | 8.3% | ||||||||||||||
| 50% | 50% | 25% | |||||||||||||||
| Non-financial | Customer |
▪Increase number of mobile primary customers as this leads to deeper relationships, greater customer satisfaction, and ultimately customers choosing ING for more of their financial needs
▪Increase customer satisfaction of Retail and Wholesale by increasing NPS
|
7.5% | 5% | NA | ||||||||||||
| Risk & Regulatory |
▪Manage financial risk within risk appetite, with a specific focus on the revision of the use of internal models
▪Manage non-financial risk within risk appetite, with a specific focus on the IT risk management
▪Maintain operational effectiveness of KYC
|
15% | 17.5% | 45% | |||||||||||||
| Strategy | ▪Increase digitisation and straight-through-processing (STP) rate of customer processes |
12.5% | |||||||||||||||
▪Increase efficiency of finance processes while maintaining the effectiveness of controls |
12.5% | ||||||||||||||||
▪Increase efficiency of risk processes while maintaining the effectiveness of controls |
15% | ||||||||||||||||
| Environment |
▪Increase sustainable volume mobilised
▪Support the transition of the most carbon-intensive sectors in Wholesale Banking towards a better carbon performance, in line with our 2030 decarbonisation target
|
10% | |||||||||||||||
▪Continuous refinement of CSRD disclosures |
10% | ||||||||||||||||
▪Continuous refinement of ESG risk assessment methodology |
10% | ||||||||||||||||
| Social |
▪Strengthen organisational health with a focus on five priority areas: strategic clarity, role clarity, customer orientation, data driven decision making, talent development
▪Increase gender balance in ING's leadership cadre
|
5% | 5% | 5% | |||||||||||||
| 50% | 50% | 75% | |||||||||||||||
| Total | 100% | 100% | 100% | ||||||||||||||
| 7. Internal ratio for CEO | All ING staff | ||||
| 2024 | 1:24 | ||||
| 2023 | 1:24 | ||||
| 2022 | 1:25 | ||||
| 2021 | 1:28 | ||||
| 2020 | 1:31 | ||||
| 8. Development of directors’ remuneration, company performance and employee remuneration ¹ | |||||||||||||||||||||||||||||||||||
| Amount in thousands of euros unless otherwise stated | FY 2024 | FY 2024 vs FY 2023 | FY 2023 vs FY 2022 | FY 2022 vs FY 2021 | FY 2021 vs FY 2020 | FY 2020 vs FY 2019 | |||||||||||||||||||||||||||||
Directors' remuneration (Executive Board) 2, 3, 4, 5 | |||||||||||||||||||||||||||||||||||
| Steven van Rijswijk (CEO) | 2,159 | 83 | 4.0% | 23 | 1.1% | -24 | -1.2% | 578 | 38.6% | 100 | 7.2% | ||||||||||||||||||||||||
| Tanate Phutrakul (CFO) | 1,490 | 44 | 3.0% | 33 | 2.3% | -27 | -1.9% | 218 | 17.9% | - | - | ||||||||||||||||||||||||
Ljiljana Čortan (CRO) |
1,494 | 64 | 4.5% | 7 | 0.5% | - | - | - | - | - | - | ||||||||||||||||||||||||
Directors' remuneration (Supervisory Board) 6 | |||||||||||||||||||||||||||||||||||
Karl Guha (chairperson) |
206 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Mike Rees (vice-chairperson) |
158 | 7 | 4.6% | 12 | 8.8% | 10 | 7.8% | 0 | 0% | - | - | ||||||||||||||||||||||||
| Juan Colombás | 141 | 18 | 14.7% | 21 | 20.4% | 8 | 8.5% | - | - | - | - | ||||||||||||||||||||||||
| Margarete Haase | 128 | 11 | 9.3% | 6 | 4.9% | 8 | 7.7% | -1 | -1.0% | 7 | 7.1% | ||||||||||||||||||||||||
| Lodewijk Hijmans van den Bergh | 111 | 4 | 3.4% | 11 | 10.8% | - | - | - | - | - | - | ||||||||||||||||||||||||
| Herman Hulst | 111 | 4 | 3.4% | 8 | 7.5% | 5 | 5.0% | - | - | - | - | ||||||||||||||||||||||||
| Harold Naus | 106 | 8 | 8.7% | 6 | 6.0% | -3 | -2.9% | - | - | - | - | ||||||||||||||||||||||||
| Alexandra Reich | 118 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
| Herna Verhagen | 111 | 4 | 3.4% | 6 | 5.4% | 2 | 2.0% | -21 | -17.4% | - | - | ||||||||||||||||||||||||
| Company’s performance | |||||||||||||||||||||||||||||||||||
| Retail primary relationships (in mln) | 16.2 | 0.9 | 6% | 0.7 | 5% | 0.3 | 2% | 0.4 | 3% | 0.6 | 5% | ||||||||||||||||||||||||
| Profit before tax ING Group (in mln) | 9,300 | -1,192 | -11% | 4,990 | 91% | -1,280 | -19% | 2,973 | 78% | -3,025 | -44% | ||||||||||||||||||||||||
| Return on equity based on IFRS-EU equity | 13% | -1.8% | -12% | 7.6% | 106% | -2% | -22% | 4.4% | 92% | -4.6% | -49% | ||||||||||||||||||||||||
Average employee remuneration | |||||||||||||||||||||||||||||||||||
| Average fixed and annual variable remuneration | 81 | 3.8 | 4.9% | 4.8 | 6.5% | 2.4 | 3.5% | 2.7 | 4.0% | - | - | ||||||||||||||||||||||||
| Remuneration component | Operation | ||||
| Annual remuneration, committee fees and attendance fees |
▪SB members receive fees for their service on the SB as set out in the remuneration structure table below. The remuneration is awarded to the SB members by the General Meeting.
▪The remuneration structure reflects the roles and responsibilities of individual SB members.
▪All fees are paid out fully in cash. No variable remuneration is provided to ensure that the SB members can maintain independence and provide objective stewardship of ING, thereby contributing to the long-term performance of the company.
▪The fees of SB members may be indexed annually based on the salary increases for the wider workforce within ING for that relevant year.
▪Any adjustments in fee levels other than those following from the indexation will be subject to the approval of the General Meeting.
▪Any changes in the fee levels will be presented in ING’s Annual Report for the relevant year.4
|
||||
| Expenses | ▪SB members are reimbursed for their travel and business-related expenses incurred in their capacity as SB members. |
||||
| 9. ING shares held by Supervisory Board members | ||||||||
| Numbers of shares | 2024 | 2023 | ||||||
| Herman Hulst | 3,650 | 3,650 | ||||||
| Harold Naus | 1,645 | 1,645 | ||||||
| 10. Supervisory Board remuneration | ||||||||
| Amounts in euros | 2024 | 2025 | ||||||
| Annual remuneration | ||||||||
| Chairperson | 131,700 | 138,500 | ||||||
| Vice-chairperson | 100,100 | 105,300 | ||||||
| Member | 73,700 | 77,500 | ||||||
| Committee fees (annual amounts) | ||||||||
| Committee chairperson | 21,000 | 22,000 | ||||||
| Committee member | 10,500 | 11,000 | ||||||
| Attendance fees (per meeting) | ||||||||
| Attendance fee outside country of residence | 2,000 | 2,100 | ||||||
| Attendance fee outside continent of residence | 7,500 | 7,800 | ||||||
Remuneration principles | ||
Attract and retain to deliver ING's strategic goals Support ING's ambition to be the best European bank by attracting, retaining, and rewarding qualified employees who have the desired values, skills, behaviours, and knowledge to deliver this goal with market competitive pay. | ||
Pay for performance Define a clear link between the group, business line, and employee performance and individual remuneration, motivating, recognising, and rewarding long-term sustainable value. | ||
|
Fair and transparent
Foster transparency and fairness on how remuneration is determined, ensuring fair and equitable determination of remuneration, and enabling an inclusive and motivating work environment.
| ||
Align with risk appetite and conduct Design rewards for employees to achieve results in line with ING's risk appetite and conduct expectations. | ||
|
Purpose led
Reward business results achieved in a manner consistent with our Orange Code values and behaviours.
| ||
| Remuneration component | Operation | ||||
Fixed remuneration |
▪Fixed remuneration aims to attract, motivate, and retain qualified employees.
▪This may include base salary, fixed pay allowance, and other cash allowances in accordance with local market practices and regulations.
▪Fixed remuneration represents a sufficiently high proportion, in line with the level of knowledge, expertise and skills.
|
||||
| Pension |
▪Company pension is offered according to local market practice. A standard, defined contribution pension policy applies in each country.
▪No additional discretionary pension benefits are paid to employees over and above those acquired under an employer pension plan.
|
||||
| Benefits |
▪Benefits ensure market competitiveness and are designed in consideration of local social plans (e.g. retirement, insurance plans), local regulations, and market practice.
▪Benefits do not depend on performance and are often indirectly paid out by ING via a third party. This may include, but is not limited to, medical insurance, and life insurance.
|
||||
| Variable remuneration |
▪Variable remuneration aims to align reward with group, business line, and individual performance. Variable remuneration rewards employees for their performance and the delivery of financial and non-financial targets, values and behaviours, while reflecting performance, risks, affordability, and the financial and capital situation of ING.
▪The types of variable remuneration may consist of a broad variety of schemes such as discretionary variable remuneration (see section on VRAM) and collective variable remuneration (e.g. profit-share schemes etc.)
▪Variable remuneration awards are subject to the applicable regulatory caps, are performance-driven, fully flexible and may potentially reduce to zero.
▪For employees eligible for variable remuneration, a minimum of 50 percent non-financial targets applies, which follows regulatory requirements.
▪For identified staff (i.e. staff considered to have a material impact on ING's risk profile), at least 40 percent of variable remuneration is deferred over a period of four or five years (depending on the level of seniority) with a tiered vesting schedule. Furthermore, at least 50 percent of variable remuneration is awarded in equity (or equity-linked instruments unless local legislation prescribes otherwise). The deferral scheme and instruments used to deliver variable remuneration awards align with ING's long-term performance and risk-management framework.
▪At the 2021 AGM, shareholders approved to apply an increased maximum percentage of up to 200 percent for employees outside the EEA for a period of five performance years until end-2026, in line with the Dutch WBFO.5
|
||||
| Step 1 | Step 2 | Step 3 | Step 4 | Step 5 | ||||||||||||||||||||||
|
Target VR pool is a sum of individual VR targets which are set in reference to market pay levels.
|
ROE and CET1 hurdles, as qualifiers, are requirements that both need to be met before for the VR pools can be unlocked. |
The performance scorecards are based on an assessment against financial, non-financial and risk measures. All scorecards are structured and a formulaic approach is used to generate a VR pool at a Group and business line level. |
Group CEO reviews the VR pools and, where appropriate, makes a discretionary recommendation to adjust upwards or downwards the VR pools based on performance parameters. |
Final and independent assessment by the Group CRO recommending additional risk adjustments to VR pools, based on ex-ante risks focusing on material outliers not captured under step 3 and ex-post risk events at a Group, business line, entity or team level.
Furthermore, the Group CRO also recommends risk modifiers to individual variable awards where risk requirements are below expectations applicable on to IDS Risk Takers2 as well as holdback (i.e. forfeiture of up to 100 percent of the unvested variable remuneration awards) and/or clawback sanctions (i.e. repayment of up to 100 percent of the paid or vested variable remuneration) for employee significant incidents.
|
||||||||||||||||||||||
| Number of employees | |||||||||||||||||||||||||||||
| Netherlands | Rest of the world | Total | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | |||||||||||||||||||||
Total average number of internal employees at full time equivalent basis |
14,821 | 14,449 | 14,488 | 46,301 | 44,985 | 43,081 | 61,121 | 59,434 | 57,569 | ||||||||||||||||||||
| Type of Service | ADR Depositary Actions | Fee Payable | ||||||||||||
| Depositing or substituting the underlying Ordinary Shares |
Issuance of ADSs against the deposit of Ordinary Shares, including deposits and issuances in respect of:
•share distributions, rights and other distributions.
•a stock dividend or stock split.
•a merger, exchange of securities or other transactions or events affecting the ADSs or the underlying Ordinary Shares.
|
$5.00 for each 100 ADSs (or portion thereof) issued, delivered or upon which a share distributive or elective distribution is made or offered. The ADR depositary may sell sufficient securities or property received in respect of share distributions, rights and other distributions prior to such deposit to pay such charge. | ||||||||||||
Receiving or distributing cash dividends |
Distribution of cash dividends or other cash distributions, or offering of elective cash/stock dividends. | $0.05 or less per ADS held. | ||||||||||||
| Selling or exercising rights |
•additional ADRs resulting from a dividend or free distribution consisting of Ordinary Shares, or U.S dollars resulting from sales of Ordinary Shares received in a distribution.
•Instruments representing rights to acquire additional ADRs as a result of distribution on Ordinary Shares, or U.S dollars resulting from sales of such rights.
•other securities available to the ADR depositary resulting from any distribution on the deposited Ordinary Shares, or U.S dollars resulting from sales of such other securities.
|
An amount equal to the fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such securities. | ||||||||||||
| Withdrawing an underlying Ordinary Share | Acceptance of ADSs surrendered for withdrawal of deposited Ordinary Shares | $5.00 for each 100 ADSs (or portion thereof) reduced, cancelled or surrendered. | ||||||||||||
| Type of Service | ADR Depositary Actions | Fee Payable | ||||||||||||
| Transferring, splitting or grouping of ADRs | Registration, registration of transfer, combination and split-up of ADRs in the ADR register as evidenced by the ADRs surrendered or upon delivery of proper instruments of transfer | $1.50 per ADR. | ||||||||||||
| General depositary services, particularly those charged on an annual basis | Other services performed by the ADR depositary in administering the ADR program | $0.05 per ADS per calendar year (or portion thereof), which may be charged on a periodic basis during each calendar year against holders of the record date(s) set by the ADR depositary and shall be payable at the sole discretion of the ADR depositary by billing such holders or deducting such charge from one or more cash distributions. | ||||||||||||
| Reimbursement of fees, charges and expenses of the ADR depositary | The ADR depositary and/or any of its agents may incur fees, charges and expenses (including expenses incurred on behalf of holders of ADRs in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in connection with the servicing of the underlying Ordinary Shares or other deposited securities, the sale of securities (including, without limitation, deposited securities), the delivery of deposited securities or otherwise in connection with the ADR depositary’s compliance with applicable law, rule or regulation. | Fees and charges shall be assessed on a proportionate basis against holders of ADRs as of the record date or dates set by the ADR depositary and shall be payable at the sole discretion of the ADR depositary by billing such holders of ADRs or by deducting such charge from one or more cash dividends or other cash distributions. | ||||||||||||
| Type of Service | ADR Depositary Actions | Fee Payable | ||||||||||||
| Other charges and expenses of the ADR depositary |
The ADR depositary may incur charges and expenses on behalf of holders in connection with:
•stock transfer or other taxes and other governmental charges.
•SWIFT, cable, telex and facsimile transmission and delivery charges incurred at the request of persons
•depositing, or holders of ADRs delivering underlying Ordinary Shares, ADRs or deposited securities.
•transfer or registration fees for the registration or transfer of deposited securities.
|
Payable by holders or persons depositing Ordinary Shares.
Payable by persons depositing, or holders of ADRs delivering underlying Ordinary Shares, Ads or deposited securities.
Payable by persons depositing or withdrawing deposited securities.
|
||||||||||||
| Purchases of Equity Securities by the Issuer and affiliated Purchasers | ||||||||||||||
| Month of purchase | Total number of shares purchased1 |
Average price paid per share in EUR | Total number of shares purchased as part of publicly announced plans or programmes 2, 3, 4, 5 |
Maximum Value of shares that may yet be purchased under the plans or programmes in EUR million | ||||||||||
| January 2024 | 29,561,721 | 13.02 | 29,561,721 | 133 | ||||||||||
| February 2024 | 11,555,298 | 12.23 | 11,555,298 | |||||||||||
| March 2024 | 3,318,806 | 12.99 | 3,318,806 | |||||||||||
| April 2024 | ||||||||||||||
| May 2024 | 50,465,518 | 16.13 | 50,465,518 | 1,686 | ||||||||||
| June 2024 | 12,613,087 | 15.92 | 12,613,087 | 1,485 | ||||||||||
| July 2024 | 14,060,917 | 16.75 | 14,060,917 | 1,250 | ||||||||||
| August 2024 | 50,265,341 | 15.45 | 50,265,341 | 473 | ||||||||||
| September 2024 | 13,722,160 | 16.36 | 13,722,160 | 249 | ||||||||||
| October 2024 | 17,909,332 | 15.78 | 17,909,332 | 1,952 | ||||||||||
| November 2024 | 25,580,942 | 14.97 | 25,580,942 | 1,569 | ||||||||||
| December 2024 | 21,850,094 | 14.88 | 21,850,094 | 1,244 | ||||||||||
| Total | 250,903,216 | 15.19 | 250,903,216 | |||||||||||
| Of which: | ||||||||||||||
| Purchased in the open market | 250,903,216 | 15.19 | 250,903,216 | 1,244 | ||||||||||
| Acquired through exercise of call options / settlement of forward contracts | n.a. | n.a. | n.a. | n.a. | ||||||||||
| Exhibit 1.1 | |||||
Exhibit 2.1 |
|||||
| Exhibit 2.2 | |||||
| Exhibit 2.3 | |||||
| Exhibit 2.4 | |||||
| Exhibit 2.5 | |||||
| Exhibit 2.6 | |||||
| Exhibit 2.7 | |||||
| Exhibit 2.8 | |||||
| Exhibit 2.9 | |||||
| Exhibit 2.10 | |||||
| Exhibit 2.11 | |||||
| Exhibit 2.12 | |||||
Exhibit 8 |
|||||
| Exhibit 11 | |||||
Exhibit 12.1 |
|||||
Exhibit 12.2 |
|||||
Exhibit 13.1 |
|||||
Exhibit 13.2 |
|||||
Exhibit 15.1 |
|||||
| Exhibit 97 | |||||
| Exhibit 101 | Inline eXtensible Business Reporting Language (Inline XBRL) | ||||
| Exhibit 104 | Cover Page Interactive Datafile (embedded in Exhibit 101) | ||||
| ING Group capital position according to CRR II / CRD V | ||||||||
| in € million | 2024 | 2023 | ||||||
Shareholders’ equity 1 |
50,314 | 51,240 | ||||||
| Interim profits not included in CET1 capital | -2,152 | -2,504 | ||||||
| - Other adjustments | -2,902 | -1,880 | ||||||
| Regulatory adjustments | -5,054 | -4,384 | ||||||
| Available common equity Tier 1 capital | 45,260 | 46,856 | ||||||
Additional Tier 1 securities |
7,965 | 6,983 | ||||||
| Regulatory adjustments additional Tier | 66 | 59 | ||||||
| Available Tier 1 capital | 53,291 | 53,898 | ||||||
Supplementary capital Tier 2 bonds 2 |
9,852 | 9,115 | ||||||
| Regulatory adjustments Tier 2 | 50 | 40 | ||||||
| Available Total capital | 63,194 | 63,052 | ||||||
| Risk weighted assets | 333,708 | 319,169 | ||||||
| Common equity Tier 1 ratio | 13.6 | % | 14.7 | % | ||||
| Tier 1 ratio | 16.0 | % | 16.9 | % | ||||
| Total capital ratio | 18.9 | % | 19.8 | % | ||||
| Main credit ratings of ING at 31 December 2024 | |||||||||||
| S&P | Moody’s | Fitch | |||||||||
| ING Groep N.V. | |||||||||||
| Issuer rating | |||||||||||
| Long-term | A- | n/a | A+ | ||||||||
| Short-term | A-2 | n/a | F1 | ||||||||
| Outlook | Stable | Positive 1 |
Stable | ||||||||
| Senior unsecured rating | A- | Baa1 | A+ | ||||||||
| ING Bank N.V. | |||||||||||
| Issuer rating | |||||||||||
| Long-term | A+ | A1 | AA- | ||||||||
| Short-term | A-1 | P-1 | F1+ | ||||||||
| Outlook | Stable | Positive | Stable | ||||||||
| Senior unsecured rating | A+ | A1 | AA- | ||||||||
|
Basis of disclosures (*)
The risk management section contains information relating to the nature and extent of the risks of financial instruments as required by International Financial Reporting Standards (IFRS) 7 'Financial Instruments: Disclosures'. These disclosures are an integral part of the ING Group Consolidated financial statements and are indicated by the symbol (*). This is applicable for the chapters, paragraphs, graphs or tables within the risk management section that are indicated with this symbol in the respective headings or table header.
This risk management section includes additional disclosures beyond those required by IFRS standards, such as certain legal and regulatory disclosures. Not all information in this section can be reconciled back to the primary financial statements and corresponding notes, as it has been prepared using risk data that differs to the accounting basis of measurement. Disclosures in accordance with Part Eight of the CRR2 and CRD V, and as required by the supervisory authority, are published in our ‘Additional Pillar III Report’, which can be found on our corporate website ing.com.
| |||||||||||
|
First
line of defence
|
Second
line of defence
|
Third
line of defence
|
||||||||||||||||||||||||||||||||||||
| Who | Who | Who | ||||||||||||||||||||||||||||||||||||
|
Heads or their delegates of:
banking business, support functions*, geographies, countries
Responsible for
▪Running business with clients and accountable for assessing, controlling, mitigating and reporting all risks affecting their businesses, to ensure risks are within risk appetite, i.e. 1st LoD risk management activities
▪Completeness and accuracy of the financial statements and risk reports with respect to their areas of responsibility
* Although support functions are part of the first line of defence, they provide subject matter expertise to both the first and second lines of defence
Who
COO
Responsible for
▪Setting, operating and maintaining effective and efficient processes and running operations for the bank, and managing risks arising from these activities
Who
CTO
Responsible for
▪Setting, operating and maintaining an effective and efficient IT architecture and IT services provision for the bank, and managing risks arising from these activities
|
Risk including Compliance
Responsible for
▪Overseeing, monitoring, advising and challenging the first line of defence on risk management (including compliance) and have escalation/veto power in relation to activities and decisions that are judged to present unacceptable risks to ING
▪Setting minimum requirements in terms of quality and quantity of its resources (staff) at group and local level in ING's Risk (including Compliance) function
▪Articulating and translating the risk appetite into methodologies, frameworks and policies and controlling execution of and adherence to their implementation/embedding to support and monitor business management's control of risk
▪Objectively challenging the first line of defence's risk management execution and control process including their reporting of risks and controls
▪Coordinating the first line of defence's reporting of risks and controls
|
Internal audit function CAS
Responsible for
▪Independent assurance to the MB, the Audit Committee and the SB on the quality and effectiveness of ING's internal control, risk management, governance and implemented systems and processes in both the first and second lines of defence
|
||||||||||||||||||||||||||||||||||||
| Reconciliation between credit & counterparty risk categories and financial position (*) | ||||||||
| Credit risk categories | Notes in the financial statements | |||||||
| Lending risk: The risk that the client (counterparty, corporate or individual) does not pay the principal interest or fees on a loan when they are due, or on demand for letters of credit (LCs) and guarantees provided by ING. | 2 | Cash and balances with central banks | ||||||
| 3 | Loans and advances to banks | |||||||
| 4 | Financial assets at fair value through profit or loss | |||||||
| 5 | Financial assets at fair value through other comprehensive income | |||||||
| 7 | Loans and advances to customers | |||||||
| 40 | Contingent liabilities and commitments | |||||||
| Investment risk: The credit default and risk rating migration risk that is associated with ING’s investments in bonds, commercial paper, equities, securitisations and other similar publicly traded securities. This can be viewed as the potential loss that ING may incur from holding a position in underlying securities whose issuer's credit quality deteriorates or defaults. | 4 | Financial assets at fair value through profit or loss | ||||||
| 5 | Financial assets at fair value through other comprehensive income | |||||||
| 6 | Debt securities | |||||||
| Money market risk: This arises when ING places short-term deposits with a counterparty in order to manage excess liquidity. In the event of a counterparty default, ING may lose the deposit placed. | 2 | Cash and balances with central banks | ||||||
| 3 | Loans and advances to banks | |||||||
| 7 | Loans and advances to customers | |||||||
| Pre-settlement risk: This arises when a client defaults on a transaction before settlement and ING must replace the contract by a trade with another counterparty at the then prevailing (possibly unfavourable) market price. This credit risk category is associated with derivatives transactions (exchange-traded derivatives, over-the-counter (OTC) derivatives and securities financing transactions). | 4 | Financial assets at fair value through profit or loss | ||||||
| 14 | Financial liabilities at fair value through profit or loss | |||||||
| 39 | Offsetting financial assets and liabilities | |||||||
| Settlement risk: This arises when there is an exchange of value (funds or instruments) and receipt from its counterparty is not verified or expected until after ING has given irrevocable instructions to pay or has paid or delivered its side of the trade. The risk is that ING delivers but does not receive delivery from its counterparty. | 4 | Financial assets at fair value through profit or loss | ||||||
| 11 | Other assets | |||||||
| 14 | Financial liabilities at fair value through profit or loss | |||||||
| 16 | Other liabilities | |||||||
Outstandings per line of business (*)1, 2, 3 | |||||||||||||||||||||||||||||
| in € million | Wholesale Banking | Retail Banking | Corporate line | Total | |||||||||||||||||||||||||
| Rating class | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||
| Investment grade | 1 (AAA) | 53,363 | 52,665 | 29,151 | 34,683 | 1,790 | 2,284 | 84,304 | 89,631 | ||||||||||||||||||||
| 2-4 (AA) | 72,462 | 67,034 | 63,187 | 59,655 | 4 | 6 | 135,653 | 126,694 | |||||||||||||||||||||
| 5-7 (A) | 101,766 | 95,320 | 140,479 | 132,076 | 154 | 147 | 242,400 | 227,543 | |||||||||||||||||||||
| 8-10 (BBB) | 129,429 | 123,081 | 155,375 | 146,295 | 3,662 | 2,357 | 288,466 | 271,733 | |||||||||||||||||||||
| Non-investment grade | 11-13 (BB) | 53,757 | 57,348 | 94,753 | 94,408 | 148,510 | 151,756 | ||||||||||||||||||||||
| 14-16 (B) | 7,396 | 12,234 | 31,165 | 29,330 | 38,561 | 41,565 | |||||||||||||||||||||||
| 17 (CCC) | 1,037 | 1,122 | 3,345 | 3,113 | 170 | 392 | 4,552 | 4,628 | |||||||||||||||||||||
| Performing Restructuring loans | 18 (CC) | 1,792 | 2,523 | 2,001 | 1,957 | 3,794 | 4,481 | ||||||||||||||||||||||
| 19 (C) | 560 | 535 | 1,760 | 1,313 | 2,321 | 1,848 | |||||||||||||||||||||||
| Non-performing loans | 20-22 (D) | 5,204 | 4,051 | 8,100 | 7,622 | 13,303 | 11,673 | ||||||||||||||||||||||
| Total | 426,767 | 415,914 | 529,317 | 510,452 | 5,779 | 5,186 | 961,863 | 931,552 | |||||||||||||||||||||
| Industry | |||||||||||||||||||||||||||||
| Private Individuals | 2,116 | 2,330 | 377,712 | 359,057 | 379,827 | 361,387 | |||||||||||||||||||||||
| Central Banks | 61,091 | 70,139 | 15,044 | 21,740 | 1,785 | 2,269 | 77,919 | 94,147 | |||||||||||||||||||||
| Natural Resources | 39,974 | 40,511 | 1,925 | 1,883 | 41,899 | 42,394 | |||||||||||||||||||||||
| Real Estate | 24,643 | 24,904 | 28,738 | 26,611 | 53,381 | 51,515 | |||||||||||||||||||||||
| Commercial Banks | 40,962 | 37,342 | 6,662 | 6,183 | 3,616 | 2,515 | 51,240 | 46,040 | |||||||||||||||||||||
| Non-Bank Financial Institutions | 64,217 | 55,313 | 2,212 | 2,290 | 290 | 286 | 66,719 | 57,889 | |||||||||||||||||||||
| Central Governments | 48,389 | 45,316 | 8,107 | 7,304 | 1 | 1 | 56,497 | 52,621 | |||||||||||||||||||||
| Transportation & Logistics | 27,499 | 27,106 | 6,037 | 5,784 | 33,536 | 32,890 | |||||||||||||||||||||||
| Utilities | 25,517 | 23,324 | 2,196 | 2,184 | 27,713 | 25,509 | |||||||||||||||||||||||
| Food, Beverages & Personal Care | 13,827 | 13,503 | 10,419 | 9,883 | 24,246 | 23,386 | |||||||||||||||||||||||
| Services | 8,844 | 9,128 | 13,442 | 12,872 | 27 | 24 | 22,312 | 22,023 | |||||||||||||||||||||
| General Industries | 10,512 | 12,039 | 8,812 | 9,086 | 19,324 | 21,126 | |||||||||||||||||||||||
| Lower Public Administration | 6,959 | 6,211 | 19,598 | 17,493 | 26,557 | 23,704 | |||||||||||||||||||||||
| Other | 52,218 | 48,748 | 28,412 | 28,082 | 62 | 92 | 80,691 | 76,922 | |||||||||||||||||||||
| Total | 426,767 | 415,914 | 529,317 | 510,452 | 5,779 | 5,186 | 961,863 | 931,552 | |||||||||||||||||||||
Outstandings per line of business (*) - continued1, 2, 3 | |||||||||||||||||||||||||||||
| in € million | Wholesale Banking | Retail Banking | Corporate line | Total | |||||||||||||||||||||||||
| Region | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||
| Europe | Netherlands | 44,421 | 54,938 | 164,590 | 156,182 | 1,903 | 2,366 | 210,913 | 213,486 | ||||||||||||||||||||
| Belgium | 26,506 | 24,171 | 95,584 | 91,744 | 7 | 122,091 | 115,921 | ||||||||||||||||||||||
| Germany | 27,443 | 26,152 | 128,598 | 128,885 | 30 | 31 | 156,071 | 155,067 | |||||||||||||||||||||
| Poland | 21,190 | 20,346 | 30,946 | 28,971 | 52,136 | 49,317 | |||||||||||||||||||||||
| Spain | 11,990 | 11,047 | 28,507 | 27,158 | 36 | 35 | 40,533 | 38,240 | |||||||||||||||||||||
| United Kingdom | 28,257 | 28,587 | 265 | 275 | 91 | 112 | 28,613 | 28,974 | |||||||||||||||||||||
| Luxembourg | 26,176 | 23,805 | 5,139 | 5,557 | 31,314 | 29,363 | |||||||||||||||||||||||
| France | 24,351 | 21,528 | 3,122 | 3,108 | 3 | 14 | 27,476 | 24,650 | |||||||||||||||||||||
| Rest of Europe | 72,860 | 65,157 | 23,203 | 20,368 | 14 | 32 | 96,076 | 85,558 | |||||||||||||||||||||
| America | 86,402 | 78,851 | 2,402 | 2,042 | 232 | 222 | 89,037 | 81,114 | |||||||||||||||||||||
| Asia | 44,136 | 49,851 | 215 | 159 | 3,464 | 2,365 | 47,815 | 52,374 | |||||||||||||||||||||
| Australia | 10,887 | 9,409 | 46,723 | 45,977 | 8 | 2 | 57,618 | 55,389 | |||||||||||||||||||||
| Africa | 2,148 | 2,071 | 22 | 26 | 2,170 | 2,098 | |||||||||||||||||||||||
| Total | 426,767 | 415,914 | 529,317 | 510,452 | 5,779 | 5,186 | 961,863 | 931,552 | |||||||||||||||||||||
Outstandings by economic sectors and geographical area (*) 1 | ||||||||||||||||||||||||||||||||||||||||||||
| in € million | Region | Total | ||||||||||||||||||||||||||||||||||||||||||
| Industry | Netherlands | Belgium | Germany | Poland | Spain | United Kingdom | Luxembourg | France | Rest of Europe | America | Asia | Australia | Africa | 2024 | ||||||||||||||||||||||||||||||
| Private Individuals | 122,914 | 45,611 | 107,415 | 16,525 | 27,083 | 122 | 3,058 | 2,260 | 16,391 | 198 | 129 | 38,106 | 16 | 379,827 | ||||||||||||||||||||||||||||||
| Central Banks | 22,529 | 10,196 | 13,966 | 1,729 | 510 | 1,935 | 5,737 | 10,913 | 9,525 | 879 | 77,919 | |||||||||||||||||||||||||||||||||
| Natural Resources | 2,197 | 1,531 | 881 | 778 | 152 | 3,021 | 2,503 | 405 | 11,212 | 8,475 | 8,989 | 1,593 | 159 | 41,899 | ||||||||||||||||||||||||||||||
| Real Estate | 16,749 | 13,387 | 1,218 | 2,085 | 1,595 | 552 | 3,446 | 2,713 | 3,707 | 3,220 | 1,066 | 3,642 | 53,381 | |||||||||||||||||||||||||||||||
| Commercial Banks | 1,285 | 314 | 4,129 | 695 | 376 | 4,733 | 5,268 | 5,074 | 7,779 | 10,700 | 9,394 | 1,336 | 157 | 51,240 | ||||||||||||||||||||||||||||||
| Non-Bank Financial Institutions | 2,872 | 1,766 | 5,147 | 2,874 | 249 | 8,479 | 6,031 | 5,932 | 5,174 | 23,367 | 3,518 | 1,255 | 55 | 66,719 | ||||||||||||||||||||||||||||||
| Central Governments | 1,416 | 11,009 | 51 | 9,435 | 5,308 | 48 | 82 | 3,202 | 9,203 | 15,377 | 288 | 488 | 589 | 56,497 | ||||||||||||||||||||||||||||||
| Transportation & Logistics | 4,290 | 2,076 | 1,426 | 1,623 | 679 | 2,262 | 828 | 765 | 7,407 | 3,983 | 6,912 | 504 | 781 | 33,536 | ||||||||||||||||||||||||||||||
| Utilities | 1,805 | 1,843 | 3,920 | 814 | 1,971 | 2,826 | 395 | 712 | 3,951 | 5,886 | 1,187 | 2,253 | 152 | 27,713 | ||||||||||||||||||||||||||||||
| Food, Beverages & Personal Care | 7,377 | 3,690 | 695 | 2,215 | 351 | 328 | 1,393 | 1,102 | 3,008 | 2,498 | 1,168 | 406 | 14 | 24,246 | ||||||||||||||||||||||||||||||
| Services | 4,919 | 8,431 | 1,852 | 1,538 | 122 | 869 | 540 | 310 | 1,271 | 1,265 | 516 | 680 | 22,312 | |||||||||||||||||||||||||||||||
| General Industries | 4,568 | 2,690 | 1,059 | 2,824 | 219 | 301 | 539 | 484 | 3,862 | 2,039 | 708 | 23 | 8 | 19,324 | ||||||||||||||||||||||||||||||
| Lower Public Administration | 782 | 6,824 | 7,435 | 608 | 557 | 246 | 3,091 | 476 | 1,554 | 44 | 4,941 | 26,557 | ||||||||||||||||||||||||||||||||
| Other | 17,208 | 12,722 | 6,876 | 8,394 | 1,361 | 3,137 | 1,248 | 1,426 | 11,722 | 10,475 | 4,372 | 1,513 | 238 | 80,691 | ||||||||||||||||||||||||||||||
| Total | 210,913 | 122,091 | 156,071 | 52,136 | 40,533 | 28,613 | 31,314 | 27,476 | 96,076 | 89,037 | 47,815 | 57,618 | 2,170 | 961,863 | ||||||||||||||||||||||||||||||
| Rating class | ||||||||||||||||||||||||||||||||||||||||||||
| Investment grade | 170,093 | 74,882 | 136,096 | 36,029 | 32,741 | 23,844 | 27,235 | 21,886 | 67,110 | 72,686 | 41,203 | 46,959 | 59 | 750,822 | ||||||||||||||||||||||||||||||
| Non-Investment grade | 37,689 | 43,059 | 18,238 | 13,948 | 7,126 | 4,388 | 3,858 | 5,229 | 25,679 | 14,763 | 5,859 | 9,889 | 1,898 | 191,623 | ||||||||||||||||||||||||||||||
| Performing restructuring | 1,579 | 1,078 | 305 | 701 | 234 | 59 | 56 | 54 | 1,369 | 443 | 30 | 203 | 4 | 6,114 | ||||||||||||||||||||||||||||||
| Non-performing loans | 1,552 | 3,071 | 1,432 | 1,458 | 432 | 322 | 166 | 307 | 1,918 | 1,145 | 723 | 568 | 210 | 13,303 | ||||||||||||||||||||||||||||||
| Total | 210,913 | 122,091 | 156,071 | 52,136 | 40,533 | 28,613 | 31,314 | 27,476 | 96,076 | 89,037 | 47,815 | 57,618 | 2,170 | 961,863 | ||||||||||||||||||||||||||||||
Outstandings by economic sectors and geographical area (*) 1 | ||||||||||||||||||||||||||||||||||||||||||||
| in € million | Region | Total | ||||||||||||||||||||||||||||||||||||||||||
| Industry | Netherlands | Belgium | Germany | Poland | Spain | United Kingdom | Luxembourg | France | Rest of Europe | America | Asia | Australia | Africa | 2023 | ||||||||||||||||||||||||||||||
| Private Individuals | 116,530 | 44,637 | 103,151 | 14,860 | 25,452 | 128 | 3,347 | 2,472 | 14,179 | 149 | 121 | 36,340 | 20 | 361,387 | ||||||||||||||||||||||||||||||
| Central Banks | 31,017 | 9,756 | 18,945 | 2,530 | 489 | 4,335 | 4,853 | 6,166 | 13,668 | 2,379 | 9 | 94,147 | ||||||||||||||||||||||||||||||||
| Natural Resources | 2,623 | 1,346 | 1,017 | 685 | 129 | 3,789 | 2,511 | 429 | 10,608 | 8,237 | 9,785 | 941 | 295 | 42,394 | ||||||||||||||||||||||||||||||
| Real Estate | 16,907 | 10,986 | 1,111 | 2,184 | 1,551 | 420 | 3,563 | 2,901 | 3,492 | 3,323 | 1,367 | 3,709 | 51,515 | |||||||||||||||||||||||||||||||
| Commercial Banks | 1,217 | 404 | 4,050 | 601 | 353 | 4,488 | 5,070 | 4,155 | 6,757 | 9,833 | 8,182 | 719 | 210 | 46,040 | ||||||||||||||||||||||||||||||
| Non-Bank Financial Institutions | 2,573 | 1,457 | 5,710 | 2,532 | 652 | 6,837 | 4,631 | 4,274 | 4,269 | 20,118 | 3,884 | 950 | 57,889 | |||||||||||||||||||||||||||||||
| Central Governments | 1,620 | 9,046 | 699 | 8,614 | 5,491 | 41 | 79 | 2,255 | 9,384 | 13,752 | 520 | 526 | 593 | 52,621 | ||||||||||||||||||||||||||||||
| Transportation & Logistics | 3,860 | 2,198 | 1,277 | 1,598 | 658 | 2,113 | 596 | 784 | 8,177 | 3,511 | 7,044 | 456 | 618 | 32,890 | ||||||||||||||||||||||||||||||
| Utilities | 2,419 | 1,634 | 3,516 | 792 | 912 | 2,723 | 480 | 619 | 4,469 | 4,424 | 1,306 | 2,041 | 173 | 25,509 | ||||||||||||||||||||||||||||||
| Food, Beverages & Personal Care | 7,138 | 3,127 | 550 | 2,242 | 490 | 540 | 1,505 | 1,250 | 2,455 | 2,652 | 1,140 | 281 | 18 | 23,386 | ||||||||||||||||||||||||||||||
| Services | 5,073 | 8,463 | 1,725 | 1,325 | 71 | 745 | 502 | 380 | 1,052 | 1,576 | 469 | 642 | 22,023 | |||||||||||||||||||||||||||||||
| General Industries | 5,746 | 2,604 | 1,193 | 2,827 | 333 | 199 | 649 | 287 | 3,661 | 2,848 | 761 | 18 | 21,126 | |||||||||||||||||||||||||||||||
| Lower Public Administration | 253 | 6,607 | 5,349 | 669 | 350 | 249 | 3,488 | 356 | 1,550 | 7 | 4,826 | 23,704 | ||||||||||||||||||||||||||||||||
| Other | 16,510 | 13,657 | 6,774 | 7,858 | 1,309 | 2,615 | 1,326 | 1,356 | 10,532 | 9,141 | 4,120 | 1,562 | 163 | 76,922 | ||||||||||||||||||||||||||||||
| Total | 213,486 | 115,921 | 155,067 | 49,317 | 38,240 | 28,974 | 29,363 | 24,650 | 85,558 | 81,114 | 52,374 | 55,389 | 2,098 | 931,552 | ||||||||||||||||||||||||||||||
| Rating class | ||||||||||||||||||||||||||||||||||||||||||||
| Investment grade | 170,067 | 71,730 | 136,675 | 31,772 | 29,583 | 24,299 | 24,083 | 18,692 | 56,404 | 63,652 | 44,481 | 44,139 | 24 | 715,602 | ||||||||||||||||||||||||||||||
| Non-Investment grade | 40,399 | 40,236 | 16,929 | 15,785 | 8,134 | 4,508 | 5,013 | 5,713 | 25,967 | 16,003 | 6,770 | 10,715 | 1,776 | 197,949 | ||||||||||||||||||||||||||||||
| Performing restructuring | 1,433 | 799 | 349 | 830 | 230 | 2 | 105 | 122 | 1,983 | 245 | 72 | 132 | 26 | 6,327 | ||||||||||||||||||||||||||||||
| Non-performing loans | 1,587 | 3,156 | 1,114 | 929 | 293 | 165 | 162 | 124 | 1,205 | 1,213 | 1,051 | 403 | 272 | 11,673 | ||||||||||||||||||||||||||||||
| Total | 213,486 | 115,921 | 155,067 | 49,317 | 38,240 | 28,974 | 29,363 | 24,650 | 85,558 | 81,114 | 52,374 | 55,389 | 2,098 | 931,552 | ||||||||||||||||||||||||||||||
| Cover values including guarantees received (*) | ||||||||||||||||||||||||||
| in € million | Cover type and value | Collateralisation | ||||||||||||||||||||||||
| 2024 | Outstandings | Mortgages | Financial Collateral | Guarantees | Other covers | No cover | Partially covered | Fully covered | ||||||||||||||||||
| Consumer lending | 378,832 | 865,466 | 6,257 | 25,428 | 55,115 | 6.5 | % | 2.0 | % | 91.5 | % | |||||||||||||||
| Business lending | 368,570 | 163,143 | 24,838 | 119,410 | 484,148 | 34.1 | % | 23.7 | % | 42.2 | % | |||||||||||||||
| Investment and money market | 153,493 | 1,115 | 95 | 99.3 | % | — | % | 0.7 | % | |||||||||||||||||
| Total lending, investment and money market | 900,894 | 1,028,609 | 31,095 | 145,953 | 539,357 | 33.6 | % | 10.5 | % | 55.9 | % | |||||||||||||||
| of which NPL | 13,295 | 10,427 | 194 | 3,093 | 11,109 | 27.6 | % | 27.7 | % | 44.7 | % | |||||||||||||||
| Pre-settlement | 60,968 | |||||||||||||||||||||||||
| Total Group | 961,863 | |||||||||||||||||||||||||
| Cover values including guarantees received (*) | ||||||||||||||||||||||||||
| in € million | Cover type and value | Collateralisation | ||||||||||||||||||||||||
| 2023 | Outstandings | Mortgages | Financial Collateral |
Guarantees | Other covers | No cover | Partially covered | Fully covered | ||||||||||||||||||
| Consumer lending | 360,124 | 804,994 | 22,401 | 25,269 | 29,070 | 6.2 | % | 2.0 | % | 91.8 | % | |||||||||||||||
| Business lending | 363,826 | 162,491 | 26,333 | 115,944 | 428,531 | 35.2 | % | 22.5 | % | 42.3 | % | |||||||||||||||
| Investment and money market | 158,506 | 1,040 | 549 | 99.0 | % | 0.6 | % | 0.4 | % | |||||||||||||||||
| Total lending, investment and money market | 882,455 | 967,485 | 48,735 | 142,252 | 458,149 | 34.8 | % | 10.2 | % | 55.0 | % | |||||||||||||||
| of which NPL | 11,653 | 8,880 | 1,609 | 3,204 | 9,241 | 25.7 | % | 26.9 | % | 47.4 | % | |||||||||||||||
| Pre-settlement | 49,096 | |||||||||||||||||||||||||
| Total | 931,552 | |||||||||||||||||||||||||
| Credit risk ratings | ||||||||||||||
| Internal Rating Grade | 1-10 | 11-17 | 18-19 | 20-22 | ||||||||||
| Category | Investment Grade | Non-Investment Grade | Performing Restructuring | Non-Performing | ||||||||||
| Credit risk management | Regular incl EWI/Watchlist | Regular incl EWI/Watchlist | Credit restructuring | Credit restructuring | ||||||||||
| ECL Stage | 1/21 |
1/21 |
2 | 3 | ||||||||||
1 Stage 2 in case one of the Stage 2 triggers is hit, where Watchlist files are always Stage 2 | ||||||||||||||
Credit quality outstandings (*) | ||||||||
| in € million | 2024 | 2023 | ||||||
| Performing not past due | 823,478 | 795,942 | ||||||
| Business lending performing past due | 9,174 | 8,825 | ||||||
| Consumer lending performing past due | 802 | 846 | ||||||
| Non-performing | 13,295 | 11,653 | ||||||
| Total lending and investment | 846,749 | 817,266 | ||||||
| Money market | 54,145 | 65,189 | ||||||
| Pre-settlement | 60,968 | 49,096 | ||||||
| Total | 961,863 | 931,552 | ||||||
Ageing analysis (past due but performing): Consumer lending portfolio by geographic area, outstandings (*) | |||||||||||||||||||||||||||||
| in € million | 2024 | 2023 | |||||||||||||||||||||||||||
| Region | Past due for 1–30 days | Past due for 31–60 days | Past due for 61–90 days | Total | Past due for 1–30 days | Past due for 31–60 days | Past due for 61–90 days | Total | |||||||||||||||||||||
| Europe | Belgium | 185 | 49 | 29 | 263 | 223 | 43 | 29 | 295 | ||||||||||||||||||||
| Germany | 65 | 37 | 24 | 125 | 89 | 40 | 18 | 147 | |||||||||||||||||||||
| Poland | 61 | 9 | 4 | 74 | 76 | 8 | 5 | 89 | |||||||||||||||||||||
| Netherlands | 62 | 35 | 4 | 101 | 67 | 24 | 6 | 97 | |||||||||||||||||||||
| Luxembourg | 22 | 6 | 3 | 32 | 21 | 2 | 2 | 25 | |||||||||||||||||||||
| Spain | 12 | 16 | 8 | 36 | 19 | 13 | 6 | 38 | |||||||||||||||||||||
| Rest of Europe | 93 | 15 | 4 | 112 | 64 | 19 | 12 | 94 | |||||||||||||||||||||
| America | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 1 | |||||||||||||||||||||
| Asia | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | |||||||||||||||||||||
| Australia | 38 | 19 | 2 | 59 | 43 | 15 | 1 | 59 | |||||||||||||||||||||
| Africa | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
| Total | 538 | 186 | 78 | 802 | 602 | 164 | 79 | 846 | |||||||||||||||||||||
Ageing analysis (past due but performing): Business lending portfolio by geographic area, outstandings (*) | |||||||||||||||||||||||||||||
| in € million | 2024 | 2023 | |||||||||||||||||||||||||||
| Region | Past due for 1–30 days | Past due for 31–60 days | Past due for 61–90 days | Total | Past due for 1–30 days | Past due for 31–60 days | Past due for 61–90 days | Total | |||||||||||||||||||||
| Europe | Belgium | 1,187 | 17 | 13 | 1,217 | 929 | 98 | 11 | 1,037 | ||||||||||||||||||||
| United Kingdom | 830 | 8 | 838 | 623 | 659 | 128 | 1,410 | ||||||||||||||||||||||
| Luxembourg | 367 | 51 | 5 | 423 | 577 | 8 | 11 | 596 | |||||||||||||||||||||
| Netherlands | 929 | 14 | 943 | 509 | 10 | 12 | 531 | ||||||||||||||||||||||
| Poland | 173 | 17 | 19 | 209 | 346 | 26 | 10 | 383 | |||||||||||||||||||||
| Spain | 26 | 26 | |||||||||||||||||||||||||||
| France | 194 | 194 | 58 | 132 | 190 | ||||||||||||||||||||||||
| Germany | 215 | 3 | 2 | 220 | 131 | 110 | 1 | 242 | |||||||||||||||||||||
| Rest of Europe | 630 | 4 | 46 | 681 | 972 | 2 | 2 | 977 | |||||||||||||||||||||
| America | 3,504 | 95 | 3,599 | 2,508 | 101 | 41 | 2,650 | ||||||||||||||||||||||
| Asia | 310 | 310 | 284 | 22 | 306 | ||||||||||||||||||||||||
| Australia | 469 | 6 | 475 | 501 | 1 | 502 | |||||||||||||||||||||||
| Africa | 39 | 39 | |||||||||||||||||||||||||||
| Total | 8,873 | 215 | 86 | 9,174 | 7,437 | 1,148 | 240 | 8,825 | |||||||||||||||||||||
| Summary Forborne portfolio (*) | ||||||||||||||||||||||||||
| in € million | 2024 | 2023 | ||||||||||||||||||||||||
| Business line | Outstandings | Of which: performing | Of which: non-performing |
% of total portfolio | Outstandings | Of which: performing | Of which: non-performing |
% of total portfolio | ||||||||||||||||||
| Wholesale Banking | 5,934 | 3,191 | 2,743 | 1.9 | % | 6,063 | 3,919 | 2,144 | 1.8 | % | ||||||||||||||||
| Retail Banking | 6,883 | 3,987 | 2,897 | 1.3 | % | 7,026 | 4,128 | 2,898 | 1.4 | % | ||||||||||||||||
| Total | 12,817 | 7,178 | 5,640 | 1.5 | % | 13,089 | 8,047 | 5,042 | 1.5 | % | ||||||||||||||||
| Summary Forborne portfolio by forbearance type (*) | ||||||||||||||||||||||||||
| in € million | 2024 | 2023 | ||||||||||||||||||||||||
| Forbearance type | Outstandings | Of which: performing | Of which: non-performing |
% of total portfolio | Outstandings | Of which: performing | Of which: non-performing |
% of total portfolio | ||||||||||||||||||
| Loan modification | 11,726 | 6,734 | 4,993 | 1.4 | % | 11,881 | 7,550 | 4,331 | 1.4 | % | ||||||||||||||||
| Refinancing | 1,091 | 444 | 647 | 0.1 | % | 1,208 | 497 | 711 | 0.1 | % | ||||||||||||||||
| Total | 12,817 | 7,178 | 5,640 | 1.5 | % | 13,089 | 8,047 | 5,042 | 1.5 | % | ||||||||||||||||
| Wholesale Banking: Forborne portfolio by geographical area (*) | |||||||||||||||||||||||
| in € million | 2024 | 2023 | |||||||||||||||||||||
| Region | Outstandings | Of which: performing | Of which: non-performing | Outstandings | Of which: performing | Of which: non-performing | |||||||||||||||||
| Europe | Netherlands | 217 | 69 | 148 | 361 | 301 | 60 | ||||||||||||||||
| Belgium | 172 | 165 | 7 | 454 | 446 | 8 | |||||||||||||||||
| Germany | 372 | 62 | 310 | 288 | 148 | 139 | |||||||||||||||||
| United Kingdom | 444 | 266 | 178 | 583 | 425 | 158 | |||||||||||||||||
| Italy | 389 | 353 | 36 | 54 | 19 | 34 | |||||||||||||||||
| Norway | 0 | 0 | 0 | 6 | 0 | 6 | |||||||||||||||||
| Poland | 630 | 284 | 346 | 520 | 519 | 0 | |||||||||||||||||
| Rest of Europe | 1,339 | 940 | 399 | 1,421 | 1,142 | 279 | |||||||||||||||||
| America | 1,586 | 867 | 719 | 1,025 | 532 | 493 | |||||||||||||||||
| Asia | 652 | 111 | 541 | 1,198 | 277 | 921 | |||||||||||||||||
| Australia | 79 | 34 | 44 | 87 | 87 | 0 | |||||||||||||||||
| Africa | 54 | 40 | 15 | 68 | 23 | 45 | |||||||||||||||||
| Total | 5,934 | 3,191 | 2,743 | 6,063 | 3,919 | 2,144 | |||||||||||||||||
| Wholesale Banking: Forborne portfolio by economic sector (*) | ||||||||||||||||||||
| in € million | 2024 | 2023 | ||||||||||||||||||
| Industry | Outstandings | Of which: performing | Of which: non-performing | Outstandings | Of which: performing | Of which: non-performing | ||||||||||||||
| Natural Resources | 781 | 424 | 356 | 788 | 321 | 467 | ||||||||||||||
| Real Estate | 1,115 | 703 | 412 | 1,320 | 1,254 | 66 | ||||||||||||||
| Transportation & Logistics | 214 | 83 | 131 | 315 | 175 | 139 | ||||||||||||||
| Food, Beverages & Personal Care | 810 | 415 | 395 | 866 | 465 | 401 | ||||||||||||||
| Services | 211 | 176 | 34 | 284 | 254 | 30 | ||||||||||||||
| Automotive | 332 | 183 | 149 | 138 | 98 | 40 | ||||||||||||||
| Utilities | 677 | 301 | 376 | 510 | 255 | 255 | ||||||||||||||
| General Industries | 127 | 70 | 58 | 145 | 74 | 71 | ||||||||||||||
| Retail | 149 | 21 | 128 | 282 | 104 | 178 | ||||||||||||||
| Chemicals, Health & Pharmaceuticals | 668 | 136 | 532 | 571 | 559 | 11 | ||||||||||||||
| Builders & Contractors | 122 | 118 | 5 | 133 | 72 | 61 | ||||||||||||||
| Other | 729 | 561 | 168 | 712 | 287 | 425 | ||||||||||||||
| Total | 5,934 | 3,191 | 2,743 | 6,063 | 3,919 | 2,144 | ||||||||||||||
| Retail Banking: Forborne portfolio by geographical area (*) | |||||||||||||||||||||||
| in € million | 2024 | 2023 | |||||||||||||||||||||
| Region | Outstandings | Of which: performing | Of which: non-performing | Outstandings | Of which: performing | Of which: non-performing | |||||||||||||||||
| Europe | Netherlands | 1,548 | 1,134 | 414 | 1,483 | 981 | 502 | ||||||||||||||||
| Belgium | 1,942 | 800 | 1,142 | 2,153 | 838 | 1,315 | |||||||||||||||||
| Germany | 1,379 | 1,052 | 327 | 1,309 | 1,064 | 246 | |||||||||||||||||
| Poland | 777 | 403 | 374 | 852 | 522 | 330 | |||||||||||||||||
| Türkiye | 13 | 9 | 4 | 25 | 15 | 10 | |||||||||||||||||
| Italy | 122 | 43 | 79 | 123 | 51 | 71 | |||||||||||||||||
| Romania | 173 | 72 | 101 | 135 | 49 | 86 | |||||||||||||||||
| Spain | 159 | 127 | 31 | 138 | 118 | 21 | |||||||||||||||||
| Rest of Europe | 102 | 50 | 52 | 88 | 58 | 30 | |||||||||||||||||
| America | 22 | 17 | 6 | 21 | 20 | ||||||||||||||||||
| Asia | 1 | 1 | 2 | 1 | 1 | ||||||||||||||||||
| Australia | 646 | 279 | 367 | 697 | 411 | 286 | |||||||||||||||||
| Africa | |||||||||||||||||||||||
| Total | 6,883 | 3,987 | 2,897 | 7,026 | 4,128 | 2,898 | |||||||||||||||||
Non-performing Loans: outstandings by economic sector and business lines (*)1 | ||||||||||||||||||||
| in € million | Wholesale Banking | Retail Banking | Total | |||||||||||||||||
| Industry | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Private Individuals | 4 | 4 | 4,766 | 4,416 | 4,769 | 4,419 | ||||||||||||||
| Natural Resources | 965 | 669 | 99 | 85 | 1,064 | 754 | ||||||||||||||
| Food, Beverages & Personal Care | 452 | 565 | 357 | 520 | 809 | 1,085 | ||||||||||||||
| Transportation & Logistics | 347 | 437 | 157 | 134 | 504 | 572 | ||||||||||||||
| Services | 102 | 101 | 394 | 481 | 495 | 582 | ||||||||||||||
| Real Estate | 831 | 592 | 603 | 462 | 1,434 | 1,053 | ||||||||||||||
| General Industries | 236 | 111 | 451 | 385 | 687 | 497 | ||||||||||||||
| Builders & Contractors | 51 | 124 | 445 | 453 | 496 | 577 | ||||||||||||||
| Retail | 157 | 207 | 224 | 188 | 381 | 395 | ||||||||||||||
| Utilities | 582 | 331 | 19 | 18 | 600 | 348 | ||||||||||||||
| Chemicals, Health & Pharmaceuticals |
654 | 101 | 185 | 132 | 839 | 233 | ||||||||||||||
| Telecom | 151 | 378 | 12 | 12 | 163 | 390 | ||||||||||||||
| Other | 666 | 412 | 387 | 336 | 1,052 | 748 | ||||||||||||||
| Total | 5,196 | 4,034 | 8,099 | 7,619 | 13,295 | 11,653 | ||||||||||||||
| Non-performing loans: Outstandings by economic sectors and geographical area (*) | ||||||||||||||||||||||||||||||||||||||||||||
| in € million | Region | Total | ||||||||||||||||||||||||||||||||||||||||||
| Industry | Netherlands | Belgium | Germany | Poland | Spain | United Kingdom | France | Luxembourg | Rest of Europe | America | Asia | Australia | Africa | 2024 | ||||||||||||||||||||||||||||||
| Private Individuals | 646 | 1,461 | 1,066 | 210 | 304 | 10 | 8 | 44 | 545 | 2 | 2 | 469 | 4,769 | |||||||||||||||||||||||||||||||
| Natural Resources | 13 | 54 | 33 | 569 | 31 | 343 | 21 | 1,064 | ||||||||||||||||||||||||||||||||||||
| Food, Beverages & Personal Care | 196 | 154 | 1 | 93 | 23 | 5 | 158 | 51 | 127 | 809 | ||||||||||||||||||||||||||||||||||
| Transportation & Logistics | 93 | 40 | 3 | 124 | 47 | 1 | 136 | 1 | 59 | 504 | ||||||||||||||||||||||||||||||||||
| Services | 57 | 293 | 5 | 87 | 2 | 1 | 3 | 5 | 10 | 34 | 495 | |||||||||||||||||||||||||||||||||
| Real Estate | 12 | 374 | 63 | 114 | 59 | 59 | 90 | 6 | 606 | 52 | 1,434 | |||||||||||||||||||||||||||||||||
| General Industries | 153 | 123 | 24 | 147 | 20 | 2 | 1 | 170 | 17 | 30 | 687 | |||||||||||||||||||||||||||||||||
| Builders & Contractors | 68 | 175 | 5 | 162 | 7 | 78 | 496 | |||||||||||||||||||||||||||||||||||||
| Retail | 53 | 97 | 39 | 62 | 3 | 14 | 97 | 15 | 1 | 381 | ||||||||||||||||||||||||||||||||||
| Utilities | 13 | 8 | 25 | 21 | 285 | 12 | 128 | 109 | 600 | |||||||||||||||||||||||||||||||||||
| Chemicals, Health & Pharmaceuticals | 37 | 94 | 84 | 340 | 1 | 110 | 113 | 36 | 24 | 839 | ||||||||||||||||||||||||||||||||||
| Telecom | 7 | 1 | 3 | 44 | 14 | 90 | 4 | 163 | ||||||||||||||||||||||||||||||||||||
| Other | 202 | 198 | 117 | 60 | 2 | 72 | 17 | 90 | 54 | 92 | 150 | 1,052 | ||||||||||||||||||||||||||||||||
| Total | 1,549 | 3,071 | 1,432 | 1,457 | 432 | 322 | 307 | 166 | 1,916 | 1,145 | 723 | 567 | 210 | 13,295 | ||||||||||||||||||||||||||||||
| Non-performing Loans: outstandings by economic sectors and geographical area (*) | ||||||||||||||||||||||||||||||||||||||||||||
| in € million | Region | Total | ||||||||||||||||||||||||||||||||||||||||||
| Industry | Netherlands | Belgium | Germany | Poland | Spain | United Kingdom | France | Luxembourg | Rest of Europe | America | Asia | Australia | Africa | 2023 | ||||||||||||||||||||||||||||||
| Private Individuals | 609 | 1,535 | 885 | 225 | 235 | 3 | 8 | 45 | 489 | 2 | 2 | 380 | 1 | 4,419 | ||||||||||||||||||||||||||||||
| Natural Resources | 30 | 60 | 1 | 23 | 55 | 164 | 31 | 369 | 20 | 754 | ||||||||||||||||||||||||||||||||||
| Food, Beverages & Personal Care | 281 | 157 | 1 | 131 | 139 | 7 | 158 | 82 | 128 | 1,085 | ||||||||||||||||||||||||||||||||||
| Transportation & Logistics | 110 | 50 | 2 | 51 | 47 | 20 | 1 | 168 | 49 | 1 | 2 | 72 | 572 | |||||||||||||||||||||||||||||||
| Services | 121 | 342 | 2 | 55 | 2 | 3 | 8 | 13 | 37 | 582 | ||||||||||||||||||||||||||||||||||
| Real Estate | 40 | 297 | 53 | 55 | 9 | 36 | 16 | 7 | 519 | 21 | 1,053 | |||||||||||||||||||||||||||||||||
| General Industries | 145 | 127 | 49 | 99 | 2 | 7 | 24 | 42 | 497 | |||||||||||||||||||||||||||||||||||
| Builders & Contractors | 113 | 181 | 2 | 135 | 22 | 91 | 32 | 577 | ||||||||||||||||||||||||||||||||||||
| Retail | 51 | 82 | 36 | 52 | 2 | 14 | 149 | 7 | 395 | |||||||||||||||||||||||||||||||||||
| Utilities | 14 | 5 | 21 | 18 | 153 | 138 | 348 | |||||||||||||||||||||||||||||||||||||
| Chemicals, Health & Pharmaceuticals | 31 | 77 | 13 | 25 | 64 | 11 | 12 | 233 | ||||||||||||||||||||||||||||||||||||
| Telecom | 12 | 1 | 28 | 3 | 13 | 56 | 277 | 390 | ||||||||||||||||||||||||||||||||||||
Other |
28 | 239 | 42 | 55 | 2 | 1 | 6 | 23 | 46 | 128 | 179 | 748 | ||||||||||||||||||||||||||||||||
| Total | 1,586 | 3,153 | 1,114 | 929 | 293 | 165 | 124 | 162 | 1,193 | 1,210 | 1,050 | 403 | 272 | 11,653 | ||||||||||||||||||||||||||||||
| Reconciliation gross carrying amount (IFRS 9 eligible) and statement of financial position | ||||||||||||||||||||||||||||||||||||||||||||
| in € million | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||
| Gross carrying amount | Loan Loss Provisions | Cash and on-demand bank positions | Reverse repurchase transactions | Cash collateral | Other | Statement of financial position | Gross carrying amount | Loan Loss Provisions | Cash and on-demand bank positions | Reverse repurchase transactions | Cash collateral | Other | Statement of financial position | |||||||||||||||||||||||||||||||
| Amounts held at central banks | 71,280 | -14 | -1,550 | 637 | 70,353 | 90,602 | -5 | -794 | 410 | 90,214 | ||||||||||||||||||||||||||||||||||
| Loans and advances to banks | 4,685 | -22 | 3,195 | 10,777 | 2,362 | 773 | 21,770 | 5,835 | -30 | 2,381 | 5,251 | 3,063 | 209 | 16,709 | ||||||||||||||||||||||||||||||
| Financial instruments FVOCI loans | 1,671 | -7 | -56 | 1,608 | 983 | -8 | -24 | 951 | ||||||||||||||||||||||||||||||||||||
| Financial Instruments FVOCI debt securities | 42,185 | -12 | 46 | 42,219 | 38,323 | -13 | -30 | 38,281 | ||||||||||||||||||||||||||||||||||||
| Securities at amortised cost | 50,701 | -15 | -413 | 50,273 | 48,770 | -22 | -435 | 48,313 | ||||||||||||||||||||||||||||||||||||
| Loans and advances to customers | 679,422 | -5,833 | 3,471 | 4,956 | 1,595 | 683,611 | 647,875 | -5,621 | 499 | 3,914 | 646 | 647,313 | ||||||||||||||||||||||||||||||||
| Total on-balance (IFRS 9 eligible) | 849,944 | -5,902 | 1,645 | 14,248 | 7,318 | 2,581 | 869,834 | 832,388 | -5,697 | 1,587 | 5,750 | 6,978 | 775 | 841,780 | ||||||||||||||||||||||||||||||
| Guarantees and irrevocable facilities (IFRS 9 eligible) | 198,630 | -146 | 192,655 | -142 | ||||||||||||||||||||||||||||||||||||||||
| Total gross carrying amount (IFRS 9 eligible) | 1,048,574 | -6,049 | 1,025,043 | -5,839 | ||||||||||||||||||||||||||||||||||||||||
Gross carrying amount per IFRS 9 stage and rating class (*)1,2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| in € million | 12-month ECL (Stage 1) | Lifetime ECL not credit impaired (Stage 2) | Lifetime ECL credit impaired (Stage 3) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
| Rating class | Gross carrying amount | Provisions | Gross carrying amount | Provisions | Gross carrying amount | Provisions | Gross carrying amount | Provisions | |||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||
| Investment grade | 1 (AAA) | 79,076 | 87,071 | 1 | 1 | 281 | 439 | 79,357 | 87,510 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||
| 2-4 (AA) | 140,671 | 132,159 | 10 | 8 | 1,579 | 2,553 | 1 | 2 | 142,250 | 134,711 | 11 | 9 | |||||||||||||||||||||||||||||||||||||||||
| 5-7 (A) | 244,241 | 231,018 | 22 | 24 | 6,908 | 6,188 | 8 | 6 | 251,149 | 237,206 | 29 | 30 | |||||||||||||||||||||||||||||||||||||||||
| 8-10 (BBB) | 310,324 | 302,967 | 55 | 85 | 24,683 | 17,004 | 55 | 24 | 335,008 | 319,971 | 110 | 108 | |||||||||||||||||||||||||||||||||||||||||
| Non-Investment grade | 11-13 (BB) | 154,348 | 157,387 | 190 | 226 | 18,479 | 19,273 | 91 | 93 | 172,827 | 176,661 | 281 | 319 | ||||||||||||||||||||||||||||||||||||||||
| 14-16 (B) | 25,377 | 26,414 | 124 | 164 | 17,433 | 19,336 | 366 | 455 | 42,811 | 45,750 | 490 | 618 | |||||||||||||||||||||||||||||||||||||||||
| 17 (CCC) | 905 | 617 | 8 | 10 | 3,992 | 4,125 | 173 | 233 | 4,897 | 4,742 | 181 | 242 | |||||||||||||||||||||||||||||||||||||||||
| Performing Restructuring | 18 (CC) | 4,059 | 4,617 | 233 | 402 | 4,060 | 4,617 | 233 | 402 | ||||||||||||||||||||||||||||||||||||||||||||
| 19 (C) | 2,474 | 1,919 | 203 | 221 | 2,474 | 1,919 | 203 | 221 | |||||||||||||||||||||||||||||||||||||||||||||
| Non-performing loans | 20-22 (D) | 13,742 | 11,956 | 4,509 | 3,887 | 13,742 | 11,956 | 4,509 | 3,887 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | 954,943 | 937,633 | 409 | 517 | 79,888 | 75,454 | 1,130 | 1,435 | 13,742 | 11,956 | 4,509 | 3,887 | 1,048,574 | 1,025,043 | 6,049 | 5,839 | |||||||||||||||||||||||||||||||||||||
Changes in gross carrying amounts and loan loss provisions (*)1, 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| in € million | 12-month ECL (Stage 1) | Lifetime ECL not credit impaired (Stage 2) | Lifetime ECL credit impaired (Stage 3) | Total | 12-month ECL (Stage 1) | Lifetime ECL not credit impaired (Stage 2) | Lifetime ECL credit impaired (Stage 3) | Total | ||||||||||||||||||||||||||||||||||||||||||
| Gross carrying amount | Provisions | Gross carrying amount | Provisions | Gross carrying amount | Provisions | Gross carrying amount | Provisions | Gross carrying amount | Provisions | Gross carrying amount | Provisions | Gross carrying amount | Provisions | Gross carrying amount | Provisions | |||||||||||||||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Opening balance | 937,633 | 517 | 75,454 | 1,435 | 11,956 | 3,887 | 1,025,043 | 5,839 | 885,222 | 581 | 70,725 | 1,679 | 11,708 | 3,841 | 967,655 | 6,101 | ||||||||||||||||||||||||||||||||||
| Impact of changes in accounting policies | 37,078 | 9 | 4,704 | 13 | 158 | 73 | 41,939 | 95 | ||||||||||||||||||||||||||||||||||||||||||
| Adjusted opening balance | 922,300 | 590 | 75,429 | 1,692 | 11,866 | 3,914 | 1,009,595 | 6,196 | ||||||||||||||||||||||||||||||||||||||||||
| Transfer into 12-month ECL (Stage 1) | 20,486 | 22 | -20,236 | -195 | -249 | -34 | 0 | -207 | 11,832 | 28 | -11,583 | -239 | -249 | -36 | 0 | -247 | ||||||||||||||||||||||||||||||||||
| Transfer into lifetime ECL not credit impaired (Stage 2) | -43,155 | -49 | 43,900 | 429 | -745 | -96 | 0 | 285 | -29,470 | -67 | 30,185 | 449 | -716 | -105 | 0 | 276 | ||||||||||||||||||||||||||||||||||
| Transfer into lifetime ECL credit impaired (Stage 3) | -2,980 | -18 | -2,856 | -235 | 5,836 | 1,802 | 0 | 1,548 | -2,053 | -10 | -1,775 | -114 | 3,828 | 978 | 0 | 853 | ||||||||||||||||||||||||||||||||||
| Net remeasurement of loan loss provisions | 0 | -181 | 0 | -137 | 0 | 185 | 0 | -133 | 0 | -149 | 0 | -94 | 0 | 59 | 0 | -183 | ||||||||||||||||||||||||||||||||||
| New financial assets originated or purchased | 212,516 | 192 | 0 | 0 | 0 | 0 | 212,516 | 192 | 195,775 | 204 | 0 | 0 | 0 | 0 | 195,775 | 204 | ||||||||||||||||||||||||||||||||||
| Financial assets that have been derecognised | -126,858 | -76 | -11,840 | -153 | -1,450 | -257 | -140,148 | -485 | -121,991 | -72 | -14,239 | -215 | -1,475 | -266 | -137,705 | -552 | ||||||||||||||||||||||||||||||||||
| Net drawdowns and repayments | -41,763 | -4,393 | -309 | -46,465 | -38,758 | -2,525 | -229 | -41,511 | ||||||||||||||||||||||||||||||||||||||||||
| Changes in models/risk parameters | 0 | 8 | 0 | -6 | 0 | -22 | 0 | -20 | 0 | 7 | 0 | 11 | 0 | 84 | 0 | 102 | ||||||||||||||||||||||||||||||||||
| Increase in loan loss provisions | -102 | -297 | 1,578 | 1,179 | -58 | -203 | 714 | 452 | ||||||||||||||||||||||||||||||||||||||||||
Write-offs3 |
0 | 0 | 0 | 0 | -1,017 | -1,017 | -1,017 | -1,017 | -3 | -3 | 0 | -787 | -787 | -790 | -790 | |||||||||||||||||||||||||||||||||||
Disposals3 |
-935 | -1 | -141 | -8 | -279 | -215 | -1,355 | -225 | 0 | 0 | -38 | -38 | -283 | -283 | -321 | -321 | ||||||||||||||||||||||||||||||||||
| Recoveries of amounts previously written off | 0 | 0 | 69 | 69 | 0 | 0 | 0 | 0 | 0 | 71 | 0 | 71 | ||||||||||||||||||||||||||||||||||||||
| Foreign exchange and other movements | 0 | -5 | 0 | 0 | 0 | 208 | 0 | 203 | 0 | -12 | 0 | -15 | 0 | 257 | 0 | 231 | ||||||||||||||||||||||||||||||||||
| Closing balance | 954,943 | 409 | 79,888 | 1,130 | 13,742 | 4,509 | 1,048,574 | 6,049 | 937,633 | 517 | 75,454 | 1,435 | 11,956 | 3,887 | 1,025,043 | 5,839 | ||||||||||||||||||||||||||||||||||
Exposure per stage, coverage ratio and stage ratios 2 | ||||||||||||||||||||
| in € million | 2024 | 2023 | ||||||||||||||||||
| Balance sheet | Gross carrying amount | Loan loss provisions | Stage ratio | Gross carrying amount | Loan loss provisions | Stage ratio | ||||||||||||||
| Loans and advances to banks (including central banks) | 75,965 | 35 | 96,436 | 34 | ||||||||||||||||
| Stage 1 | 74,632 | 4 | 98 | % | 95,935 | 4 | 99 | % | ||||||||||||
| Stage 2 | 1,258 | 15 | 2 | % | 494 | 17 | 1 | % | ||||||||||||
| Stage 3 | 75 | 16 | 0.1 | % | 6 | 13 | 0 | % | ||||||||||||
| Loans and advances to customers | 679,422 | 5,833 | 647,876 | 5,621 | ||||||||||||||||
| of which: Residential mortgages | 348,433 | 814 | 331,467 | 821 | ||||||||||||||||
| Stage 1 | 315,775 | 49 | 91 | % | 306,192 | 97 | 92 | % | ||||||||||||
| Stage 2 | 29,341 | 307 | 8 | % | 22,167 | 252 | 7 | % | ||||||||||||
| Stage 3 | 3,317 | 458 | 1 | % | 3,108 | 472 | 1 | % | ||||||||||||
| Of which: Consumer lending (excl. Residential mortgages) | 26,936 | 957 | 25,954 | 1,004 | ||||||||||||||||
| Stage 1 | 22,556 | 112 | 84 | % | 22,081 | 177 | 85 | % | ||||||||||||
| Stage 2 | 3,090 | 191 | 11 | % | 2,743 | 198 | 11 | % | ||||||||||||
| Stage 3 | 1,290 | 654 | 5 | % | 1,131 | 629 | 4 | % | ||||||||||||
| Of which: Loans to public authorities | 23,930 | 17 | 19,068 | 11 | ||||||||||||||||
| Stage 1 | 23,214 | 6 | 97 | % | 18,083 | 4 | 95 | % | ||||||||||||
| Stage 2 | 464 | 3 | 2 | % | 691 | 2 | 4 | % | ||||||||||||
| Stage 3 | 252 | 8 | 1 | % | 294 | 5 | 2 | % | ||||||||||||
| Of which: Corporate lending | 280,123 | 4,045 | 271,387 | 3,785 | ||||||||||||||||
| Stage 1 | 238,606 | 196 | 85 | % | 232,401 | 185 | 86 | % | ||||||||||||
| Stage 2 | 33,427 | 575 | 12 | % | 32,178 | 921 | 12 | % | ||||||||||||
| Stage 3 | 8,090 | 3,274 | 3 | % | 6,808 | 2,679 | 3 | % | ||||||||||||
Other IFRS 9 eligible financial Instruments 1 |
293,187 | 180 | 280,731 | 184 | ||||||||||||||||
| Stage 1 | 280,161 | 43 | 96 | % | 262,941 | 50 | 94 | % | ||||||||||||
| Stage 2 | 12,308 | 39 | 4 | % | 17,181 | 46 | 6 | % | ||||||||||||
| Stage 3 | 718 | 98 | 0.2 | % | 609 | 88 | 0.2 | % | ||||||||||||
| Total gross carrying amount (IFRS 9 eligible) | 1,048,574 | 6,049 | 1,025,043 | 5,839 | ||||||||||||||||
| Financial assets modified (*) | ||||||||
| in € million | 2024 | 2023 | ||||||
| Financial assets modified during the period | ||||||||
| Amortised cost before modification | 1,888 | 1,565 | ||||||
| Net modification results | -107 | -75 | ||||||
| Financial assets modified since initial recognition | ||||||||
| Gross carrying amount at 31 December of financial assets for which loss allowance has changed to 12-month measurement during the period | 1,506 | 2,599 | ||||||
| Management adjustments to ECL models (*) | ||||||||
| in € million | 2024 | 2023 | ||||||
| Commercial Real Estate/ Inflation and Interest rate increases | 50 | 351 | ||||||
| Economic sector / portfolio based adjustments | 38 | 36 | ||||||
| Mortgage portfolio adjustments | 112 | 126 | ||||||
| Climate transition risk | 29 | |||||||
| Other post model adjustments | -27 | 64 | ||||||
| Total management adjustments | 203 | 577 | ||||||
| Sensitivity analysis as at December 2024 (*) | |||||||||||||||||||||||
| 2025 | 2026 | 2027 | Unweighted ECL (€ mln) |
Probability-weighting |
Reportable ECL (€ mln)1 |
||||||||||||||||||
|
Netherlands
Upside scenario
|
Real GDP | 2.6 | 3.0 | 2.5 | 193 | 20 | % | 270 | |||||||||||||||
| Unemployment | 3.5 | 3.3 | 3.3 | ||||||||||||||||||||
| HPI | 18.9 | 11.7 | 2.5 | ||||||||||||||||||||
| Baseline scenario | Real GDP | 1.5 | 1.4 | 1.5 | 249 | 60 | % | ||||||||||||||||
| Unemployment | 4.0 | 4.1 | 4.3 | ||||||||||||||||||||
| HPI | 9.1 | 3.5 | 2.4 | ||||||||||||||||||||
| Downside scenario | Real GDP | -0.4 | -1.4 | -0.2 | 411 | 20 | % | ||||||||||||||||
| Unemployment | 5.7 | 7.2 | 8.1 | ||||||||||||||||||||
| HPI | -3.7 | -7.2 | 2.2 | ||||||||||||||||||||
|
Germany
Upside scenario
|
Real GDP | 2.0 | 2.8 | 1.6 | 510 | 20 | % | 548 | |||||||||||||||
| Unemployment | 2.9 | 2.4 | 2.0 | ||||||||||||||||||||
| HPI | 5.4 | 8.9 | 9.9 | ||||||||||||||||||||
| Baseline scenario | Real GDP | 0.5 | 1.1 | 1.2 | 540 | 60 | % | ||||||||||||||||
| Unemployment | 3.4 | 3.3 | 3.2 | ||||||||||||||||||||
| HPI | 2.6 | 5.6 | 6.3 | ||||||||||||||||||||
| Downside scenario | Real GDP | -1.7 | -1.7 | 0.3 | 609 | 20 | % | ||||||||||||||||
| Unemployment | 4.7 | 5.6 | 5.9 | ||||||||||||||||||||
| HPI | -1.7 | 1.3 | 2.2 | ||||||||||||||||||||
|
Belgium
Upside scenario
|
Real GDP | 2.2 | 2.6 | 2.1 | 534 | 20 | % | 579 | |||||||||||||||
| Unemployment | 5.1 | 5.0 | 4.9 | ||||||||||||||||||||
| HPI | 4.8 | 4.5 | 4.4 | ||||||||||||||||||||
| Baseline scenario | Real GDP | 1.1 | 1.5 | 1.6 | 569 | 60 | % | ||||||||||||||||
| Unemployment | 5.7 | 5.7 | 5.6 | ||||||||||||||||||||
| HPI | 3.2 | 4.1 | 3.8 | ||||||||||||||||||||
| Downside scenario | Real GDP | -0.6 | -0.2 | 1.1 | 654 | 20 | % | ||||||||||||||||
| Unemployment | 7.0 | 8.0 | 8.0 | ||||||||||||||||||||
| HPI | 1.2 | 2.9 | 2.5 | ||||||||||||||||||||
|
United States
Upside scenario
|
Real GDP | 3.1 | 3.5 | 3.2 | 74 | 20 | % | 113 | |||||||||||||||
| Unemployment | 3.4 | 2.4 | 2.3 | ||||||||||||||||||||
| HPI | 4.3 | 8.4 | 9.4 | ||||||||||||||||||||
| Baseline scenario | Real GDP | 2.0 | 2.0 | 2.0 | 101 | 60 | % | ||||||||||||||||
| Unemployment | 4.2 | 4.1 | 4.0 | ||||||||||||||||||||
| HPI | 3.3 | 3.7 | 3.9 | ||||||||||||||||||||
| Downside scenario | Real GDP | -0.1 | -1.1 | -0.4 | 187 | 20 | % | ||||||||||||||||
| Unemployment | 5.9 | 7.3 | 8.0 | ||||||||||||||||||||
| HPI | -0.7 | -3.0 | -2.5 | ||||||||||||||||||||
1Excluding management adjustments. | |||||||||||||||||||||||
| Sensitivity analysis as at December 2023 (*) | |||||||||||||||||||||||
| 2024 | 2025 | 2026 | Unweighted ECL (€ mln) | Probability-weighting | Reportable ECL (€ mln)1 |
||||||||||||||||||
|
Netherlands
Upside scenario
|
Real GDP | 1.3 | 3.3 | 2.8 | 214 | 20 | % | 310 | |||||||||||||||
| Unemployment | 3.7 | 3.3 | 3.3 | ||||||||||||||||||||
| HPI | 10.4 | 11.2 | 4.0 | ||||||||||||||||||||
| Baseline scenario | Real GDP | 0.8 | 1.6 | 1.5 | 282 | 60 | % | ||||||||||||||||
| Unemployment | 4.1 | 4.3 | 4.5 | ||||||||||||||||||||
| HPI | 0.9 | 3.0 | 3.9 | ||||||||||||||||||||
| Downside scenario | Real GDP | -1.7 | -1.2 | 0.1 | 487 | 20 | % | ||||||||||||||||
| Unemployment | 5.9 | 7.2 | 8.1 | ||||||||||||||||||||
| HPI | -10.9 | -7.4 | 3.7 | ||||||||||||||||||||
|
Germany
Upside scenario
|
Real GDP | 1.4 | 3.1 | 1.6 | 472 | 20 | % | 525 | |||||||||||||||
| Unemployment | 2.6 | 2.0 | 1.7 | ||||||||||||||||||||
| HPI | 0.9 | 6.6 | 8.0 | ||||||||||||||||||||
| Baseline scenario | Real GDP | 0.5 | 1.3 | 1.2 | 513 | 60 | % | ||||||||||||||||
| Unemployment | 3.0 | 3.0 | 3.0 | ||||||||||||||||||||
| HPI | -1.4 | 3.4 | 4.5 | ||||||||||||||||||||
| Downside scenario | Real GDP | -2.4 | -1.4 | 0.3 | 615 | 20 | % | ||||||||||||||||
| Unemployment | 4.5 | 5.2 | 5.5 | ||||||||||||||||||||
| HPI | -6.0 | -0.8 | 0.4 | ||||||||||||||||||||
|
Belgium
Upside scenario
|
Real GDP | 1.5 | 2.7 | 2.3 | 568 | 20 | % | 619 | |||||||||||||||
| Unemployment | 5.3 | 5.0 | 4.9 | ||||||||||||||||||||
| HPI | 1.3 | 5.6 | 4.5 | ||||||||||||||||||||
| Baseline Scenario | Real GDP | 0.9 | 1.5 | 1.8 | 604 | 60 | % | ||||||||||||||||
| Unemployment | 5.6 | 5.5 | 5.4 | ||||||||||||||||||||
| HPI | 0.4 | 5.2 | 3.9 | ||||||||||||||||||||
| Downside scenario | Real GDP | -1.3 | -0.2 | 1.2 | 713 | 20 | % | ||||||||||||||||
| Unemployment | 7.3 | 8.0 | 7.9 | ||||||||||||||||||||
| HPI | -2.2 | 3.9 | 2.6 | ||||||||||||||||||||
|
United States
Upside scenario
|
Real GDP | 1.8 | 3.2 | 3.4 | 102 | 20 | % | 165 | |||||||||||||||
| Unemployment | 4.1 | 3.3 | 3.1 | ||||||||||||||||||||
| HPI | 0.6 | 8.7 | 8.7 | ||||||||||||||||||||
| Baseline Scenario | Real GDP | 0.9 | 1.9 | 2.1 | 144 | 60 | % | ||||||||||||||||
| Unemployment | 4.5 | 4.5 | 4.4 | ||||||||||||||||||||
| HPI | -0.7 | 3.5 | 3.3 | ||||||||||||||||||||
| Downside scenario | Real GDP | -1.3 | -1.4 | -0.1 | 292 | 20 | % | ||||||||||||||||
| Unemployment | 6.6 | 8.2 | 8.8 | ||||||||||||||||||||
| HPI | -4.2 | -2.7 | -3.0 | ||||||||||||||||||||
1 Excluding management adjustments. | |||||||||||||||||||||||
| Reconciliation of reportable collective ECL to total ECL (*) | ||||||||
| in € million | 2024 | 2023 | ||||||
| Total reportable collective provisions | 2,975 | 2,856 | ||||||
| ECL from individually assessed impairments | 2,871 | 2,406 | ||||||
| ECL from management adjustments | 203 | 577 | ||||||
| Total ECL | 6,049 | 5,839 | ||||||
| Quantitative SICR thresholds (*) | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Average threshold ratio | Investment grade (rating grade 1-10) | Non-investment grade (rating grade 11-17) | Investment grade (rating grade 1-10) | Non-investment grade (rating grade 11-17) | ||||||||||
| Asset class category | ||||||||||||||
| Mortgages | 2.9 | 2.4 | 2.5 | 2.3 | ||||||||||
| Consumer lending | 2.8 | 2.1 | 2.9 | 2.1 | ||||||||||
| Business lending | 2.7 | 2.1 | 2.7 | 2.1 | ||||||||||
| Governments and financial institutions | 2.9 | 1.9 | 3.0 | 1.9 | ||||||||||
| Other Wholesale Banking | 2.7 | 1.9 | 2.8 | 1.8 | ||||||||||
| NII-at-Risk banking book per currency - year one (*) | ||||||||||||||
| in € million | 2024 | 2023 | ||||||||||||
| Ramped, floored | Ramped, floored | |||||||||||||
| parallel ▼ | parallel ▲ | parallel ▼ | parallel ▲ | |||||||||||
| By currency | ||||||||||||||
| Euro | -146 | 160 | -165 | 155 | ||||||||||
| US dollar | -4 | 5 | -12 | 12 | ||||||||||
| Other | -2 | 21 | -62 | 69 | ||||||||||
| Total | -153 | 186 | -239 | 236 | ||||||||||
EUR ramped (floored at -100bps) is at +/- 120bps in 1 year (2023: +/-110bps) | ||||||||||||||
USD ramped (floored at -100bps) is at +/- 120bps in 1 year (2023: +/-110bps) | ||||||||||||||
| NPV-at-Risk banking books per currency (*) | ||||||||||||||
| in € million | 2024 | 2023 | ||||||||||||
| floored | floored | |||||||||||||
| parallel ▼ | parallel ▲ | parallel ▼ | parallel ▲ | |||||||||||
| By currency | ||||||||||||||
| Euro | 154 | -1,613 | -291 | -645 | ||||||||||
| US dollar | 274 | -266 | 186 | -178 | ||||||||||
| Other | 321 | -329 | 131 | -146 | ||||||||||
| Total | 749 | -2,208 | 27 | -969 | ||||||||||
EUR (floored at -100bps) is at +/- 120bps (2023: +/-110bps) | ||||||||||||||
USD (floored at -100bps) is at +/- 120bps (2023: +/-110bps) | ||||||||||||||
| Non-derivative financial instruments to transition to alternative benchmarks (*) | |||||||||||
| Financial assets non-derivative | Financial liabilities non-derivative | Off balance sheet commitments | |||||||||
| in € million at 31 December 2024 | Carrying value | Carrying value | Nominal value | ||||||||
| By benchmark rate | |||||||||||
| USD LIBOR | |||||||||||
| WIBOR | 19,202 | 134 | 1,544 | ||||||||
| Total | 19,202 | 134 | 1,544 | ||||||||
| in € million at 31 December 2023 | |||||||||||
| By benchmark rate | |||||||||||
| USD LIBOR | 915 | 16 | 9 | ||||||||
| WIBOR | 18,064 | 1,021 | |||||||||
| Total | 18,979 | 16 | 1,030 | ||||||||
| Derivative financial instruments to transition to alternative benchmarks (*) | ||||||||
| 31 December 2024 | 31 December 2023 | |||||||
| in € million | Nominal value | Nominal value | ||||||
By benchmark rate |
||||||||
| USD LIBOR | 151 | |||||||
| WIBOR | 110,189 | 77,238 | ||||||
| Total | 110,189 | 77,388 | ||||||
| Notional amounts of hedging instruments (*) | ||||||||
| 31 December 2024 | 31 December 2023 |
|||||||
| in € million | Nominal value | Nominal value | ||||||
By benchmark rate |
||||||||
| WIBOR | 99,663 | 89,338 | ||||||
| Foreign currency exposures banking books (*) | ||||||||||||||||||||
| in € million | Foreign Investments | Hedges | Net exposures | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| US Dollar | 11,251 | 10,337 | -4,823 | -3,416 | 6,429 | 6,921 | ||||||||||||||
| Pound Sterling | 1,674 | 1,659 | -484 | -156 | 1,190 | 1,503 | ||||||||||||||
| Polish Zloty | 4,292 | 3,976 | -1,616 | -1,254 | 2,677 | 2,722 | ||||||||||||||
| Australian Dollar | 3,373 | 3,620 | -2,161 | -2,273 | 1,212 | 1,346 | ||||||||||||||
| Turkish Lira | 557 | 517 | 0 | 0 | 557 | 517 | ||||||||||||||
| Chinese Yuan | 2,439 | 1,815 | -830 | -348 | 1,609 | 1,466 | ||||||||||||||
| Russian Rouble | 396 | 375 | 0 | 0 | 396 | 375 | ||||||||||||||
| Romanian Leu | 913 | 895 | -176 | -134 | 736 | 761 | ||||||||||||||
| Thai Baht | 1,266 | 1,128 | -838 | -697 | 428 | 431 | ||||||||||||||
| Other currency | 3,346 | 3,704 | -2,748 | -2,897 | 599 | 806 | ||||||||||||||
| Total | 29,509 | 28,024 | -13,675 | -11,175 | 15,834 | 16,849 | ||||||||||||||
| Revaluation reserve equity securities at fair value through other comprehensive income (*) | ||||||||
| in € million | 2024 | 2023 | ||||||
| Positive re-measurement | 1,820 | 1,158 | ||||||
| Negative re-measurement | -4 | -6 | ||||||
| Total | 1,816 | 1,152 | ||||||
| 1d VaR for internal model approach trading portfolios | ||||||||||||||||||||||||||
| in € million | Minimum | Maximum | Average | Year end | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Interest rate 1 |
6 | 6 | 17 | 23 | 12 | 15 | 11 | 8 | ||||||||||||||||||
| Equity and commodity | 2 | 2 | 7 | 4 | 4 | 3 | 6 | 2 | ||||||||||||||||||
| Foreign exchange | 1 | 1 | 14 | 8 | 3 | 3 | 2 | 2 | ||||||||||||||||||
| Credit spread | 2 | 2 | 12 | 10 | 4 | 5 | 3 | 5 | ||||||||||||||||||
Diversification 2 |
-7 | -8 | -6 | -8 | ||||||||||||||||||||||
Total VaR 2 |
7 | 9 | 21 | 29 | 15 | 18 | 16 | 9 | ||||||||||||||||||
|
1For calculation of HVaR per risk class the full valuation is performed according to HVaR methodology using a set of scenario changes for the risk factors for the particular risk class, while risk factors for all other risk classes are kept unchanged.
2The total HVaR for the columns Minimum and Maximum cannot be calculated by taking the sum of the individual components since the minimum/maximum observations for both the individual markets as well as for total HVaR may occur on different dates. Therefore, diversification is not calculated for the minimum and maximum categories.
| ||||||||||||||||||||||||||
| EU MR3: internal model approach values for trading portfolios | ||||||||
| in € million | 2024 | 2023 | ||||||
| VaR (10 day 99%) | ||||||||
| 1 Maximum value | 73 | 84 | ||||||
| 2 Average value | 48 | 53 | ||||||
| 3 Minimum value | 29 | 25 | ||||||
| 4 Period end | 47 | 25 | ||||||
| Stressed VaR (10 day 99%) | ||||||||
| 5 Maximum value | 175 | 116 | ||||||
| 6 Average value | 109 | 82 | ||||||
| 7 Minimum value | 56 | 57 | ||||||
| 8 Period end | 98 | 69 | ||||||
| Incremental risk charge (99.9%) | ||||||||
| 9 Maximum value | 232 | 304 | ||||||
| 10 Average value | 125 | 151 | ||||||
| 11 Minimum value | 64 | 48 | ||||||
| 12 Period end | 100 | 108 | ||||||
| Comprehensive risk capital charge (99.9%) | ||||||||
| 13 Maximum value | n/a | n/a | ||||||
| 14 Average value | n/a | n/a | ||||||
| 15 Minimum value | n/a | n/a | ||||||
| 16 Period end | n/a | n/a | ||||||
| EU MR1: market risk under standardised approach | ||||||||
| in € million | 2024 | 2023 | ||||||
| RWA | RWA | |||||||
| Outright products | ||||||||
| 1 Interest rate risk (general and specific) | 31 | 40 | ||||||
| 2 Equity risk (general and specific) | ||||||||
| 3 Foreign exchange risk | 4,374 | 4,811 | ||||||
| 4 Commodity risk | ||||||||
| Options | ||||||||
| 5 Simplified approach | ||||||||
| 6 Delta-plus method | ||||||||
| 7 Scenario approach | ||||||||
| 8 Securitisation (specific risk) | ||||||||
9 Total |
4,405 | 4,851 | ||||||
| EU MR2-A: Market risk under Internal Model Approach | |||||||||||||||||
| in € million | 2024 | 2023 | |||||||||||||||
| RWA | Total own funds requirements | RWA | Total own funds requirements | ||||||||||||||
| 1 | VaR (higher of values a and b) |
1,964 | 157 | 2,508 | 201 | ||||||||||||
| (a) | Previous day’s VaR (VaRt-1) | 49 | 26 | ||||||||||||||
| (b) | Multiplication factor (mc) x average of previous 60 working days (VaRavg) | 157 | 201 | ||||||||||||||
| 2 | SVaR (higher of values a and b) |
4,915 | 393 | 4,385 | 351 | ||||||||||||
| (a) | Latest available SVaR (SVaRt-1)) | 116 | 75 | ||||||||||||||
| (b) | Multiplication factor (ms) x average of previous 60 working days (sVaRavg) | 393 | 351 | ||||||||||||||
| 3 | IRC (higher of values a and b) |
1,457 | 117 | 1,746 | 140 | ||||||||||||
| (a) | Most recent IRC measure | 116 | 108 | ||||||||||||||
| (b) | 12 weeks average IRC measure | 117 | 140 | ||||||||||||||
| 4 | Comprehensive risk measure (higher of values a, b and c) |
||||||||||||||||
| (a) | Most recent risk measure of comprehensive risk measure | ||||||||||||||||
| (b) | 12 weeks average of comprehensive risk measure | ||||||||||||||||
| (c) | Comprehensive risk measure - Floor | ||||||||||||||||
| 5 | Other | 340 | 27 | 810 | 65 | ||||||||||||
| 6 | Total | 8,676 | 694 | 9,449 | 756 | ||||||||||||
| Most important foreign exchange year-end trading positions (*) | |||||||||||
| in € million | 2024 | 2023 | |||||||||
| Foreign exchange | Foreign exchange | ||||||||||
| US Dollar | -93 | Japanese Yen | 61 | ||||||||
| Turkish Lira | 84 | Taiwan Dollar | -58 | ||||||||
| Korean Won | 62 | Romanian Leu | 58 | ||||||||
| Japanese Yen | 61 | Chinese Yuan | 49 | ||||||||
| Chinese Yuan | -37 | Hong Kong Dollar | -38 | ||||||||
| Most important interest rate and credit spread sensitivities at year-end (*) | |||||||||||
| in € thousand | 2024 | 2023 | |||||||||
Interest rate (BPV) 1 |
Interest rate (BPV) 1 |
||||||||||
| Euro | -799 | Euro | -309 | ||||||||
| US Dollar | -198 | Czech Koruna | 71 | ||||||||
| British Pound | -189 | Korean Won | -41 | ||||||||
| Korean Won | -54 | US Dollar | -40 | ||||||||
| Philippine Peso | -54 | British Pound | -35 | ||||||||
Credit spread (CSO1) 2 |
Credit spread (CSO1) 2 |
||||||||||
| United States | 193 | Germany | 405 | ||||||||
| Netherlands | -165 | Netherlands | 120 | ||||||||
| France | -113 | Korea | -111 | ||||||||
| Poland | 69 | Japan | 106 | ||||||||
| Germany | 49 | United Kingdom | 101 | ||||||||
|
1Basis point value (BPV) measures the impact on value of a one basis point increase in interest rates.
2Credit Spread Sensitivity (CS01) measures the impact on value of a one basis point increase in credit spreads. Exposures to supranational institutions are not assigned to a specific country.
| |||||||||||
| Credit spread sensitivities per risk class and sector at year-end (*) | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| in € thousand | Corporate | Financial institutions | Corporate | Financial institutions | ||||||||||
Credit spread (CSO1) 1 |
||||||||||||||
| Risk classes | ||||||||||||||
| 1 (AAA) | -2 | -118 | 0 | 0 | ||||||||||
| 2–4 (AA) | -44 | -27 | 12 | 50 | ||||||||||
| 5–7 (A) | 49 | -246 | 57 | 50 | ||||||||||
| 8–10 (BBB) | 93 | -76 | 106 | 13 | ||||||||||
| 11–13 (BB) | 38 | -13 | 25 | -25 | ||||||||||
| 14–16 (B) | 23 | -12 | 17 | -4 | ||||||||||
| 17–22 (CCC and NPL) | 4 | 2 | -8 | -20 | ||||||||||
| Total | 162 | -489 | 208 | 65 | ||||||||||
1Credit Spread Sensitivity (CS01) measures the impact on value of a 1 basis point increase in credit spreads. | ||||||||||||||
Funding mix1 | ||||||||
| 2024 | 2023 | |||||||
| Funding type | ||||||||
| Customer deposits (retail) | 53 | % | 52 | % | ||||
| Customer deposits (corporate) | 22 | % | 22 | % | ||||
| Lending/repurchase agreements | 5 | % | 7 | % | ||||
| Interbank | 2 | % | 2 | % | ||||
| CD/CP | 5 | % | 5 | % | ||||
| Long-term senior debt | 11 | % | 10 | % | ||||
| Subordinated debt | 2 | % | 2 | % | ||||
| Total | 100 | % | 100 | % | ||||
1 Liabilities excluding trading securities and IFRS equity |
||||||||
ING Group long-term debt maturity profile by currency at year-end 20241 | ||||||||||||||||||||||||||
| in € billion (nominal amounts) | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | Beyond 2030 | Total | ||||||||||||||||||
| Currency | ||||||||||||||||||||||||||
| EUR | 4.7 | 9.2 | 7.1 | 9.7 | 10.3 | 10.6 | 27.0 | 78.6 | ||||||||||||||||||
| USD | 0.3 | 3.9 | 4.8 | 3.3 | 1.4 | 1.5 | 7.5 | 22.8 | ||||||||||||||||||
| Other | 1.2 | 2.7 | 1.7 | 1.8 | 2.6 | 0.2 | 3.1 | 13.3 | ||||||||||||||||||
| Total | 6.2 | 15.8 | 13.6 | 14.8 | 14.3 | 12.4 | 37.6 | 114.7 | ||||||||||||||||||
ING Group long-term debt maturity profile by currency at year-end 20231 | ||||||||||||||||||||||||||
| in € billion (nominal amounts) | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | Beyond 2029 | Total | ||||||||||||||||||
| Currency | ||||||||||||||||||||||||||
| EUR | 1.3 | 6.8 | 9.1 | 6.9 | 8.5 | 9.8 | 25.6 | 68.2 | ||||||||||||||||||
| USD | 0.9 | 0.4 | 3.7 | 4.6 | 3.1 | 1.2 | 4.7 | 18.5 | ||||||||||||||||||
| Other | 1.2 | 1.3 | 2.6 | 0.3 | 1.6 | 0.9 | 2.9 | 10.8 | ||||||||||||||||||
| Total | 3.4 | 8.5 | 15.4 | 11.8 | 13.3 | 11.8 | 33.3 | 97.4 | ||||||||||||||||||
ING Group liquidity risk indicators | ||||||||
| 2024 | 2023 | |||||||
Liquidity buffer (in € billion)1 |
338.6 | 311.4 | ||||||
LCR2 |
143 | % | 144 | % | ||||
NSFR3 |
133 | % | 132 | % | ||||
Asset encumbrance (AE)4 |
19 | % | 19 | % | ||||
Survival period (severe stress)5 |
>12 months | >12 months | ||||||
| Definitions | |||||||||||||||||
 |
|
||||||||||||||||
|
ESG Factors
ESG factors are defined as environmental, social or governance matters that may have a positive or negative impact on the non-financial/financial performance or solvency of an entity, sovereign, or individual. ING's ESG taxonomy of ESG factors are defined through the consideration of the CSRD and EUT.
|
Value chain
Value chain is a concept derived from CSRD Annex II as 'the full range of activities, resources and relationships related to the business model(s) of the undertaking and the external environment in which it operates'. For ING, the concept of the value chain defines the scope of the ESG risk management lifecycle.
|
Double Materiality
ING must identify both actual and potential:
▪impacts on people and environment (impact materiality, inside-out), as well as;
▪The sustainability matters that impact ING's financial positions (financial materiality, outside-in).
Impact materiality and financial materiality assessments are interrelated, as financial materiality may stem from negative impact, dependency on resources and context analysis. ING defines material ESG factor per value chain for both impact and financial materiality.
|
|||||||||||||||
| Environment | |||||||||||||||||
 |
▪Climate-change adaptation
▪Climate-change mitigation
▪Pollution
▪Water & marine resources
▪Circular economy
▪Biodiversity and ecosystems
|
||||||||||||||||
| Supply chain | |||||||||||||||||
| Own operations | |||||||||||||||||
| Social | Wholesale banking | ||||||||||||||||
 |
▪Own workforce and workers in the value chain
▪Customers
▪Communities
|
Business banking | |||||||||||||||
| Retail banking | |||||||||||||||||
| Governance | Treasury & other investments | ||||||||||||||||
 |
▪Business Conduct |
||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | ||||||||||||||||||||||||||||||
| Average balance | Interest income | Average yield % | Average balance |
Interest income | Average yield % | Average balance | Interest income | Average yield % | ||||||||||||||||||||||||
| (EUR millions) | (EUR millions) | (EUR millions) | ||||||||||||||||||||||||||||||
| Time deposits with banks | ||||||||||||||||||||||||||||||||
| domestic | 1,921 | 89 | 4.6 | 2,620 | 111 | 4.3 | 3,574 | 52 | 1.4 | |||||||||||||||||||||||
| foreign | 1,388 | 290 | 20.9 | 1,236 | 256 | 20.7 | 2,603 | 197 | 7.6 | |||||||||||||||||||||||
| Loans and advances | ||||||||||||||||||||||||||||||||
| domestic | 187,540 | 7,191 | 3.8 | 184,864 | 6,548 | 3.5 | 186,808 | 4,617 | 2.5 | |||||||||||||||||||||||
| foreign | 477,603 | 22,216 | 4.7 | 461,351 | 20,287 | 4.4 | 467,736 | 12,666 | 2.7 | |||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | ||||||||||||||||||||||||||||||
| Average balance | Interest income | Average yield % | Average balance |
Interest income | Average yield % | Average balance | Interest income | Average yield % | ||||||||||||||||||||||||
| Securities purchased with agreements to resell | ||||||||||||||||||||||||||||||||
| domestic | 10,904 | 377 | 3.5 | 17,174 | 343 | 2.0 | 10,305 | 43 | 0.4 | |||||||||||||||||||||||
| foreign | 67,062 | 5,867 | 8.8 | 68,727 | 4,506 | 6.6 | 64,598 | 1,297 | 2.0 | |||||||||||||||||||||||
Interest-earning securities1 |
||||||||||||||||||||||||||||||||
| domestic | 35,467 | 799 | 2.3 | 32,511 | 562 | 1.7 | 31,609 | 314 | 1.0 | |||||||||||||||||||||||
| foreign | 62,338 | 2,039 | 3.3 | 55,670 | 1,386 | 2.5 | 51,732 | 894 | 1.7 | |||||||||||||||||||||||
| Other interest-earning assets | ||||||||||||||||||||||||||||||||
| domestic | 44,302 | 2,160 | 4.9 | 56,611 | 2,720 | 4.8 | 65,895 | 444 | 0.7 | |||||||||||||||||||||||
| foreign | 60,717 | 2,062 | 3.4 | 61,658 | 2,118 | 3.4 | 66,298 | 407 | 0.6 | |||||||||||||||||||||||
| Total | 949,242 | 43,089 | 4.5 | 942,421 | 38,839 | 4.1 | 951,158 | 20,931 | 2.2 | |||||||||||||||||||||||
| Non-interest earning assets | 65,580 | 54,850 | 51,367 | |||||||||||||||||||||||||||||
| Derivatives assets | 26,422 | 30,215 | 32,480 | |||||||||||||||||||||||||||||
| Total assets | 1,041,245 | 1,027,486 | 1,035,005 | |||||||||||||||||||||||||||||
Percentage of assets applicable to foreign operations |
69.6 | % | 67.8 | % | 67.7 | % | ||||||||||||||||||||||||||
Interest income on derivatives |
15,717 | 13,112 | 6,123 | |||||||||||||||||||||||||||||
Other 2 |
352 | 448 | 1,319 | |||||||||||||||||||||||||||||
| Total interest income | 59,159 | 52,399 | 28,373 | |||||||||||||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | ||||||||||||||||||||||||||||||
| Average balance | Interest expense | Average yield | Average balance | Interest expense | Average yield | Average balance | Interest expense | Average yield | ||||||||||||||||||||||||
| (EUR millions) | % | (EUR millions) | % | (EUR millions) | % | |||||||||||||||||||||||||||
| Time deposits from banks | ||||||||||||||||||||||||||||||||
| domestic | 5,797 | 290 | 5.0 | 19,646 | 678 | 3.4 | 53,949 | -281 | 0.0 | |||||||||||||||||||||||
| foreign | 7,806 | 288 | 3.7 | 11,881 | 308 | 2.6 | 24,068 | -6 | 0.0 | |||||||||||||||||||||||
| Current accounts | ||||||||||||||||||||||||||||||||
| domestic | 88,854 | 1,349 | 1.5 | 97,084 | 1,025 | 1.1 | 107,971 | 361 | 0.3 | |||||||||||||||||||||||
| foreign | 125,858 | 577 | 0.5 | 135,088 | 362 | 0.3 | 155,087 | 98 | 0.1 | |||||||||||||||||||||||
Time deposits 1 |
||||||||||||||||||||||||||||||||
| domestic | 41,159 | 2,019 | 4.9 | 39,054 | 1,977 | 5.1 | 31,224 | 567 | 1.8 | |||||||||||||||||||||||
| foreign | 76,510 | 3,293 | 4.3 | 43,111 | 1,876 | 4.4 | 9,239 | 349 | 3.8 | |||||||||||||||||||||||
| Savings deposits | ||||||||||||||||||||||||||||||||
| domestic | 114,398 | 1,531 | 1.3 | 108,789 | 901 | 0.8 | 101,489 | -311 | -0.3 | |||||||||||||||||||||||
| foreign | 232,063 | 4,239 | 1.8 | 234,282 | 3,148 | 1.3 | 233,412 | 895 | 0.4 | |||||||||||||||||||||||
| Securities sold under agreements to repurchase | ||||||||||||||||||||||||||||||||
| domestic | 2,188 | 548 | 25.1 | 1,085 | 478 | 44.1 | 972 | 38 | 3.9 | |||||||||||||||||||||||
| foreign | 54,823 | 5,232 | 9.5 | 64,905 | 4,314 | 6.6 | 60,127 | 1,205 | 2.0 | |||||||||||||||||||||||
| Commercial paper | ||||||||||||||||||||||||||||||||
| domestic | 18,072 | 749 | 4.1 | 13,159 | 484 | 3.7 | 7,425 | 42 | 0.6 | |||||||||||||||||||||||
| foreign | 28,090 | 1,511 | 5.4 | 22,099 | 1,193 | 5.4 | 14,050 | 245 | 1.7 | |||||||||||||||||||||||
| Short term debt | ||||||||||||||||||||||||||||||||
| domestic | 5,288 | 285 | 5.4 | 5,841 | 286 | 4.9 | 3,946 | 53 | 1.3 | |||||||||||||||||||||||
| foreign | 1,738 | 131 | 7.6 | 1,669 | 72 | 4.3 | 2,858 | 39 | 1.4 | |||||||||||||||||||||||
| Long term debt | ||||||||||||||||||||||||||||||||
| domestic | 72,875 | 2,281 | 3.1 | 62,233 | 1,750 | 2.8 | 55,501 | 1,268 | 2.3 | |||||||||||||||||||||||
| foreign | 22,835 | 685 | 3.0 | 19,106 | 549 | 2.9 | 16,310 | 257 | 1.6 | |||||||||||||||||||||||
| Subordinated liabilities | ||||||||||||||||||||||||||||||||
| domestic | 16,462 | 757 | 4.6 | 16,057 | 711 | 4.4 | 16,317 | 650 | 4.0 | |||||||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | ||||||||||||||||||||||||||||||
| Average balance | Interest expense | Average yield | Average balance | Interest expense | Average yield | Average balance | Interest expense | Average yield | ||||||||||||||||||||||||
| foreign | 40 | 0.0 | 0 | 0 | 0.0 | |||||||||||||||||||||||||||
Other interest‑bearing liabilities |
||||||||||||||||||||||||||||||||
| domestic | 5,081 | 546 | 10.7 | 4,705 | 693 | 14.7 | 3,721 | 235 | 6.3 | |||||||||||||||||||||||
| foreign | 7,632 | 266 | 3.5 | 6,639 | 253 | 3.8 | 6,732 | 116 | 1.7 | |||||||||||||||||||||||
| Total | 927,570 | 26,578 | 2.9 | 906,434 | 21,057 | 2.3 | 904,399 | 5,820 | 0.6 | |||||||||||||||||||||||
Non-interest bearing liabilities |
36,419 | 37,365 | 38,995 | |||||||||||||||||||||||||||||
| Derivatives liabilities | 23,236 | 28,452 | 32,364 | |||||||||||||||||||||||||||||
| Total liabilities | 987,225 | 972,251 | 975,758 | |||||||||||||||||||||||||||||
| Group capital | 54,020 | 55,235 | 59,247 | |||||||||||||||||||||||||||||
| Total liabilities and capital | 1,041,245 | 1,027,486 | 1,035,005 | |||||||||||||||||||||||||||||
| Percentage of liabilities applicable to foreign operations | 59.5 | % | 58.8 | % | 57.3 | % | ||||||||||||||||||||||||||
| Other interest expense: | ||||||||||||||||||||||||||||||||
Interest expenses on derivatives |
17,030 | 14,927 | 6,522 | |||||||||||||||||||||||||||||
other 2 |
263 | 253 | 1,438 | |||||||||||||||||||||||||||||
| Total interest expense | 43,871 | 36,237 | 13,780 | |||||||||||||||||||||||||||||
| Total net interest result | 15,288 | 16,162 | 14,593 | |||||||||||||||||||||||||||||
| 2024 over 2023 | 2023 over 2022 | ||||||||||||||||||||||
Increase (decrease) due to changes in |
Increase (decrease) due to changes in |
||||||||||||||||||||||
Average volume |
Average rate |
Net change |
Average volume |
Average rate |
Net change |
||||||||||||||||||
| (EUR millions) | (EUR millions) | ||||||||||||||||||||||
| Interest-earning assets | |||||||||||||||||||||||
| Time deposits to banks | |||||||||||||||||||||||
| domestic | -30 | 7 | -23 | -14 | 74 | 60 | |||||||||||||||||
| foreign | 32 | 2 | 34 | -103 | 163 | 59 | |||||||||||||||||
| Loans and advances | |||||||||||||||||||||||
| domestic | 80 | 563 | 643 | -39 | 1,970 | 1,931 | |||||||||||||||||
| foreign | 810 | 1,119 | 1,929 | -64 | 7,684 | 7,621 | |||||||||||||||||
| Securities purchased with agreements to resell | |||||||||||||||||||||||
| Domestic | -125 | 159 | 33 | 29 | 271 | 300 | |||||||||||||||||
| foreign | -109 | 1,470 | 1,361 | 83 | 3,126 | 3,209 | |||||||||||||||||
| Interest-earning securities | |||||||||||||||||||||||
| Domestic | 51 | 186 | 237 | 9 | 239 | 248 | |||||||||||||||||
| foreign | 166 | 486 | 652 | 68 | 425 | 493 | |||||||||||||||||
| Other interest-earning assets | |||||||||||||||||||||||
| domestic | -591 | 32 | -560 | -63 | 2,339 | 2,276 | |||||||||||||||||
| foreign | -32 | -24 | -57 | -28 | 1,740 | 1,711 | |||||||||||||||||
| Interest income | |||||||||||||||||||||||
| domestic | -616 | 947 | 331 | -77 | 4,893 | 4,815 | |||||||||||||||||
| foreign | 866 | 3,053 | 3,919 | -45 | 13,137 | 13,093 | |||||||||||||||||
| Total | 250 | 4,000 | 4,250 | -122 | 18,030 | 17,908 | |||||||||||||||||
| Other interest income | 2,510 | 6,118 | |||||||||||||||||||||
| Total interest income | 6,760 | 24,026 | |||||||||||||||||||||
| 2024 over 2023 | 2023 over 2022 | ||||||||||||||||||||||
Increase (decrease) due to changes in |
Increase (decrease) due to changes in |
||||||||||||||||||||||
Average volume |
Average rate |
Net change |
Average volume |
Average rate |
Net change |
||||||||||||||||||
| (EUR millions) | (EUR millions) | ||||||||||||||||||||||
| Interest-bearing liabilities | |||||||||||||||||||||||
| Time deposits from banks | |||||||||||||||||||||||
| domestic | -478 | 90 | -388 | -55 | 1,014 | 958 | |||||||||||||||||
| foreign | -106 | 86 | -20 | -55 | 369 | 314 | |||||||||||||||||
| Demand deposits | |||||||||||||||||||||||
| domestic | -87 | 411 | 324 | -36 | 700 | 664 | |||||||||||||||||
| foreign | -25 | 240 | 216 | -13 | 276 | 263 | |||||||||||||||||
| Time deposits | |||||||||||||||||||||||
| domestic | 107 | -65 | 42 | 142 | 1,268 | 1,411 | |||||||||||||||||
| foreign | 1,454 | -37 | 1,416 | 1,278 | 249 | 1,527 | |||||||||||||||||
| Savings deposits | |||||||||||||||||||||||
| domestic | 47 | 583 | 630 | 5 | 1,207 | 1,212 | |||||||||||||||||
| foreign | -30 | 1,121 | 1,091 | 4 | 2,249 | 2,253 | |||||||||||||||||
| Short term debt | |||||||||||||||||||||||
| domestic | -27 | 26 | -1 | 25 | 208 | 233 | |||||||||||||||||
| foreign | 3 | 56 | 59 | -16 | 49 | 33 | |||||||||||||||||
| Securities sold under agreements to repurchase | |||||||||||||||||||||||
| domestic | 486 | -415 | 71 | 4 | 435 | 440 | |||||||||||||||||
| foreign | -670 | 1,588 | 917 | 96 | 3,013 | 3,109 | |||||||||||||||||
| Commercial paper | |||||||||||||||||||||||
| domestic | 181 | 84 | 265 | 33 | 409 | 442 | |||||||||||||||||
| foreign | 323 | -6 | 318 | 140 | 809 | 949 | |||||||||||||||||
| Long term debt | |||||||||||||||||||||||
| domestic | 299 | 232 | 531 | 154 | 328 | 482 | |||||||||||||||||
| foreign | 107 | 29 | 136 | 44 | 247 | 291 | |||||||||||||||||
| Subordinated liabilities | |||||||||||||||||||||||
| domestic | 18 | 27 | 45 | -10 | 71 | 61 | |||||||||||||||||
| foreign | 0 | 0 | 0 | ||||||||||||||||||||
| 2024 over 2023 | 2023 over 2022 | ||||||||||||||||||||||
Increase (decrease) due to changes in |
Increase (decrease) due to changes in |
||||||||||||||||||||||
Average volume |
Average rate |
Net change |
Average volume |
Average rate |
Net change |
||||||||||||||||||
| (EUR millions) | (EUR millions) | ||||||||||||||||||||||
| Other interest-bearing liabilities | |||||||||||||||||||||||
| domestic | 55 | -202 | -147 | 62 | 396 | 458 | |||||||||||||||||
| foreign | 38 | -25 | 13 | -2 | 138 | 136 | |||||||||||||||||
| Interest expense | |||||||||||||||||||||||
| domestic | 601 | 772 | 1,372 | 323 | 6,038 | 6,361 | |||||||||||||||||
| foreign | 1,094 | 3,052 | 4,147 | 1,476 | 7,400 | 8,876 | |||||||||||||||||
| Total | 1,695 | 3,824 | 5,519 | 1,799 | 13,438 | 15,237 | |||||||||||||||||
| Other interest expense | 2,114 | 7,219 | |||||||||||||||||||||
| Total interest expense | 7,633 | 22,456 | |||||||||||||||||||||
| Net interest | |||||||||||||||||||||||
| domestic | -1,217 | 176 | -1,041 | -401 | -1,146 | -1,546 | |||||||||||||||||
| foreign | -228 | 1 | -228 | -1,521 | 5,738 | 4,217 | |||||||||||||||||
| Net interest | -1,445 | 176 | -1,269 | -1,921 | 4,592 | 2,671 | |||||||||||||||||
| Other net interest result | 396 | -1,101 | |||||||||||||||||||||
| Net interest result | -873 | 1,570 | |||||||||||||||||||||
| 2024 | 2023 | ||||||||||
| Average rate | Average rate | ||||||||||
| % | % | ||||||||||
| Interest spread | |||||||||||
| Domestic | 0.8 | 0.9 | |||||||||
| Foreign | 2.0 | 2.2 | |||||||||
| Total | 1.7 | 1.8 | |||||||||
| Net interest margin | |||||||||||
| Domestic | (0.1) | 0.3 | |||||||||
| Foreign | 2.5 | 2.6 | |||||||||
| Total | 1.7 | 1.9 | |||||||||
| Weighted average yield | ||||||||||||||
| 2024 | 1 year or less | Between 1 and 5 years | Between 5 and 10 years | Over 10 years | ||||||||||
| Fair value through other comprehensive income | ||||||||||||||
| Government bonds | 1.44 | % | 4.37 | % | 2.92 | % | 3.38 | % | ||||||
| Central Bank bonds | ||||||||||||||
| Sub-sovereign, Supranationals and Agencies | 3.10 | % | 2.61 | % | 2.72 | % | 3.88 | % | ||||||
| Covered bonds | 0.01 | % | 2.37 | % | 2.59 | % | ||||||||
| Corporate bonds | 0.88 | % | 1.29 | % | ||||||||||
| Financial institutions bonds | 4.28 | % | 2.81 | % | ||||||||||
| ABS portfolio | 3.36 | % | 3.43 | % | 3.68 | % | ||||||||
| Weighted average yield | ||||||||||||||
| 2024 | 1 year or less | Between 1 and 5 years |
Between 5 and 10 years |
Over 10 years |
||||||||||
| Securities at amortised cost | ||||||||||||||
| Government bonds | 2.21 | % | 2.83 | % | 2.68 | % | 4.44 | % | ||||||
| Central Bank bonds | 0.01 | % | ||||||||||||
| Sub-sovereign, Supranationals and Agencies | 1.71 | % | 1.58 | % | 2.27 | % | 2.81 | % | ||||||
| Covered bonds | 0.68 | % | 1.51 | % | 1.77 | % | ||||||||
| Corporate bonds | 2.70 | % | 5.04 | % | 7.34 | % | ||||||||
| Financial institutions bonds | 0.20 | % | 6.89 | % | ||||||||||
| ABS portfolio | 6.25 | % | 4.02 | % | 4.61 | % | ||||||||
| 2024 | 1 year or less |
1 year to 5 years |
5 years through 15 years | After 15 years | Total | ||||||||||||
| By domestic offices: | |||||||||||||||||
| Loans to banks | 13,976 | 303 | 65 | 0 | 14,344 | ||||||||||||
| Loans to public authorities | 262 | 415 | 1,013 | 197 | 1,888 | ||||||||||||
| Residential mortgages | 2,442 | 13,425 | 49,700 | 53,625 | 119,191 | ||||||||||||
| Other personal lending | 922 | 2,298 | 1,259 | 528 | 5,007 | ||||||||||||
| Corporate Lending | 25,709 | 31,489 | 9,381 | 342 | 66,921 | ||||||||||||
| Total domestic offices | 43,311 | 47,931 | 61,418 | 54,691 | 207,351 | ||||||||||||
| By foreign offices: | |||||||||||||||||
| Loans to banks | 5,426 | 1,455 | 540 | 5 | 7,426 | ||||||||||||
| Loans to public authorities | 6,647 | 3,365 | 5,582 | 1,179 | 16,773 | ||||||||||||
| Residential mortgages | 13,637 | 49,051 | 90,871 | 75,844 | 229,403 | ||||||||||||
| Other personal lending | 9,585 | 15,665 | 4,851 | 1,689 | 31,789 | ||||||||||||
| Corporate Lending | 85,382 | 105,372 | 26,132 | 1,587 | 218,473 | ||||||||||||
| Total foreign offices | 120,676 | 174,907 | 127,975 | 80,304 | 503,863 | ||||||||||||
| Total gross loans and advances to banks and customers | 163,987 | 222,839 | 189,393 | 134,996 | 711,215 | ||||||||||||
| 2024 | Predetermined interest rates | Floating or adjustable interest rates 1 |
||||||
| Loans to banks | 348 | 2,020 | ||||||
| Loans to public authorities | 8,237 | 3,515 | ||||||
| Residential mortgages | 233,616 | 98,899 | ||||||
| Other personal lending | 21,381 | 4,909 | ||||||
| Corporate Lending | 53,780 | 120,522 | ||||||
| Total | 317,362 | 229,865 | ||||||
| Movements in allocation of the provision for loan losses on loans | |||||||||||
| 2024 | 2023 | 2022 | |||||||||
| Balance on 1 January | 5,839 | 6,101 | 5,368 | ||||||||
| Impact of changes in accounting policies | 95 | ||||||||||
| Write-offs | -1,017 | -1,111 | -1,130 | ||||||||
| Recoveries | 69 | 71 | 71 | ||||||||
| Net write-offs | -948 | -1,039 | -1,059 | ||||||||
| Additions and other adjustments (included in value Adjustments to receivables of the Banking operations) | 1,157 | 683 | 1,792 | ||||||||
| Balance on 31 December | 6,049 | 5,839 | 6,101 | ||||||||
| Average loans and advances to banks and customers | 690,544 | 671,424 | 670,013 | ||||||||
| Ratio of net charge‑offs to average loans and advances to banks and customers | 0.14 | % | 0.15 | % | 0.16 | % | |||||
| Ratio of allowance for credit losses to total loans and advances to banks and customers outstanding | 0.85 | % | 0.88 | % | 0.90 | % | |||||
| Time deposits in excess on deposit insurance regime | Other uninsured Time deposits |
|||||||
| (EUR millions) | (EUR millions) | |||||||
| 3 months or less | 16,918 | 20,264 | ||||||
| 6 months or less but over 3 months | 4,094 | 6,922 | ||||||
| 12 months or less but over 6 months | 4,099 | 4,902 | ||||||
| Over 12 months | 421 | 5,206 | ||||||
| Total | 25,533 | 37,293 | ||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Assets | Liabilities | |||||||||||||||||||
Cash and balances with central banks 2 |
70,353 | 90,214 | Deposits from banks 12 |
16,723 | 23,257 | |||||||||||||||
Loans and advances to banks 3 |
21,770 | 16,709 | Customer deposits 13 |
691,661 | 650,276 | |||||||||||||||
Financial assets at fair value through profit or loss 4,6 |
Financial liabilities at fair value through profit or loss 14 |
|||||||||||||||||||
| – Trading assets | 72,897 | 60,229 | – Trading liabilities | 35,255 | 37,220 | |||||||||||||||
| – Non-trading derivatives | 2,463 | 2,028 | – Non-trading derivatives | 2,101 | 2,019 | |||||||||||||||
| – Designated as at fair value through profit or loss | 5,740 | 5,775 | – Designated as at fair value through profit or loss | 49,543 | 55,400 | |||||||||||||||
| – Mandatorily at fair value through profit or loss | 56,481 | 54,983 | Current tax liabilities | 276 | 396 | |||||||||||||||
Financial assets at fair value through other comprehensive income 5,6 |
46,389 | 41,116 | Deferred tax liabilities 33 |
1,209 | 1,447 | |||||||||||||||
Securities at amortised cost 6 |
50,273 | 48,313 | Provisions 15 |
774 | 920 | |||||||||||||||
Loans and advances to customers 7 |
683,611 | 647,313 | Other liabilities 16 |
12,369 | 13,667 | |||||||||||||||
Investments in associates and joint ventures 8 |
1,679 | 1,509 | Debt securities in issue 17 |
142,367 | 124,670 | |||||||||||||||
Property and equipment 9 |
2,434 | 2,399 | Subordinated loans 18 |
17,878 | 15,401 | |||||||||||||||
Intangible assets 10 |
1,334 | 1,198 | Total liabilities | 970,158 | 924,671 | |||||||||||||||
| Current tax assets | 485 | 311 | ||||||||||||||||||
Deferred tax assets 33 |
1,001 | 1,085 | Equity 19 |
|||||||||||||||||
Other assets 11 |
6,945 | 7,117 | Share capital and share premium | 17,148 | 17,151 | |||||||||||||||
| Other reserves | -687 | -2,767 | ||||||||||||||||||
| Retained earnings | 36,243 | 40,299 | ||||||||||||||||||
| Shareholders’ equity (parent) | 52,703 | 54,684 | ||||||||||||||||||
| Non-controlling interests | 995 | 944 | ||||||||||||||||||
| Total equity | 53,698 | 55,628 | ||||||||||||||||||
| Total assets | 1,023,856 | 980,299 | Total liabilities and equity | 1,023,856 | 980,299 | |||||||||||||||
| in EUR million | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | ||||||||||||||||||||
| Interest income using effective interest rate method | 49,474 | 44,658 | 24,439 | Addition to loan loss provisions | 1,194 | 520 | 1,861 | |||||||||||||||||||
| Other interest income | 9,685 | 7,741 | 3,934 | Staff expenses 25 |
7,184 | 6,725 | 6,152 | |||||||||||||||||||
| Total interest income | 59,159 | 52,399 | 28,373 | Other operating expenses 26 |
4,937 | 4,839 | 5,047 | |||||||||||||||||||
| Total expenses | 13,315 | 12,084 | 13,060 | |||||||||||||||||||||||
| Interest expense using effective interest rate method | -34,878 | -28,510 | -10,019 | |||||||||||||||||||||||
| Other interest expense | -8,993 | -7,726 | -3,762 | Result before tax | 7,772 | 6,037 | 17,358 | |||||||||||||||||||
| Total interest expense | -43,871 | -36,237 | -13,780 | |||||||||||||||||||||||
Taxation 33 |
2,181 | 1,662 | 5,130 | |||||||||||||||||||||||
Net interest income 20 |
15,288 | 16,162 | 14,593 | Net result | 5,592 | 4,374 | 12,228 | |||||||||||||||||||
| Fee and commission income | 5,604 | 5,109 | 5,085 | Net result attributable to: | ||||||||||||||||||||||
| Fee and commission expense | -1,596 | -1,514 | -1,499 | Non-controlling interests | 258 | 235 | 102 | |||||||||||||||||||
Net fee and commission income 21 |
4,008 | 3,595 | 3,586 | Shareholders of the parent | 5,334 | 4,140 | 12,126 | |||||||||||||||||||
| 5,592 | 4,374 | 12,228 | ||||||||||||||||||||||||
Valuation results and net trading income 22 |
1,614 | -1,732 | 12,214 | |||||||||||||||||||||||
Investment income 23 |
13 | 95 | 181 | |||||||||||||||||||||||
Share of result from associates and joint ventures 8 |
205 | 149 | 92 | |||||||||||||||||||||||
Impairment of associates and joint ventures 8 |
-35 | -5 | -192 | |||||||||||||||||||||||
Result on disposal of group companies |
0 | 0 | 6 | in EUR | ||||||||||||||||||||||
Net result on derecognition of financial assets measured at amortised cost |
-2 | 3 | -5 | Earnings per ordinary share 28 |
||||||||||||||||||||||
Other net income 24 |
-3 | -147 | -56 | Basic earnings per ordinary share | 1.65 | 1.16 | 3.35 | |||||||||||||||||||
| Total income | 21,087 | 18,121 | 30,418 | Diluted earnings per ordinary share | 1.65 | 1.16 | 3.35 | |||||||||||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Net result (before non-controlling interests) | 5,592 | 4,374 | 12,228 | ||||||||
| Other comprehensive income | |||||||||||
| Items that will not be reclassified to the statement of profit or loss: | |||||||||||
| Realised and unrealised revaluations property in own use | 3 | 10 | 15 | ||||||||
Remeasurement of the net defined benefit asset/liability |
-16 | -85 | -19 | ||||||||
| Net change in fair value of equity instruments at fair value through other comprehensive income | 664 | -30 | -126 | ||||||||
| Change in fair value of own credit risk of financial liabilities at fair value through profit or loss | -46 | -39 | 165 | ||||||||
| Items that may subsequently be reclassified to the statement of profit or loss: | |||||||||||
| Net change in fair value of debt instruments at fair value through other comprehensive income | -258 | 67 | -435 | ||||||||
| Realised gains/losses on debt instruments at fair value through other comprehensive income reclassified to the statement of profit or loss | 63 | 9 | -26 | ||||||||
| Changes in cash flow hedge reserve | 383 | 1,138 | -3,158 | ||||||||
| Exchange rate differences | 563 | -85 | 436 | ||||||||
| Total other comprehensive income | 1,357 | 985 | -3,147 | ||||||||
| Total comprehensive income | 6,948 | 5,360 | 9,081 | ||||||||
| Comprehensive income attributable to: | |||||||||||
| Non-controlling interests | 303 | 444 | -190 | ||||||||
| Shareholders of the parent | 6,645 | 4,916 | 9,271 | ||||||||
| 6,948 | 5,360 | 9,081 | |||||||||
| in EUR million | Share capital and share premium | Other reserves |
Retained earnings |
Shareholders' equity (parent) | Non-controlling interests |
Total equity |
|||||||||||||||||||||||
| Balance as at 31 December 2023 | 17,151 | -2,767 | 40,299 | 54,684 | 944 | 55,628 | |||||||||||||||||||||||
| Net result | 125 | 5,209 | 5,334 | 258 | 5,592 | ||||||||||||||||||||||||
| Other comprehensive income | 1,311 | 1,311 | 46 | 1,357 | |||||||||||||||||||||||||
| Total comprehensive income net of tax | 1,436 | 5,209 | 6,645 | 303 | 6,948 | ||||||||||||||||||||||||
Dividends and other cash distributions 29 |
-4,124 | -4,124 | -253 | -4,377 | |||||||||||||||||||||||||
| Share buyback programmes, commitment | -4,500 | -4,500 | -4,500 | ||||||||||||||||||||||||||
| Share buyback programmes, repurchases of shares | -3,817 | 3,774 | -43 | -43 | |||||||||||||||||||||||||
| Share buyback programmes, cancellation of shares | -4 | 5,000 | -4,996 | ||||||||||||||||||||||||||
| Employee share-based compensation plans | 43 | 1 | 45 | 0 | 45 | ||||||||||||||||||||||||
| Other changes in treasury shares | 2 | 2 | 2 | ||||||||||||||||||||||||||
| Transfers | -585 | 585 | |||||||||||||||||||||||||||
| Other changes | -5 | -5 | 0 | -5 | |||||||||||||||||||||||||
| Balance as at 31 December 2024 | 17,148 | -687 | 36,243 | 52,703 | 995 | 53,698 | |||||||||||||||||||||||
| in EUR million | Share capital and share premium | Other reserves |
Retained earnings |
Shareholders' equity (parent) | Non-controlling interests |
Total equity |
|||||||||||||||||||||||
| Balance as at 31 December 2022 | 17,154 | -2,192 | 41,538 | 56,500 | 504 | 57,004 | |||||||||||||||||||||||
Impact of changes in accounting policies 1 |
-45 | -45 | -1 | -46 | |||||||||||||||||||||||||
| Balance as at 1 January 2023 | 17,154 | -2,192 | 41,493 | 56,455 | 503 | 56,959 | |||||||||||||||||||||||
| Net result | 336 | 3,804 | 4,140 | 235 | 4,374 | ||||||||||||||||||||||||
| Other comprehensive income | 776 | 776 | 209 | 985 | |||||||||||||||||||||||||
| Total comprehensive income net of tax | 1,112 | 3,804 | 4,916 | 444 | 5,360 | ||||||||||||||||||||||||
Dividends 29 |
-2,668 | -2,668 | -3 | -2,671 | |||||||||||||||||||||||||
| Share buyback programmes, commitment | -4,000 | -4,000 | -4,000 | ||||||||||||||||||||||||||
| Share buyback programmes, repurchases of shares | -3,524 | 3,482 | -42 | -42 | |||||||||||||||||||||||||
| Share buyback programmes, cancellation of shares | -2 | 2,701 | -2,699 | ||||||||||||||||||||||||||
| Employee share-based compensation plans | 0 | 41 | -7 | 34 | 34 | ||||||||||||||||||||||||
| Other changes in treasury shares | -7 | -7 | -7 | ||||||||||||||||||||||||||
| Transfers | -899 | 899 | |||||||||||||||||||||||||||
| Other changes | -5 | -5 | -5 | ||||||||||||||||||||||||||
| Balance as at 31 December 2023 | 17,151 | -2,767 | 40,299 | 54,684 | 944 | 55,628 | |||||||||||||||||||||||
| in EUR million | Share capital and share premium | Other reserves |
Retained earnings |
Shareholders' equity (parent) | Non-controlling interests |
Total equity |
|||||||||||||||||||||||
| Balance as at 31 December 2021 | 17,144 | -540 | 35,462 | 52,066 | 736 | 52,802 | |||||||||||||||||||||||
| Impact of IAS 29 on opening balance | 627 | -563 | 64 | 64 | |||||||||||||||||||||||||
| Balance as at 1 January 2022 | 17,144 | 87 | 34,899 | 52,130 | 736 | 52,866 | |||||||||||||||||||||||
| Net result | 161 | 11,965 | 12,126 | 102 | 12,228 | ||||||||||||||||||||||||
| Other comprehensive income | -2,855 | -2,855 | -292 | -3,147 | |||||||||||||||||||||||||
| Total comprehensive income net of tax | -2,694 | 11,965 | 9,271 | -190 | 9,081 | ||||||||||||||||||||||||
Dividends and other cash distributions 29 |
-3,349 | -3,349 | -41 | -3,390 | |||||||||||||||||||||||||
| Share buyback programmes, commitment | -1,583 | -1,583 | -1,583 | ||||||||||||||||||||||||||
| Share buyback programmes, repurchases of shares | -1,721 | 1,721 | |||||||||||||||||||||||||||
| Share buyback programmes, cancellation of shares | -2 | 2,124 | -2,123 | ||||||||||||||||||||||||||
| Employee share-based compensation plans | 12 | 15 | 27 | 0 | 27 | ||||||||||||||||||||||||
| Other changes in treasury shares | 4 | 4 | 4 | ||||||||||||||||||||||||||
| Transfers | 8 | -8 | |||||||||||||||||||||||||||
| Other changes | 1 | 1 | 0 | 0 | |||||||||||||||||||||||||
| Balance as at 31 December 2022 | 17,154 | -2,192 | 41,538 | 56,500 | 504 | 57,004 | |||||||||||||||||||||||
| in EUR million, for the years ended 31 December | 2024 | 2023 | 2022 | |||||||||||
Cash flows from operating activities |
||||||||||||||
| Result before tax | 7,772 | 6,037 | 17,358 | |||||||||||
| Adjusted for: | – Depreciation and amortisation | 673 | 674 | 711 | ||||||||||
| – Addition to loan loss provisions | 1,194 | 520 | 1,861 | |||||||||||
| – Revaluations | 1,012 | 1,806 | -6,002 | |||||||||||
| – Exchange rate differences and other | 869 | 260 | -330 | |||||||||||
| Taxation paid | -2,754 | -2,700 | -1,474 | |||||||||||
| Changes in: | – Loans and advances to banks, not available on demand | -7,736 | 12,693 | -5,837 | ||||||||||
| – Deposits from banks, not payable on demand | -7,818 | -31,804 | -26,976 | |||||||||||
| – Trading assets | -12,663 | -3,359 | -5,489 | |||||||||||
| – Trading liabilities | -1,964 | -1,869 | 11,975 | |||||||||||
| – Loans and advances to customers | -34,401 | -5,816 | -19,297 | |||||||||||
| – Customer deposits | 41,090 | 8,513 | 25,057 | |||||||||||
| – Non–trading derivatives | -54 | 2,409 | -5,469 | |||||||||||
| – Assets designated at fair value through profit or loss | 40 | 260 | 45 | |||||||||||
| – Assets mandatorily at fair value through profit or loss | 274 | -7,402 | -4,143 | |||||||||||
| – Other assets | 263 | 1,727 | -2,866 | |||||||||||
| – Other financial liabilities at fair value through profit or loss | -7,800 | 4,391 | 9,886 | |||||||||||
| – Provisions and other liabilities | -542 | 2,320 | -123 | |||||||||||
| Net cash flow from/(used in) operating activities | -22,544 | -11,340 | -11,112 | |||||||||||
| Cash flows from investing activities | ||||||||||||||
| Investments and advances: | - Associates and joint ventures | -26 | -55 | -48 | ||||||||||
| - Financial assets at fair value through other comprehensive income | -21,091 | -19,995 | -18,806 | |||||||||||
– Securities at amortised cost1 |
-110,052 | -49,614 | -24,651 | |||||||||||
| – Property and equipment | -332 | -246 | -231 | |||||||||||
| 2024 | 2023 | 2022 | ||||||||||||
| – Other investments | -383 | -310 | -198 | |||||||||||
| Disposals and redemptions: | – Associates and joint ventures | 107 | 164 | 58 | ||||||||||
| – Disposal of subsidiaries, net of cash disposed | 7 | |||||||||||||
| - Financial assets at fair value through other comprehensive income | 16,949 | 11,913 | 14,526 | |||||||||||
– Securities at amortised cost1 |
108,732 | 49,525 | 23,943 | |||||||||||
| – Property and equipment | 50 | 57 | 83 | |||||||||||
| – Other investments | 13 | 15 | 10 | |||||||||||
| Net cash flow from/(used in) investing activities | -6,033 | -8,545 | -5,307 | |||||||||||
Cash flows from financing activities |
||||||||||||||
Proceeds from debt securities1 |
124,701 | 116,436 | 92,707 | |||||||||||
Repayments of debt securities1 |
-113,014 | -90,574 | -82,844 | |||||||||||
| Proceeds from issuance of subordinated loans | 4,603 | 2,225 | 983 | |||||||||||
| Repayments of subordinated loans | -2,931 | -2,894 | -1,090 | |||||||||||
| Repayments of principal portion of lease liabilities | -290 | -291 | -296 | |||||||||||
| Purchase/sale of treasury shares | -3,817 | -3,531 | -1,717 | |||||||||||
| Dividends paid | -3,879 | -2,967 | -3,093 | |||||||||||
| Other financing | 0 | 0 | 0 | |||||||||||
| Net cash flow from/(used in) financing activities | 5,374 | 18,404 | 4,649 | |||||||||||
| Net cash flow | -23,203 | -1,481 | -11,770 | |||||||||||
Cash and cash equivalents at beginning of year |
93,012 | 95,391 | 107,665 | |||||||||||
| Effect of exchange rate changes on cash and cash equivalents | -740 | -898 | -504 | |||||||||||
Cash and cash equivalents at end of year |
69,069 | 93,012 | 95,391 | |||||||||||
| Cash and cash equivalents | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Treasury bills and other eligible bills included in securities at AC | 37 | 0 | 1 | ||||||||
| Deposits from banks | -6,303 | -5,132 | -6,172 | ||||||||
| Loans and advances to banks | 4,982 | 7,931 | 13,948 | ||||||||
| Cash and balances with central banks | 70,353 | 90,214 | 87,614 | ||||||||
| Cash and cash equivalents at end of year | 69,069 | 93,012 | 95,391 | ||||||||
| Changes in liabilities arising from financing activities | |||||||||||||||||||||||||||||
| Debt securities in issue | Subordinated Loans | Lease liabilities | |||||||||||||||||||||||||||
| in EUR million | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | ||||||||||||||||||||
| Opening balance | 124,670 | 95,918 | 91,784 | 15,401 | 15,786 | 16,715 | 1,162 | 1,174 | 1,220 | ||||||||||||||||||||
| Cash flows: | |||||||||||||||||||||||||||||
| Additions | 124,701 | 116,436 | 92,707 | 4,603 | 2,225 | 983 | |||||||||||||||||||||||
| Redemptions / Disposals | -113,014 | -90,574 | -82,844 | -2,931 | -2,894 | -1,090 | -290 | -291 | -296 | ||||||||||||||||||||
| Non cash changes: | |||||||||||||||||||||||||||||
| Amortisation | 1,098 | 764 | 312 | 28 | 34 | 30 | 27 | 28 | 15 | ||||||||||||||||||||
| Other | 261 | 502 | 39 | 24 | 12 | 7 | 212 | 256 | 239 | ||||||||||||||||||||
| Changes in unrealised revaluations | 1,139 | 2,680 | -7,658 | 188 | 473 | -1,470 | |||||||||||||||||||||||
| Foreign exchange movement | 3,512 | -1,057 | 1,577 | 565 | -235 | 611 | 5 | -4 | -4 | ||||||||||||||||||||
| Closing balance | 142,367 | 124,670 | 95,918 | 17,878 | 15,401 | 15,786 | 1,116 | 1,162 | 1,174 | ||||||||||||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Interest received | 57,200 | 51,029 | 28,105 | ||||||||
| Interest paid | -41,191 | -33,734 | -14,193 | ||||||||
| 16,009 | 17,295 | 13,911 | |||||||||
Dividend received |
235 | 205 | 229 | ||||||||
| Dividend paid | -3,879 | -2,967 | -3,093 | ||||||||
| Reconciliation net result under IFRS-EU and IFRS-IASB | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| In accordance with IFRS-EU (attributable to the shareholders of the parent) | 6,392 | 7,287 | 3,674 | ||||||||
| Adjustment of the EU IAS 39 carve-out | -1,528 | -4,455 | 11,856 | ||||||||
Tax effect of the adjustment |
470 | 1,308 | -3,405 | ||||||||
| Effect of adjustment after tax | -1,058 | -3,147 | 8,451 | ||||||||
| In accordance with IFRS-IASB (attributable to the shareholders of the parent) | 5,334 | 4,140 | 12,126 | ||||||||
| Reconciliation shareholders’ equity under IFRS-EU and IFRS-IASB | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| In accordance with IFRS-EU (attributable to the shareholders of the parent) | 50,314 | 51,240 | 49,909 | ||||||||
| Adjustment of the EU IAS 39 carve-out | 3,378 | 4,902 | 9,357 | ||||||||
| Tax effect of the adjustment | -989 | -1,457 | -2,765 | ||||||||
| Effect of adjustment after tax | 2,389 | 3,444 | 6,592 | ||||||||
| In accordance with IFRS-IASB Shareholders’ equity | 52,703 | 54,684 | 56,500 | ||||||||
|
Significant judgements and critical accounting estimates and assumptions:
•Even if market prices are available, when markets are less liquid there may be a range of prices for the same security from different price sources. Selecting the most appropriate price requires judgement and could result in different estimates of fair value.
•Valuation techniques are subjective in nature and significant judgement is involved in establishing fair values for certain financial assets and liabilities. Valuation techniques involve various assumptions regarding pricing factors. The use of different valuation techniques and assumptions could produce significantly different estimates of fair value.
•Price testing is performed to assess whether the process of valuation has led to an appropriate fair value of the position and to minimise the potential risks of economic losses due to incorrect or misused models.
•Assessing whether a market is active, and whether an input is observable and significant, requires judgement. ING Group categorises its financial instruments that are either measured in the statement of financial position at fair value or of which the fair value is disclosed, into a three-level hierarchy based on the observability and significance of the valuation inputs. The use of different approaches to assess whether a market is active, whether an input is observable, and whether an unobservable input is significant could produce different classification within the fair value hierarchy as well as potentially different deferral of the Day One Profit or Loss.
•Reference is made to Note 34 'Fair value of assets and liabilities ' and to the ‘Market risk’ paragraph in the ‘Risk management’ section of the Annual Report for the basis of the determination of the fair value of financial instruments and related sensitivities.
| |||||||||||
|
Significant judgements and critical accounting estimates and assumptions:
The calculation of ECL requires a number of judgements and estimates. In particular:
•ING Group makes various assumptions about the risk of default, the credit loss rates in case of a default and expected future cash flows. For collective provisions, ING Group applies significant judgement when estimating modelled parameters such as PD, LGD and EAD, including the selection and calibration of relevant models. For Stage 3 individual provisioning, the determination and probabilities of restructuring and recovery scenarios, as well as the amount and timing of expected future cash flows, may be particularly subjective.
•Forward-looking macroeconomic scenarios used in impairment assessments are uncertain in nature. The use of alternate forward-looking macroeconomic scenarios can produce significantly different estimates of ECL. This is demonstrated in the sensitivity analysis in the ‘Risk Management’ section of the annual report, where the un-weighted ECL under each of the three scenarios for some significant portfolios is disclosed.
•When determining whether the credit risk on a financial asset has increased significantly (criteria for identifying a significant increase in credit risk), ING Group considers reasonable and supportable information to compare the risk of default occurring at reporting date with the risk of a default occurring at initial recognition of the financial asset. Whilst judgement is required in applying a PD rating to each financial asset, there is significant judgement used in determining the Stage allocation PD banding thresholds. The process of comparing a financial asset’s PD with the PD banding thresholds determines its ECL Stage. Assets in Stage 1 are allocated a 12-month ECL, and those in Stage 2 are allocated a lifetime ECL, and the difference is often significant. As such, the judgement made in assigning financial asset PDs and the PD banding thresholds constitutes a significant judgement. Analysis of the sensitivity associated with the assessment of a significant increase in credit risk is presented in the ‘Risk Management’ section of the Annual Report.
•Judgement is exercised in management’s evaluation of whether there is objective evidence that exposures are credit-impaired.
•To reflect the risks that are not properly captured by the ECL models (including climate risk), a number of management adjustments to the model-based ECL were necessary as at 31 December 2024, which required significant judgement. Reference is made to the ‘Management adjustments applied this reporting period’ paragraph in the ‘Risk management’ section of the Annual Report.
|
||||||||
|
Significant judgements and critical accounting estimates and assumptions:
Identification of impairment indicators as well as indicators of potential reversal of previous impairments of ING Group’s investment in TMBThanachart Bank Public Company Limited (hereafter: TTB), an associate, requires significant judgement. When there is objective evidence of impairment or indicators that prior period impairment losses no longer exist or may have decreased, value in use (VIU) needs to be determined. Estimation of VIU involves significant estimates and management assumptions. Please refer to note 8 ‘Investments in associates and joint ventures’.
| |||||||||||
|
Significant judgements and critical accounting estimates and assumptions:
The recognition and measurement of provisions is an inherently uncertain process involving using judgement to determine when a present obligation exists and estimates regarding probability, amounts and timing of cash flows.
ING Group may become involved in governmental, regulatory, arbitration and legal proceedings and investigations and may be subject to third party claims. With or without reference to the above, ING Group may also offer compensation to certain of its customers. Judgement is required to assess whether a present obligation exists and to estimate the probability of an unfavourable outcome and the amount of potential loss. The degree of uncertainty and the method of making the accounting estimate depends on the individual case, its nature and complexity. Such cases are usually one of a kind. For the assessment of related provisions ING Group consults with internal and external legal experts. Even taking into consideration legal experts’ advice, the probability of an outflow of economic benefits can still be uncertain and the provision recognised can remain sensitive to the assumptions used. Reference is made to Note 15 'Provisions'. For proceedings where it is not possible to make a reliable estimate of the expected financial effect, that could result from the ultimate resolution of the proceedings, no provision is recognised, however disclosure is included in the financial statements, where relevant. Reference is made to Note 41 'Legal proceedings'.
Critical accounting estimates and assumptions for the reorganisation provision are in estimating the amounts and timing of cash flows as the announced transformation initiatives are implemented over a period of several years. Reference is made to Note 15 'Provisions'.
| |||||||||||
| Cash and balances with central banks | ||||||||
| in EUR million | 2024 | 2023 | ||||||
Amounts held at central banks 1 |
68,708 | 88,627 | ||||||
| Cash and bank balances | 1,645 | 1,587 | ||||||
| 70,353 | 90,214 | |||||||
| Loans and advances to banks | ||||||||||||||||||||
| Netherlands | Rest of the world | Total | ||||||||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Loans and advances to banks | 14,353 | 9,453 | 7,439 | 7,286 | 21,792 | 16,739 | ||||||||||||||
| Loan loss provisions | -8 | -11 | -13 | -18 | -22 | -30 | ||||||||||||||
| 14,344 | 9,441 | 7,426 | 7,268 | 21,770 | 16,709 | |||||||||||||||
| Financial assets at fair value through profit or loss | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Trading assets | 72,897 | 60,229 | ||||||
| Non-trading derivatives | 2,463 | 2,028 | ||||||
| Designated at fair value through profit or loss | 5,740 | 5,775 | ||||||
| Mandatorily measured at fair value through profit or loss | 56,481 | 54,983 | ||||||
| 137,580 | 123,015 | |||||||
| Exposure to (reverse) repurchase agreements | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Reverse repurchase transactions | ||||||||
| Loans and advances to banks | 10,777 | 5,251 | ||||||
| Loans and advances to customers | 3,471 | 499 | ||||||
| Trading assets, loans and receivables | 12,033 | 12,121 | ||||||
| Loans and receivables mandatorily measured at fair value through profit or loss | 53,393 | 51,536 | ||||||
| 79,675 | 69,407 | |||||||
| Repurchase transactions | ||||||||
| Deposits from banks | 33 | 2,064 | ||||||
| Customer deposits | 1 | 97 | ||||||
| Trading liabilities, funds on deposit | 5,269 | 10,337 | ||||||
| Funds entrusted designated and measured at fair value through profit or loss | 38,420 | 45,729 | ||||||
| 43,723 | 58,227 | |||||||
| Trading assets by type | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Equity securities | 20,717 | 15,412 | ||||||
| Debt securities | 10,080 | 6,907 | ||||||
| Derivatives | 29,805 | 25,680 | ||||||
| Loans and receivables | 12,295 | 12,231 | ||||||
| 72,897 | 60,229 | |||||||
| Non-trading derivatives by type | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Derivatives used in | ||||||||
| - fair value hedges | 617 | 716 | ||||||
| - cash flow hedges | 158 | 440 | ||||||
| - hedges of net investments in foreign operations | 82 | 100 | ||||||
| Other non-trading derivatives | 1,606 | 771 | ||||||
| 2,463 | 2,028 | |||||||
| Designated at fair value through profit or loss by type | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Debt securities | 4,718 | 4,470 | ||||||
| Loans and receivables | 1,022 | 1,306 | ||||||
| 5,740 | 5,775 | |||||||
| Mandatorily at fair value through profit or loss by type | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Equity securities | 228 | 179 | ||||||
| Debt securities | 789 | 894 | ||||||
| Loans and receivables | 55,464 | 53,911 | ||||||
| 56,481 | 54,983 | |||||||
| Financial assets at fair value through other comprehensive income by type | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Equity securities | 2,562 | 1,885 | ||||||
Debt securities 1 |
42,219 | 38,281 | ||||||
Loans and advances 1 |
1,608 | 951 | ||||||
| 46,389 | 41,116 | |||||||
| Equity securities designated as at fair value through other comprehensive income | ||||||||||||||
Carrying value |
Carrying value |
Dividend income | Dividend income | |||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Investment in Bank of Beijing | 2,241 | 1,590 | 101 | 98 | ||||||||||
| Other Investments | 321 | 295 | 16 | 8 | ||||||||||
| 2,562 | 1,885 | 117 | 105 | |||||||||||
| Changes in fair value through other comprehensive income financial assets | ||||||||||||||||||||
| FVOCI equity securities | FVOCI debt instruments 1 |
Total | ||||||||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Opening balance as at 1 January | 1,885 | 1,887 | 39,231 | 29,739 | 41,116 | 31,625 | ||||||||||||||
| Additions | 11 | 28 | 21,080 | 19,967 | 21,091 | 19,995 | ||||||||||||||
| Amortisation | 77 | 31 | 77 | 31 | ||||||||||||||||
| Transfers and reclassifications | 5 | 1 | 1 | 5 | ||||||||||||||||
Changes in unrealised revaluations 2 |
605 | 68 | -96 | 657 | 509 | 725 | ||||||||||||||
| Impairments | 2 | -1 | 2 | -1 | ||||||||||||||||
| Reversals of impairments | -7 | 6 | -7 | 6 | ||||||||||||||||
| Disposals and redemptions | -1 | -2 | -16,906 | -11,912 | -16,907 | -11,913 | ||||||||||||||
| Exchange rate differences | 62 | -100 | 443 | 751 | 506 | 651 | ||||||||||||||
| Other changes | -6 | -6 | ||||||||||||||||||
| Closing balance | 2,562 | 1,885 | 43,827 | 39,231 | 46,389 | 41,116 | ||||||||||||||
| Exposure to debt securities | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Debt securities at fair value through other comprehensive income | 42,219 | 38,281 | ||||||
| Debt securities at amortised cost | 50,273 | 48,313 | ||||||
| Debt securities at fair value through other comprehensive income and amortised cost | 92,493 | 86,594 | ||||||
| Trading assets | 10,080 | 6,907 | ||||||
| Debt securities designated and measured at fair value through profit or loss | 4,718 | 4,470 | ||||||
| Debt securities mandatorily measured at fair value through profit or loss | 789 | 894 | ||||||
| Total debt securities at fair value through profit or loss | 15,586 | 12,270 | ||||||
| 108,078 | 98,864 | |||||||
| Debt securities by type of exposure | ||||||||||||||||||||||||||
Debt Securities at FVPL 1 |
Debt Securities at FVOCI |
Debt Securities at AC |
Total | |||||||||||||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Government bonds | 289 | 362 | 24,757 | 20,988 | 22,734 | 24,050 | 47,780 | 45,400 | ||||||||||||||||||
| Central bank bonds | 444 | 446 | 2,900 | 2,043 | 3,344 | 2,489 | ||||||||||||||||||||
| Sub-sovereign, Supranationals and Agencies | 1,027 | 1,354 | 11,513 | 11,587 | 15,445 | 14,639 | 27,985 | 27,580 | ||||||||||||||||||
| Covered bonds | 4,108 | 4,084 | 5,683 | 5,231 | 9,791 | 9,315 | ||||||||||||||||||||
| Corporate bonds | 848 | 799 | 79 | 127 | 106 | 109 | 1,033 | 1,035 | ||||||||||||||||||
| Financial institutions' bonds | 2,141 | 1,645 | 980 | 483 | 139 | 186 | 3,261 | 2,314 | ||||||||||||||||||
| ABS portfolio | 757 | 758 | 794 | 1,025 | 3,281 | 2,077 | 4,832 | 3,860 | ||||||||||||||||||
| 5,506 | 5,363 | 42,231 | 38,293 | 50,288 | 48,335 | 98,026 | 91,991 | |||||||||||||||||||
| Loan loss provisions | -12 | -13 | -15 | -22 | -27 | -34 | ||||||||||||||||||||
| Debt securities portfolio | 5,506 | 5,363 | 42,219 | 38,281 | 50,273 | 48,313 | 97,999 | 91,957 | ||||||||||||||||||
| Loans and advances to customers by type | ||||||||||||||||||||
| Netherlands | Rest of the world | Total | ||||||||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Loans and advances to public authorities | 1,888 | 1,070 | 16,773 | 13,314 | 18,661 | 14,384 | ||||||||||||||
| Residential mortgages | 119,191 | 112,145 | 229,403 | 217,361 | 348,594 | 329,506 | ||||||||||||||
| Other personal lending | 5,007 | 5,036 | 31,789 | 31,535 | 36,797 | 36,571 | ||||||||||||||
| Corporate Lending | 66,921 | 62,677 | 218,473 | 209,795 | 285,393 | 272,472 | ||||||||||||||
| 193,007 | 180,928 | 496,437 | 472,005 | 689,445 | 652,933 | |||||||||||||||
| Loan loss provisions | -811 | -830 | -5,023 | -4,791 | -5,833 | -5,621 | ||||||||||||||
| 192,197 | 180,099 | 491,415 | 467,214 | 683,611 | 647,313 | |||||||||||||||
Finance lease receivables 1 | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Maturities of gross investment in finance lease receivables | ||||||||
| - within 1 year | 3,962 | 3,827 | ||||||
| - between 1-2 years | 2,961 | 2,742 | ||||||
| - between 2-3 years | 2,283 | 2,133 | ||||||
| - between 3-4 years | 1,577 | 1,475 | ||||||
| - between 4-5 years | 902 | 875 | ||||||
| - more than 5 years | 1,555 | 1,451 | ||||||
| 13,240 | 12,503 | |||||||
| Unearned future finance income on finance leases | -1,145 | -1,040 | ||||||
| Net investment in finance leases | 12,095 | 11,463 | ||||||
| Included in Loans and advances to banks | 5 | 5 | ||||||
| Included in Loans and advances to customers | 12,091 | 11,459 | ||||||
| 12,095 | 11,463 | |||||||
| Investments in associates and joint ventures | |||||||||||||||||||||||
in EUR million 2024 |
Interest held (%) |
Fair value of listed invest-ments |
Balance sheet value |
Total assets |
Total liabilities |
Total income |
Total expenses |
||||||||||||||||
| TMBThanachart Bank Public Company Limited | 23 | % | 1,164 | 1,266 | 49,147 | 42,554 | 1,474 | 1,050 | |||||||||||||||
| Other investments in associates and joint ventures | 412 | ||||||||||||||||||||||
| 1,679 | |||||||||||||||||||||||
| Investments in associates and joint ventures | |||||||||||||||||||||||
in EUR million 2023 |
Interest held (%) |
Fair value of listed invest- ments |
Balance sheet value |
Total assets |
Total liabilities |
Total income |
Total expenses |
||||||||||||||||
| TMBThanachart Bank Public Company Limited | 23 | % | 976 | 1,128 | 46,666 | 40,776 | 1,386 | 943 | |||||||||||||||
| Other investments in associates and joint ventures | 381 | ||||||||||||||||||||||
| 1,509 | |||||||||||||||||||||||
| Changes in Investments in associates and joint ventures | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Opening balance as at 1 January | 1,509 | 1,500 | ||||||
| Additions | 26 | 55 | ||||||
| Transfers | -7 | 0 | ||||||
| Revaluations | 0 | 4 | ||||||
| Share of results | 205 | 149 | ||||||
| Dividends received | -91 | -74 | ||||||
| Disposals | -16 | -89 | ||||||
| Impairments | -35 | -5 | ||||||
| Exchange rate differences | 87 | -32 | ||||||
| Other | 0 | |||||||
| Closing balance | 1,679 | 1,509 | ||||||
| Property and equipment by type | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Property in own use | 758 | 616 | ||||||
| Equipment: | ||||||||
| - Data processing equipment | 218 | 213 | ||||||
| - Other equipment | 426 | 492 | ||||||
| Right- of- use assets: | ||||||||
| - ROU property | 895 | 972 | ||||||
| - ROU cars | 124 | 97 | ||||||
| - ROU other leases | 13 | 9 | ||||||
| 2,434 | 2,399 | |||||||
| Changes in property and equipment | ||||||||||||||||||||||||||
| Property in own use | Equipment | Right-of-use assets | Total | |||||||||||||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Opening balance as at 1 January | 616 | 681 | 705 | 689 | 1,078 | 1,076 | 2,399 | 2,446 | ||||||||||||||||||
| Additions | 92 | 4 | 240 | 241 | 141 | 279 | 473 | 525 | ||||||||||||||||||
| Transfers | 83 | -1 | -78 | -4 | -4 | -4 | 1 | -9 | ||||||||||||||||||
| Depreciation | -11 | -12 | -204 | -204 | -242 | -246 | -457 | -461 | ||||||||||||||||||
Impairments1 |
-9 | -19 | -10 | -10 | -4 | -12 | -23 | -41 | ||||||||||||||||||
Reversals of impairments 1 |
5 | 10 | 5 | 10 | ||||||||||||||||||||||
| Remeasurements | 5 | 4 | 75 | 9 | 80 | 13 | ||||||||||||||||||||
| Disposals | -36 | -47 | -14 | -10 | -18 | -20 | -68 | -78 | ||||||||||||||||||
| Exchange rate differences | 13 | -4 | 5 | 4 | 8 | -4 | 25 | -5 | ||||||||||||||||||
| Closing balance | 758 | 616 | 643 | 705 | 1,033 | 1,078 | 2,434 | 2,399 | ||||||||||||||||||
| Cost price | 871 | 753 | 3,027 | 3,140 | 1,933 | 1,851 | 5,831 | 5,744 | ||||||||||||||||||
| Accumulated depreciation | -298 | -305 | -2,376 | -2,430 | -1,098 | -904 | -3,772 | -3,639 | ||||||||||||||||||
| Accumulated impairments | -97 | -99 | -8 | -6 | -31 | -32 | -136 | -136 | ||||||||||||||||||
| Accumulated revaluation surplus | 282 | 267 | 282 | 267 | ||||||||||||||||||||||
| Accumulated remeasurement | 229 | 163 | 229 | 163 | ||||||||||||||||||||||
| Net carrying value | 758 | 616 | 643 | 705 | 1,033 | 1,078 | 2,434 | 2,399 | ||||||||||||||||||
| Changes in intangible assets | ||||||||||||||||||||||||||
| Goodwill | Software | Other | Total | |||||||||||||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Opening balance as at 1 January | 469 | 464 | 727 | 636 | 2 | 2 | 1,198 | 1,102 | ||||||||||||||||||
| Additions | 6 | 43 | 64 | 1 | 50 | 64 | ||||||||||||||||||||
| Capitalised expenses | 324 | 246 | 324 | 246 | ||||||||||||||||||||||
| Amortisation | -215 | -213 | -216 | -213 | ||||||||||||||||||||||
Impairments 1 |
-12 | -5 | -12 | -5 | ||||||||||||||||||||||
| Exchange rate differences | 1 | 5 | 8 | 2 | 9 | 7 | ||||||||||||||||||||
| Disposals | -9 | -10 | -9 | -10 | ||||||||||||||||||||||
| Changes in the composition of the group and other changes | -10 | 8 | 1 | -10 | 8 | |||||||||||||||||||||
| Closing balance | 476 | 469 | 855 | 727 | 3 | 2 | 1,334 | 1,198 | ||||||||||||||||||
| Gross carrying amount | 476 | 469 | 2,986 | 2,646 | 8 | 8 | 3,471 | 3,123 | ||||||||||||||||||
| Accumulated amortisation | -2,079 | -1,876 | -4 | -4 | -2,084 | -1,879 | ||||||||||||||||||||
| Accumulated impairments | -52 | -43 | -2 | -2 | -53 | -45 | ||||||||||||||||||||
| Net carrying value | 476 | 469 | 855 | 727 | 3 | 2 | 1,334 | 1,198 | ||||||||||||||||||
| Goodwill allocation to group of CGUs | |||||||||||||||||
| in EUR million | Method used for recoverable amount |
Discount rate | Terminal growth rate | Goodwill | Goodwill | ||||||||||||
| Group of CGUs | 2024 | 2023 | |||||||||||||||
| Retail Netherlands | Value in use | 7.81 | % | 2.00 | % | 30 | 30 | ||||||||||
| Retail Germany | Value in use | 7.77 | % | 2.00 | % | 356 | 349 | ||||||||||
| Retail Poland | Value in use | 9.30 | % | 2.50 | % | 76 | 75 | ||||||||||
| Retail Romania | Value in use | 11.45 | % | 3.00 | % | 15 | 15 | ||||||||||
| 476 | 469 | ||||||||||||||||
| Other assets by type | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Net defined benefit assets | 568 | 554 | ||||||
| Investment properties | 19 | 14 | ||||||
| Property development and obtained from foreclosures | 18 | 32 | ||||||
| Prepayments | 413 | 438 | ||||||
| Accrued assets | 499 | 523 | ||||||
| Amounts to be settled | 3,550 | 3,869 | ||||||
| Other | 1,879 | 1,687 | ||||||
| 6,945 | 7,117 | |||||||
| Deposits from banks by type | ||||||||||||||||||||
| Netherlands | Rest of the world | Total | ||||||||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Non-interest bearing | 5 | 3 | 166 | 174 | 171 | 177 | ||||||||||||||
| Interest bearing | 5,845 | 7,803 | 10,707 | 15,277 | 16,553 | 23,080 | ||||||||||||||
| 5,850 | 7,806 | 10,873 | 15,451 | 16,723 | 23,257 | |||||||||||||||
Customer deposits | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Current accounts / Overnight deposits | 227,827 | 221,773 | ||||||
| Savings accounts | 354,560 | 334,296 | ||||||
| Time deposits | 107,695 | 92,154 | ||||||
| Other | 1,579 | 2,053 | ||||||
| 691,661 | 650,276 | |||||||
| Customer deposits by type | ||||||||||||||||||||
| Netherlands | Rest of the world | Total | ||||||||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Non-interest bearing | 26 | 239 | 27,142 | 25,316 | 27,168 | 25,556 | ||||||||||||||
Interest bearing 1 |
237,395 | 232,548 | 427,098 | 392,172 | 664,493 | 624,720 | ||||||||||||||
| 237,421 | 232,788 | 454,240 | 417,488 | 691,661 | 650,276 | |||||||||||||||
| Financial liabilities at fair value through profit or loss | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Trading liabilities | 35,255 | 37,220 | ||||||
| Non-trading derivatives | 2,101 | 2,019 | ||||||
| Designated at fair value through profit or loss | 49,543 | 55,400 | ||||||
| 86,900 | 94,638 | |||||||
| Trading liabilities by type | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Equity securities | 467 | 1,156 | ||||||
| Debt securities | 3,185 | 2,492 | ||||||
| Funds on deposit | 5,437 | 10,443 | ||||||
| Derivatives | 26,166 | 23,129 | ||||||
| 35,255 | 37,220 | |||||||
| Non-trading derivatives by type | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Derivatives used in: | ||||||||
| - fair value hedges | 79 | 113 | ||||||
| - cash flow hedges | 573 | 458 | ||||||
| - hedges of net investments in foreign operations | 117 | 92 | ||||||
| Other non-trading derivatives | 1,332 | 1,356 | ||||||
| 2,101 | 2,019 | |||||||
| Designated at fair value through profit or loss by type | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Debt securities | 9,844 | 8,672 | ||||||
| Funds entrusted | 39,577 | 46,633 | ||||||
| Subordinated liabilities | 122 | 95 | ||||||
| 49,543 | 55,400 | |||||||
| Provisions by type | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Reorganisation provisions | 201 | 231 | ||||||
| Litigation provisions | 288 | 193 | ||||||
| Other provisions | 139 | 355 | ||||||
| 628 | 779 | |||||||
| Loan loss provisions for guarantees | 146 | 142 | ||||||
| 774 | 920 | |||||||
| Changes in provisions | ||||||||||||||||||||||||||
| Reorganisation | Litigation | Other provisions | Total | |||||||||||||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Opening balance as at 1 January | 231 | 418 | 193 | 150 | 355 | 455 | 779 | 1,022 | ||||||||||||||||||
Additions 1 |
146 | 207 | 116 | 78 | 26 | 39 | 288 | 325 | ||||||||||||||||||
| Interest | ||||||||||||||||||||||||||
Releases 1 |
-4 | -34 | -15 | -26 | -46 | -22 | -64 | -82 | ||||||||||||||||||
| Utilised | -163 | -356 | -31 | -23 | -196 | -11 | -390 | -389 | ||||||||||||||||||
| Exchange rate differences | -1 | 1 | 1 | -1 | -3 | -4 | ||||||||||||||||||||
| Other changes | -10 | -3 | 25 | 13 | 1 | -104 | 16 | -94 | ||||||||||||||||||
| Closing balance | 201 | 231 | 288 | 193 | 139 | 355 | 628 | 779 | ||||||||||||||||||
| Other liabilities by type | ||||||||
| In EUR million | 2024 | 2023 | ||||||
| Net defined benefit liability | 152 | 164 | ||||||
| Other post-employment benefits | 38 | 30 | ||||||
| Other staff-related liabilities | 784 | 719 | ||||||
| Other taxation and social security contributions | 899 | 641 | ||||||
| Rents received in advance | 14 | 14 | ||||||
| Costs payable | 1,764 | 2,170 | ||||||
| Amounts to be settled | 4,290 | 6,509 | ||||||
| Lease liabilities | 1,116 | 1,162 | ||||||
| Other | 3,311 | 2,258 | ||||||
| 12,369 | 13,667 | |||||||
| Debt securities in issue – maturities | ||||||||
| In EUR million | 2024 | 2023 | ||||||
| Fixed rate debt securities | ||||||||
| Within 1 year | 27,333 | 31,255 | ||||||
| More than 1 year but less than 2 years | 13,085 | 7,855 | ||||||
| More than 2 years but less than 3 years | 10,857 | 13,361 | ||||||
| More than 3 years but less than 4 years | 13,300 | 10,265 | ||||||
| More than 4 years but less than 5 years | 12,201 | 11,924 | ||||||
| More than 5 years | 30,640 | 26,987 | ||||||
| Total fixed rate debt securities | 107,416 | 101,645 | ||||||
| Floating rate debt securities | ||||||||
| Within 1 year | 26,262 | 17,871 | ||||||
| More than 1 year but less than 2 years | 2,821 | 226 | ||||||
| More than 2 years but less than 3 years | 1,939 | 2,624 | ||||||
| More than 3 years but less than 4 years | 117 | 880 | ||||||
| More than 4 years but less than 5 years | 902 | 0 | ||||||
| More than 5 years | 2,910 | 1,423 | ||||||
| Total floating rate debt securities | 34,951 | 23,025 | ||||||
| Total debt securities | 142,367 | 124,670 | ||||||
| Subordinated loans | ||||||||
| In EUR million | 2024 | 2023 | ||||||
Subordinated loans |
17,878 | 15,401 | ||||||
| Total equity | |||||||||||
| In EUR million | 2024 | 2023 | 2022 | ||||||||
| Share capital and share premium | |||||||||||
| - Share capital | 31 | 35 | 37 | ||||||||
| - Share premium | 17,116 | 17,116 | 17,116 | ||||||||
| 17,148 | 17,151 | 17,154 | |||||||||
| Other reserves | |||||||||||
| - Revaluation reserve: Equity securities at FVOCI | 1,816 | 1,152 | 1,187 | ||||||||
| - Revaluation reserve: Debt instruments at FVOCI | -479 | -280 | -341 | ||||||||
| - Revaluation reserve: Cash flow hedge | -1,693 | -2,058 | -3,055 | ||||||||
| - Revaluation reserve: Credit liability | -15 | 31 | 70 | ||||||||
| - Revaluation reserve: Property in own use | 161 | 178 | 176 | ||||||||
| - Net defined benefit asset/liability remeasurement reserve | -333 | -317 | -232 | ||||||||
| - Currency translation reserve | -1,986 | -2,527 | -2,395 | ||||||||
| - Share of associates and joint ventures and other reserves | 2,607 | 3,047 | 3,603 | ||||||||
| - Treasury shares | -765 | -1,994 | -1,205 | ||||||||
| -687 | -2,767 | -2,192 | |||||||||
| Retained earnings | 36,243 | 40,299 | 41,538 | ||||||||
| Shareholders’ equity (parent) | 52,703 | 54,684 | 56,500 | ||||||||
| Non-controlling interests | 995 | 944 | 504 | ||||||||
| Total equity | 53,698 | 55,628 | 57,004 | ||||||||
| Share capital | ||||||||||||||||||||
Ordinary shares (par value EUR 0.01) |
||||||||||||||||||||
| Number x 1,000 | In EUR million | |||||||||||||||||||
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | |||||||||||||||
| Authorised share capital | 9,142,000 | 9,142,000 | 9,142,000 | 91 | 91 | 91 | ||||||||||||||
| Unissued share capital | 5,994,609 | 5,643,806 | 5,415,461 | 60 | 56 | 54 | ||||||||||||||
| Issued share capital | 3,147,391 | 3,498,194 | 3,726,539 | 31 | 35 | 37 | ||||||||||||||
| Changes in issued share capital | ||||||||
Ordinary shares (par value EUR 0.01) |
||||||||
| Number x 1,000 | In EUR million | |||||||
| Issued share capital as at 31 December 2021 | 3,904,065 | 39 | ||||||
| Issue of shares | 2,935 | |||||||
| Cancellation of shares | -180,461 | -2 | ||||||
| Issued share capital as at 31 December 2022 | 3,726,539 | 37 | ||||||
| Issue of shares | 5 | |||||||
| Cancellation of shares | -228,350 | -2 | ||||||
| Issued share capital as at 31 December 2023 | 3,498,194 | 35 | ||||||
| Cancellation of shares | -350,803 | -4 | ||||||
| Issued share capital as at 31 December 2024 | 3,147,391 | 31 | ||||||
| Share premium | |||||||||||
| In EUR million | 2024 | 2023 | 2022 | ||||||||
| Opening balance | 17,116 | 17,116 | 17,105 | ||||||||
| Issue of shares | 0 | 0 | 12 | ||||||||
| Closing balance | 17,116 | 17,116 | 17,116 | ||||||||
| Changes in revaluation reserve: Equity securities and Debt instruments at FVOCI | ||||||||||||||||||||
| Equity securities at FVOCI | Debt instruments at FVOCI | |||||||||||||||||||
| In EUR million | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | ||||||||||||||
| Opening balance | 1,152 | 1,187 | 1,282 | -280 | -341 | 96 | ||||||||||||||
| Unrealised revaluations | 664 | -35 | -118 | -261 | 53 | -412 | ||||||||||||||
| Realised gains/losses transferred to the statement of profit or loss | 62 | 9 | -25 | |||||||||||||||||
| Realised revaluations transferred to retained earnings | 0 | 1 | 23 | |||||||||||||||||
| Closing balance | 1,816 | 1,152 | 1,187 | -479 | -280 | -341 | ||||||||||||||
| Changes in cash flow hedge and credit liability reserve | ||||||||||||||||||||
| Cash flow hedge | Credit liability | |||||||||||||||||||
| In EUR million | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | ||||||||||||||
| Opening balance | -2,058 | -3,055 | -153 | 31 | 70 | -80 | ||||||||||||||
| Changes in credit liability reserve | -46 | -39 | 165 | |||||||||||||||||
| Unrealised revaluations | 365 | 997 | -2,901 | |||||||||||||||||
| Realised revaluations transferred to retained earnings | -15 | |||||||||||||||||||
| Closing balance | -1,693 | -2,058 | -3,055 | -15 | 31 | 70 | ||||||||||||||
| Changes in Property in own use reserve | |||||||||||
| In EUR million | 2024 | 2023 | 2022 | ||||||||
| Opening balance | 178 | 176 | 208 | ||||||||
Impact of IAS 29 on opening balance1 |
-20 | ||||||||||
| Unrealised revaluations | 3 | 10 | 15 | ||||||||
| Realised revaluations transferred to retained earnings | -20 | -8 | -26 | ||||||||
| Closing balance | 161 | 178 | 176 | ||||||||
| Changes in currency translation reserve | |||||||||||
| In EUR million | 2024 | 2023 | 2022 | ||||||||
| Opening balance | -2,527 | -2,395 | -3,483 | ||||||||
Impact of IAS 29 on opening balance1 |
647 | ||||||||||
| Unrealised revaluations | -222 | 183 | -7 | ||||||||
| Realised gains/losses transferred to the statement of profit or loss | 1 | 4 | |||||||||
| Exchange rate differences | 763 | -316 | 444 | ||||||||
| Closing balance | -1,986 | -2,527 | -2,395 | ||||||||
| Changes in share of associates, joint ventures and other reserves | |||||||||||
| In EUR million | 2024 | 2023 | 2022 | ||||||||
| Opening balance | 3,047 | 3,603 | 3,416 | ||||||||
| Result for the year | 125 | 336 | 161 | ||||||||
| Transfer to/from retained earnings | -565 | -892 | 26 | ||||||||
| Closing balance | 2,607 | 3,047 | 3,603 | ||||||||
| Changes in treasury shares | ||||||||||||||||||||
| In EUR million | Number x 1,000 | |||||||||||||||||||
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | |||||||||||||||
| Opening balance | -1,994 | -1,205 | -1,612 | 154,571 | 107,395 | 128,301 | ||||||||||||||
| Purchased/sold for trading purposes | 2 | -7 | 4 | -211 | 464 | -312 | ||||||||||||||
| Purchased under staff share plans | -43 | -42 | 3,319 | 3,156 | ||||||||||||||||
| Distributed under staff share plans | 43 | 41 | -3,343 | -3,106 | ||||||||||||||||
| Purchased under Share buyback programme | -3,774 | -3,482 | -1,721 | 247,584 | 275,013 | 159,866 | ||||||||||||||
| Cancelled Share buyback programme | 5,000 | 2,701 | 2,124 | -350,803 | -228,350 | -180,461 | ||||||||||||||
| Closing balance | -765 | -1,994 | -1,205 | 51,117 | 154,571 | 107,395 | ||||||||||||||
| Changes in retained earnings | |||||||||||
| In EUR million | 2024 | 2023 | 2022 | ||||||||
| Opening balance | 40,299 | 41,538 | 35,462 | ||||||||
Impact on opening balance1 |
-45 | -563 | |||||||||
| Transfer to/from other reserves | 585 | 899 | -8 | ||||||||
| Result for the year | 5,209 | 3,804 | 11,965 | ||||||||
| Dividend and other distributions | -4,124 | -2,668 | -3,349 | ||||||||
| Employee share plans | 1 | -7 | 15 | ||||||||
| Share buybacks and other changes | -5,728 | -3,222 | -1,984 | ||||||||
| Closing balance | 36,243 | 40,299 | 41,538 | ||||||||
| Non-distributable reserves | |||||||||||
| In EUR million | 2024 | 2023 | 2022 | ||||||||
| ING Bank | 5,672 | 6,727 | 8,408 | ||||||||
| Other | 0 | 0 | 0 | ||||||||
| Non-distributable reserves | 5,672 | 6,727 | 8,408 | ||||||||
Net interest income1 | ||||||||||||||||||||||||||
| in EUR million | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | ||||||||||||||||||||
Interest income on loans2 |
34,146 | 32,021 | 19,327 | Interest expense on deposits3 |
15,105 | 11,940 | 3,506 | |||||||||||||||||||
| Interest income on debt securities at amortised cost | 1,204 | 877 | 591 | Interest expense on debt securities in issue | 5,254 | 4,014 | 1,722 | |||||||||||||||||||
| Interest income on financial assets at fair value through OCI | 1,481 | 1,078 | 511 | Interest expense on subordinated loans | 753 | 708 | 648 | |||||||||||||||||||
| Interest income on non-trading derivatives (hedge accounting) | 12,644 | 10,682 | 4,011 | Interest expense on non-trading derivatives (hedge accounting) | 13,767 | 11,849 | 4,144 | |||||||||||||||||||
| Total interest income using effective interest rate method | 49,474 | 44,658 | 24,439 | Total interest expense using effective interest rate method | 34,878 | 28,510 | 10,019 | |||||||||||||||||||
| Interest income on financial assets at fair value through profit or loss | 6,343 | 4,934 | 1,444 | Interest expense on financial liabilities at fair value through profit or loss | 5,479 | 4,410 | 1,237 | |||||||||||||||||||
| Interest income on non-trading derivatives (no hedge accounting) | 3,168 | 2,637 | 2,390 | Interest expense on non-trading derivatives (no hedge accounting) | 3,308 | 3,131 | 2,411 | |||||||||||||||||||
| Interest income other | 173 | 171 | 100 | Interest expense on lease liabilities | 27 | 28 | 15 | |||||||||||||||||||
| Total other interest income | 9,685 | 7,741 | 3,934 | Interest expense other | 178 | 157 | 98 | |||||||||||||||||||
| Total other interest expense | 8,993 | 7,726 | 3,762 | |||||||||||||||||||||||
| Total interest income | 59,159 | 52,399 | 28,373 | Total interest expense | 43,871 | 36,237 | 13,780 | |||||||||||||||||||
| Net interest income | 15,288 | 16,162 | 14,593 | |||||||||||||||||||||||
| Net fee and commission income | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Fee and commission income | |||||||||||
| Payment Services | 2,219 | 2,062 | 1,888 | ||||||||
| Securities business | 734 | 584 | 632 | ||||||||
| Insurance and other broking | 594 | 529 | 682 | ||||||||
| Portfolio management | 699 | 625 | 600 | ||||||||
| Lending business | 650 | 602 | 556 | ||||||||
| Financial guarantees and other commitments | 454 | 459 | 496 | ||||||||
| Other fee and commission income | 255 | 248 | 232 | ||||||||
| Total fee and commission income | 5,604 | 5,109 | 5,085 | ||||||||
| Fee and commission expenses | |||||||||||
| Payment Services | 756 | 704 | 600 | ||||||||
| Securities business | 147 | 128 | 160 | ||||||||
| Distribution of products | 475 | 480 | 555 | ||||||||
| Other fee and commission expenses | 218 | 202 | 184 | ||||||||
| Total fee and commission expenses | 1,596 | 1,514 | 1,499 | ||||||||
| Net fee and commission income | 4,008 | 3,595 | 3,586 | ||||||||
| Valuation results and net trading income | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Securities trading results | 996 | 873 | -356 | ||||||||
| Derivatives trading results | 207 | 116 | 11 | ||||||||
| Other trading results | 336 | 273 | 71 | ||||||||
| Change in fair value of derivatives relating to | |||||||||||
| – fair value hedges | 1,016 | 1,606 | -5,928 | ||||||||
| – cash flow hedges (ineffective portion) | 35 | 48 | 20 | ||||||||
| – other non-trading derivatives | 140 | -4,071 | 12,358 | ||||||||
| Change in fair value of assets and liabilities (hedged items) | -1,043 | -1,679 | 5,563 | ||||||||
| Valuation results on assets and liabilities designated at FVPL (excluding trading) | 32 | -128 | 439 | ||||||||
| Foreign exchange transactions results | -105 | 1,230 | 38 | ||||||||
| 1,614 | -1,732 | 12,214 | |||||||||
| Investment income | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Dividend income | 117 | 105 | 149 | ||||||||
| Realised gains/losses on disposal of debt instruments measured at FVOCI | -104 | -11 | 32 | ||||||||
| Income from and fair value gains/losses on investment properties | -1 | ||||||||||
| 13 | 95 | 181 | |||||||||
| Staff expenses | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Salaries | 4,906 | 4,559 | 4,145 | ||||||||
| Pension costs and other staff-related benefit costs | 455 | 418 | 390 | ||||||||
| Social security costs | 690 | 635 | 584 | ||||||||
| Share-based compensation arrangements | 45 | 31 | 26 | ||||||||
| External employees | 720 | 776 | 738 | ||||||||
| Education | 49 | 50 | 47 | ||||||||
| Other staff costs | 319 | 256 | 222 | ||||||||
| 7,184 | 6,725 | 6,152 | |||||||||
| Number of employees | |||||||||||||||||||||||||||||
| Netherlands | Rest of the world | Total | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | |||||||||||||||||||||
| Total average number of internal employees at full time equivalent basis | 14,821 | 14,449 | 14,488 | 46,301 | 44,985 | 43,081 | 61,121 | 59,434 | 57,569 | ||||||||||||||||||||
| Changes in share awards | ||||||||||||||||||||
| Share awards (in numbers) | Weighted average grant date fair values (in euros) | |||||||||||||||||||
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | |||||||||||||||
| Opening balance as at 1 January | 3,897,800 | 3,699,555 | 3,674,672 | 8.81 | 7.97 | 7.60 | ||||||||||||||
| Granted | 4,429,394 | 3,469,747 | 3,107,083 | 13.75 | 9.71 | 8.99 | ||||||||||||||
| Vested | -3,343,429 | -3,113,115 | -2,962,698 | 12.29 | 8.83 | 8.60 | ||||||||||||||
| Forfeited | -128,223 | -158,387 | -119,502 | 10.73 | 8.54 | 7.63 | ||||||||||||||
| Closing balance | 4,855,542 | 3,897,800 | 3,699,555 | 10.88 | 8.81 | 7.97 | ||||||||||||||
| Other operating expenses | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Regulatory costs | 882 | 1,042 | 1,250 | ||||||||
| Audit and non-audit services | 43 | 36 | 31 | ||||||||
| IT related expenses | 1,048 | 948 | 818 | ||||||||
| Advertising and public relations | 441 | 369 | 331 | ||||||||
| External advisory fees | 321 | 299 | 310 | ||||||||
| Office expenses | 277 | 289 | 273 | ||||||||
| Travel and accommodation expenses | 126 | 125 | 91 | ||||||||
| Contributions and subscriptions | 133 | 122 | 109 | ||||||||
| Postal charges | 39 | 36 | 31 | ||||||||
| Depreciation of property and equipment | 457 | 461 | 485 | ||||||||
| Amortisation of intangible assets | 216 | 213 | 226 | ||||||||
| (Reversals of) impairments of property and equipment | 18 | 32 | 19 | ||||||||
| (Reversals of) impairments of intangible assets | 13 | 6 | 60 | ||||||||
| Addition to / (unused amounts reversed of) provision for reorganisations | 142 | 173 | 170 | ||||||||
| Addition to / (unused amounts reversed of) other provisions | 76 | 70 | 117 | ||||||||
| Other | 704 | 617 | 726 | ||||||||
| 4,937 | 4,839 | 5,047 | |||||||||
| Fees of Group’s auditors | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Audit fees | 33 | 29 | 27 | ||||||||
| Audit related fees | 4 | 1 | |||||||||
Total1 2 |
37 | 30 | 27 | ||||||||
| Earnings per ordinary share | |||||||||||||||||||||||||||||
| Weighted average number | |||||||||||||||||||||||||||||
| of ordinary shares outstanding | |||||||||||||||||||||||||||||
| Amount | during the period | Per ordinary share | |||||||||||||||||||||||||||
| (in EUR million) | (in millions) | (in EUR) | |||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | |||||||||||||||||||||
| Basic earnings | 5,334 | 4,140 | 12,126 | 3,228.7 | 3,562.9 | 3,619.1 | 1.65 | 1.16 | 3.35 | ||||||||||||||||||||
| Basic earnings from continuing operations | 5,334 | 4,140 | 12,126 | 1.65 | 1.16 | 3.35 | |||||||||||||||||||||||
| Effect of dilutive instruments: | |||||||||||||||||||||||||||||
| Share plans | 0.0 | 2.4 | 5.2 | ||||||||||||||||||||||||||
| 0.0 | 2.4 | 5.2 | |||||||||||||||||||||||||||
| Diluted earnings | 5,334 | 4,140 | 12,126 | 3,228.7 | 3,565.3 | 3,624.3 | 1.65 | 1.16 | 3.35 | ||||||||||||||||||||
| Diluted earnings from continuing operations | 5,334 | 4,140 | 12,126 | 1.65 | 1.16 | 3.35 | |||||||||||||||||||||||
| Dividends to shareholders of the parent | ||||||||
|
Per ordinary share
(in EUR)
|
Total (in EUR million) |
|||||||
| Dividends on ordinary shares: | ||||||||
| In respect of 2022 | ||||||||
| - Interim dividend, paid August 2022 | 0.170 | 636 | ||||||
| - Final dividend, paid May 2023 | 0.389 | 1,408 | ||||||
| Total dividend in respect of 2022 | 0.559 | 2,044 | ||||||
| In respect of 2023 | ||||||||
| - Interim dividend, paid August 2023 | 0.350 | 1,260 | ||||||
| - Final dividend, paid May 2024 | 0.756 | 2,497 | ||||||
| Total dividend in respect of 2023 | 1.106 | 3,757 | ||||||
| In respect of 2024 | ||||||||
| - Interim dividend, paid August 2024 | 0.350 | 1,129 | ||||||
| - Final dividend declared | 0.710 | 2,145 | ||||||
| Total dividend in respect of 2024 | 1.060 | 3,274 | ||||||
| Specification of the main sources of income of each of the segments by line of business | |||||
| Segments by line of business | Main source of income | ||||
| Retail Netherlands | Income from products and services provided to private individuals, business banking clients and private banking clients in the Netherlands. The main products and services offered are daily banking, lending, savings, investments and insurance. | ||||
| Retail Belgium | Income from products and services provided to private individuals, business banking clients and private banking clients in Belgium and Luxembourg. The main products and services offered are similar to those in the Netherlands. | ||||
| Retail Germany | Income from products and services provided to private individuals, business banking clients and private banking clients in Germany. The main products and services offered are similar to those in the Netherlands. | ||||
| Retail Other | Income from products and services provided to private individuals, business banking clients and private banking clients in the other retail countries. The main products and services offered are similar to those in the Netherlands. | ||||
| Wholesale Banking | Income from wholesale banking activities, of which the main products are lending, payments & cash management, working capital solutions, trade finance, financial markets, corporate finance and treasury. | ||||
| Specification of geographical split of the segments | |||||
| Geographical split of the segments | Main countries | ||||
| The Netherlands | |||||
| Belgium | Including Luxembourg | ||||
| Germany | |||||
Other Challengers 1 |
Australia, Italy, Spain and Portugal | ||||
Growth Markets 1 |
Poland, Romania and Türkiye | ||||
| Wholesale Banking Rest of World | Other countries in Europe & Middle East, Americas, Asia | ||||
| Other | Corporate Line | ||||
| Reconciliation between IFRS-IASB and IFRS-EU income, expense and net result | |||||||||||||||||||||||||||||||||||||||||||||||
| 12 month period | 2024 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
| in EUR million | Income | Expenses | Taxation | Non-controlling interests | Net result 1 |
Income | Expenses | Taxation | Non-controlling interests | Net result1 |
Income | Expenses | Taxation | Non-controlling interests | Net result1 |
||||||||||||||||||||||||||||||||
| Net result IFRS-IASB attributable to equity holder of the parent | 21,087 | 13,315 | 2,181 | 258 | 5,334 | 18,121 | 12,084 | 1,662 | 235 | 4,140 | 30,418 | 13,060 | 5,130 | 102 | 12,126 | ||||||||||||||||||||||||||||||||
| Remove impact of: | |||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of the EU 'IAS 39 carve out' 2 |
1,528 | 470 | 1,058 | 4,455 | 1,308 | 3,147 | -11,856 | -3,405 | -8,451 | ||||||||||||||||||||||||||||||||||||||
Net result ING Group IFRS-EU 3 |
22,615 | 13,315 | 2,650 | 258 | 6,392 | 22,575 | 12,084 | 2,970 | 235 | 7,287 | 18,561 | 13,060 | 1,725 | 102 | 3,674 | ||||||||||||||||||||||||||||||||
| ING Group Total | |||||||||||||||||||||||||||||||||||
| 12 month period | 2024 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
| in EUR million | ING Bank |
Other | Total ING Group | ING Bank |
Other | Total ING Group | ING Bank |
Other | Total ING Group | ||||||||||||||||||||||||||
| Income | |||||||||||||||||||||||||||||||||||
| – Net interest income | 14,749 | 275 | 15,023 | 15,809 | 166 | 15,976 | 13,745 | 11 | 13,756 | ||||||||||||||||||||||||||
| – Net fee and commission income | 4,002 | 6 | 4,008 | 3,586 | 9 | 3,595 | 3,586 | 3,586 | |||||||||||||||||||||||||||
| Total investment and other income | 3,584 | 3,584 | 3,006 | -1 | 3,005 | 1,215 | 4 | 1,219 | |||||||||||||||||||||||||||
| – of which share of result from associates and joint ventures | 170 | 170 | 144 | 144 | -101 | -101 | |||||||||||||||||||||||||||||
| – of which revaluations and trading income | 3,407 | 1 | 3,407 | 2,910 | 2,910 | 1,503 | -1 | 1,501 | |||||||||||||||||||||||||||
| Total income | 22,334 | 281 | 22,615 | 22,401 | 174 | 22,575 | 18,546 | 16 | 18,561 | ||||||||||||||||||||||||||
| Expenditure | |||||||||||||||||||||||||||||||||||
| Operating expenses | 12,116 | 5 | 12,121 | 11,563 | 1 | 11,564 | 11,193 | 6 | 11,199 | ||||||||||||||||||||||||||
| – of which Regulatory expenses | 882 | 882 | 1,042 | 1,042 | 1,250 | 1,250 | |||||||||||||||||||||||||||||
| – Addition to loan loss provisions | 1,194 | 1,194 | 520 | 520 | 1,861 | 1,861 | |||||||||||||||||||||||||||||
| Total expenses | 13,310 | 5 | 13,315 | 12,083 | 1 | 12,084 | 13,053 | 6 | 13,060 | ||||||||||||||||||||||||||
| Result before taxation | 9,025 | 275 | 9,300 | 10,318 | 173 | 10,492 | 5,493 | 9 | 5,502 | ||||||||||||||||||||||||||
| Taxation | 2,580 | 71 | 2,650 | 2,926 | 44 | 2,970 | 1,723 | 2 | 1,725 | ||||||||||||||||||||||||||
| Non-controlling interests | 258 | 258 | 235 | 235 | 102 | 102 | |||||||||||||||||||||||||||||
| Net result IFRS-EU | 6,187 | 205 | 6,392 | 7,157 | 129 | 7,287 | 3,667 | 7 | 3,674 | ||||||||||||||||||||||||||
| Adjustment of the EU 'IAS 39 carve out' | -1,058 | -1,058 | -3,147 | -3,147 | 8,451 | 8,451 | |||||||||||||||||||||||||||||
| Net result IFRS-IASB | 5,130 | 205 | 5,334 | 4,010 | 129 | 4,140 | 12,119 | 7 | 12,126 | ||||||||||||||||||||||||||
| Segments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 12 month period | 2024 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| in EUR million | Retail Nether-lands | Retail Belgium | Retail Germany | Retail Other | Wholesale Banking | Corporate Line | Total | Retail Nether-lands | Retail Belgium | Retail Germany | Retail Other | Wholesale Banking | Corporate Line | Total | Retail Nether-lands | Retail Belgium | Retail Germany | Retail Other 1 |
Wholesale Banking | Corporate Line | Total | ||||||||||||||||||||||||||||||||||||||||||||
| Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest income | 3,027 | 1,959 | 2,647 | 3,817 | 3,259 | 315 | 15,023 | 3,096 | 2,063 | 2,862 | 3,437 | 4,028 | 489 | 15,976 | 2,888 | 1,668 | 1,666 | 2,725 | 4,260 | 550 | 13,756 | ||||||||||||||||||||||||||||||||||||||||||||
| Net fee and commission income | 1,049 | 603 | 433 | 609 | 1,317 | -3 | 4,008 | 959 | 502 | 357 | 519 | 1,259 | -1 | 3,595 | 892 | 511 | 437 | 535 | 1,217 | -6 | 3,586 | ||||||||||||||||||||||||||||||||||||||||||||
| Total investment and other income | 835 | 189 | -173 | 263 | 2,405 | 66 | 3,584 | 945 | 117 | -67 | 277 | 1,771 | -38 | 3,005 | 417 | -32 | 69 | 377 | 849 | -460 | 1,219 | ||||||||||||||||||||||||||||||||||||||||||||
| – of which share of result from associates and joint ventures | 81 | 8 | -36 | 118 | 170 | 7 | 31 | 107 | 144 | 1 | 5 | 18 | -125 | -101 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| – of which revaluations and trading income | 810 | 81 | -160 | 253 | 2,478 | -55 | 3,407 | 898 | 61 | -57 | 264 | 1,730 | 13 | 2,910 | 327 | 113 | 57 | 200 | 952 | -148 | 1,501 | ||||||||||||||||||||||||||||||||||||||||||||
| Total income | 4,910 | 2,751 | 2,906 | 4,688 | 6,981 | 378 | 22,615 | 5,001 | 2,683 | 3,152 | 4,233 | 7,057 | 450 | 22,575 | 4,196 | 2,147 | 2,172 | 3,637 | 6,325 | 84 | 18,561 | ||||||||||||||||||||||||||||||||||||||||||||
| Expenditure | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating expenses | 2,124 | 1,811 | 1,303 | 2,792 | 3,558 | 533 | 12,121 | 2,135 | 1,852 | 1,243 | 2,479 | 3,313 | 542 | 11,564 | 2,115 | 1,786 | 1,140 | 2,509 | 3,114 | 535 | 11,199 | ||||||||||||||||||||||||||||||||||||||||||||
| – of which Regulatory expenses | 114 | 206 | 88 | 261 | 212 | 1 | 882 | 212 | 211 | 96 | 252 | 271 | 1,042 | 250 | 244 | 93 | 369 | 293 | 1,250 | ||||||||||||||||||||||||||||||||||||||||||||||
| Addition to loan loss provisions | -8 | 134 | 149 | 291 | 627 | 1 | 1,194 | 5 | 169 | 119 | 313 | -92 | 5 | 520 | 67 | 139 | 131 | 302 | 1,220 | 2 | 1,861 | ||||||||||||||||||||||||||||||||||||||||||||
| Total expenses | 2,117 | 1,944 | 1,452 | 3,083 | 4,185 | 534 | 13,315 | 2,140 | 2,022 | 1,362 | 2,792 | 3,222 | 547 | 12,084 | 2,182 | 1,924 | 1,271 | 2,812 | 4,334 | 537 | 13,060 | ||||||||||||||||||||||||||||||||||||||||||||
| Result before taxation | 2,793 | 807 | 1,455 | 1,605 | 2,796 | -156 | 9,300 | 2,861 | 661 | 1,790 | 1,441 | 3,836 | -97 | 10,492 | 2,014 | 223 | 901 | 825 | 1,991 | -453 | 5,502 | ||||||||||||||||||||||||||||||||||||||||||||
| Taxation | 723 | 210 | 505 | 381 | 693 | 138 | 2,650 | 740 | 182 | 631 | 359 | 900 | 158 | 2,970 | 540 | 72 | 202 | 254 | 581 | 76 | 1,725 | ||||||||||||||||||||||||||||||||||||||||||||
| Non-controlling interests | 0 | 0 | 1 | 221 | 35 | 0 | 258 | 0 | 0 | 0 | 174 | 61 | 0 | 235 | 0 | 0 | 3 | 47 | 52 | 1 | 102 | ||||||||||||||||||||||||||||||||||||||||||||
Net result IFRS-EU 2 |
2,070 | 597 | 949 | 1,002 | 2,068 | -294 | 6,392 | 2,121 | 479 | 1,159 | 908 | 2,875 | -255 | 7,287 | 1,474 | 151 | 696 | 525 | 1,358 | -530 | 3,674 | ||||||||||||||||||||||||||||||||||||||||||||
| Adjustment of the EU 'IAS 39 carve out' | -1,058 | -1,058 | -3,147 | -3,147 | 8,451 | 8,451 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net result IFRS-IASB 2 |
2,070 | 597 | 949 | 1,002 | 1,010 | -294 | 5,334 | 2,121 | 479 | 1,159 | 908 | -272 | -255 | 4,140 | 1,474 | 151 | 696 | 525 | 9,810 | -530 | 12,126 | ||||||||||||||||||||||||||||||||||||||||||||
| Geographical split of the segments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 12 month period | 2024 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
in EUR million
Income
|
Nether-lands | Belgium | Ger-many | Other Challengers | Growth markets | Wholesale Banking Rest of World | Other | Total | Nether-lands | Belgium | Ger-many | Other Challengers | Growth markets | Wholesale Banking Rest of World | Other | Total | Nether-lands | Belgium | Ger-many | Other Challengers 1 |
Growth markets 1 |
Wholesale Banking Rest of World | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest income | 3,063 | 2,478 | 3,182 | 2,131 | 2,409 | 1,448 | 312 | 15,023 | 3,773 | 2,712 | 3,375 | 2,121 | 1,961 | 1,548 | 486 | 15,976 | 3,782 | 2,065 | 2,126 | 1,842 | 1,462 | 1,933 | 546 | 13,756 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net fee and commission income | 1,329 | 832 | 484 | 337 | 445 | 585 | -3 | 4,008 | 1,239 | 715 | 400 | 285 | 384 | 573 | -1 | 3,595 | 1,171 | 714 | 494 | 290 | 375 | 548 | -6 | 3,586 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total investment and other income | 1,889 | 207 | -188 | 27 | 408 | 1,167 | 74 | 3,584 | 1,627 | 145 | -81 | 21 | 487 | 829 | -25 | 3,005 | 577 | -14 | 94 | 182 | 386 | 449 | -455 | 1,219 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| – of which share of result from associates and joint ventures | -45 | 87 | 8 | 120 | 170 | 31 | 7 | 107 | 144 | 16 | 1 | 5 | -123 | -101 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| – of which revaluations and trading income | 1,916 | 119 | -191 | 2 | 403 | 1,217 | -58 | 3,407 | 1,568 | 95 | -83 | 4 | 479 | 841 | 6 | 2,910 | 453 | 174 | 65 | 3 | 377 | 532 | -103 | 1,501 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total income | 6,282 | 3,517 | 3,478 | 2,495 | 3,262 | 3,200 | 382 | 22,615 | 6,639 | 3,573 | 3,694 | 2,427 | 2,833 | 2,950 | 460 | 22,575 | 5,531 | 2,765 | 2,714 | 2,314 | 2,223 | 2,930 | 84 | 18,561 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Expenditure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating expenses | 3,026 | 2,170 | 1,512 | 1,454 | 1,759 | 1,669 | 531 | 12,121 | 3,065 | 2,195 | 1,437 | 1,320 | 1,495 | 1,509 | 544 | 11,564 | 3,001 | 2,120 | 1,318 | 1,380 | 1,426 | 1,418 | 536 | 11,199 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| – of which Regulatory expenses | 159 | 228 | 90 | 61 | 260 | 83 | 1 | 882 | 296 | 243 | 103 | 92 | 207 | 101 | 1,042 | 357 | 283 | 99 | 88 | 324 | 98 | 1,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Addition to loan loss provisions | 42 | 148 | 222 | 188 | 214 | 378 | 1 | 1,194 | -111 | 139 | 35 | 166 | 189 | 96 | 5 | 520 | 181 | 230 | 460 | 140 | 230 | 618 | 2 | 1,861 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total expenses | 3,068 | 2,319 | 1,734 | 1,642 | 1,973 | 2,047 | 532 | 13,315 | 2,954 | 2,334 | 1,472 | 1,486 | 1,683 | 1,605 | 549 | 12,084 | 3,182 | 2,350 | 1,778 | 1,519 | 1,657 | 2,036 | 538 | 13,060 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Result before taxation | 3,213 | 1,198 | 1,744 | 853 | 1,289 | 1,153 | -149 | 9,300 | 3,685 | 1,239 | 2,222 | 941 | 1,149 | 1,345 | -89 | 10,492 | 2,349 | 415 | 936 | 795 | 567 | 894 | -454 | 5,502 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Retail Banking | 2,793 | 807 | 1,455 | 534 | 1,071 | 6,660 | 2,861 | 661 | 1,790 | 649 | 792 | 6,753 | 2,014 | 223 | 901 | 547 | 278 | 3,964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wholesale Banking | 420 | 391 | 289 | 319 | 218 | 1,153 | 7 | 2,796 | 824 | 577 | 432 | 292 | 357 | 1,345 | 8 | 3,836 | 335 | 192 | 34 | 248 | 288 | 894 | 1,991 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate Line | -156 | -156 | -97 | -97 | -453 | -453 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Result before taxation | 3,213 | 1,198 | 1,744 | 853 | 1,289 | 1,153 | -149 | 9,300 | 3,685 | 1,239 | 2,222 | 941 | 1,149 | 1,345 | -89 | 10,492 | 2,349 | 415 | 936 | 795 | 567 | 894 | -454 | 5,502 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxation | 847 | 308 | 563 | 272 | 256 | 267 | 137 | 2,650 | 909 | 349 | 723 | 282 | 225 | 335 | 148 | 2,970 | 658 | 114 | 297 | 258 | 153 | 186 | 60 | 1,725 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-controlling interests | 1 | 256 | 258 | 234 | 235 | 3 | 98 | 1 | 102 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net result IFRS-EU 2 |
2,367 | 889 | 1,179 | 581 | 777 | 886 | -286 | 6,392 | 2,776 | 889 | 1,499 | 659 | 690 | 1,011 | -237 | 7,287 | 1,691 | 301 | 636 | 537 | 316 | 708 | -515 | 3,674 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjustment of the EU 'IAS 39 carve out' | 225 | -398 | -860 | -5 | -20 | -1,058 | -277 | -1,012 | -1,825 | -9 | -23 | -3,147 | 2,818 | 1,570 | 3,911 | 15 | 137 | 8,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net result IFRS-IASB 2 |
2,591 | 492 | 319 | 576 | 777 | 865 | -286 | 5,334 | 2,499 | -123 | -326 | 649 | 690 | 988 | -237 | 4,140 | 4,510 | 1,871 | 4,547 | 552 | 316 | 845 | -515 | 12,126 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Overview Top up tax to be paid per jurisdiction | |||||
| Country | Top-up tax (EUR million) |
||||
Singapore1 |
6.5 | ||||
Ireland2 |
2.1 | ||||
Bulgaria2 |
0.6 | ||||
Switzerland2 |
0.3 | ||||
| 9.5 | |||||
| Additional information by country | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Geographical area | Country/Tax jurisdiction | Name of principal subsidiary | Main (banking) activity | Average number of employees at full time equivalent basis | Total income | Total assets | Result before tax | Taxation | Tax paid | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Netherlands | Netherlands | ING Bank N.V. | Wholesale / Retail | 14,821 | 14,449 | 14,488 | 5,201 | 5,171 | 8,831 | 301,955 | 294,485 | 310,912 | 1,408 | 1,445 | 4,874 | 519 | 461 | 1,399 | 589 | 601 | 376 | ||||||||||||||||||||||||||||||||||||||||||||
| Belgium | Belgium | ING België N.V. | Wholesale / Retail | 5,994 | 6,392 | 6,582 | 2,767 | 1,917 | 4,365 | 136,765 | 128,391 | 128,323 | 759 | -119 | 2,297 | 198 | 7 | 584 | 272 | 169 | 152 | ||||||||||||||||||||||||||||||||||||||||||||
| Luxembourg | ING Luxembourg S.A. | Wholesale / Retail | 887 | 939 | 927 | 469 | 587 | 503 | 13,961 | 14,435 | 18,415 | 192 | 328 | 262 | 48 | 84 | 66 | 116 | 40 | 37 | |||||||||||||||||||||||||||||||||||||||||||||
| Germany | Germany | ING DiBa A.G. | Wholesale / Retail | 5,460 | 5,499 | 5,573 | 2,582 | 1,244 | 8,573 | 174,500 | 171,899 | 167,516 | 853 | -221 | 6,798 | 280 | -55 | 2,176 | 663 | 904 | 189 | ||||||||||||||||||||||||||||||||||||||||||||
| Rest of Europe | Poland 1 |
ING Bank Slaski S.A | Wholesale / Retail | 11,575 | 11,677 | 11,130 | 2,620 | 2,350 | 1,652 | 56,090 | 52,134 | 45,598 | 1,313 | 1,236 | 544 | 280 | 286 | 143 | 231 | 136 | -23 | ||||||||||||||||||||||||||||||||||||||||||||
| Spain | Branch of ING Bank N.V. | Wholesale / Retail | 1,692 | 1,576 | 1,439 | 1,224 | 1,156 | 899 | 35,917 | 33,092 | 32,277 | 549 | 533 | 321 | 174 | 125 | 105 | 185 | 114 | 101 | |||||||||||||||||||||||||||||||||||||||||||||
| Italy | Branch of ING Bank N.V. | Wholesale / Retail | 1,235 | 1,190 | 1,118 | 513 | 433 | 345 | 16,444 | 14,832 | 14,152 | 119 | 128 | 63 | 38 | 54 | 22 | 16 | 19 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
Romania 1 |
Branch of ING Bank N.V. | Wholesale / Retail | 4,282 | 3,971 | 3,580 | 749 | 690 | 584 | 12,937 | 11,496 | 10,555 | 401 | 396 | 324 | 67 | 61 | 51 | 76 | 55 | 67 | |||||||||||||||||||||||||||||||||||||||||||||
| Türkiye | ING Bank A.S. | Wholesale / Retail | 2,795 | 2,973 | 3,076 | 142 | 14 | 64 | 4,897 | 4,770 | 5,400 | -110 | -232 | -143 | 18 | -20 | 65 | 5 | 29 | 79 | |||||||||||||||||||||||||||||||||||||||||||||
| UK | Branch of ING Bank N.V. | Wholesale | 741 | 722 | 692 | 811 | 758 | 693 | 59,615 | 50,572 | 46,066 | 249 | 510 | 286 | 52 | 131 | 81 | 70 | 101 | 58 | |||||||||||||||||||||||||||||||||||||||||||||
| Switzerland | Branch of ING Bank N.V. | Wholesale | 300 | 292 | 277 | 228 | 248 | 290 | 9,086 | 8,501 | 9,513 | 104 | 137 | 182 | 16 | 19 | 25 | 29 | 52 | 45 | |||||||||||||||||||||||||||||||||||||||||||||
France 2,3 |
Branch of ING Bank N.V. | Wholesale | 194 | 194 | 600 | 214 | 221 | 557 | 7,928 | 8,458 | 9,086 | -23 | 91 | 228 | -3 | 25 | 60 | 9 | 7 | 22 | |||||||||||||||||||||||||||||||||||||||||||||
| Ireland | Branch of ING Bank N.V. | Wholesale | 119 | 82 | 72 | 135 | 83 | 66 | 3,593 | 3,907 | 2,773 | 102 | 71 | 28 | 15 | 9 | 3 | 12 | 8 | 6 | |||||||||||||||||||||||||||||||||||||||||||||
| Czech Republic | Branch of ING Bank N.V. | Wholesale | 122 | 134 | 137 | 77 | 76 | 78 | 3,382 | 3,191 | 3,192 | 37 | 33 | 38 | 8 | 6 | 6 | 4 | 10 | 13 | |||||||||||||||||||||||||||||||||||||||||||||
| Hungary | Branch of ING Bank N.V. | Wholesale | 128 | 127 | 120 | 63 | 85 | 82 | 2,179 | 1,893 | 1,993 | 6 | 35 | 38 | 3 | 7 | 5 | 9 | 9 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
| Russia | ING Bank (Eurasia) Z.A.O. | Wholesale | 236 | 259 | 272 | 139 | 136 | 246 | 764 | 925 | 2,783 | 99 | 151 | 128 | 19 | 31 | 9 | 21 | 20 | 21 | |||||||||||||||||||||||||||||||||||||||||||||
Slovakia 1 |
Branch of ING Bank N.V. | Wholesale | 1,489 | 1,347 | 1,129 | 22 | 20 | 15 | 612 | 618 | 391 | 8 | 11 | -1 | 3 | 2 | 1 | 4 | 2 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
| Portugal | Branch of ING Bank N.V. | Wholesale | 11 | 10 | 11 | 23 | 17 | 15 | 815 | 620 | 689 | 18 | 12 | 9 | 4 | 3 | 3 | 4 | 2 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
| Ukraine | PJSC ING Bank Ukraine | Wholesale | 92 | 91 | 91 | 45 | 53 | 45 | 651 | 590 | 385 | 29 | 44 | 9 | 14 | 22 | 2 | 25 | 7 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
| Bulgaria | Branch of ING Bank N.V. | Wholesale | 64 | 61 | 60 | 27 | 23 | 15 | 570 | 530 | 436 | 13 | 11 | 1 | 2 | 1 | 0 | 2 | 1 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
| Austria | Branch of ING Bank N.V. | Wholesale | 20 | 17 | 17 | 10 | 9 | 19 | 394 | 383 | 261 | -2 | -4 | 9 | 0 | -1 | 2 | 0 | 1 | 3 | |||||||||||||||||||||||||||||||||||||||||||||
| Additional information by country (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Geographical area | Country/Tax jurisdiction | Name of principal subsidiary | Main (banking) activity | Average number of employees at full-time equivalent basis | Total income | Total assets | Result before tax | Taxation | Tax paid | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Rest of the World | Australia | ING Bank (Australia) Ltd. | Wholesale / Retail | 1,994 | 1,820 | 1,556 | 994 | 1,033 | 948 | 53,895 | 52,734 | 52,728 | 460 | 572 | 557 | 142 | 174 | 172 | 195 | 185 | 135 | ||||||||||||||||||||||||||||||||||||||||||||
| USA | ING Financial Holdings Corp. | Wholesale | 659 | 603 | 586 | 1,277 | 1,124 | 892 | 65,197 | 66,143 | 65,024 | 759 | 654 | 413 | 195 | 185 | 115 | 175 | 183 | 135 | |||||||||||||||||||||||||||||||||||||||||||||
| Singapore | Branch of ING Bank N.V. | Wholesale | 572 | 576 | 565 | 474 | 354 | 354 | 34,593 | 26,816 | 25,701 | 333 | 172 | 105 | 44 | 24 | 14 | 24 | 13 | 21 | |||||||||||||||||||||||||||||||||||||||||||||
| Japan | Branch of ING Bank N.V. | Wholesale | 32 | 32 | 31 | 42 | 40 | 30 | 9,570 | 14,267 | 5,128 | 25 | 17 | 20 | 5 | 7 | 7 | 4 | 10 | -1 | |||||||||||||||||||||||||||||||||||||||||||||
| South Korea | Branch of ING Bank N.V. | Wholesale | 86 | 86 | 78 | 86 | 92 | 86 | 8,050 | 6,167 | 7,989 | 32 | 39 | 47 | 7 | 9 | 12 | 7 | 24 | 7 | |||||||||||||||||||||||||||||||||||||||||||||
| Hong Kong | Branch of ING Bank N.V. | Wholesale | 100 | 104 | 103 | 76 | 101 | 82 | 3,512 | 4,378 | 4,343 | 24 | -18 | -33 | 4 | -2 | -5 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
| Taiwan | Branch of ING Bank N.V. | Wholesale | 37 | 37 | 35 | 27 | 39 | 33 | 3,507 | 2,597 | 3,578 | 4 | 0 | -16 | 1 | 1 | -5 | 3 | 0 | 4 | |||||||||||||||||||||||||||||||||||||||||||||
| China | Branch of ING Bank N.V. | Wholesale | 78 | 78 | 76 | 29 | 18 | 30 | 1,935 | 998 | 1,181 | -5 | -12 | 4 | -1 | 2 | 5 | 0 | -9 | 13 | |||||||||||||||||||||||||||||||||||||||||||||
Philippines 1,3 |
Branch of ING Bank N.V. | Wholesale | 5,290 | 4,079 | 3,098 | 16 | 10 | 10 | 477 | 403 | 381 | 14 | 1 | -39 | 3 | 2 | 8 | 3 | 2 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
| United Arab Emirates | Branch of ING Bank N.V. | Wholesale | 12 | 11 | 10 | 0 | -2 | -1 | 1 | 1 | 1 | 0 | -3 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
| Sri Lanka | Branch of ING Hubs B.V. | Global services | 5 | 4 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
| Brazil | ING ADMINISTRAÇÃO LTDA. | In run-off / liquidation | 0 | 2 | 30 | 4 | 18 | 17 | 63 | 73 | 57 | 3 | 17 | 9 | 25 | 0 | 1 | 1 | 4 | 5 | |||||||||||||||||||||||||||||||||||||||||||||
| Mexico | ING Consulting, S.A. de C.V. | In run-off / liquidation | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | -2 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
| Canada | Payvision Canada Services Ltd. | Dissolved in 2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Macau | Payvision Macau Ltd. | Liquidated in 2022 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Indonesia | PT ING Securities Indonesia | Liquidated in 2022 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Malaysia | Branch of ING Bank N.V. | Closed in 2022 | 0 | 0 | 1 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mauritius | ING Mauritius Investment I | Liquidated in 2022 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 61,121 | 59,434 | 57,569 | 21,087 | 18,121 | 30,418 | 1,023,856 | 980,299 | 976,834 | 7,772 | 6,037 | 17,358 | 2,181 | 1,662 | 5,130 | 2,754 | 2,700 | 1,474 | |||||||||||||||||||||||||||||||||||||||||||||||
| Plan assets and defined benefit obligation per country | ||||||||||||||||||||
| Plan assets | Defined benefit obligation | Funded Status | ||||||||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| The Netherlands | 325 | 331 | 415 | 426 | -90 | -95 | ||||||||||||||
| United States | 250 | 257 | 235 | 245 | 15 | 12 | ||||||||||||||
| United Kingdom | 1,206 | 1,257 | 751 | 790 | 455 | 467 | ||||||||||||||
| Belgium | 513 | 516 | 450 | 473 | 63 | 43 | ||||||||||||||
| Other countries | 341 | 317 | 368 | 353 | -26 | -37 | ||||||||||||||
| Funded status (Net defined benefit asset/liability) | 2,636 | 2,678 | 2,219 | 2,288 | 416 | 390 | ||||||||||||||
| Presented as: | ||||||||||||||||||||
| - Other assets | 568 | 554 | ||||||||||||||||||
| - Other liabilities | -152 | -164 | ||||||||||||||||||
| 416 | 390 | |||||||||||||||||||
| Changes in fair value of plan assets | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Opening balance as at 1 January | 2,678 | 2,637 | ||||||
| Interest income | 106 | 115 | ||||||
| Remeasurements: Return on plan assets excluding amounts included in interest income | -118 | -8 | ||||||
| Employer's contribution | 23 | 28 | ||||||
| Participants contributions | 4 | 4 | ||||||
| Benefits paid | -128 | -119 | ||||||
| Effect of curtailment or settlement | -8 | 0 | ||||||
| Exchange rate differences | 79 | 22 | ||||||
| Closing balance | 2,636 | 2,678 | ||||||
| Actual return on the plan assets | -12 | 107 | ||||||
| Changes in defined benefit obligation and other post-employment benefits | ||||||||||||||
| Defined benefit obligation | Other post-employment benefits | |||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Opening balance as at 1 January | 2,288 | 2,159 | 30 | 29 | ||||||||||
| Current service cost | 28 | 27 | 1 | 1 | ||||||||||
| Interest cost | 87 | 92 | 3 | 2 | ||||||||||
| Remeasurements: Actuarial gains and losses arising from changes in demographic assumptions | -3 | -9 | ||||||||||||
| Remeasurements: Actuarial gains and losses arising from changes in financial assumptions | -94 | 127 | 5 | 1 | ||||||||||
| Participants’ contributions | 3 | 3 | ||||||||||||
| Benefits paid | -132 | -123 | -1 | -1 | ||||||||||
| Past service cost | 1 | 1 | ||||||||||||
| Effect of curtailment or settlement | -9 | |||||||||||||
| Exchange rate differences and other changes | 51 | 12 | 1 | -2 | ||||||||||
| Closing balance | 2,219 | 2,288 | 38 | 30 | ||||||||||
| Changes in the net defined benefit assets/liability remeasurement reserve | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Opening balance as at 1 January | -317 | -232 | ||||||
| Remeasurement of plan assets | -118 | -8 | ||||||
| Actuarial gains and losses arising from changes in demographic assumptions | 3 | 9 | ||||||
| Actuarial gains and losses arising from changes in financial assumptions | 94 | -127 | ||||||
| Taxation and Exchange rate differences | 5 | 40 | ||||||
| Total Other comprehensive income movement for the year | -16 | -85 | ||||||
| Closing balance | -333 | -317 | ||||||
| Pension and other staff-related benefit costs | |||||||||||||||||||||||||||||
| Net defined benefit asset/liability | Other post-employment benefits | Total | |||||||||||||||||||||||||||
| in EUR million | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | ||||||||||||||||||||
| Current service cost | 28 | 27 | 33 | 1 | 1 | 1 | 29 | 28 | 34 | ||||||||||||||||||||
| Past service cost | 1 | 1 | -1 | 1 | 1 | ||||||||||||||||||||||||
| Net Interest cost | -19 | -23 | -8 | 3 | 2 | 1 | -16 | -21 | -6 | ||||||||||||||||||||
| Effect of curtailment or settlement | -1 | -1 | |||||||||||||||||||||||||||
| Defined benefit plans | 9 | 5 | 26 | 4 | 3 | 2 | 13 | 8 | 27 | ||||||||||||||||||||
| Defined contribution plans | 423 | 391 | 364 | ||||||||||||||||||||||||||
| Pension and other post-employment benefits | 435 | 399 | 392 | ||||||||||||||||||||||||||
| Other staff-related benefits | 20 | 19 | -2 | ||||||||||||||||||||||||||
| Pension and other staff-related benefits | 455 | 418 | 390 | ||||||||||||||||||||||||||
| Changes in deferred tax | ||||||||||||||||||||
|
in EUR million
2024
|
Net liability (-) Net asset (+) opening balance |
Change through equity | Change through net result | Exchange rate differences | Changes in the composition of the group and other changes |
Net liability (-) Net asset (+) ending balance |
||||||||||||||
| Financial assets at FVOCI | 64 | 70 | -8 | 126 | ||||||||||||||||
| Financial assets and liabilities at FVPL | -1,461 | 441 | 12 | -1,008 | ||||||||||||||||
| Depreciation | -13 | -9 | -22 | |||||||||||||||||
| Cash flow hedges | 502 | -138 | -1 | 363 | ||||||||||||||||
| Pension and post-employment benefits | -33 | 6 | 1 | -5 | -1 | -32 | ||||||||||||||
| Other provisions | 48 | 12 | 1 | 1 | 62 | |||||||||||||||
| Loans and advances | 475 | -49 | 427 | |||||||||||||||||
| Unused tax losses carried forward | 209 | -128 | 3 | 85 | ||||||||||||||||
| Other | -154 | -41 | -9 | -5 | 1 | -208 | ||||||||||||||
| Total | -362 | -103 | 251 | 6 | -208 | |||||||||||||||
| Presented in the statement of financial position as: | ||||||||||||||||||||
| – Deferred tax liabilities | -1,447 | -1,209 | ||||||||||||||||||
| – Deferred tax assets | 1,085 | 1,001 | ||||||||||||||||||
| -362 | -208 | |||||||||||||||||||
| Changes in deferred tax | ||||||||||||||||||||
|
in EUR million
2023
|
Net liability (-) Net asset (+) opening balance |
Change through equity | Change through net result | Exchange rate differences | Changes in the composition of the group and other changes |
Net liability (-) Net asset (+) ending balance |
||||||||||||||
| Financial assets at FVOCI | 81 | -10 | -3 | -4 | 64 | |||||||||||||||
| Financial assets and liabilities at FVPL | -2,739 | 1,264 | 13 | -1,461 | ||||||||||||||||
| Depreciation | -13 | -6 | 3 | 4 | -13 | |||||||||||||||
| Cash flow hedges | 752 | -251 | 1 | 502 | ||||||||||||||||
| Pension and post-employment benefits | -54 | 31 | -7 | -4 | -33 | |||||||||||||||
| Other provisions | 59 | -12 | -3 | 4 | 48 | |||||||||||||||
| Loans and advances | 612 | 8 | -140 | -6 | 2 | 475 | ||||||||||||||
| Unused tax losses carried forward | 327 | -128 | 11 | -1 | 209 | |||||||||||||||
| Other | -251 | 13 | 90 | -2 | -4 | -154 | ||||||||||||||
| Total | -1,227 | -209 | 1,059 | 10 | 5 | -362 | ||||||||||||||
| Presented in the statement of financial position as: | ||||||||||||||||||||
| – deferred tax liabilities | -2,652 | -1,447 | ||||||||||||||||||
| – deferred tax assets | 1,425 | 1,085 | ||||||||||||||||||
| -1,227 | -362 | |||||||||||||||||||
| Deferred tax in connection with unused tax losses carried forward | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Total unused tax losses carried forward | 1,345 | 1,870 | ||||||
| Unused tax losses carried forward not recognised as a deferred tax asset | 951 | 815 | ||||||
| Unused tax losses carried forward recognised as a deferred tax asset | 394 | 1,055 | ||||||
| Average tax rate | 21.6 | % | 19.9 | % | ||||
| Deferred tax asset | 85 | 209 | ||||||
| Total unused tax losses carried forward analysed by expiry terms | ||||||||||||||
|
No deferred tax
asset recognised
|
Deferred tax
asset recognised
|
|||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Within 1 year | ||||||||||||||
| More than 1 year but less than 5 years | 135 | 126 | 14 | 633 | ||||||||||
| More than 5 years but less than 10 years | 9 | 9 | 66 | 2 | ||||||||||
| More than 10 years but less than 20 years | ||||||||||||||
| Unlimited | 808 | 681 | 313 | 421 | ||||||||||
| 951 | 815 | 394 | 1,055 | |||||||||||
| Breakdown of certain net deferred tax asset positions by jurisdiction | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Poland | 244 | |||||||
| Slovakia | 1 | |||||||
| China | 9 | 2 | ||||||
| Australia | 1 | 1 | ||||||
| Hong Kong | 5 | 8 | ||||||
| United States of America | 1 | |||||||
| Türkiye | 40 | 41 | ||||||
| Taiwan | 10 | 11 | ||||||
| 66 | 308 | |||||||
| Taxation by type | |||||||||||||||||||||||||||||
| Netherlands | Rest of the world | Total | |||||||||||||||||||||||||||
| in EUR million | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | ||||||||||||||||||||
| Current taxation | 454 | 601 | 498 | 1,977 | 2,121 | 1,510 | 2,432 | 2,722 | 2,008 | ||||||||||||||||||||
| Deferred taxation | 65 | -141 | 901 | -315 | -918 | 2,221 | -251 | -1,059 | 3,122 | ||||||||||||||||||||
| 519 | 460 | 1,399 | 1,662 | 1,202 | 3,731 | 2,181 | 1,662 | 5,130 | |||||||||||||||||||||
| Reconciliation of the weighted average statutory income tax rate to ING Group’s effective income tax rate | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Result before tax from continuing operations | 7,772 | 6,037 | 17,358 | ||||||||
| Weighted average statutory tax rate | 24.0 | % | 22.7 | % | 27.5 | % | |||||
| Weighted average statutory tax amount | 1,864 | 1,371 | 4,770 | ||||||||
| Permanent differences affecting current tax | |||||||||||
| Participation exemption | -87 | -43 | -64 | ||||||||
| Other income not subject to tax | -64 | -68 | -40 | ||||||||
| Expenses not deductible for tax purposes | 424 | 398 | 403 | ||||||||
| Current tax from previously unrecognised amounts | -1 | 1 | 10 | ||||||||
| State and local taxes | 77 | 99 | 68 | ||||||||
| Adjustments to prior periods | -34 | -72 | -29 | ||||||||
| Differences affecting deferred tax | |||||||||||
| Impact on deferred tax from change in tax rates | -1 | 2 | 5 | ||||||||
| Deferred tax benefit from previously unrecognised amounts | -1 | -30 | -3 | ||||||||
| Write-off/reversal of deferred tax assets | 4 | 4 | 10 | ||||||||
| Effective tax amount | 2,181 | 1,662 | 5,130 | ||||||||
| Effective tax rate | 28.1 | % | 27.5 | % | 29.6 | % | |||||
| Income tax related to components of other comprehensive income | |||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Unrealised revaluations of financial assets at fair value through other comprehensive income and other revaluations | 99 | -7 | 142 | ||||||||
Realised gains/losses transferred to the statement of profit or loss (reclassifications from equity to profit or loss) |
-29 | -3 | 8 | ||||||||
| Changes in cash flow hedge reserve | -138 | -251 | 875 | ||||||||
| Remeasurement of the net defined benefit asset/liability | 6 | 31 | 6 | ||||||||
Changes in fair value of own credit risk of financial liabilities at fair value through profit or loss |
5 | 2 | 19 | ||||||||
| Exchange rate differences and other | -46 | 19 | -141 | ||||||||
| Total income tax related to components of other comprehensive income | -103 | -209 | 910 | ||||||||
| Deferred day one profit or loss reserve | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Opening balance at 1 January | -90 | -108 | ||||||
| DOP deferred on new transactions during the period | -62 | -83 | ||||||
| DOP recognised in the statement of profit or loss during the period | ||||||||
–of which release |
27 | 85 | ||||||
–of which amortisation and exchange differences |
32 | 15 | ||||||
| Closing balance at 31 December | -94 | -90 | ||||||
| Valuation adjustment reserves on financial assets and liabilities | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Deferred Day One Profit or Loss | -94 | -90 | ||||||
| Own credit adjustments | -17 | 34 | ||||||
| Bid/Offer | -130 | -154 | ||||||
| Model Risk | -33 | -26 | ||||||
| CVA | -123 | -131 | ||||||
| DVA | 50 | 55 | ||||||
| CollVA | -3 | -4 | ||||||
| FVA | -64 | -68 | ||||||
| Other valuation adjustments | 2 | 0 | ||||||
| Total Valuation Adjustments | -412 | -385 | ||||||
| Methods applied in determining fair values of financial assets and liabilities (carried at fair value) | ||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Financial Assets | ||||||||||||||||||||||||||
| Financial assets at fair value through profit or loss | ||||||||||||||||||||||||||
| - Equity securities | 20,789 | 15,438 | 15 | 3 | 141 | 150 | 20,945 | 15,590 | ||||||||||||||||||
| - Debt securities | 7,485 | 4,825 | 4,596 | 4,081 | 3,505 | 3,364 | 15,586 | 12,270 | ||||||||||||||||||
| - Derivatives | 1 | 39 | 31,792 | 27,134 | 475 | 535 | 32,268 | 27,708 | ||||||||||||||||||
| - Loans and receivables | 0 | 0 | 62,168 | 63,316 | 6,614 | 4,131 | 68,782 | 67,446 | ||||||||||||||||||
| 28,275 | 20,302 | 98,571 | 94,533 | 10,734 | 8,179 | 137,580 | 123,015 | |||||||||||||||||||
| Financial assets at fair value through other comprehensive income | ||||||||||||||||||||||||||
| - Equity securities | 2,292 | 1,622 | 0 | 0 | 270 | 263 | 2,562 | 1,885 | ||||||||||||||||||
| - Debt securities | 39,859 | 35,848 | 2,360 | 2,433 | 0 | 0 | 42,219 | 38,281 | ||||||||||||||||||
| - Loans and receivables | 0 | 0 | 1,608 | 275 | 0 | 676 | 1,608 | 951 | ||||||||||||||||||
| 42,151 | 37,470 | 3,967 | 2,707 | 270 | 938 | 46,389 | 41,116 | |||||||||||||||||||
| Financial liabilities | ||||||||||||||||||||||||||
| Financial liabilities at fair value through profit or loss | ||||||||||||||||||||||||||
| – Debt securities | 1,455 | 1,088 | 8,445 | 7,635 | 67 | 47 | 9,966 | 8,770 | ||||||||||||||||||
| – Deposits | 0 | 0 | 45,014 | 57,063 | 0 | 13 | 45,014 | 57,076 | ||||||||||||||||||
| – Trading securities | 3,631 | 3,604 | 12 | 41 | 10 | 0 | 3,653 | 3,645 | ||||||||||||||||||
| – Derivatives | 45 | 41 | 27,528 | 24,437 | 694 | 670 | 28,267 | 25,148 | ||||||||||||||||||
| 5,131 | 4,733 | 80,998 | 89,175 | 770 | 729 | 86,900 | 94,638 | |||||||||||||||||||
| Valuation techniques and range of unobservable inputs (Level 3) | ||||||||||||||||||||||||||||||||
| Assets | Liabilities | Valuation techniques | Significant unobservable inputs | Lower range | Upper range | |||||||||||||||||||||||||||
| In EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||
| At fair value through profit or loss | ||||||||||||||||||||||||||||||||
| Debt securities | 3,504 | 3,364 | 10 | 0 | Price based | Price (%) | 0 | % | 0 | % | 120 | % | 122 | % | ||||||||||||||||||
| Price (price per share) | 327 | 97 | 520 | 236 | ||||||||||||||||||||||||||||
| Present value techniques | Credit spread (bps) | n.a. | 94 | n.a. | 94 | |||||||||||||||||||||||||||
| Price (%) | 95.85 | % | n.a. | 100 | % | n.a. | ||||||||||||||||||||||||||
| Equity securities | 141 | 150 | Price based | Price (price per share) | 0 | 0 | 5,475 | 5,457 | ||||||||||||||||||||||||
| Loans and advances | 1,565 | 2,298 | 0 | 13 | Price based | Price (%) | 0 | % | 0 | % | 107 | % | 117 | % | ||||||||||||||||||
| Present value techniques | Credit spread (bps) | 576 | 1 | 629 | 12 | |||||||||||||||||||||||||||
| Prepayment rate (%) | 2 | % | n.a. | 100 | % | n.a. | ||||||||||||||||||||||||||
| (Reverse) repos | 5,050 | 1,832 | Present value techniques | Interest rate (%) | 2 | % | n.a. | 2 | % | n.a. | ||||||||||||||||||||||
| Structured notes | 67 | 47 | Price based | Price (%) | 93 | % | 88 | % | 104 | % | 96 | % | ||||||||||||||||||||
| Option pricing model | Equity volatility (%) | n.a. | 9 | % | n.a. | 23 | % | |||||||||||||||||||||||||
| Equity/Equity correlation | 0.7 | 0.8 | 0.7 | 0.9 | ||||||||||||||||||||||||||||
| Equity/FX correlation | n.a. | -0.2 | n.a. | 0.6 | ||||||||||||||||||||||||||||
| Dividend yield (%) | n.a. | 0 | % | n.a. | 4 | % | ||||||||||||||||||||||||||
| Present value techniques | Credit spreads (bps) | n.a. | 100 | n.a. | 101 | |||||||||||||||||||||||||||
| Prepayment rate (%) | 99.59 | % | n.a. | 100.09 | % | n.a. | ||||||||||||||||||||||||||
| Derivatives | ||||||||||||||||||||||||||||||||
| – Rates | 413 | 283 | 389 | 301 | Option pricing model | Interest rate volatility (bps) | n.a. | 1 | n.a. | 3 | ||||||||||||||||||||||
| Present value techniques | Reset spread (%) | 2 | % | n.a. | 2 | % | n.a. | |||||||||||||||||||||||||
| Prepayment rate (%) | n.a. | 0 | % | n.a. | 0 | % | ||||||||||||||||||||||||||
| – FX | 6 | 2 | 8 | 3 | Option pricing model | Implied volatility (%) | 2 | % | 3 | % | 15 | % | 18 | % | ||||||||||||||||||
| – Credit | 39 | 216 | 241 | 343 | Present value techniques | Credit spread (bps) | 0 | 3 | 91 | 149 | ||||||||||||||||||||||
| Price based | Price (%) | 0 | % | 0 | % | 100 | % | 100 | % | |||||||||||||||||||||||
| – Equity | 10 | 20 | 47 | 17 | Option pricing model | Equity volatility (%) | 7 | % | 12 | % | 81 | % | 75 | % | ||||||||||||||||||
| Equity/Equity correlation | 0.0 | 0.2 | 1.0 | 1.0 | ||||||||||||||||||||||||||||
| Equity/FX correlation | -0.6 | -0.5 | 0.6 | 1.0 | ||||||||||||||||||||||||||||
| Dividend yield (%) | 0 | % | 0 | % | 33 | % | 14 | % | ||||||||||||||||||||||||
| Price based | Price (%) | n.a. | 0 | % | n.a. | 21 | % | |||||||||||||||||||||||||
| – Other | 6 | 14 | 9 | 7 | Option pricing model | Commodity volatility (%) | 13.1 | % | 11 | % | 61 | % | 94 | % | ||||||||||||||||||
| Com/FX correlation | -0.40 | n.a. | -0.25 | n.a. | ||||||||||||||||||||||||||||
| Price based | Price (commodity) | 68 | n.a. | 68 | n.a. | |||||||||||||||||||||||||||
| At fair value through other comprehensive income | ||||||||||||||||||||||||||||||||
| – Loans and advances | 676 | Price based | Price (%) | n.a. | 85 | % | n.a. | 96 | % | |||||||||||||||||||||||
| – Equity | 270 | 263 | Present value techniques | Credit spread (bps) | 5.67 | 5.2 | 5.76 | 5.2 | ||||||||||||||||||||||||
| Interest rate (%) | 1.5 | % | 4 | % | 3.5 | % | 4 | % | ||||||||||||||||||||||||
| Payout ratio (%) | 70 | % | n.a. | 90 | % | n.a. | ||||||||||||||||||||||||||
| Price based | Price (%) | 122 | % | 122 | % | 122 | % | 122 | % | |||||||||||||||||||||||
| Total | 11,005 | 9,118 | 770 | 729 | ||||||||||||||||||||||||||||
| Changes in Level 3 Financial assets | ||||||||||||||||||||||||||||||||||||||
| Trading assets | Non-trading derivatives |
Financial assets mandatorily at FVPL |
Financial assets designated at FVPL |
Financial assets at FVOCI |
Total | |||||||||||||||||||||||||||||||||
| In EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
| Opening balance as at 1 January | 848 | 873 | 286 | 421 | 3,499 | 1,849 | 3,547 | 3,492 | 938 | 891 | 9,118 | 7,526 | ||||||||||||||||||||||||||
Realised gain/loss recognised in the statement of profit or loss during the period 1 |
-175 | 235 | -38 | -142 | 294 | -33 | -54 | -383 | 0 | 28 | -322 | |||||||||||||||||||||||||||
Revaluation recognised in other comprehensive income during the period 2 |
-3 | -6 | -3 | -6 | ||||||||||||||||||||||||||||||||||
| Purchase of assets | 486 | 1,246 | 198 | 76 | 4,424 | 2,208 | 1,600 | 873 | 154 | 331 | 6,862 | 4,735 | ||||||||||||||||||||||||||
| Sale of assets | -111 | -889 | -257 | -55 | -1,605 | -1,109 | -10 | -138 | -418 | -243 | -2,402 | -2,433 | ||||||||||||||||||||||||||
| Maturity/settlement | -140 | -1,005 | -7 | -15 | -294 | -576 | -988 | -292 | -20 | -22 | -1,449 | -1,910 | ||||||||||||||||||||||||||
| Reclassifications | 0 | 0 | 0 | 0 | 0 | 723 | 0 | 0 | 0 | 5 | 0 | 728 | ||||||||||||||||||||||||||
| Transfers into Level 3 | 370 | 879 | 0 | 0 | 615 | 981 | 30 | 1 | 0 | 0 | 1,014 | 1,860 | ||||||||||||||||||||||||||
| Transfers out of Level 3 | -454 | -459 | -114 | 0 | -1,214 | -534 | -3 | 0 | -384 | 0 | -2,169 | -994 | ||||||||||||||||||||||||||
| Exchange rate differences | 0 | -31 | 0 | 0 | 5 | -9 | -2 | -9 | 9 | -10 | 12 | -59 | ||||||||||||||||||||||||||
| Changes in the composition of the group and other changes | 0 | 0 | 0 | 0 | -1 | 0 | 0 | 2 | -5 | -8 | -6 | -6 | ||||||||||||||||||||||||||
| Closing balance | 824 | 848 | 68 | 286 | 5,721 | 3,499 | 4,121 | 3,547 | 270 | 938 | 11,005 | 9,118 | ||||||||||||||||||||||||||
| Changes in Level 3 Financial liabilities | ||||||||||||||||||||||||||
| Trading liabilities | Non-trading derivatives | Financial liabilities designated as at fair value through profit or loss |
Total | |||||||||||||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Opening balance as at 1 January | 382 | 229 | 301 | 449 | 47 | 54 | 729 | 732 | ||||||||||||||||||
Realised gain/loss recognised in the statement of profit or loss during the period1 |
-104 | 224 | -98 | -151 | -5 | -2 | -206 | 72 | ||||||||||||||||||
| Additions | 55 | 53 | 190 | 72 | 29 | 18 | 274 | 142 | ||||||||||||||||||
| Redemptions | -12 | -102 | -209 | -53 | 0 | -2 | -222 | -156 | ||||||||||||||||||
| Maturity/settlement | -15 | -13 | -7 | -16 | -4 | -1 | -26 | -30 | ||||||||||||||||||
| Transfers into Level 3 | 364 | 40 | 0 | 0 | 34 | 32 | 399 | 72 | ||||||||||||||||||
| Transfers out of Level 3 | -33 | -49 | -111 | 0 | -34 | -54 | -179 | -102 | ||||||||||||||||||
| Exchange rate differences | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
| Closing balance | 637 | 382 | 67 | 301 | 67 | 47 | 770 | 729 | ||||||||||||||||||
| Sensitivity analysis of Level 3 instruments | ||||||||||||||
Positive fair value movements from using reasonable possible alternatives |
Negative fair value movements from using reasonable possible alternatives |
|||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Equity (equity derivatives, structured notes) | 21 | 18 | -20 | -9 | ||||||||||
| Interest rates (Rates derivatives, FX derivatives) | 5 | 3 | 0 | 0 | ||||||||||
| Credit (Debt securities, Loans, structured notes, credit derivatives) | 2 | 45 | -27 | -54 | ||||||||||
| Loans and advances | 0 | 3 | 0 | -17 | ||||||||||
| 28 | 69 | -47 | -80 | |||||||||||
| Methods applied in determining fair values of financial assets and liabilities (carried at amortised cost) | ||||||||||||||||||||||||||||||||||||||
| Carrying Amount |
Carrying amount
presented as fair value1
|
Level 1 | Level 2 | Level 3 | Total fair value | |||||||||||||||||||||||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
| Financial Assets | ||||||||||||||||||||||||||||||||||||||
| Loans and advances to banks | 21,770 | 16,709 | 3,195 | 2,722 | 15,614 | 11,430 | 2,957 | 2,511 | 21,766 | 16,662 | ||||||||||||||||||||||||||||
Loans and advances to customers |
683,611 | 647,313 | 18,291 | 15,681 | 18,626 | 14,602 | 630,493 | 593,098 | 667,410 | 623,381 | ||||||||||||||||||||||||||||
Securities at amortised cost |
50,273 | 48,313 | 42,871 | 40,041 | 2,908 | 4,277 | 2,523 | 1,693 | 48,303 | 46,010 | ||||||||||||||||||||||||||||
| 755,655 | 712,335 | 21,486 | 18,403 | 42,871 | 40,041 | 37,149 | 30,308 | 635,973 | 597,302 | 737,479 | 686,053 | |||||||||||||||||||||||||||
| Financial liabilities | ||||||||||||||||||||||||||||||||||||||
| Deposits from banks | 16,723 | 23,257 | 4,348 | 3,764 | 8,208 | 15,066 | 3,943 | 3,968 | 16,499 | 22,799 | ||||||||||||||||||||||||||||
| Customer deposits | 691,661 | 650,276 | 582,387 | 556,060 | 61,916 | 52,486 | 46,984 | 41,063 | 691,287 | 649,609 | ||||||||||||||||||||||||||||
Debt securities in issue2 |
142,367 | 124,670 | 79,254 | 62,197 | 61,651 | 42,606 | 2,000 | 20,450 | 142,905 | 125,253 | ||||||||||||||||||||||||||||
Subordinated loans |
17,878 | 15,401 | 17,968 | 15,050 | 389 | 311 | 18,357 | 15,361 | ||||||||||||||||||||||||||||||
| 868,630 | 813,603 | 586,735 | 559,824 | 97,221 | 77,248 | 132,164 | 110,469 | 52,927 | 65,482 | 869,048 | 813,022 | |||||||||||||||||||||||||||
| Gross carrying value of derivatives designated under fair value hedge accounting | ||||||||||||||
| Assets | Liabilities | Assets | Liabilities | |||||||||||
| in EUR million | 2024 |
2024 |
2023 |
2023 |
||||||||||
| As at 31 December | ||||||||||||||
| Hedging instrument on interest rate risk | ||||||||||||||
| – Interest rate swaps | 3,080 | 5,673 | 3,011 | 6,410 | ||||||||||
| – Other interest derivatives | 207 | 23 | 284 | 34 | ||||||||||
| Hedging instrument on FX rate risk | ||||||||||||||
| – Cross currency swaps | 12 | 3 | ||||||||||||
| Maturity derivatives designated in fair value hedging | |||||||||||||||||||||||||||||
| in EUR million | Less than 1 month | 1 to 3 months | 3 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | >5 years | Total | ||||||||||||||||||||
As at 31 December 2024 |
|||||||||||||||||||||||||||||
| Hedging instrument on interest rate risk | |||||||||||||||||||||||||||||
| – Interest rate swaps | 43 | 1,224 | 7,341 | 14,134 | 6,313 | 12,050 | 7,688 | 1,564 | 50,358 | ||||||||||||||||||||
| – Other interest derivatives | -4 | -47 | -218 | -317 | -389 | -347 | -287 | -932 | -2,540 | ||||||||||||||||||||
| Hedging instrument on FX rate risk | |||||||||||||||||||||||||||||
| – Cross currency swaps | -142 | -60 | -98 | -299 | |||||||||||||||||||||||||
As at 31 December 2023 |
|||||||||||||||||||||||||||||
| Hedging instrument on interest rate risk | |||||||||||||||||||||||||||||
| - Interest rate swaps | -670 | 623 | 4,648 | 9,482 | 13,201 | 7,224 | 10,164 | 1,798 | 46,471 | ||||||||||||||||||||
| – Other interest derivatives | -42 | -183 | -361 | -263 | -230 | -277 | -442 | -1,797 | |||||||||||||||||||||
| Hedged items included in a fair value hedging relationship | |||||||||||||||||||||||
| Carrying amount of the hedged items | Accumulated amount of fair value hedge adjustment on the hedged item included in the carrying amount of the hedged item |
Change in fair value of the hedged item for measuring ineffectiveness for the period |
Change in fair value hedging instruments for the period | Hedge ineffectiveness recognised in the statement of profit or loss gain (+) / loss (-) | |||||||||||||||||||
| in EUR million | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||
As at 31 December 2024 |
|||||||||||||||||||||||
| Interest rate risk and FX rate risk | |||||||||||||||||||||||
| – Debt securities at fair value through other comprehensive income | 35,119 | n/a | 269 | ||||||||||||||||||||
| – Loans at FVOCI | n/a | ||||||||||||||||||||||
| – Loans and advances to customers | 1,149 | -6 | -35 | ||||||||||||||||||||
| – Debt instruments at amortised cost | 13,802 | -179 | 49 | ||||||||||||||||||||
| – Debt securities in issue | 83,669 | -2,234 | -1,139 | ||||||||||||||||||||
| – Subordinated loans | 17,131 | -665 | -188 | ||||||||||||||||||||
| – Customer deposits and other funds on deposit | 28 | -1 | 1 | ||||||||||||||||||||
| – Discontinued hedges | 58 | -5 | |||||||||||||||||||||
| Total | 50,070 | 100,827 | -126 | -2,906 | -1,043 | 1,016 | -27 | ||||||||||||||||
As at 31 December 2023 |
|||||||||||||||||||||||
| Interest rate risk and FX rate risk | |||||||||||||||||||||||
| – Debt securities at fair value through other comprehensive income | 31,224 | n/a | 1,224 | ||||||||||||||||||||
| – Loans at FVOCI | n/a | ||||||||||||||||||||||
| – Loans and advances to customers | 898 | 15 | |||||||||||||||||||||
| – Debt instruments at amortised cost | 8,272 | -205 | 234 | ||||||||||||||||||||
| – Debt securities in issue | 70,280 | -3,383 | -2,680 | ||||||||||||||||||||
| – Subordinated loans | 14,643 | -834 | -473 | ||||||||||||||||||||
| – Customer deposits and other funds on deposit | 44 | -1 | |||||||||||||||||||||
| – Discontinued hedges | 91 | -4 | |||||||||||||||||||||
| Total | 40,394 | 84,967 | -113 | -4,221 | -1,679 | 1,606 | -73 | ||||||||||||||||
| Gross carrying value of derivatives used for cash flow hedge accounting | ||||||||||||||
| Assets | Liabilities | Assets | Liabilities | |||||||||||
| in EUR million | 2024 | 2024 | 2023 | 2023 | ||||||||||
| As at 31 December | ||||||||||||||
| Hedging instrument on interest rate risk | ||||||||||||||
| – Interest rate swaps | 10,635 | 12,814 | 11,839 | 14,051 | ||||||||||
| Hedging instrument on FX rate risk | ||||||||||||||
| – Cross currency swaps | 472 | 339 | 324 | 39 | ||||||||||
| Hedging instrument on combined interest and FX rate risk | ||||||||||||||
| – Cross currency interest rate swaps | 10 | 57 | ||||||||||||
| Maturity derivatives designated in cash flow hedging | |||||||||||||||||||||||||||||
| in EUR million |
Less than 1
month
|
1 to 3 months |
3 to 12
months
|
1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | >5 years | Total | ||||||||||||||||||||
As at 31 December 2024 |
|||||||||||||||||||||||||||||
| Hedging instrument on interest rate risk | |||||||||||||||||||||||||||||
| – Interest rate swaps | -1,805 | -768 | -10,590 | -13,389 | -10,551 | -6,040 | -4,522 | -3,222 | -50,886 | ||||||||||||||||||||
| Hedging instrument on FX rate risk | |||||||||||||||||||||||||||||
| – Cross currency swaps | -241 | -972 | 122 | -1,029 | -262 | -238 | -999 | -3,619 | |||||||||||||||||||||
| Hedging instrument on combined interest and FX rate risk | |||||||||||||||||||||||||||||
| – Cross currency interest rate swaps | -25 | -1,283 | -1,578 | -2,887 | |||||||||||||||||||||||||
As at 31 December 2023 |
|||||||||||||||||||||||||||||
| Hedging instrument on interest rate risk | |||||||||||||||||||||||||||||
| – Interest rate swaps | -214 | 184 | -8,557 | -18,551 | -6,636 | -7,246 | -4,896 | -3,384 | -49,300 | ||||||||||||||||||||
| Hedging instrument on FX rate risk | |||||||||||||||||||||||||||||
| – Cross currency swaps | 249 | 1,029 | -932 | 503 | -683 | 167 | -693 | -362 | |||||||||||||||||||||
| Hedging instrument on combined interest and FX rate risk | |||||||||||||||||||||||||||||
| – Cross currency interest rate swaps | -24 | -1,232 | -1,479 | -2,736 | |||||||||||||||||||||||||
| Cash flow hedging – impact of hedging instruments on the statement of profit or loss and other comprehensive income | |||||||||||||||||
| in EUR million | Change in value of hedged item used for calculating hedge ineffectiveness for the period | Carrying amount cash flow hedge reserve at the end of the reporting period1 |
Amount reclassified from CFH reserve to profit or loss 2 |
Change in value of hedging instrument recognised in OCI for the period | Hedge ineffectiveness recognised in the statement of profit or loss, gain (+) / loss (-) | ||||||||||||
As at 31 December 2024 |
|||||||||||||||||
| Interest rate risk on: | |||||||||||||||||
| – Floating rate lending | -668 | -2,850 | 496 | ||||||||||||||
| – Floating rate borrowing | 114 | 125 | -425 | ||||||||||||||
| – Other | 1 | 1 | |||||||||||||||
| – Discontinued hedges | 89 | -51 | |||||||||||||||
| Total interest rate risk | -553 | -2,635 | 20 | 526 | 39 | ||||||||||||
| FX rate risk on: | |||||||||||||||||
| – Floating rate lending | -79 | -55 | -121 | ||||||||||||||
| – Floating rate borrowing | 12 | 5 | -37 | ||||||||||||||
| – Other | |||||||||||||||||
| – Discontinued hedges | -4 | ||||||||||||||||
| Total FX risk | -67 | -51 | -162 | 220 | -3 | ||||||||||||
| Combined interest and FX rate risk on: | |||||||||||||||||
| – Floating rate lending | 70 | 72 | -68 | ||||||||||||||
| – Floating rate borrowing | |||||||||||||||||
| – Other | |||||||||||||||||
| – Discontinued hedges | |||||||||||||||||
| Total combined interest and FX risk | 70 | 72 | -68 | -3 | -2 | ||||||||||||
| Total cash flow hedge | -550 | -2,614 | -209 | 743 | 35 | ||||||||||||
| Cash flow hedging – impact of hedging instruments on the statement of profit or loss and other comprehensive income | |||||||||||||||||
| in EUR million | Change in value of hedged item used for calculating hedge ineffectiveness for the period | Carrying amount cash flow hedge reserve at the end of the reporting period1 |
Amount reclassified from CFH reserve to profit or loss 2 |
Change in value of hedging instrument recognised in OCI for the period | Hedge ineffectiveness recognised in the statement of profit or loss, gain (+) / loss (-) | ||||||||||||
As at 31 December 2023 |
|||||||||||||||||
| Interest rate risk on: | |||||||||||||||||
| – Floating rate lending | -2,694 | -3,545 | 590 | ||||||||||||||
| – Floating rate borrowing | 933 | 151 | -497 | ||||||||||||||
| – Other | |||||||||||||||||
| – Discontinued hedges | 194 | -150 | |||||||||||||||
| Total interest rate risk | -1,760 | -3,200 | -57 | 1,654 | 58 | ||||||||||||
| FX rate risk on: | |||||||||||||||||
| – Floating rate lending | 27 | -42 | -185 | ||||||||||||||
| – Floating rate borrowing | -25 | 1 | -33 | ||||||||||||||
| – Other | |||||||||||||||||
| – Discontinued hedges | 7 | -5 | |||||||||||||||
| Total FX risk | 2 | -35 | -223 | 200 | -12 | ||||||||||||
| Combined interest and FX rate risk on: | |||||||||||||||||
| – Floating rate lending | -20 | 78 | -46 | ||||||||||||||
| – Floating rate borrowing | 1 | ||||||||||||||||
| – Other | |||||||||||||||||
| – Discontinued hedges | -1 | ||||||||||||||||
| Total combined interest and FX risk | -20 | 78 | -46 | 68 | 2 | ||||||||||||
| Total cash flow hedge | -1,778 | -3,157 | -325 | 1,922 | 48 | ||||||||||||
| Movement cash flow hedge reserve | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Opening balance | -2,058 | -3,055 | ||||||
| Value changes recognised in OCI | 743 | 1,922 | ||||||
| Amounts recycled to profit or loss | -209 | -325 | ||||||
| Income tax | -140 | -381 | ||||||
| Exchange rate and other changes | -14 | -103 | ||||||
| Adjustment for non controlling interest | -14 | -116 | ||||||
| Movement for the year | 365 | 997 | ||||||
| Ending balance | -1,693 | -2,058 | ||||||
| Gross carrying value of derivatives used for net investment hedging | ||||||||||||||
| Assets | Liabilities | Assets | Liabilities | |||||||||||
| in EUR million | 2024 | 2024 | 2023 | 2023 | ||||||||||
| As at 31 December | ||||||||||||||
| – FX forwards and Cross currency swaps | 82 | 117 | 100 | 92 | ||||||||||
| Maturity derivatives designated in net investment hedging | |||||||||||||||||||||||||||||
| in EUR million | Less than 1 month | 1 to 3 months | 3 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | >5 years | Total | ||||||||||||||||||||
As at 31 December 2024 |
|||||||||||||||||||||||||||||
| – FX forwards and cross currency swaps | -8,681 | -4,158 | -76 | -12,916 | |||||||||||||||||||||||||
As at 31 December 2023 |
|||||||||||||||||||||||||||||
| – FX forwards and Cross currency swaps | -6,009 | -4,576 | -87 | -10,672 | |||||||||||||||||||||||||
| Net investment hedge accounting – Impact on statement of profit or loss and other comprehensive income | |||||||||||||||||
| in EUR million | Change in value of hedged item used for calculating hedge ineffectiveness for the period | Carrying amount net investment hedge reserve at the end of the reporting period1 |
Hedged item affected statement of profit or loss | Change in value of hedging instrument recognised in OCI | Hedge ineffectiveness recognised in the statement of profit or loss, gain(+) / Loss(-) | ||||||||||||
As at 31 December 2024 |
|||||||||||||||||
| Investment in foreign operations | 295 | -95 | -295 | ||||||||||||||
| Discontinued hedges | 302 | ||||||||||||||||
As at 31 December 2023 |
|||||||||||||||||
| Investment in foreign operations | -183 | 123 | 183 | ||||||||||||||
| Discontinued hedges | 263 | ||||||||||||||||
| Assets by contractual maturity | |||||||||||||||||||||||
| in EUR million | Maturity not applicable | ||||||||||||||||||||||
| 2024 | Less than 1 month 1 |
1-3 months | 3-12 months | 1-5 years | Over 5 years | Total | |||||||||||||||||
| Cash and balances with central banks | 70,353 | 70,353 | |||||||||||||||||||||
| Loans and advances to banks | 16,826 | 1,254 | 1,322 | 1,759 | 610 | 21,770 | |||||||||||||||||
| Financial assets at fair value through profit or loss | |||||||||||||||||||||||
| – Trading assets | 22,154 | 8,044 | 14,501 | 16,006 | 12,192 | 72,897 | |||||||||||||||||
| – Non-trading derivatives | 602 | 368 | 465 | 356 | 672 | 2,463 | |||||||||||||||||
| – Mandatorily at fair value through profit or loss | 30,002 | 11,263 | 7,222 | 5,931 | 1,835 | 228 | 56,481 | ||||||||||||||||
| – Designated as at fair value through profit or loss | 145 | 198 | 1,070 | 2,110 | 2,217 | 5,740 | |||||||||||||||||
| Financial assets at fair value through other comprehensive income | |||||||||||||||||||||||
| – Equity securities | 2,562 | 2,562 | |||||||||||||||||||||
| – Debt securities | 365 | 456 | 2,027 | 18,064 | 21,307 | 42,219 | |||||||||||||||||
| – Loans and advances | 2 | 4 | 94 | 871 | 637 | 1,608 | |||||||||||||||||
| Securities at amortised cost | 2,075 | 2,646 | 5,729 | 22,838 | 16,985 | 50,273 | |||||||||||||||||
| Loans and advances to customers | 53,672 | 26,456 | 61,544 | 219,414 | 322,526 | 683,611 | |||||||||||||||||
Other assets 2 |
5,488 | 590 | 1,058 | 629 | 1,107 | 5,006 | 13,878 | ||||||||||||||||
| Total assets | 201,683 | 51,279 | 95,030 | 287,977 | 380,089 | 7,796 | 1,023,856 | ||||||||||||||||
| 2023 | |||||||||||||||||||||||
| Cash and balances with central banks | 90,214 | 90,214 | |||||||||||||||||||||
| Loans and advances to banks | 11,985 | 1,021 | 1,744 | 1,527 | 431 | 16,709 | |||||||||||||||||
| Financial assets at fair value through profit or loss | |||||||||||||||||||||||
| – Trading assets | 17,000 | 7,363 | 11,448 | 13,216 | 11,201 | 60,229 | |||||||||||||||||
| – Non-trading derivatives | 138 | 80 | 297 | 613 | 900 | 2,028 | |||||||||||||||||
| – Mandatorily at fair value through profit or loss | 32,835 | 12,040 | 5,303 | 3,587 | 1,040 | 179 | 54,983 | ||||||||||||||||
| – Designated as at fair value through profit or loss | 550 | 200 | 792 | 2,092 | 2,141 | 5,775 | |||||||||||||||||
| Financial assets at fair value through other comprehensive income | |||||||||||||||||||||||
| – Equity securities | 1,885 | 1,885 | |||||||||||||||||||||
| – Debt securities | 579 | 232 | 2,021 | 13,686 | 21,763 | 38,281 | |||||||||||||||||
| – Loans and advances | 3 | 41 | 619 | 287 | 951 | ||||||||||||||||||
| Securities at amortised cost | 2,220 | 1,142 | 6,667 | 22,540 | 15,744 | 48,313 | |||||||||||||||||
| Loans and advances to customers | 49,633 | 21,298 | 57,516 | 211,349 | 307,517 | 647,313 | |||||||||||||||||
Other assets 2 |
5,658 | 257 | 1,088 | 951 | 1,020 | 4,645 | 13,618 | ||||||||||||||||
| Total assets | 210,812 | 43,636 | 86,917 | 270,181 | 362,045 | 6,709 | 980,299 | ||||||||||||||||
| Liabilities and off-balance sheet commitments by maturity | ||||||||||||||||||||||||||
| in EUR million | ||||||||||||||||||||||||||
| 2024 | Less than 1 month 1 |
1–3 months | 3–12 months | 1–5 years | Over 5 years | Maturity not applicable | Adjustment 2 |
Total | ||||||||||||||||||
| Deposits from banks | 9,104 | 1,367 | 2,085 | 1,637 | 2,484 | 47 | 16,723 | |||||||||||||||||||
| Customer deposits | 610,184 | 23,312 | 49,284 | 4,448 | 2,081 | 2,352 | 691,661 | |||||||||||||||||||
| Financial liabilities at fair value through profit or loss | ||||||||||||||||||||||||||
| – Other trading liabilities | 5,790 | 230 | 313 | 1,325 | 1,465 | -34 | 9,089 | |||||||||||||||||||
| – Trading derivatives | 2,631 | 2,367 | 3,730 | 7,641 | 5,499 | 4,298 | 26,166 | |||||||||||||||||||
| – Non-trading derivatives | 419 | 57 | -36 | 711 | 149 | 801 | 2,101 | |||||||||||||||||||
| – Designated at fair value through profit or loss | 32,644 | 5,842 | 1,798 | 5,097 | 4,367 | 34 | -239 | 49,543 | ||||||||||||||||||
| Debt securities in issue | 1,949 | 18,610 | 33,037 | 55,221 | 34,857 | -1,307 | 142,367 | |||||||||||||||||||
| Subordinated loans | 9,962 | 8,415 | -499 | 17,878 | ||||||||||||||||||||||
| Lease liabilities | 20 | 44 | 162 | 607 | 328 | -45 | 1,116 | |||||||||||||||||||
| Financial liabilities | 662,741 | 51,829 | 90,375 | 76,688 | 61,191 | 8,448 | 5,374 | 956,646 | ||||||||||||||||||
Other liabilities 3 |
7,718 | 530 | 3,371 | 1,423 | 470 | 13,512 | ||||||||||||||||||||
| Total liabilities | 670,459 | 52,359 | 93,745 | 78,111 | 61,661 | 8,448 | 5,374 | 970,158 | ||||||||||||||||||
| Coupon interest due on financial liabilities | 2,284 | 1,603 | 5,903 | 10,191 | 8,137 | 514 | 28,632 | |||||||||||||||||||
| Contingent liabilities in respect of | ||||||||||||||||||||||||||
| – Discounted bills | ||||||||||||||||||||||||||
| – Guarantees | 26,355 | 3 | 550 | 26,908 | ||||||||||||||||||||||
| – Irrevocable letters of credit | 16,388 | 16,388 | ||||||||||||||||||||||||
| Guarantees issued by ING Groep N.V. | 210 | 210 | ||||||||||||||||||||||||
| Irrevocable facilities | 175,000 | 9 | 15 | 143 | 56 | 175,222 | ||||||||||||||||||||
| 217,953 | 9 | 15 | 146 | 606 | 218,728 | |||||||||||||||||||||
| Liabilities and off-balance sheet commitments by maturity | ||||||||||||||||||||||||||
| in EUR million | ||||||||||||||||||||||||||
| 2023 | Less than 1 month 1 |
1–3 month | 3–12 months | 1–5 years | Over 5 years | Maturity not applicable | Adjustment 2 |
Total | ||||||||||||||||||
| Deposits from banks | 9,294 | 7,800 | 2,074 | 1,898 | 2,002 | 189 | 23,257 | |||||||||||||||||||
| Customer deposits | 583,335 | 19,510 | 40,976 | 3,585 | 1,931 | 939 | 650,276 | |||||||||||||||||||
| Financial liabilities at fair value through profit or loss | ||||||||||||||||||||||||||
| – Other trading liabilities | 10,981 | 697 | 545 | 1,003 | 897 | -36 | 14,087 | |||||||||||||||||||
| – Trading derivatives | 2,292 | 2,243 | 5,148 | 10,204 | 7,110 | -3,865 | 23,132 | |||||||||||||||||||
| – Non-trading derivatives | 505 | 96 | 139 | 1,002 | 355 | -78 | 2,019 | |||||||||||||||||||
| – Designated at fair value through profit or loss | 29,856 | 12,754 | 5,442 | 3,834 | 3,546 | 25 | -57 | 55,400 | ||||||||||||||||||
| Debt securities in issue | 3,442 | 10,801 | 34,882 | 47,134 | 31,196 | -2,786 | 124,670 | |||||||||||||||||||
| Subordinated loans | 9,104 | 6,988 | -691 | 15,401 | ||||||||||||||||||||||
| Lease liabilities | 17 | 45 | 175 | 627 | 359 | -61 | 1,162 | |||||||||||||||||||
| Financial liabilities | 639,722 | 53,946 | 89,381 | 69,286 | 56,500 | 7,014 | -6,446 | 909,403 | ||||||||||||||||||
Other liabilities 3 |
9,739 | 619 | 2,829 | 1,662 | 420 | 15,268 | ||||||||||||||||||||
| Total liabilities | 649,462 | 54,565 | 92,209 | 70,948 | 56,920 | 7,014 | -6,446 | 924,671 | ||||||||||||||||||
| Coupon interest due on financial liabilities | 1,047 | 1,653 | 6,014 | 10,007 | 5,030 | 402 | 24,153 | |||||||||||||||||||
| Contingent liabilities in respect of | ||||||||||||||||||||||||||
| – Discounted bills | 2 | 2 | ||||||||||||||||||||||||
| – Guarantees | 27,340 | 4 | 550 | 27,894 | ||||||||||||||||||||||
| – Irrevocable letters of credit | 14,925 | 14,925 | ||||||||||||||||||||||||
| Guarantees issued by ING Groep N.V. | 197 | 197 | ||||||||||||||||||||||||
Irrevocable facilities |
166,361 | 12 | 63 | 314 | 60 | 166,810 | ||||||||||||||||||||
| 208,825 | 12 | 63 | 318 | 610 | 209,828 | |||||||||||||||||||||
| Financial assets pledged as collateral | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Banks | ||||||||
| – Cash and balances with central banks | 397 | 322 | ||||||
| – Loans and advances to banks | 2,211 | 3,305 | ||||||
| Financial assets at fair value through profit or loss | 28,905 | 23,641 | ||||||
| Financial assets at fair value through OCI | 3,037 | 1,896 | ||||||
| Securities at amortised cost | 3,184 | 2,672 | ||||||
| Loans and advances to customers | 67,706 | 73,860 | ||||||
| Other assets | 503 | 357 | ||||||
| 105,944 | 106,052 | |||||||
| Financial assets received as collateral | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Total received collateral available for sale or repledge at fair value | ||||||||
| – equity securities | 22,815 | 33,234 | ||||||
| – debt securities | 140,285 | 119,908 | ||||||
| of which sold or repledged at fair value | ||||||||
| – equity securities | 12,024 | 20,526 | ||||||
| – debt securities | 90,708 | 86,448 | ||||||
| Transfer of financial assets not qualifying for derecognition | ||||||||||||||||||||||||||
| Securities lending | Sale and repurchase | |||||||||||||||||||||||||
| Equity | Debt | Equity | Debt | |||||||||||||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Transferred assets at carrying amount | ||||||||||||||||||||||||||
| Financial assets at fair value through profit or loss | 4,141 | 3,894 | 3 | 7,273 | 7,357 | 16,929 | 11,780 | |||||||||||||||||||
| Financial assets at fair value through other comprehensive income | 603 | 328 | 1,956 | 470 | ||||||||||||||||||||||
| Loans and advances to customers | 2,396 | |||||||||||||||||||||||||
| Securities at amortised cost | 635 | 431 | 819 | 465 | ||||||||||||||||||||||
Associated liabilities at carrying amount1 |
||||||||||||||||||||||||||
| Financial liabilities at fair value through profit or loss | n/a | n/a | n/a | n/a | 7,005 | 11,010 | 11,901 | 9,467 | ||||||||||||||||||
| Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements | |||||||||||||||||||||||||||||
|
in EUR million
2024
|
Gross amounts of recognised financial assets | Gross amounts of recognised financial liabilities offset in the statement of financial position | Net amounts of financial assets presented in the statement of financial position | Related amounts not offset in the statement of financial position | Net amount | Amounts not subject to enforceable netting arrangements | Statement of financial position total ¹ | ||||||||||||||||||||||
| Financial instruments | Cash and financial instruments received as collateral | ||||||||||||||||||||||||||||
Statement of financial position line item |
Financial instrument | ||||||||||||||||||||||||||||
Loans and advances to banks 2 |
Reverse repurchase, securities borrowing and similar agreements | 3,752 | -31 | 3,721 | 3,683 | 38 | 7,057 | 10,777 | |||||||||||||||||||||
| Other | |||||||||||||||||||||||||||||
| 3,752 | -31 | 3,721 | 3,683 | 38 | 7,057 | 10,777 | |||||||||||||||||||||||
| Financial assets at fair value through profit or loss | |||||||||||||||||||||||||||||
| Trading and Non-trading | Reverse repurchase, securities borrowing and similar agreements | 98,679 | -49,365 | 49,315 | 219 | 48,676 | 420 | 16,112 | 65,426 | ||||||||||||||||||||
Derivatives 3 |
93,034 | -66,877 | 26,157 | 17,598 | 3,643 | 4,916 | 6,111 | 32,268 | |||||||||||||||||||||
| 191,713 | -116,241 | 75,472 | 17,818 | 52,319 | 5,336 | 22,222 | 97,694 | ||||||||||||||||||||||
Loans and advances to customers 4 |
Reverse repurchase, securities borrowing and similar agreements | 4,444 | -1,216 | 3,228 | 3,191 | 37 | 243 | 3,471 | |||||||||||||||||||||
| Cash pools | 237,248 | -234,838 | 2,410 | 65 | 1,730 | 615 | 2,410 | ||||||||||||||||||||||
| 241,691 | -236,053 | 5,638 | 65 | 4,921 | 652 | 243 | 5,881 | ||||||||||||||||||||||
Other items where offsetting is applied in the statement of financial position 5 |
6,666 | -6,284 | 382 | 79 | 303 | 382 | |||||||||||||||||||||||
| Total financial assets | 443,822 | -358,609 | 85,213 | 17,962 | 60,922 | 6,329 | 29,522 | 114,735 | |||||||||||||||||||||
| Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements | |||||||||||||||||||||||||||||
|
in EUR million
2023
|
Gross amounts of recognised financial assets |
Gross amounts of recognised financial liabilities offset in the statement of financial position |
Net amounts of financial assets presented in the statement of financial position |
Related amounts not offset in the statement of financial position |
Net amount | Amounts not subject to enforceable netting arrangements | Statement of financial position total ¹ | ||||||||||||||||||||||
| Financial instruments | Cash and financial instruments received as collateral | ||||||||||||||||||||||||||||
| Statement of financial position line item | Financial instrument | ||||||||||||||||||||||||||||
Loans and advances to banks 2 |
Reverse repurchase, securities borrowing and similar agreements | 1,840 | -29 | 1,811 | 1,811 | 3,440 | 5,251 | ||||||||||||||||||||||
| Other | |||||||||||||||||||||||||||||
| 1,840 | -29 | 1,811 | 1,811 | 3,440 | 5,251 | ||||||||||||||||||||||||
| Financial assets at fair value through profit or loss | |||||||||||||||||||||||||||||
| Trading and Non-trading | Reverse repurchase, securities borrowing and similar agreements | 76,304 | -34,738 | 41,566 | 235 | 41,063 | 268 | 22,091 | 63,657 | ||||||||||||||||||||
| Derivatives | 105,928 | -83,312 | 22,617 | 14,868 | 2,915 | 4,834 | 5,091 | 27,708 | |||||||||||||||||||||
| 182,232 | -118,049 | 64,183 | 15,103 | 43,977 | 5,102 | 27,182 | 91,365 | ||||||||||||||||||||||
Loans and advances to customers 3 |
Reverse repurchase, securities borrowing and similar agreements | 499 | 499 | ||||||||||||||||||||||||||
| Cash pools | 236,233 | -234,617 | 1,616 | 41 | 1,217 | 358 | 1,616 | ||||||||||||||||||||||
| 236,233 | -234,617 | 1,616 | 41 | 1,217 | 358 | 499 | 2,115 | ||||||||||||||||||||||
Other items where offsetting is applied in the statement of financial position 4 |
7,124 | -6,428 | 695 | 21 | 675 | 695 | |||||||||||||||||||||||
| Total financial assets | 427,428 | -359,124 | 68,305 | 15,165 | 47,005 | 6,135 | 31,121 | 99,425 | |||||||||||||||||||||
| Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements | |||||||||||||||||||||||||||||
|
in EUR million
2024
|
Related amounts not offset in the statement of financial position | Amounts not subject to enforceable netting arrangements | Statement of financial position total ¹ |
||||||||||||||||||||||||||
| Gross amounts of recognised financial liabilities | Gross amounts of recognised financial assets offset in the statement of financial position | Net amounts of financial liabilities presented in the statement of financial position | Financial instruments | Cash and financial instruments pledged as collateral | Net amount | ||||||||||||||||||||||||
| Statement of financial position line item | Financial instrument | ||||||||||||||||||||||||||||
Deposits from banks 2 |
Repurchase, securities lending and similar agreements | 64 | -31 | 33 | 33 | 33 | |||||||||||||||||||||||
| Other | 62 | -62 | |||||||||||||||||||||||||||
| 126 | -93 | 33 | 33 | 33 | |||||||||||||||||||||||||
Customer deposits 4 |
Repurchase, securities lending and similar agreements | 1,214 | -1,214 | 1 | 1 | ||||||||||||||||||||||||
| Cash pools | 251,655 | -234,838 | 16,817 | 21 | 16,796 | 16,817 | |||||||||||||||||||||||
| 252,868 | -236,052 | 16,817 | 21 | 16,796 | 1 | 16,818 | |||||||||||||||||||||||
| Financial liabilities at fair value through profit or loss | |||||||||||||||||||||||||||||
| Trading and Non-trading | Repurchase, securities lending and similar agreements | 81,384 | -49,365 | 32,019 | 219 | 31,669 | 130 | 11,670 | 43,689 | ||||||||||||||||||||
Derivatives 3 |
89,386 | -67,731 | 21,655 | 17,639 | 2,745 | 1,272 | 6,612 | 28,267 | |||||||||||||||||||||
| 170,769 | -117,095 | 53,674 | 17,858 | 34,414 | 1,402 | 18,282 | 71,956 | ||||||||||||||||||||||
Other items where offsetting is applied in the statement of financial position 5 |
5,609 | -5,368 | 242 | 83 | 159 | 242 | |||||||||||||||||||||||
| Total financial liabilities | 429,373 | -358,608 | 70,765 | 17,962 | 34,447 | 18,357 | 18,283 | 89,049 | |||||||||||||||||||||
| Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements | |||||||||||||||||||||||||||||
|
in EUR million
2023
|
Related amounts not offset in the statement of financial position | Amounts not subject to enforceable netting arrangements | Statement of financial position total ¹ |
||||||||||||||||||||||||||
Gross amounts of recognised financial liabilities |
Gross amounts of recognised financial assets offset in the statement of financial position | Net amounts of financial liabilities presented in the statement of financial position |
Financial instruments | Cash and financial instruments pledged as collateral |
Net amount | ||||||||||||||||||||||||
| Statement of financial position line item | Financial instrument | ||||||||||||||||||||||||||||
Deposits from banks 2 |
Repurchase, securities lending and similar agreements | 29 | -29 | 2,064 | 2,064 | ||||||||||||||||||||||||
| Other | 290 | -290 | |||||||||||||||||||||||||||
| 319 | -319 | 2,064 | 2,064 | ||||||||||||||||||||||||||
Customer deposits 3 |
Repurchase, securities lending and similar agreements | ||||||||||||||||||||||||||||
| Cash pools | 249,734 | -234,617 | 15,116 | 13 | 15,103 | 15,116 | |||||||||||||||||||||||
| 249,734 | -234,617 | 15,116 | 13 | 15,103 | 15,116 | ||||||||||||||||||||||||
| Financial liabilities at fair value through profit or loss | |||||||||||||||||||||||||||||
| Trading and Non-trading | Repurchase, securities lending and similar agreements | 76,581 | -34,738 | 41,844 | 235 | 41,653 | -44 | 14,222 | 56,065 | ||||||||||||||||||||
| Derivatives | 101,218 | -82,677 | 18,541 | 14,881 | 3,455 | 204 | 6,607 | 25,148 | |||||||||||||||||||||
| 177,799 | -117,415 | 60,384 | 15,117 | 45,108 | 160 | 20,829 | 81,213 | ||||||||||||||||||||||
Other items where offsetting is applied in the statement of financial position 4 |
7,285 | -6,773 | 512 | 35 | 477 | 512 | |||||||||||||||||||||||
| Total financial liabilities | 435,137 | -359,124 | 76,013 | 15,165 | 45,108 | 15,740 | 22,892 | 98,905 | |||||||||||||||||||||
| Contingent liabilities and commitments | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Contingent liabilities in respect of | ||||||||
| – Discounted Bills | 2 | |||||||
| – Guarantees | 26,908 | 27,894 | ||||||
| – Irrevocable letters of credit | 16,388 | 14,925 | ||||||
| 43,296 | 42,821 | |||||||
| Guarantees issued by ING Groep N.V. | 210 | 197 | ||||||
| Irrevocable facilities | 175,222 | 166,810 | ||||||
| 218,728 | 209,828 | |||||||
| Principal subsidiaries, investments in associates and joint ventures | ||||||||||||||
| Proportion of ownership and interest held by the group | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Subsidiary | Statutory place of Incorporation | Country of operation | ||||||||||||
| ING Bank N.V. | Amsterdam | the Netherlands | 100 | % | 100 | % | ||||||||
Bank Mendes Gans N.V.3 |
Amsterdam | the Netherlands | 100 | % | ||||||||||
| ING Belgium S.A./N.V. | Brussels | Belgium | 100 | % | 100 | % | ||||||||
| ING Luxembourg S.A. | Luxembourg City | Luxembourg | 100 | % | 100 | % | ||||||||
| ING-DiBa AG | Frankfurt am Main | Germany | 100 | % | 100 | % | ||||||||
ING Bank Slaski S.A.1 |
Katowice | Poland | 75 | % | 75 | % | ||||||||
| ING Financial Holdings Corporation | Delaware | United States of America | 100 | % | 100 | % | ||||||||
| ING Bank A.S. | Istanbul | Türkiye | 100 | % | 100 | % | ||||||||
| ING Bank (Australia) Ltd | Sydney | Australia | 100 | % | 100 | % | ||||||||
| ING Commercial Finance B.V. | Amsterdam | the Netherlands | 100 | % | 100 | % | ||||||||
ING Groenbank N.V.3 |
Amsterdam | the Netherlands | 100 | % | ||||||||||
| Investments in associates and joint ventures | ||||||||||||||
TMBThanachart Bank Public Company Ltd2 |
Bangkok | Thailand | 23 | % | 23 | % | ||||||||
| Covered bond programme | ||||||||
| Fair value pledged mortgage loans | ||||||||
| in EUR million | 2024 | 2023 | ||||||
| Dutch Covered Bond programmes | 27,172 | 27,148 | ||||||
| Diba Mortgage Pfandbriefe | 15,050 | 18,276 | ||||||
| ING Belgium Residential Pandbrieven Programme | 9,024 | 7,347 | ||||||
| IBAL Covered Bond | 3,676 | 3,781 | ||||||
| ING Bank Hipoteczny CBP | 602 | 544 | ||||||
| 55,524 | 57,096 | |||||||
| Transactions with ING Group’s main associates and joint ventures | ||||||||||||||
| Associates | Joint ventures | |||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Assets | 142 | 121 | 0 | 0 | ||||||||||
| Liabilities | 263 | 424 | 10 | 1 | ||||||||||
| Off-balance sheet commitments | 23 | 20 | 0 | 0 | ||||||||||
| Income received | 16 | 10 | 0 | 0 | ||||||||||
| Expenses paid | 2 | 3 | 0 | 0 | ||||||||||
| Key management personnel compensation (Executive Board and Management Board Banking) | |||||||||||
|
2024
in EUR thousands
|
Executive Board of ING Groep N.V. |
Management Board Banking 1 |
Total | ||||||||
| Fixed Compensation | |||||||||||
| – Base salary | 4,388 | 3,598 | 7,987 | ||||||||
– Collective fixed allowances 2 |
1,033 | 790 | 1,823 | ||||||||
| – Pension costs | 84 | 95 | 179 | ||||||||
– Severance benefits |
|||||||||||
| Variable compensation | |||||||||||
| – Upfront cash | 0 | 609 | 609 | ||||||||
| – Upfront shares | 302 | 609 | 911 | ||||||||
| – Deferred cash | 0 | 914 | 914 | ||||||||
| – Deferred shares | 453 | 914 | 1,367 | ||||||||
– Other emoluments 3 |
306 | 418 | 724 | ||||||||
| Total compensation | 6,566 | 7,948 | 14,513 | ||||||||
| Key management personnel compensation (Executive Board and Management Board Banking) | |||||||||||
|
2023
in EUR thousands
|
Executive Board of ING Groep N.V. | Management Board Banking 1 |
Total | ||||||||
| Fixed Compensation | |||||||||||
| – Base salary | 4,220 | 4,200 | 8,420 | ||||||||
– Collective fixed allowances 2 |
1,002 | 887 | 1,889 | ||||||||
| – Pension costs | 78 | 107 | 185 | ||||||||
– Severance benefits |
734 | 734 | |||||||||
| Variable compensation | |||||||||||
| – Upfront cash | 598 | 598 | |||||||||
| – Upfront shares | 293 | 598 | 891 | ||||||||
| – Deferred cash | 897 | 897 | |||||||||
| – Deferred shares | 439 | 897 | 1,336 | ||||||||
– Other emoluments 3 |
344 | 487 | 832 | ||||||||
| Total compensation | 6,376 | 9,405 | 15,782 | ||||||||
| Key management personnel compensation (Executive Board and Management Board Banking) | |||||||||||
| 2022 | Executive Board of ING Groep N.V. |
Management Board Banking 1 |
Total | ||||||||
in EUR thousands | |||||||||||
| Fixed Compensation | |||||||||||
| – Base salary | 4,220 | 4,969 | 9,189 | ||||||||
– Collective fixed allowances 2 |
1,011 | 1,073 | 2,084 | ||||||||
| – Pension costs | 70 | 116 | 186 | ||||||||
| – Severance benefits | 932 | 932 | |||||||||
| Variable compensation | |||||||||||
| – Upfront cash | 803 | 803 | |||||||||
| – Upfront shares | 268 | 803 | 1,071 | ||||||||
| – Deferred cash | 1,204 | 1,204 | |||||||||
| – Deferred shares | 401 | 1,204 | 1,605 | ||||||||
– Other emoluments 3 |
296 | 638 | 934 | ||||||||
| Total compensation | 6,266 | 11,742 | 18,008 | ||||||||
| Key management personnel compensation (Supervisory Board) | |||||||||||
| in EUR thousands | 2024 | 2023 | 2022 | ||||||||
| Total compensation | 1,191 | 1,152 | 1,048 | ||||||||
| Number of ING Groep N.V. shares to key management personnel | ||||||||
| ING Groep N.V. shares | ||||||||
| in numbers | 2024 | 2023 | ||||||
| Executive Board members | 152,652 | 128,241 | ||||||
| Management Board Banking | 343,055 | 262,507 | ||||||
| Supervisory Board members | 5,295 | 5,295 | ||||||
| ING Group capital position according to CRR II / CRD V | ||||||||
| in EUR million | 2024 | 2023 | ||||||
Shareholders’ equity 1 |
50,314 | 51,240 | ||||||
| - Interim profits not included in CET1 capital | -2,152 | -2,504 | ||||||
| - Other adjustments | -2,902 | -1,880 | ||||||
| Regulatory adjustments | -5,054 | -4,384 | ||||||
| Available common equity Tier 1 capital | 45,260 | 46,856 | ||||||
Additional Tier 1 securities |
7,965 | 6,983 | ||||||
| Regulatory adjustments additional Tier 1 | 66 | 59 | ||||||
| Available Tier 1 capital | 53,291 | 53,898 | ||||||
Supplementary capital Tier 2 bonds 2 |
9,852 | 9,115 | ||||||
| Regulatory adjustments Tier 2 | 50 | 40 | ||||||
| Available Total capital | 63,194 | 63,052 | ||||||
| Risk weighted assets | 333,708 | 319,169 | ||||||
| Common equity Tier 1 ratio | 13.6 | % | 14.7 | % | ||||
| Tier 1 ratio | 16.0 | % | 16.9 | % | ||||
| Total capital ratio | 18.9 | % | 19.8 | % | ||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Assets | Equity |
|||||||||||||||||||
Investments in group companies |
45,187 | 43,687 | Share capital | 31 | 35 | |||||||||||||||
| Fixed assets | 45,187 | 43,687 | Share premium | 17,116 | 17,116 | |||||||||||||||
| Legal and statutory reserves | 78 | -773 | ||||||||||||||||||
Receivables from group companies 1 |
77,739 | 70,524 | Other reserves | 31,397 | 35,761 | |||||||||||||||
| Other assets | 16 | 11 | Unappropriated result | 4,080 | 2,544 | |||||||||||||||
| Current assets | 77,755 | 70,535 | Total equity | 52,703 | 54,684 | |||||||||||||||
| Liabilities | ||||||||||||||||||||
Subordinated loans |
18,522 | 16,330 | ||||||||||||||||||
| Debenture loans | 49,751 | 42,569 | ||||||||||||||||||
Other non-current liabilities |
0 | 0 | ||||||||||||||||||
| Non-current liabilities | 68,273 | 58,899 | ||||||||||||||||||
| Amounts owed to group companies | 72 | 56 | ||||||||||||||||||
Other liabilities |
1,893 | 584 | ||||||||||||||||||
| Current liabilities | 1,966 | 639 | ||||||||||||||||||
| Total assets | 122,942 | 114,222 | Total equity and liabilities | 122,942 | 114,222 | |||||||||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
Staff expenses |
0 | 0 | 0 | ||||||||
Other expenses |
8 | 7 | 9 | ||||||||
| Total expenses | 8 | 7 | 8 | ||||||||
Interest and other financial income |
2,497 | 2,003 | 1,466 | ||||||||
| Valuation results | 0 | 0 | -1 | ||||||||
Interest and other financial expenses |
-2,217 | -1,828 | -1,450 | ||||||||
| Net interest and other financial income | 281 | 174 | 15 | ||||||||
| Result before tax | 273 | 167 | 7 | ||||||||
Taxation |
70 | 43 | 2 | ||||||||
| Result after tax | 202 | 124 | 5 | ||||||||
Result from (disposal of) group companies and participating interests after taxation |
5,132 | 4,016 | 12,121 | ||||||||
| Net result | 5,334 | 4,140 | 12,126 | ||||||||
| in EUR million | 2024 | 2023 | 2022 | ||||||||
| Net result | 5,334 | 4,140 | 12,126 | ||||||||
| Other comprehensive income | |||||||||||
| Items that will not be reclassified to the statement of profit or loss: | |||||||||||
| Equity-accounted investees - share of OCI | 604 | -149 | 22 | ||||||||
| Items that may subsequently be reclassified to the statement of profit or loss: | |||||||||||
| Equity-accounted investees - share of OCI | 706 | 926 | -2,250 | ||||||||
| Total other comprehensive income | 1,311 | 776 | -2,228 | ||||||||
| Total comprehensive income | 6,645 | 4,916 | 9,898 | ||||||||
| in EUR million | Share capital |
Share premium |
Legal and statutory reserves |
Other reserves | Unappropriated results |
Total | ||||||||||||||
| Balance as at 31 December 2023 | 35 | 17,116 | -773 | 35,761 | 2,544 | 54,684 | ||||||||||||||
| Net results | 125 | 5,209 | 5,334 | |||||||||||||||||
| Amounts net of tax directly recognised in equity | 1,311 | 0 | 1,311 | |||||||||||||||||
| Total comprehensive income net of tax | 1,436 | 5,209 | 6,645 | |||||||||||||||||
| Dividends | -498 | -3,626 | -4,124 | |||||||||||||||||
| Share buyback programmes, commitment | -4,500 | -4,500 | ||||||||||||||||||
| Share buyback programmes, cancellation of shares | -4 | 4 | ||||||||||||||||||
| Employee share-based compensation plans | 2 | 2 | ||||||||||||||||||
| Other changes in treasury shares | 2 | 2 | ||||||||||||||||||
| Transfers | -585 | 631 | -47 | |||||||||||||||||
| Other changes | -5 | -5 | ||||||||||||||||||
| Balance as at 31 December 2024 | 31 | 17,116 | 78 | 31,397 | 4,080 | 52,703 | ||||||||||||||
| in EUR million | Share capital |
Share premium |
Legal and statutory reserves |
Other reserves | Unappropriated results |
Total | ||||||||||||||
| Balance as at 31 December 2022 | 37 | 17,116 | -986 | 29,002 | 11,331 | 56,500 | ||||||||||||||
| Net results | 336 | 3,804 | 4,140 | |||||||||||||||||
| Amounts net of tax directly recognised in equity | 776 | 776 | ||||||||||||||||||
| Total comprehensive income net of tax | 1,112 | 3,804 | 4,916 | |||||||||||||||||
| Dividends | -2,668 | -2,668 | ||||||||||||||||||
| Share buyback programmes, commitment | -4,000 | -4,000 | ||||||||||||||||||
| Share buyback programmes, cancellation of shares | -2 | 2 | ||||||||||||||||||
| Employee share-based compensation plans | -7 | -7 | ||||||||||||||||||
| Other changes in treasury shares | -7 | -7 | ||||||||||||||||||
| Transfers | -899 | 10,823 | -9,923 | |||||||||||||||||
| Other changes | -50 | -50 | ||||||||||||||||||
| Balance as at 31 December 2023 | 35 | 17,116 | -773 | 35,761 | 2,544 | 54,684 | ||||||||||||||
| in EUR million | Share capital |
Share premium |
Legal and statutory reserves |
Other reserves | Unappropriated results |
Total | ||||||||||||||
| Balance as at 31 December 2021 | 39 | 17,105 | 1,073 | 28,892 | 4,957 | 52,066 | ||||||||||||||
| Net results | 161 | 11,965 | 12,126 | |||||||||||||||||
| Amounts net of tax directly recognised in equity | -2,228 | -2,228 | ||||||||||||||||||
| Total comprehensive income net of tax | -2,067 | 11,965 | 9,898 | |||||||||||||||||
| Dividends | -1,171 | -2,178 | -3,349 | |||||||||||||||||
| Share buyback programmes, commitment | -1,583 | -1,583 | ||||||||||||||||||
| Share buyback programmes, cancellation of shares | -2 | 2 | ||||||||||||||||||
| Employee share-based compensation plans | 12 | 15 | 27 | |||||||||||||||||
| Other changes in treasury shares | 4 | 4 | ||||||||||||||||||
| Transfers | 8 | 3,405 | -3,412 | |||||||||||||||||
| Other changes | -562 | -562 | ||||||||||||||||||
| Balance as at 31 December 2022 | 37 | 17,116 | -986 | 29,002 | 11,331 | 56,500 | ||||||||||||||
| in EUR million | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | ||||||||||||||||||||||||||
Cash flows from operating activities |
Cash flows from financing activities |
|||||||||||||||||||||||||||||||
| Result before tax | 273 | 167 | 7 | Proceeds from debt securities | 9,480 | 6,012 | 11,176 | |||||||||||||||||||||||||
| Adjusted for: | – non-cash items in Result before tax | 232 | 221 | 213 | Repayments of debt securities | -3,695 | -4,591 | -4,302 | ||||||||||||||||||||||||
| Taxation paid | 0 | 0 | 16 | Proceeds from issuance of subordinated loans | 4,492 | 2,240 | 993 | |||||||||||||||||||||||||
| Changes in: | – Net change in Loans and advances to/from banks, not available/payable on demand | -5,899 | -6,485 | -8,191 | Repayments of subordinated loans | -2,944 | -2,132 | -1,090 | ||||||||||||||||||||||||
– Other |
-66 | 19 | -84 | Purchase of treasury shares (share buyback programme) | -3,817 | -3,524 | -1,721 | |||||||||||||||||||||||||
| Net cash flow from/(used in) operating activities | -5,461 | -6,079 | -8,040 | Dividends paid | -3,626 | -2,964 | -3,052 | |||||||||||||||||||||||||
| Other financing | ||||||||||||||||||||||||||||||||
| Cash flows from investing activities | Net cash flow from/(used in) financing activities | -109 | -4,959 | 2,004 | ||||||||||||||||||||||||||||
| Disposals and redemptions: | – dividends received from group companies | 4,986 | 10,269 | 6,277 | ||||||||||||||||||||||||||||
| – securities at amortised cost | 1,000 | Net cash flow | -583 | 231 | 241 | |||||||||||||||||||||||||||
| Net cash flow from/(used in) investing activities | 4,986 | 11,269 | 6,277 | |||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year |
614 | 383 | 142 | |||||||||||||||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Cash and cash equivalents at end of year |
31 | 614 | 383 | |||||||||||||||||||||||||||||
| Subordinated loans | Debenture loans | |||||||||||||
| in EUR million | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Less than 1 year | 1,010 | 1,474 | ||||||||||||
| 1 to 2 years | 8,053 | 3,250 | ||||||||||||
| 2 to 3 years | 7,401 | 7,616 | ||||||||||||
| 3 to 4 years | 7,523 | 7,049 | ||||||||||||
| 4 to 5 years | 6,220 | 7,306 | ||||||||||||
| Longer than 5 years | 10,035 | 9,317 | 19,544 | 15,875 | ||||||||||
| Maturity not applicable | 8,487 | 7,014 | ||||||||||||
| 18,522 | 16,330 | 49,751 | 42,569 | |||||||||||
Title of each class |
Trading symbols |
Name of each exchange on which registered |
||||||
American Depositary Shares |
ING | New York Stock Exchange |
||||||
Ordinary shares |
New York Stock Exchange(i) |
|||||||
3.950% Fixed Rate Senior Notes due 2027 |
ING27 | New York Stock Exchange |
||||||
4.550% Fixed Rate Senior Notes due 2028 |
ING28 | New York Stock Exchange |
||||||
4.050% Fixed Rate Senior Notes due 2029 |
ING29 | New York Stock Exchange |
||||||
1.726% Callable Fixed-to-Floating Rate Senior Notes due 2027 |
ING27A |
New York Stock Exchange |
||||||
2.727% Callable Fixed-to-Floating Rate Senior Notes due 2032 |
ING32 |
New York Stock Exchange |
||||||
Callable Floating Rate Senior Notes due 2027 |
ING27B | New York Stock Exchange |
||||||
| 3.869% Callable Fixed-to-Floating Rate Senior Notes due 2026 | ING26 |
New York Stock Exchange |
||||||
| 4.017% Callable Fixed-to-Floating Rate Senior Notes due 2028 | ING28A | New York Stock Exchange |
||||||
| 4.252% Callable Fixed-to-Floating Rate Senior Notes due 2033 | ING33 | New York Stock Exchange |
||||||
| Callable Floating Rate Senior Notes due 2026 | ING26A | New York Stock Exchange |
||||||
| 6.083% Callable Fixed-to-Floating Rate Senior Notes due 2027 | ING27C | New York Stock Exchange |
||||||
| Callable Floating Rate Senior Notes due 2027 | ING27D | New York Stock Exchange |
||||||
| 6.114% Callable Fixed-to-Floating Rate Senior Notes due 2034 | ING34 | New York Stock Exchange |
||||||
| 5.335% Callable Fixed-to-Floating Rate Senior Notes due 2030 | ING30 | New York Stock Exchange |
||||||
| 5.550% Callable Fixed-to-Floating Rate Senior Notes due 2035 | ING35 | New York Stock Exchange |
||||||
Series |
Registration Statement |
Date of Base Prospectus |
Date of Issuance |
||||||||
3.950% Fixed Rate Senior Notes due 2027 |
333-202880 |
March 21, 2017 |
March 29, 2017 |
||||||||
4.550% Fixed Rate Senior Notes due 2028 |
333-227391 |
September 18, 2018 |
October 2, 2018 |
||||||||
4.050% Fixed Rate Senior Notes due 2029 |
333-227391 |
September 18, 2018 |
April 9, 2019 |
||||||||
1.726% Callable Fixed-to-Floating Rate Senior Notes due 2027 |
333-248407 |
September 4, 2020 |
April 1, 2021 |
||||||||
2.727% Callable Fixed-to-Floating Rate Senior Notes due 2032 |
333-248407 |
September 4, 2020 |
April 1, 2021 |
||||||||
Callable Floating Rate Senior Notes due 2027 |
333-248407 |
September 4, 2020 |
April 1, 2021 |
||||||||
3.869% Callable Fixed-to-Floating Rate Senior Notes due 2026(1) |
333-348407 | September 4, 2020 | March 21, 2022 | ||||||||
4.017% Callable Fixed-to-Floating Rate Senior Notes due 2028(1) |
333-248407 | September 4, 2020 | March 21, 2022 | ||||||||
4.252% Callable Fixed-to-Floating Rate Senior Notes due 2033(1) |
333-248407 | September 4, 2020 | March 21, 2022 | ||||||||
Callable Floating Rate Senior Notes due 2026(1) |
333-248407 | September 4, 2020 | March 21, 2022 | ||||||||
6.083% Callable Fixed-to-Floating Rate Senior Notes due 2027(2) |
333-266516 | August 19, 2022 | September 11, 2023 | ||||||||
Callable Floating Rate Senior Notes due 2027(2) |
333-266516 | August 19, 2022 | September 11, 2023 | ||||||||
6.114% Callable Fixed-to-Floating Rate Senior Notes due 2034(2) |
333-266516 | August 19, 2022 | September 11, 2023 | ||||||||
5.335% Callable Fixed-to-Floating Rate Senior Notes due 2030(3) |
333-266516 | August 19, 2022 | March 19, 2024 | ||||||||
5.550% Callable Fixed-to-Floating Rate Senior Notes due 2035(3) |
333-266516 | August 19, 2022 | March 19, 2024 | ||||||||
Aggregate Principal Amount |
Maturity Date |
Fixed Interest Rate |
|||||||||
2027 notes ................................................ |
$1,500,000,000 |
March 29, 2027 |
3.950% |
||||||||
2028 notes ................................................ |
$1,250,000,000 |
October 2, 2028 |
4.550% |
||||||||
2029 notes ................................................ |
$1,000,000,000 |
April 9, 2029 |
4.050% |
||||||||
Fixed Rate Interest Payment Dates |
First Fixed Rate Interest Payment Date |
|||||||
2027 notes....................................................... |
March 29 and September 29 of each year |
September 29, 2017 |
||||||
2028 notes....................................................... |
April 2 and October 2 of each year |
April 2, 2019 |
||||||
2029 notes....................................................... |
April 9 and October 9 of each year |
October 9, 2019 |
||||||
Aggregate Principal Amount |
Maturity Date |
Fixed Interest Rate |
Call Date |
|||||||||||
2027 fixed-to-floating rate notes ................................ |
$1,100,000,000 |
April 1, 2027 |
1.726% | April 1, 2026 |
||||||||||
2032 fixed to-floating rate notes ................................ |
$750,000,000 |
April 1, 2032 |
2.727% | April 1, 2031 |
||||||||||
| 2026 fixed-to-floating rate notes ................................ | $1,250,000,000 | March 28, 2026 | 3.869% | March 28, 2025 | ||||||||||
| 2028 fixed-to-floating rate notes ................................ | $1,250,000,000 | March 28, 2028 | 4.017% | March 28, 2027 | ||||||||||
| 2033 fixed-to-floating rate notes ................................ | $1,000,000,000 | March 28, 2033 | 4.252% | March 28, 2032 | ||||||||||
| 2027 fixed-to-floating rate notes................................ | $1,250,000,000 | September 11, 2027 | 6.083% | September 11, 2026 | ||||||||||
| 2034 fixed-to-floating rate notes................................ | $1,250,000,000 | September 11, 2034 | 6.114% | September 11, 2033 | ||||||||||
| 2030 fixed-to-floating rate notes................................ | $1,500,000,000 | March 19, 2030 | 5.335% | March 19, 2029 | ||||||||||
| 2035 fixed-to-floating rate notes................................ | $1,500,000,000 | March 19, 2035 | 5.550% | March 19, 2034 | ||||||||||
| 2027 callable floating rate notes ................................ | $400,000,000 | April 1, 2027 | N/A | April 1, 2026 | ||||||||||
| 2026 callable floating rate notes ................................ | $500,000,000 | March 28, 2026 | N/A | March 28, 2025 | ||||||||||
| 2027 callable floating rate notes............................... | $500,000,000 | September 11, 2027 | N/A | September 11, 2026 | ||||||||||
Floating Interest Rate |
|||||
2027 fixed-to-floating notes .......................... |
The sum of (A) the SOFR Index Average (as defined below), as determined, with respect to each Floating Rate Interest Period (as defined below), on the applicable Floating Rate Interest Determination Date (as defined below), and (B) 1.005% per annum, provided that the Floating Interest Rate with respect to any Floating Rate Interest Period shall be subject to a minimum rate per annum of 0.00% (the “Minimum Rate”). |
||||
2032 fixed-to-floating notes .......................... |
The sum of (A) the SOFR Index Average, as determined, with respect to each Floating Rate Interest Period, on the applicable Floating Rate Interest Determination Date, and (B) 1.316% per annum, subject to the Minimum Rate. |
||||
| 2026 fixed-to-floating rate notes .................. | The sum of (A) the SOFR Index Average, as determined, with respect to each Floating Rate Interest Period, on the applicable Floating Rate Interest Determination Date, and (B) 1.640% per annum, subject to the Minimum Rate. | ||||
| 2028 fixed-to-floating rate notes .................. | The sum of (A) the SOFR Index Average, as determined, with respect to each Floating Rate Interest Period, on the applicable Floating Rate Interest Determination Date, and (B) 1.830% per annum, subject to the Minimum Rate. | ||||
| 2033 fixed-to-floating rate notes .................. | The sum of (A) the SOFR Index Average, as determined, with respect to each Floating Rate Interest Period, on the applicable Floating Rate Interest Determination Date, and (B) 2.070% per annum, subject to the Minimum Rate. | ||||
| 2027 fixed-to-floating rate notes .................. | The sum of (A) the SOFR Index Average, as determined, with respect to each Floating Rate Interest Period, on the applicable Floating Rate Interest Determination Date, and (B) 1.560% per annum, subject to the Minimum Rate. |
||||
| 2034 fixed-to-floating rate notes .................. | The sum of (A) the SOFR Index Average, as determined, with respect to each Floating Rate Interest Period, on the applicable Floating Rate Interest Determination Date, and (B) 2.090% per annum, subject to the Minimum Rate. |
||||
| 2030 fixed-to-floating rate notes.................. | The sum of (A) the SOFR Index Average, as determined, with respect to each Floating Rate Interest Period, on the applicable Floating Rate Interest Determination Date, and (B) 1.440% per annum, subject to the Minimum Rate. |
||||
| 2035 fixed-to-floating rate notes................... | The sum of (A) the SOFR Index Average, as determined, with respect to each Floating Rate Interest Period, on the applicable Floating Rate Interest Determination Date, and (B) 1.770% per annum, subject to the Minimum Rate. |
||||
| 2027 callable floating rate notes ................... | The sum of (A) the SOFR Index Average, as determined, with respect to each Floating Rate Interest Period, on the applicable Floating Rate Interest Determination Date, and (B) 1.010% per annum, subject to the Minimum Rate. | ||||
| 2026 callable floating rate notes ................... | The sum of (A) the SOFR Index Average, as determined, with respect to each Floating Rate Interest Period, on the applicable Floating Rate Interest Determination Date, and (B) 1.640% per annum, subject to the Minimum Rate. | ||||
| 2027 callable floating rate notes ................... | The sum of (A) the SOFR Index Average, as determined, with respect to each Floating Rate Interest Period, on the applicable Floating Rate Interest Determination Date, and (B) 1.560% per annum, subject to the Minimum Rate. |
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Contents |
Part I |
Part II |
Part III |
Additional information |
Financial Statements |
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| Principal subsidiaries | |||||||||||||||||
| Proportion of ownership and interest held | |||||||||||||||||
| by the group | |||||||||||||||||
| 2024 | 2023 | ||||||||||||||||
| Subsidiary | Statutory place of Incorporation | Country of operation | |||||||||||||||
| ING Bank N.V. | Amsterdam | the Netherlands | 100% | 100% | |||||||||||||
Bank Mendes Gans N.V.2 |
Amsterdam | the Netherlands | 100% | ||||||||||||||
| ING Belgium S.A./N.V. | Brussels | Belgium | 100% | 100% | |||||||||||||
| ING Luxembourg S.A. | Luxembourg City | Luxembourg | 100% | 100% | |||||||||||||
| ING-DiBa AG | Frankfurt am Main | Germany | 100% | 100% | |||||||||||||
ING Bank Slaski S.A.1 |
Katowice | Poland | 75% | 75% | |||||||||||||
| ING Financial Holdings Corporation | Delaware | United States of America | 100% | 100% | |||||||||||||
| ING Bank A.S. | Istanbul | Türkiye | 100% | 100% | |||||||||||||
| ING Bank (Australia) Ltd | Sydney | Australia | 100% | 100% | |||||||||||||
| ING Commercial Finance B.V. | Amsterdam | the Netherlands | 100% | 100% | |||||||||||||
ING Groenbank N.V.2 |
Amsterdam | the Netherlands | 100% | ||||||||||||||
Reading guide | ||
| Risk | Control objective | |||||||||||||
| 1 |
The risk of financial loss, regulatory fines, litigation loss, business disruption and/or reputational damage due to Employees engaging in (attempted) Market Manipulation, including Benchmark Manipulation.
(Related obligations: 2.4; 2.7; 2.8; 2.9; 2.12; 2.13)
|
A
B
C
|
Market Abuse laws, risks and the MAR Policy are known and understood by Employees.
Senior Management enforces compliance with Market Abuse laws and regulations as well as the MAR Policy.
Timely and Adequate detection and follow-up of (attempted) Market Manipulation.
|
|||||||||||
| 2 |
The risk of financial loss, regulatory fines, litigation loss, business disruption and/or reputational damage due to transactions performed for (own) benefit misusing Inside
Information with involvement of at least one Employee.
(Related obligations: 2.1; 2.2; 2.6; 2.7; 2.8; 2.11; 2.12; 2.13
|
A
B
D
|
Market Abuse laws, risks and the MAR Policy are known and understood by Employees.
Senior Management enforces compliance with Market Abuse laws and regulations as well as the MAR Policy.
Timely and Adequate detection and follow-up of (attempted) Insider Dealing.
|
|||||||||||
| 3 |
Unauthorized, unintentional disclosure of sensitive data caused by human errors, not following procedures or lack of or ineffective process/system controls. Failures in design, implementation, execution and delivery of the processes including the underlying resources (e.g. data) resulting in non-personal data disclosure (confidentiality) or loss.
(Related Obligations: 2.3; 2.6; 2.11; 2.12; 2.13)
|
A
B
E
|
Market Abuse laws, risks and the MAR Policy are known and understood by Employees.
Senior Management enforces compliance with Market Abuse laws and regulations as well as the MAR Policy.
The prevention of Unlawful Disclosure of Inside Information.
|
|||||||||||
| 4 |
Accounting and reporting errors, provided to external stakeholders (e.g. regulators) or published externally to the market, that result in incorrect regulatory or statutory accounting reports. Reporting failure or reporting delays that result in reporting requirements violations (including suspicious transactions reporting).
(Related Obligations: 2.5; 2.6; 2.8; 2.10; 2.12; 2.13)
|
A
B
F
|
Market Abuse laws, risks and the MAR Policy are known and understood by Employees.
Senior Management enforces compliance with Market Abuse laws and regulations as well as the MAR Policy.
The timely and correct reporting of any Market Abuse related information to the relevant authorities or third parties.
|
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Appendix ADefined terms | ||
Contents |
Part I |
Part II |
Part III |
Additional information |
Financial Statements |
||||||||||||
| /s/ Steven van Rijswijk | |||||
| Steven van Rijswijk | |||||
| Chief Executive Officer | |||||
Contents |
Part I |
Part II |
Part III |
Additional information |
Financial Statements |
||||||||||||
| /s/ Tanate Phutrakul | |||||
| Tanate Phutrakul | |||||
| Chief Financial Officer | |||||
Contents |
Part I |
Part II |
Part III |
Additional information |
Financial Statements |
||||||||||||
Contents |
Part I |
Part II |
Part III |
Additional information |
Financial Statements |
||||||||||||
Contents |
Part I |
Part II |
Part III |
Additional information |
Financial Statements |
||||||||||||
