Company: INGVF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0001628280-25-036812
Chunk: 14

Company: ING GROEP NV
Filing Date: 2025-07-31
Form: 6-K
Chunk 14
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) rose by EUR 14.2 billion, reflecting a strong inflow following a promotional savings campaign. Net core lending growth (which excludes Treasury products) was EUR 3.2 billion in the first half of 2025, of which EUR 2.3 billion was in residential mortgages.

Commercial NII decreased 10% year-on-year to EUR 1,115 million. The decline was primarily due to lower liability margins, which have gradually decreased from the high levels observed in the first half of 2024. This was only partially offset by continued growth in deposit volumes. NII from lending products remained broadly stable, as limited margin pressure was offset by higher average balances.

Fee income rose 35% to EUR 287 million, driven by a sharp increase in the number of investment product trades, growth in the number of customers, and higher fees from daily banking. Investment and other income declined by EUR 26 million due to lower Treasury-related revenues.

Operating expenses in the first six months of 2025 were EUR 680 million. This comprised EUR 25 million of regulatory costs, down from EUR 40 million a year earlier, reflecting a lower contribution to the deposit guarantee scheme. Expenses excluding regulatory costs in both years, as well as a legal provision of EUR 10 million and EUR 6 million of restructuring costs recorded in 2025, rose 8.7%. This was predominantly due to higher staff expenses (related to annual salary increases) and investments in business growth and scalability.

Net additions to loan loss provisions were EUR 77 million, remaining at a relatively low level (14 basis points of average customer lending), and were primarily related to consumer lending.

#### Retail Other
Retail Other comprises the six remaining retail markets: Spain, Italy, Australia, Poland, Romania and Türkiye. The result before tax for Retail Other increased 17% to EUR 854 million, driven by higher income, a modest rise in expenses and lower risk costs.

Net core lending growth (adjusted for currency effects and Treasury) amounted to EUR 6.4 billion in the first half of 2025, of which EUR 5.0 billion was in residential mortgages, mainly in Australia, Spain, Poland and Italy. Net core deposits growth (excluding Treasury) totalled EUR 5.7 billion, largely reflecting net inflows in Italy and Spain.

Commercial NII rose 3.2% to EUR 1,847 million, supported by higher lending income as volumes expanded at broadly stable margins. NII from liability products remained flat