Company: INGVF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0001628280-25-036812
Chunk: 8

Company: ING GROEP NV
Filing Date: 2025-07-31
Form: 6-K
Chunk 8
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 resilient, as higher volumes and a strong increase in fee income offset the impact of normalising liability margins. Operating expenses rose year-on-year, reflecting inflationary pressures and ongoing investments to support business growth. Risk costs remained below our through-the-cycle average, underscoring the quality of our loan portfolio.

#### Client balances
Net core lending growth (which is the increase in customer lending adjusted for currency impacts and excluding Treasury and run-off portfolios) was EUR 22.2 billion, of which EUR 13.2 billion was in residential mortgages. We also expanded our business and consumer lending portfolios by EUR 6.7 billion in total. Wholesale Banking contributed with EUR 2.3 billion in net core lending growth, largely attributable to Working Capital Solutions, while volumes in Lending were subdued due to volatile market conditions and our ongoing capital optimisation efforts.

Net core deposits growth (which excludes FX impacts and movements in Treasury deposits) was EUR 28.8 billion in the first half of 2025. Retail deposits accounted for EUR 25.9 billion of this growth, with a particularly strong performance in Germany. Wholesale Banking contributed EUR 2.9 billion, in line with its strategic focus on deposit gathering.

#### Total income
Total income was resilient at EUR 11,339 million, an increase of 0.3% compared with EUR 11,300 million in the first six months of 2024. The increase was supported by continued growth of our customer base, double-digit fee income growth, and increased lending and deposit volumes.

Total net interest income was EUR 7,159 million in the first half of 2025 compared with EUR 7,655 million in the same period of 2024, a decrease of 6.5% year-on-year.

Commercial net interest income (NII) amounted to EUR 7,566 million in the first half of 2025, down 3.2% year-on-year, due to lower liability NII. The positive impact of higher deposit volumes was more than offset by normalising liability margins. Lending NII remained broadly stable, with increased average balances offset by slightly lower margins, reflecting an increasing share of mortgages in our overall lending portfolio (with generally lower margins but higher profitability than other lending).

Other NII mainly includes the NII from Financial Markets and Treasury, which declined due to a larger impact from accounting asymmetry (more than offset in other income). The year-on-year decrease also reflects a

structural shift in 2025, with the commercial margins