# EDGAR Filing Document

**Accession Number:** 0001039765
**File Stem:** 0001171843-25-004858
**Filing Date:** 2025-7
**Character Count:** 76515
**Document Hash:** 4ed49d804510d0d167b288191f669f08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-004858.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001171843-25-004858

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ING GROEP NV
- **CENTRAL INDEX KEY:** 0001039765
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14642
- **FILM NUMBER:** 251169137

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 1800
- **CITY:** AMSTERDAM
- **STATE:** P7
- **ZIP:** 1000 BV
- **BUSINESS PHONE:** 01131205639111

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 1800
- **CITY:** AMSTERDAM
- **STATE:** P7
- **ZIP:** 1000 BV

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of July 2025**

Commission File Number: **001-14642**

**ING Groep N.V.**

(Translation of registrant's name into English)

**Bijlmerdreef 106 1102 CT Amsterdam The Netherlands**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [ X ] &nbsp;&nbsp;&nbsp;&nbsp; Form 40-F [ ]

------

On July 31, 2025, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

[(c) Exhibit 99.1. Press release dated July 31, 2025](exh_991.htm)

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | <u>**&nbsp;&nbsp;&nbsp;&nbsp;ING Groep N.V.&nbsp;&nbsp;&nbsp;&nbsp;**</u> |
|  | (Registrant) |
| Date: July 31, 2025 | <u>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Raymond Vermeulen&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Raymond Vermeulen |
|  | Head of Media Relations & Issue Management |

---

## Exhibit 99.1

**Exhibit 99.1**

![](exh991_01.jpg)

ING posts 2Q2025 net result of €1,675 million, with strong growth in lending volumes and fee income 2Q2025 profit before tax of €2,369 million with a CET1 ratio of 13.3% • Well on track to reach our targets, one year into our 'Growing the difference' strategy • Continued strong increase in mobile primary customers of over 300,000 to 14.9 million • Resilient total income, supported by higher customer balances, with particularly strong growth of our mortgage portfolio • Further growth in fee income in both Retail and Wholesale Banking, up 12% year - on - year • ING will pay an interim cash dividend of €0.35 per ordinary share CEO statement "During the second quarter of 2025, we have continued to successfully execute our strategy, which we set out one year ago, by accelerating growth, increasing impact and delivering value," said Steven van Rijswijk, CEO of ING. "The quarter started with heightened market volatility, as well as macroeconomic and geopolitical uncertainty, which still continue to this day. In that context, we are pleased that our customer base has shown significant growth and that our volumes have increased as we further diversified our income streams, with fees now making up almost 20% of our total income. We are well on track to reach our financial targets for 2027. "We have seen continued commercial momentum, with significant core lending growth, continued strong deposit gathering and a double - digit increase in fee income. Commercial NII declined year - on - year due to margin pressure and currency fluctuations, leaving total income stable. "In Retail Banking, we have gained over 300,000 mobile primary customers during the quarter, and 1.1 million, or 8% growth, year - on - year, with Germany, Spain, Italy, and Romania leading this growth. Net core lending growth has reached a quarterly record of €11.3 billion, including €7.2 billion in mortgages, mainly in the Netherlands, Australia and Germany, and €3.2 billion in Business Banking, driven by higher loan demand from our SME clients. We have attracted €8.9 billion in net customer deposits, partly from seasonal holiday allowances, and achieved a 12% increase year - on - year in retail fee income, primarily from higher investment activity. "In Wholesale Banking, net core lending growth was €4.1 billion, driven by strong momentum in Working Capital Solutions and in short - term trade - related financing. Demand for long - term corporate loans has remained subdued due to economic uncertainty, which impacted total income. Fee income has risen 12% year - on - year, driven by Lending, Global Capital Markets and Payments & Cash Management. "Costs have developed as expected, increasing moderately year - on - year. Prudent expense management remains a priority and the impact of inflation and investments was partly offset by efficiency measures. As part of this, we are making ongoing improvements to our KYC processes and we have announced the restructuring of our Wholesale Banking workforce, while continuing to invest in our commercial and product capabilities in both Retail and Wholesale Banking. "Risk costs were below our through - the - cycle average, reflecting the quality of our loan portfolio. Our CET1 ratio was 13.3%, including the impact of the share buyback programme, which was announced in May 2025 and is well underway. Our 4 - quarter rolling average return on equity came out at 12.7%. "We continue to find ways to support our customers on their journeys to net zero. We have increased our sustainable volume mobilised to €67.8 billion for the first half of 2025, a 19% increase compared to the first half of 2024. In the Netherlands, we have introduced a new mortgage pricing model tied to energy labels that offers lower interest rates when eligible customers improve the energy label for their homes. "We are pleased with our results during a volatile first half of 2025 . Although macroeconomic conditions remain challenging we are confident that our strategy sets us on course to become the best European bank and deliver on our targets . I want to thank our customers and clients for their continued trust in us and our employees for their continued dedication . " Press release ING Corporate Communications Amsterdam, 31 July 2025 Investor enquiries E: investor.relations@ing.com Press enquiries T: +31 (0)20 576 5000 E: media.relations@ing.com Analyst call 31 July 2025 at 9:00 am CET +31 20 708 5074 (NL) +44 330 551 0202 (UK) (Registration required via invitation) Live audio webcast at www.ing.com

![](exh991_02.jpg)

Net core lending growth €15.4 bln in 2Q2025 Net core deposits growth €6.2 bln in 2Q2025 Profit before tax €2,369 mln - 8% vs 2Q2024 Fee income €1,122 mln +12% vs 2Q2024 CET1 ratio 13.3% - 0.3% vs 1Q2025 Return on equity (4 - qtr rolling avg) 12.7% - 0.1% vs 1Q2025 Superior value for customers NPS score Retail Banking: Ranked #1 in 5 of 10 retail markets Mobile primary customers 1) : +309,000 in 2Q2025 Sustainability Volume mobilised 2) : €67.8 bln in 1H2025 vs €56.9 bln in 1H2024 ING Press Release 2Q2025 2 Sustainability deals supported by ING: 400 in 1H2025 vs 367 in 1H2024 Business Highlights We continue to support clients in their sustainability transitions, with the volume of sustainable finance mobilised rising 19% compared to the first half of last year to €67.8 billion. As we grow our mortgage book, we also find ways to support and incentivise our customers to make their homes more sustainable. In Retail Banking in the Netherlands, we have launched a new mortgage pricing model which applies to all energy labels. Eligible customers benefit from an automatic interest rate reduction upon improving their home's energy label. We offer rate incentives for energy - efficient homes across five additional retail markets. In Wholesale Banking, ING has participated in the €6.3 billion project financing of two offshore wind farms in Poland, Baltyk 2 and Baltyk 3, as part of a syndicate of banks including the EIB. Furthermore, we were awarded 'World's Best Wholesale/Transaction Bank for Sustainable Finance' by The Digital Banker. Society is transitioning to a low - carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that's not sustainable. See how we're progressing at ing.com/climate. We have grown our primary customer base — primary customers with a mobile interaction through our app or website — by 309,000 to a total of 14.9 million, putting us firmly on track to keep growing in line with our target of one million mobile primary customers per year. We retained the number one NPS score in 5 out of 10 retail markets, confirming our customers' satisfaction with our services. In line with our ambition to do more business with more customers, we have launched several propositions for GenZ. In Spain, we launched a dedicated START account to support customers aged between 14 and 17 in starting their financial journeys with a tailor - made experience in the existing ING App. In Türkiye, we have launched our first GenZ investment fund which aims at increasing financial awareness among this customer group. We continue to protect and safeguard our customers by developing anti - fraud solutions and scaling these across our markets. In Spain and Belgium, we have introduced the "Check the call" function, which allows our customers to check whether a caller is in fact an ING employee or an impersonator. Following its introduction in the Netherlands, this function is now being used approximately 2,800 times a week and we've seen a 43% decrease in impersonation fraud cases. In the Netherlands, we have also launched a Fraud Case Tracker, available in OneApp, which enables customers who have been a victim of fraud to check the status of their open fraud case and provides transparency on the progress of their case. Furthermore, in Spain we are helping customers whose accounts have been blocked due to suspected fraud to restore their access faster by using a video call function to confirm their identity. The number of customers with investment accounts continues to grow. We attracted over 400,000 new active investment product customers year - on - year, with particularly strong growth in Germany, the Netherlands, Spain and Poland. As of June 2025, a total of 4.9 million customers had an investment account with us, with assets under management and e - brokerage totalling €254 billion. 1) Includes private individuals only 2) See our Annual Report for definition

![](exh991_03.jpg)

ING Press Release 2Q2025 3 Consolidated results Change 6M2024 6M2025 Change 1Q2025 Change 2Q2024 2Q2025 - 3.2% 7,814 - 159 7,566 - 407 - 0.6% 3,794 - 172 - 3.7% 3,917 - 87 3,772 - 236 Profit or loss (in € million) Commercial net interest income 1) Other net interest income - 6.5% 7,655 7,159 - 2.4% 3,622 - 7.7% 3,830 3,536 Net interest income 10.9% 1,998 2,216 2.6% 1,094 12.3% 999 1,122 Net fee and commission income 100.0% 24 48 - 22.2% 27 31.3% 16 21 Investment income 18.1% 1,623 1,917 14.6% 893 17.5% 871 1,023 Other income 0.3% 11,300 11,339 1.2% 5,637 - 0.2% 5,716 5,702 Total income 6.6% 5,434 5,795 4.1% 2,839 7.1% 2,760 2,956 Expenses excl. regulatory costs - 1.6% 446 439 - 78.4% 361 - 11.4% 88 78 Regulatory costs 2) 6.0% 5,880 6,234 - 5.2% 3,200 6.5% 2,848 3,034 Operating expenses - 5.8% 5,420 5,105 9.5% 2,437 - 7.0% 2,868 2,668 Gross result 9.5% 559 612 - 4.5% 313 - 0.3% 300 299 Addition to loan loss provisions - 7.6% 4,861 4,493 11.5% 2,124 - 7.7% 2,568 2,369 Result before tax - 10.7% 1,385 1,237 4.8% 604 - 13.4% 731 633 Taxation 7.6% 118 127 - 4.6% 65 8.8% 57 62 Non - controlling interests - 6.8% 3,358 3,130 15.1% 1,455 - 5.9% 1,780 1,675 Net result 3) Commercial growth 12.0 22.2 6.8 7.8 15.4 Net core lending growth (in € billion) 4) 28.2 28.8 22.6 14.7 6.2 Net core deposits growth (in € billion) 4) Profitability and efficiency 1.49% 1.33% 1.36% 1.48% 1.31% Net interest margin 5) 2.42% 2.24% 2.26% 2.42% 2.23% Commercial net interest margin 6) 52.0% 55.0% 56.8% 49.8% 53.2% Cost/income ratio 17 18 18 18 17 Risk costs in bps of average customer lending 1.0% 1.02 1.03 19.1% 0.47 3.7% 0.54 0.56 Net result per share (in euros) 13.7% 13.0% 12.0% 14.5% 13.9% Return on equity based on IFRS - EU equity 7) 14.0% 13.3% 13.6% 14.0% 13.3% ING Group common equity Tier 1 ratio 1.5% 330.9 335.8 - 0.4% 337.2 1.5% 330.9 335.8 Risk - weighted assets (end of period, in € billion) 1) Commercial net interest income (NII) is the sum of lending NII and liability NII (excluding significant volatile items). For a reconciliation with total NII, see page 16. 2) Regulatory costs comprise bank taxes and contributions to the deposit guarantee schemes ('DGS') and resolution funds. 3) Net result reflects the net result attributable to shareholders of the parent. 4) Net core lending growth represents the development in loans and advances to customers excluding provisions for loan losses, adjusted for currency impacts, Treasury and run - off portfolios. Net core deposits growth represents customer deposits adjusted for currency impacts, Treasury and run - off portfolios. 5) Net interest margin reflects annualised total NII as a percentage of average assets. 6) Commercial net interest margin reflects annualised commercial NII as a percentage of average customer lending excluding Financial Markets and Treasury. 7) Annualised net result divided by average IFRS - EU shareholders' equity excluding reserved profits not included in CET1 capital. Total income Total income in 2Q2025 was strong at €5,702 million, marking a 1.2% increase quarter - on - quarter and remaining stable compared with 2Q2024. Revenues were supported by continued growth in customer balances and fee income, as well as strong Treasury results and higher income related to our stake in Van Lanschot Kempen. This was partly offset by margin compression. We achieved another quarter of strong commercial momentum, particularly within our Retail Banking business. Net core lending growth in Retail Banking was substantial at €11.3 billion, driven primarily by sustained growth in our residential mortgage portfolio across most of our markets, as well as an increase in the business lending portfolio, notably in Belgium, the Netherlands, and Poland. Wholesale Banking also contributed €4.1 billion in net core lending growth, largely attributable to Working Capital Solutions and short - term trade - related financing. The demand for corporate loans remained subdued, as investment decisions by clients were postponed amid ongoing geopolitical and macroeconomic uncertainty. Net core deposits growth totalled €6.2 billion in 2Q2025, entirely driven by Retail Banking. The Netherlands, Italy, Spain, and Belgium were the main contributors, supported in part by the seasonal impact of holiday allowance payments. Wholesale Banking continued to attract deposits through successful initiatives in Payments & Cash Management and Money Markets. However, this was more than offset by lower short - term client balances in our cash pooling business, leading to a net decline of €2.7 billion in core deposits. Commercial net interest income (NII) was broadly stable quarter - on - quarter at €3,772 million. The impact of lower ECB deposit facility rates and a stronger euro (resulting in a € - 37 million FX impact) was partly offset by the repricing of customer deposits and strong volume growth. Year - on - year, commercial NII declined 3.7% due to lower lending and liability margins and FX impacts (€ - 27 million), partially offset by higher volumes. Our commercial net interest margin stood at 2.23% in 2Q2025, showing a slight decline sequentially. The average lending margin remained steady at 1.25%, while the average liability margin decreased by three basis points to 0.98%, mainly due to the full - quarter impact of the temporary bonus rates offered in Germany during the successful promotional savings campaign that ran in the first quarter. Other NII declined both year - on - year and sequentially, including a larger impact from accounting asymmetry in Financial Markets and Treasury. Moreover, other NII in 2Q2024 had included €31 million in one - off items. Consolidated Results

![](exh991_04.jpg)

Net interest income (in € million) and commercial net interest margin (in %) Net fee and commission income increased 12% year - on - year, both in Retail Banking and in Wholesale Banking, in line with our strategy to diversify income. In Retail Banking, this was supported by a significant increase in investment product fees, driven by growth in the number of investment accounts and higher customer trading activity. Daily banking fees also rose, reflecting an increase in the number of primary customers and updated pricing for payment packages. The increase in fee income in Wholesale Banking was led by higher fees from Lending, Global Capital Markets, and Payments & Cash Management. Sequentially, total net fee and commission income rose 2.6% compared to the strong first quarter, with Retail Banking benefiting from higher daily banking fees and Wholesale Banking seeing a strong uplift in Lending fees due to increased deal flow. These increases were partially offset by a decline in investment product fees after market volatility had peaked. Investment income in the second quarter of 2025 amounted to €21 million and included a €12 million cash dividend from our stake in Van Lanschot Kempen (in March 2025, ING had increased its equity stake in Van Lanschot Kempen to 9.9% by acquiring an additional 7.2%). The previous quarter had included a €39 million interim dividend from our stake in the Bank of Beijing. Other income rose 17% year - on - year and 15% sequentially. This reflects strong results for Treasury and higher income from Corporate Investments, while Financial Markets posted higher income year - on - year, as we continued supporting our clients in turbulent times. Other income in 2Q2025 included a positive revaluation of the derivative for the forward purchase of a stake in Van Lanschot Kempen. The further stake increase in Van Lanschot Kempen was subject to regulatory approval. As of 24 July 2025, ING holds a 20.3% stake in Van Lanschot Kempen, after having received regulatory approval. Operating expenses Total operating expenses were €3,034 million, including €78 million of regulatory costs and €116 million of incidental cost items. Excluding regulatory costs and incidental items, expenses amounted to €2,841 million, up 4.5% year - on - year. The increase was mainly attributable to wage inflation and investments in business growth, including initiatives to further enhance the digital customer experience and the scalability of our systems within Wholesale Banking. Expenses in 2Q2024 had included a VAT refund in Corporate Line. Operating expenses (in € million) Sequentially, expenses excluding regulatory costs and incidental items were nearly flat, as higher staff expenses were offset by operational efficiencies, mainly driven by the optimisation of KYC activities and improved client interaction in contact centres. The quarter - on - quarter comparison also includes favourable currency translation effects, with the stronger euro reducing expenses denominated in foreign currencies. Regulatory costs totalled €78 million in 2Q2025, down 11% year - on - year due to lower contributions to deposit guarantee schemes. Sequentially, regulatory costs declined, as ING is required to recognise certain annual charges in full in the first quarter of the year. Incidental expense items in 2Q2025 amounted to €116 million, primarily related to restructuring provisions. This included a provision of €85 million for a restructuring of the workforce in Wholesale Banking, resulting in approximately 230 redundancies. In 2Q2024, incidental expenses had been €41 million, also largely restructuring - related. In 1Q2025, incidental expenses were €4 million, reflecting hyperinflation accounting impacts on expenses in Türkiye under IAS 29. Addition to loan loss provisions Net additions to loan loss provisions totalled €299 million in 2Q2025. This corresponds to 17 basis points of average customer lending, remaining below our through - the - cycle average of around 20 basis points. Total net additions to Stage 3 provisions in 2Q2025 amounted to €221 million, which is broadly stable quarter - on - quarter. Stage 3 risk costs this quarter primarily stemmed from collective Stage 3 provisioning across various retail markets, while individual Stage 3 risk costs declined. Addition to loan loss provisions (in € million) Consolidated Results ING Press Release 2Q2025 4

![](exh991_05.jpg)

Total Stage 1 and 2 risk costs were €78 million, including a €33 million addition to reflect a deterioration in macroeconomic forecasts. Risk costs for Retail Banking amounted to €210 million (17 basis points of average customer lending), mainly from business and consumer lending, while mortgage - related risk costs remained low. Wholesale Banking recorded €89 million in risk costs (19 basis points), a notable improvement from 1Q2025, reflecting a limited inflow of newly defaulted files. Net result The net result in 2Q2025 was €1,675 million compared with €1,780 million in 2Q2024 and €1,455 million in the previous quarter. The effective tax rate was 26.7% in 2Q2025 and was positively impacted by a tax refund related to prior years. This compares to an effective tax rate of 28.5% in 2Q2024 and 28.4% in 1Q2025. Our strong performance translated into a return on equity of 13.9%. On a four - quarter rolling average basis, our return on equity came out at 12.7%. ING's return on equity is calculated using average IFRS - EU shareholders' equity, excluding 'reserved profit not included in CET1 capital', which amounted to €1,565 million at the end of 2Q2025. This reflects 50% of the resilient net profit for the first half of 2025, which has been reserved for distribution in line with our policy. Return on equity ING Group (in %) Resilient net profit is defined as net profit adjusted for significant items that are not related to the normal course of business. As no such items were recorded, resilient net profit equalled net profit in 1H2025. Dividend In line with our distribution policy, an interim dividend over 1H2025 of €0.35 per ordinary share (stable compared with 1H2024) will be paid in cash on 11 August 2025. This represents approximately one third of the resilient net profit for 1H2025. ING Press Release 2Q2025 5 2025 outlook 1) Based on current assumptions and scenarios, total income in 2025 is expected to end at roughly the same level as it was in 2024. This will be supported by volume growth and an increase in fee income, which we now expect to be at the higher end of our previously indicated 5 - 10% range. Total operating expenses (including incidental items recorded in the first half of 2025) are projected to end at the lower end of the €12.5 - €12.7 billion range. We foresee a CET1 ratio by year - end 2025 of between 12.8 - 13.0%. And we increase the outlook for our return on equity for full year 2025 from >12.0% to ~12.5%. This outlook excludes the impact of the previously announced intended sale of ING's business in Russia to Global Development JSC, where we expect a negative P&L impact of around €0.8 billion post tax. It also excludes potential other incidental items and/or one - offs. Consolidated Results 1) The targets, outlook and trends discussed in this 2025 Outlook section are forward - looking statements that are based on management's current expectations and are subject to change, including as a result of the factors described under the section entitled 'Important Legal Information' in this document. ING assumes no obligation to publicly update or revise these forward - looking statements, whether as a result of new information or for any other reason.

![](exh991_06.jpg)

ING Press Release 2Q2025 6 Consolidated balance sheet 31 Dec. 24 31 Mar. 25 30 Jun. 25 31 Mar. 25 31 Dec. 24 30 Jun. 25 in € million Liabilities Deposits from banks Customer deposits – current accounts / overnight deposits – savings accounts – time deposits – other customer deposits Financial liabilities at fair value through profit or loss – trading liabilities – non - trading derivatives – designated as at fair value through profit or loss Other liabilities Debt securities in issue Subordinated loans 94,098 70,353 36,414 21,770 150,296 137,580 67,275 72,897 1,810 2,463 5,266 5,740 75,944 56,481 47,405 46,389 2,591 2,562 43,307 42,219 1,507 1,608 53,668 50,273 682,640 680,233 688,481 686,066 - 5,841 - 5,833 1,663 1,679 2,399 2,434 1,374 1,334 8,947 8,499 75,565 50,080 152,486 64,744 2,075 3,951 81,715 49,846 2,753 45,618 1,475 53,805 688,893 694,664 - 5,771 1,536 2,418 1,409 10,724 Assets 16,723 21,158 20,891 Cash and balances with central banks 691,661 733,706 738,079 Loans and advances to banks 227,827 228,062 232,203 Financial assets at fair value through profit or loss 354,560 373,983 379,403 – trading assets 107,695 128,508 120,143 – non - trading derivatives 1,579 3,153 6,329 – designated as at fair value through profit or loss 86,900 88,318 93,524 – mandatorily at fair value through profit or loss 35,255 25,933 26,387 Financial assets at fair value through OCI 2,101 1,594 2,499 – equity securities fair value through OCI 49,543 60,792 64,637 – debt securities fair value through OCI 13,707 14,606 16,538 – loans and advances fair value through OCI 142,367 151,228 151,016 Securities at amortised cost 17,878 17,092 16,566 Loans and advances to customers 969,236 1,026,109 1,036,614 Total liabilities – customer lending – provision for loan losses Equity Investments in associates and joint ventures 50,314 51,675 49,115 Shareholders' equity Property and equipment 995 1,119 1,031 Non - controlling interests Intangible assets 51,309 52,794 50,146 Total equity Other assets 1,020,545 1,078,904 1,086,760 Total liabilities and equity 1,078,904 1,020,545 1,086,760 Total assets Balance sheet In 2Q2025, ING's balance sheet rose by €8 billion to €1,087 billion, including € - 13 billion of currency impacts resulting from a strengthening of the euro. The increase on the asset side of the balance sheet was mainly visible in loans and advances to banks and customer lending. Loans and advances to banks rose by €14 billion, largely reflecting higher reverse repo activity. Customer lending increased by €6 billion as strong volume growth, particularly in Retail Banking, was partly offset by currency impacts. Financial assets at fair value through P&L and financial assets at fair value through OCI each rose by €2 billion. These increases were largely offset by a €19 billion decline in cash and balances with central banks. Shareholders' equity Shareholders' equity decreased by €2,561 million in 2Q2025, reflecting the final dividend payment over 2024 of €2,152 million and the €2,000 million share buyback, which was announced on 2 May 2025 and is expected to end no later than 27 October 2025. This decrease was partly offset by the €1,675 million net result recorded in 2Q2025. Change in shareholders' equity 6M2025 2Q2025 in € million 50,314 51,675 Shareholders' equity beginning of period 3,130 1,675 Net result for the period 210 261 (Un)realised gains/losses fair value through OCI 494 323 Change in cashflow hedge reserve - 2,057 - 2,000 Change in treasury shares (incl. share buyback) - 813 - 630 Exchange rate differences - 2,152 - 2,152 Dividend - 10 - 38 Other changes - 1,199 - 2,561 Total changes 49,115 49,115 Shareholders' equity end of period On the liability side of the balance sheet, financial liabilities at fair value through P&L increased by €5 billion, mainly due to higher repo volumes. Customer deposits rose by €4 billion, with continued inflows in Retail Banking, partially offset by currency impacts and a reduction in short - term client balances in Wholesale Banking's cash pooling business. Shareholders' equity per share was €16.48 on 30 June 2025 compared with €16.94 on 31 March 2025. Consolidated Balance Sheet

![](exh991_07.jpg)

ING Press Release 2Q2025 7 ING Group: Capital position 31 Mar. 2025 30 Jun. 2025 in € million 51,675 49,115 Shareholders' equity (parent) - 2,879 - 1,565 Reserved profits not included in CET1 capital - 2,775 - 3,016 Other regulatory adjustments 46,021 44,534 Available common equity Tier 1 capital 6,697 6,127 Additional Tier 1 securities 96 104 Regulatory adjustments additional Tier 1 52,814 50,765 Available Tier 1 capital 9,139 10,397 Supplementary capital - Tier 2 bonds 74 65 Regulatory adjustments Tier 2 62,027 61,226 Available Total capital 337,219 335,804 Risk - weighted assets 13.6% 13.3% Common equity Tier 1 ratio 15.7% 15.1% Tier 1 ratio 18.4% 18.2% Total capital ratio 4.5% 4.3% Leverage Ratio Capital ratios The CET1 ratio at the end of June 2025 was 13.3% compared with 13.6% for 1Q2025. This decrease mainly reflects the €2.0 billion deduction from capital for the ongoing share buyback programme (as announced on 2 May 2025). This was partially offset by the inclusion of €0.8 billion from the quarterly net profit after dividend reserving and a decline in risk - weighted assets. The development of the Tier 1 ratio mirrors the trend in the CET1 ratio. The total capital ratio declined less than the CET1 ratio, as the reduction in Tier 1 capital was partly offset by the issuance of a €1.25 billion Green Tier 2 bond. The leverage ratio decreased from 4.5% to 4.3% due to an increase in total assets in combination with lower Tier 1 capital. Risk - weighted assets (RWA) Total RWA decreased by €1.4 billion in 2Q2025. ING Group: Composition of RWA 31 Mar. 2025 30 Jun. 2025 in € billion 275.8 276.8 Credit RWA 43.1 43.1 Operational RWA 18.3 15.9 Market RWA 337.2 335.8 Total RWA Excluding a € - 4.2 billion FX impact, credit RWA increased by €5.2 billion in 2Q2025. This was driven by €6.4 billion of business growth, partly offset by the impact of model updates and a change in the profile of the loan book. Operational RWA remained flat, while market RWA decreased by €2.4 billion due to hedging and FX activities. Distribution ING has reserved €837 million of the 2Q2025 net profit for distribution. Resilient net profit in 2Q2025, which is defined as net profit adjusted for significant items not linked to the normal course of business, was equal to net profit and amounted to €1,675 million. In line with our distribution policy, an interim dividend over 1 H 2025 of € 0 . 35 per share will be paid on 11 August 2025 . This represents approximately one third of the resilient net profit for 1 H 2025 . On 2 May 2025, ING announced the start of a share buyback programme, under which it plans to repurchase shares of ING Group for a maximum total amount of €2.0 billion. The programme is expected to end no later than 27 October 2025. The whole amount has already been deducted from CET1 capital. At the end of 2Q2025, 40.2 million shares for a total consideration of €738 million had already been repurchased. CET1 requirement ING targets a CET1 ratio of around 12.5%, which is comfortably above the prevailing CET1 ratio requirement (including buffer requirements) of 10.74%. This requirement declined slightly compared with 1Q2025 (10.76%) due to a lower countercyclical buffer requirement. ING's fully loaded CET1 requirement was 10.86% at the end of 2Q2025, also two basis points lower versus 1Q2025. Capital, Liquidity and Funding

![](exh991_08.jpg)

MREL and TLAC requirements Minimum Required Eligible Liabilities (MREL) and Total Loss Absorbing Capacity (TLAC) requirements apply to ING Group at the consolidated level of the resolution group. The available MREL and TLAC capacity consists of own funds and senior debt instruments issued by ING Group. ING's MREL requirement (including buffer requirements) at the end of 2Q2025 was 29.06% of RWA and 7.32% of leverage exposure. The MREL capacity decreased in 2Q2025 due to a decline in total capital and the loss of MREL eligibility for two HoldCo Senior instruments. The decrease in MREL capacity is reflected in a lower surplus based on both leverage exposure and RWA. The prevailing TLAC requirements (including buffer requirements) are 23.31% of RWA and 6.75% of leverage exposure. In July 2025, the DNB notified ING of the new MREL requirement. ING's MREL requirement was reduced to 27.93% of RWA and 7.24% of leverage exposure, effective immediately. ING Group: MREL and TLAC requirements 31 Mar. 2025 30 Jun. 2025 in € million 110,330 105,726 MREL / TLAC capacity 32.7% 31.5% MREL / TLAC (as a % of RWA) 9.4% 8.9% MREL / TLAC (as a % of leverage exposure) 24,052 18,855 MREL surplus based on LR requirement 12,257 8,125 MREL surplus based on RWA requirement 30,770 25,620 TLAC surplus based on LR requirement 31,647 27,434 TLAC surplus based on RWA requirement Liquidity and funding LCR 12 - month moving average 31 Mar. 2025 30 Jun. 2025 in € billion 188.1 190.6 Level 1 3.3 3.2 Level 2A 7.4 7.7 Level 2B 198.8 201.5 Total HQLA 239.2 243.0 Outflow 99.3 99.8 Inflow 142% 141% LCR A+ F1 Stable n/a n/a Stable 1) A - A - 2 Stable Long - term Short - term Outlook In 2Q2025, the 12 - month moving average Liquidity Coverage Ratio (LCR) decreased slightly to 141%. A+ Baa1 A - Senior unsecured rating ING Bank N.V. AA - A1 A+ Issuer rating Long - term F1+ P - 1 A - 1 Short - term Stable Stable Stable Outlook AA - A1 A+ Senior unsecured rating 1) Outlook refers to the senior unsecured rating. At the end of 2 Q 2025 , the Net Stable Funding Ratio of ING stood at 133 % , which is comfortably above the regulatory minimum of 100 % . The funding mix remained largely stable in 2 Q 2025 . ING Group: Loan - to - deposit ratio and funding mix 31 Mar. 2025 30 Jun. 2025 0.93 0.93 Loan - to - deposit ratio Funding mix 51% 52% Customer deposits (private individuals) 23% 22% Customer deposits (other) 6% 6% Lending / repurchase agreements 2% 2% Interbank 6% 6% CD/CP 11% 10% Long - term senior debt 2% 2% Subordinated debt 100% 100% Total 1) 1) Liabilities excluding trading securities and IFRS equity. ING's long - term debt position (excluding AT1) decreased by €3.4 billion versus 1Q2025. The change was caused by a combination of issuances, redemptions and FX movements. Long - term debt maturity ladder per currency, 30 June 2025 >2030 2030 2029 2028 2027 2026 2025 Total in € billion 31 10 10 10 7 8 2 78 EUR 9 2 2 3 4 2 0 22 USD 3 1 2 2 2 3 1 13 Other 42 12 15 15 13 12 3 112 Total Ratings The ratings and outlook from S&P and Fitch remained unchanged during the quarter. Moody's outlook on senior unsecured ratings changed from positive to stable. Credit ratings of ING on 30 July 2025 S&P Moody's Fitch ING Groep N.V. Issuer rating Capital, Liquidity and Funding ING Press Release 2Q2025 8

![](exh991_09.jpg)

ING Group: Total credit outstandings 1) Stage 3 ratio Stage 3 Stage 2 ratio Stage 2 Credit outstandings 30 Jun. 31 Mar. 2025 2025 in € million 31 Mar. 2025 30 Jun. 2025 31 Mar. 2025 30 Jun. 2025 31 Mar. 2025 30 Jun. 2025 31 Mar. 2025 30 Jun. 2025 0.9% 0.9% 3,256 3,270 8.1% 8.0% 28,644 28,737 354,848 360,269 Residential mortgages 0.4% 0.4% 527 565 11.7% 12.2% 14,552 15,460 123,973 126,652 of which Netherlands 2.6% 2.6% 1,182 1,180 9.3% 9.6% 4,187 4,334 44,831 45,081 of which Belgium 0.6% 0.6% 570 576 3.6% 3.7% 3,470 3,608 97,145 98,382 of which Germany 1.1% 1.1% 976 949 7.2% 5.9% 6,435 5,336 88,899 90,154 of which Rest of the world 4.9% 4.7% 1,327 1,300 11.1% 9.9% 3,030 2,742 27,342 27,653 Consumer lending 3.1% 3.0% 3,424 3,388 12.2% 11.9% 13,620 13,665 111,644 114,743 Business lending 1.7% 1.4% 693 599 14.1% 14.6% 5,734 6,174 40,772 42,163 of which business lending Netherlands 3.2% 3.2% 1,623 1,647 8.9% 8.5% 4,474 4,426 50,450 52,107 of which business lending Belgium 0.4% 0.4% 221 218 0.8% 0.8% 484 463 63,010 56,188 Other retail banking 0.0% 0.0% 0.1% 0.0% 34 8 57,813 50,652 of which retail - related treasury 1.5% 1.5% 8,229 8,176 8.2% 8.2% 45,778 45,606 556,844 558,853 Retail Banking 2.6% 2.4% 4,100 3,593 10.7% 10.9% 16,958 16,582 159,145 152,688 Lending 1.0% 0.9% 575 538 6.0% 5.4% 3,386 3,308 56,336 61,173 Daily Banking & Trade Finance 0.0% 0.0% 17.8% 16.0% 1731 1432 9,699 8,941 Financial Markets 0.3% 0.4% 124 118 0.8% 1.3% 322 378 42,773 29,599 Treasury & Other 1.8% 1.7% 4,800 4,250 8.4% 8.6% 22,397 21,700 267,953 252,401 Wholesale Banking 1.6% 1.5% 13,029 12,426 8.3% 8.3% 68,175 67,307 824,797 811,254 Total loan book ING Press Release 2Q2025 9 1) Lending and money market credit outstandings, including guarantees and letters of credit but excluding undrawn committed exposures (off - balance positions) and Corporate Line. Credit risk management Total credit outstandings declined in 2Q2025 following a decrease in cash and balances with central banks (reflected in Treasury), as well as in Wholesale Banking Lending (partly explained by currency movements). This was partially offset by a continued increase in residential mortgages and business lending. Stage 2 credit outstandings declined, primarily in residential mortgages in the rest of the world (due to a shift of exposures to Stage 1) and in Wholesale Banking Lending (reflecting improvements in the watchlist portfolio). This was partially offset by an increase in residential mortgages in the Netherlands, triggered by model refinements. The stock of provisions decreased slightly due to lower Stage 3 provisions. The Stage 3 coverage ratio rose to 34.1% from 33.7% in the previous quarter. The loan portfolio consists predominantly of asset - based and secured loans, including residential mortgages, project - and asset - based finance, and real estate finance, with generally low loan - to - value ratios. ING Group: Stock of provisions 1) Change 31 Mar. 2025 30 Jun. 2025 in € million 18 421 439 Stage 1 - 12 - month ECL 37 1,210 1,247 Stage 2 - Lifetime ECL not credit impaired - 149 4,408 4,259 Stage 3 - Lifetime ECL credit impaired 2) - 94 6,039 5,945 Total liabilities. 1) At the end of June 2025, the stock of provisions included provisions for loans and advances to customers (€5,771 million), loans and advances to central banks (€11 million), loans and advances to banks (€18 million), financial assets at FVOCI (€17 million), securities at amortised cost (€12 million) and ECL provisions for off - balance - sheet exposures (€116 million) recognised as 2) Stage 3 includes purchased originated credit impaired (POCI). Risk Management

![](exh991_10.jpg)

ING Press Release 2Q2025 10 Retail Banking: Consolidated profit or loss account Change 6M2024 6M2025 Change 1Q2025 Change 2Q2024 2Q2025 In € million - 3.3% - 352.2% 5,784 23 5,595 - 58 0.8% 2,787 - 16 - 2.8% 2,889 - 16 2,808 - 42 Profit or loss Commercial net interest income Other net interest income - 4.6% 5,807 5,538 - 0.2% 2,772 - 3.8% 2,874 2,766 Net interest income 14.9% 1,325 1,522 0.3% 760 12.4% 678 762 Net fee and commission income - 25.0% 16 12 0.0% 6 - 45.5% 11 6 Investment income 16.5% 473 551 17.8% 253 - 1.0% 301 298 Other income 0.0% 7,620 7,623 1.1% 3,791 - 0.8% 3,863 3,832 Total income 2.2% 3,627 3,705 0.2% 1,851 - 1.2% 1,877 1,854 Expenses excl. regulatory costs - 1.0% 392 388 - 79.5% 322 - 5.7% 70 66 Regulatory costs 1.8% 4,019 4,093 - 11.6% 2,173 - 1.3% 1,947 1,921 Operating expenses - 2.0% 3,601 3,530 18.0% 1,619 - 0.3% 1,916 1,911 Gross result 45.8% 264 385 20.0% 175 114.3% 98 210 Addition to loan loss provisions - 5.8% 3,338 3,145 17.8% 1,444 - 6.4% 1,818 1,701 Result before tax Key financial metrics 12.4 19.9 8.6 8.7 11.3 Net core lending growth (in € billion) 18.2 25.9 17.0 9.0 8.9 Net core deposits growth (in € billion) 52.7% 53.7% 57.3% 50.4% 50.1% Cost/income ratio 11 15 14 8 17 Risk costs in bps of average customer lending 24.7% 21.9% 20.4% 26.8% 23.3% Return on equity based on 12.5% CET1 1) 6.3% 159.4 169.5 0.5% 168.7 6.3% 159.4 169.5 Risk - weighted assets (end of period, in € billion) 1) Annualised after - tax return divided by average equity based on 12.5% of RWA. Retail Banking Retail Banking continued to deliver strong growth in 2Q2025. The number of mobile primary customers increased by 309,000, and there was sustained growth in customer balances and fee income. Net core lending growth was significant during this quarter, reaching €11.3 billion. The majority of this expansion — €7.2 billion — was driven by residential mortgages, particularly in the Netherlands, Australia, and Germany. Additional progress was made in expanding our business and consumer lending portfolios. Net core deposits growth was €8.9 billion, with the Netherlands and Italy contributing the most. This growth was partly supported by seasonal inflows related to holiday allowance payments during the quarter. Commercial net interest income edged higher quarter - on - quarter, supported by increased lending and deposit volumes. This more than offset a modest decline in savings margins due to temporary promotional rates, while average lending margins remained stable. Year - on - year, commercial net interest income declined, reflecting the normalisation of liability margins. Other net interest income increased compared with 2Q2024, which had included a € - 39 million impact from the Polish mortgage moratorium. Sequentially, other net interest income declined due to Treasury, which was more than offset by a rise in other income. Fee income increased versus the already strong first quarter, which had benefited from very high investment product fees amid heightened customer trading activity in volatile markets. Slightly lower fee income from investment products was more than offset by growth in daily banking and lending fees. Compared with 2Q2024, fee income rose 12%, primarily driven by higher contributions from investment products and daily banking. This reflects the positive impact of a growing number of primary customers and investment account holders, alongside growth in assets under management and higher package fees. Operating expenses, excluding regulatory costs, declined slightly year - on - year. The effects of CLA increases, salary indexation, and ongoing investments in business growth were offset by lower restructuring and legal provisions. Sequentially, expenses excluding regulatory costs remained flat, supported by reduced third - party staff costs and a stronger euro. Risk costs amounted to €210 million, equivalent to 17 basis points of average customer lending. These net additions were primarily related to business and consumer lending, while mortgage - related risk costs remained low. Segment Reporting: Retail Banking

![](exh991_11.jpg)

Retail Banking: Consolidated profit or loss account Retail Banking Belgium Retail Banking Netherlands 6M2024 6M2025 1Q2025 2Q2024 2Q2025 6M2024 6M2025 1Q2025 2Q2024 2Q2025 In € million Profit or loss 948 831 416 470 415 1,803 1,803 881 908 921 Commercial net interest income 104 55 26 58 29 - 269 - 295 - 143 - 160 - 152 Other net interest income 1,052 886 442 528 443 1,534 1,508 739 748 769 Net interest income 306 339 176 158 163 513 540 257 263 283 Net fee and commission income 6 0 0 4 0 6 4 2 3 2 Investment income 37 73 37 21 36 370 399 190 225 209 Other income 1,402 1,298 655 712 643 2,423 2,451 1,188 1,238 1,263 Total income 805 769 386 418 382 982 981 483 499 498 Expenses excl. regulatory costs 175 226 226 - 28 0 41 0 0 21 0 Regulatory costs 980 995 613 391 382 1,023 981 483 520 498 Operating expenses 422 302 42 321 260 1,400 1,470 705 718 765 Gross result 65 76 40 22 36 - 43 72 21 - 26 51 Addition to loan loss provisions 357 226 2 299 224 1,443 1,398 683 744 714 Result before tax Key financial metrics 3.4 1.7 0.0 3.1 1.8 3.4 8.5 4.4 1.7 4.1 Net core lending growth (in € billion) 2.4 0.7 - 0.3 1.9 1.0 1.4 5.2 0.2 4.8 5.1 Net core deposits growth (in € billion) 69.9% 76.7% 93.6% 54.9% 59.5% 42.2% 40.0% 40.7% 42.0% 39.4% Cost/income ratio 14 15 16 9 15 - 6 9 5 - 7 12 Risk costs in bps of average customer lending 11.5% 7.3% - 0.3% 20.2% 15.0% 33.4% 31.1% 31.2% 34.2% 31.0% Return on equity based on 12.5% CET1 1) 34.5 35.7 35.8 34.5 35.7 51.9 53.3 52.9 51.9 53.3 Risk - weighted assets (end of period, in € billion) ING Press Release 2Q2025 11 1) Annualised after - tax return divided by average equity based on 12.5% of RWA. Retail Netherlands Commercial net interest income rose both year - on - year and sequentially, driven by strong volume growth. This was complemented by an increased liability margin compared with 1Q2025. The combined contribution from other net interest income and other income — both primarily linked to Treasury — remained broadly stable. Fee income increased year - on - year, driven by higher fees for daily banking services and a rise in assets under management. Sequentially, the increase in fee income was largely attributable to daily banking. Net core lending growth was again strong at €4.1 billion. This growth was driven by a further increase in mortgages combined with an expansion of the business lending and consumer lending portfolios. Net core deposits growth was €5.1 billion, including a seasonal impact of holiday allowance payments. Expenses included €14 million in incidental restructuring costs. Adjusted for this and also excluding regulatory costs, expenses declined 3.0% year - on - year and were flat sequentially, mainly due to savings on external staffing and a decline in FTEs this quarter. No regulatory costs were recorded in the first half of 2025, as no contribution to the deposit guarantee scheme was required. Risk costs totalled €51 million in 2Q2025, equivalent to 12 basis points of average customer lending. Retail Belgium (including Luxembourg) Commercial net interest income remained broadly stable quarter - on - quarter across both lending and liability products. Year - on - year, commercial net interest income declined due to a lower liability margin, which had narrowed during the second half of 2024. Other net interest income from Treasury declined year - on - year, although this was largely offset by an increase in other income. Fee income rose year - on - year but declined sequentially as the prior quarter had included higher entrance fees for investment products following a successful campaign in 4Q2024. Net core lending growth was €1.8 billion, with business lending contributing €1.5 billion (mainly reflecting higher balances for one large client) and residential mortgages €0.3 billion. Net core deposits growth amounted to €1.0 billion, benefiting from a seasonal inflow related to holiday allowances. Expenses included €8 million of restructuring costs compared with €34 million recorded in 2Q2024. Expenses excluding regulatory costs and these one - off items declined both year - on - year and sequentially, as the effects of automatic salary indexation were more than offset by reductions in FTEs and savings on IT and accommodation expenses. No regulatory costs were recorded this quarter. By contrast, 2Q2024 had included a positive adjustment to the costs for the deposit guarantee scheme (DGS), while the previous quarter reflected contributions to the DGS and the Belgian bank tax. Risk costs amounted to €36 million in 2Q2025, primarily related to consumer and business lending, and were equal to 15 basis points of average customer lending. Segment Reporting: Retail Banking

![](exh991_12.jpg)

Retail Banking: Consolidated profit or loss account Retail Banking Other Retail Banking Germany 6M2024 6M2025 1Q2025 2Q2024 2Q2025 6M2024 6M2025 1Q2025 2Q2024 2Q2025 In € million Profit or loss 1,790 1,847 920 913 927 1,242 1,115 569 598 545 Commercial net interest income 94 82 48 22 34 94 100 53 64 47 Other net interest income 1,884 1,929 968 935 961 1,337 1,215 622 662 592 Net interest income 293 356 180 149 176 212 287 147 107 139 Net fee and commission income 3 5 1 2 4 1 3 2 1 0 Investment income 117 160 73 61 87 - 51 - 80 - 46 - 5 - 34 Other income 2,297 2,449 1,222 1,148 1,227 1,498 1,425 726 765 699 Total income 1,252 1,300 644 664 656 588 655 337 296 318 Expenses excl. regulatory costs 136 136 83 57 53 40 25 12 20 13 Regulatory costs 1,388 1,436 727 721 709 628 680 350 316 331 Operating expenses 909 1,013 495 427 518 871 745 377 449 368 Gross result 176 159 78 77 81 65 77 35 26 42 Addition to loan loss provisions 733 854 417 350 437 805 667 342 424 325 Result before tax Key financial metrics 3.9 6.4 2.8 3.0 3.7 1.7 3.2 1.5 1.0 1.8 Net core lending growth (in € billion) 4.6 5.7 1.8 1.4 3.9 9.8 14.2 15.3 0.8 - 1.1 Net core deposits growth (in € billion) 60.4% 58.6% 59.5% 62.8% 57.8% 41.9% 47.8% 48.1% 41.3% 47.4% Cost/income ratio 32 27 26 27 27 13 14 13 10 15 Risk costs in bps of average customer lending 19.4% 20.3% 19.8% 18.3% 20.7% 35.0% 26.0% 27.8% 36.5% 24.3% Return on equity based on 12.5% CET1 1) 47.7 52.7 51.7 47.7 52.7 25.2 27.7 28.3 25.2 27.7 Risk - weighted assets (end of period, in € billion) ING Press Release 2Q2025 12 1) Annualised after - tax return divided by average equity based on 12.5% of RWA. Retail Germany Commercial net interest income decreased year - on - year and sequentially, mainly due to the full - quarter impact of the temporary bonus rates offered during the successful promotional savings campaign that ran in the first quarter. The year - on - year decline in other net interest income and other income was attributable to Treasury. Fee income increased significantly year - on - year, supported by growth in the customer base, higher fees from daily banking services, and a higher number of investment product trades. Sequentially, fee income declined, reflecting a slowdown in investment trading activity following an exceptionally strong previous quarter. Net core lending growth in 2Q2025 was €1.8 billion, with mortgages remaining the key driver of growth. Core deposits (excluding Treasury deposits) experienced a modest decline, following the substantial inflows recorded in the first quarter. Expenses excluding regulatory costs increased year - on - year, mainly due to annual salary increases, coupled with investments in business growth and scalability. Sequentially, expenses excluding regulatory costs declined, as the previous quarter had included a €10 million legal provision, €6 million in restructuring costs and higher customer acquisition expenses to support the aforementioned campaign. Risk costs amounted to €42 million, predominantly related to consumer lending, and were 15 basis points of average customer lending. Retail Other Commercial net interest income increased both year - on - year and sequentially, supported by sustained growth in lending and deposit volumes. This was partially offset by foreign exchange impacts as the euro strengthened against other currencies in 2Q2025. Other net interest income declined sequentially — offset by a corresponding rise in other income — but improved year - on - year, as 2Q2024 had included a € - 39 million impact from the Polish mortgage moratorium. Fee income rose 18% year - on - year, driven by daily banking and investment products. In daily banking, this was supported by an increase in the number of primary customers and transaction volumes. The uplift in investment product fees was driven by net inflows and an increase in trading activity. Sequentially, fee income edged down slightly due to foreign exchange impacts. Net core lending growth reached a record €3.7 billion in 2Q2025. This was led by a €2.9 billion increase in the mortgage portfolio — primarily in Australia, Poland, Spain, and Italy — alongside continued growth in business and consumer lending. Net core deposits growth amounted to €3.9 billion, largely reflecting strong net inflows in Italy following a successful savings campaign, and in Spain, where seasonal holiday allowance payments contributed positively. Expenses excluding regulatory costs declined year - on - year as 2Q2024 had included a €35 million legal provision. Adjusted for this, expenses increased both year - on - year and sequentially, reflecting inflationary pressures and investments in future business growth, partially offset by foreign exchange movements. Risk costs amounted to €81 million (27 basis points of average customer lending), with net additions primarily in Poland and Spain. Segment Reporting: Retail Banking

![](exh991_13.jpg)

ING Press Release 2Q2025 13 Wholesale Banking: Consolidated profit or loss account Change 6M2024 6M2025 Change 1Q2025 Change 2Q2024 2Q2025 In € million - 2.9% 2,030 - 293 1,971 - 559 - 4.3% 1,007 - 263 - 6.1% 1,027 - 132 964 - 296 Profit or loss Commercial net interest income Other net interest income - 18.7% 1,737 1,412 - 10.2% 744 - 25.4% 896 668 Net interest income 3.0% 676 696 7.1% 336 11.8% 322 360 Net fee and commission income - 20.0% 5 4 50.0% 2 0.0% 3 3 Investment income 15.4% 1,161 1,340 - 2.4% 678 8.3% 611 662 Other income - 3.6% 3,580 3,452 - 3.6% 1,758 - 7.5% 1,831 1,694 Total income of which: - 6.1% 1,667 1,565 - 0.6% 785 - 6.7% 836 780 Lending - 2.4% 982 958 - 6.5% 495 - 3.9% 482 463 Daily Banking & Trade Finance 6.5% 739 787 - 10.6% 415 4.2% 356 371 Financial Markets - 26.0% 192 142 23.4% 64 - 49.7% 157 79 Treasury & Other - 3.6% 3,580 3,452 - 3.6% 1,758 - 7.5% 1,831 1,694 Total income 15.0% 1,608 1,850 12.5% 871 22.0% 803 980 Expenses excl. regulatory costs - 5.6% 54 51 - 69.2% 39 - 29.4% 17 12 Regulatory costs 14.4% 1,662 1,901 8.9% 910 20.7% 821 991 Operating expenses - 19.1% 1,918 1,551 - 17.2% 848 - 30.6% 1,011 702 Gross result - 23.1% 295 227 - 35.5% 138 - 55.9% 202 89 Addition to loan loss provisions - 18.4% 1,623 1,324 - 13.5% 710 - 24.1% 809 614 Result before tax Key financial metrics - 0.5 2.3 - 1.8 - 1.0 4.1 Net core lending growth (in € billion) 10.0 2.9 5.6 5.7 - 2.7 Net core deposits growth (in € billion) 46.4% 55.1% 51.8% 44.8% 58.5% Cost/income ratio 471 460 466 477 454 Income over average risk - weighted assets (in bps) 1) 31 24 29 42 19 Risk costs in bps of average customer lending 12.8% 10.5% 10.5% 13.1% 10.5% Return on equity based on 12.5% CET1 2) - 5.0% 156.3 148.5 - 0.8% 149.7 - 5.0% 156.3 148.5 Risk - weighted assets (end of period, in € billion) 1) Annualised total income divided by average RWA. 2) Annualised after - tax return divided by average equity based on 12.5% of RWA. Amid the ECB's rate cuts and ongoing geopolitical uncertainty, as well as currency volatility, Wholesale Banking income held up well this quarter. Fee income increased significantly, both year - on - year and sequentially, reflecting our strategic focus on diversifying our income profile. Commercial net interest income declined, mainly due to margin compression in Payments & Cash Management (PCM). Our disciplined capital management, along with lower risk costs, helped maintain a stable return on equity quarter - on - quarter of 10.5%. This quarter's results were impacted by a total of €90 million in restructuring costs, including a provision of €85 million for a restructuring of the workforce, resulting in 230 redundancies. These organisational changes are aimed at making our teams fit for the future. In contrast, 2Q2024 had benefited from a €23 million release of a provision in operating expenses and €50 million in one - off income items. Expenses, excluding regulatory costs and incidental costs, rose 2.2% sequentially. Year - on - year, the increase was higher due to wage inflation and investments in business growth, including multi - year initiatives to further enhance the digital customer experience and the scalability of our systems. Risk costs declined significantly, both year - on - year and sequentially, with a limited inflow of newly defaulted files. Net core lending growth in the quarter was €4.1 billion, driven by strong momentum in Working Capital Solutions and in short - term trade - related financing. Long - term corporate loan volumes declined, reflecting delayed investment decisions by clients amid ongoing market uncertainty, as well as our continued focus on optimising capital allocation. We continued to attract deposits through successful initiatives in PCM and Money Markets. However, this was more than offset by lower short - term client balances in our cash pooling business, leading to a net decline of €2.7 billion in core deposits. Lending income remained relatively stable quarter - on - quarter, as strong fee income (up 22% compared with 1Q2025) helped mitigate the adverse FX impact. The higher deal flow that led to the rise in fee income demonstrates the relevance of our advisory capabilities. Year - on - year, a more cautious investment climate and margin pressure, as well as negative currency effects, impacted interest income. Income from Daily Banking & Trade Finance decreased year - on - year, as volume growth across all products and higher fee income was more than offset by lower interest margins in PCM. Sequentially, income declined due to margin compression in PCM and softer results in Trade & Commodity Finance due to lower oil prices, while 1Q2025 had included stronger results from our cash pooling business. Financial Markets posted higher income year - on - year, as we continued to support our clients in turbulent times (as also reflected in higher issuance activity in Global Capital Markets), while in trading, we capitalised on increased market volatility, particularly in Forex. Sequentially, income declined from the seasonally high first quarter. Segment Reporting: Wholesale Banking

![](exh991_14.jpg)

ING Press Release 2Q2025 14 Income from Treasury & Other increased sequentially, mainly from positive revaluations in Corporate Investments. Year - on - year, a stronger Corporate Finance performance was offset by lower Treasury results and €50 million of one - offs included in 2Q2024 (€+70 million one - off income and a € - 20 million revaluation in Corporate Investments). Segment Reporting: Wholesale Banking

![](exh991_15.jpg)

ING Press Release 2Q2025 15 Corporate Line: Consolidated profit or loss account of which IAS 29 impact 1) Total Corporate Line 1Q2025 2Q2024 2Q2025 1Q2025 2Q2024 2Q2025 In € million Profit or loss 0 0 0 0 0 0 Commercial net interest income 2 10 - 3 107 61 102 Other net interest income 2 10 - 3 107 61 102 Net interest income 0 1 - 1 - 2 - 1 0 Net fee and commission income 0 0 0 20 3 12 Investment income - 31 - 36 - 18 - 38 - 41 63 Other income - 29 - 26 - 21 88 22 177 Total income of which: 0 0 0 152 129 191 Foreign currency ratio hedging 0 0 0 67 26 30 Asian stakes - 29 - 26 - 21 - 132 - 133 - 44 Other Corporate Line - 29 - 26 - 21 88 22 177 Total income 4 7 - 2 117 80 122 Expenses excl. regulatory costs 0 0 0 0 0 0 Regulatory costs 4 7 - 2 117 80 122 Operating expenses - 33 - 33 - 19 - 30 - 58 55 Gross result 0 0 0 0 0 0 Addition to loan loss provisions - 33 - 33 - 19 - 30 - 58 55 Result before tax 1) Hyperinflation accounting (IAS 29) became applicable for ING's subsidiary in Türkiye in 2022. In March 2025, ING had increased its equity stake in Van Lanschot Kempen to 9.9%, by acquiring an additional 7.2%. The transaction also included a further stake increase, which was subject to regulatory approval. As of 24 July 2025, ING holds a 20.3% stake in Van Lanschot Kempen, after having received regulatory approval. The results from this stake are recorded in Corporate Line. Total income in Corporate Line increased significantly, both year - on - year and sequentially, supported by higher income from foreign currency ratio hedging and from our stake in Van Lanschot Kempen (reflecting a positive revaluation of the derivative for the forward purchase of a stake in Van Lanschot Kempen, as well as a €12 million dividend). In comparison, income in 1Q2025 had included a €39 million interim dividend from our stake in the Bank of Beijing. Operating expenses increased slightly versus the previous quarter due to restructuring costs and were higher than in 2 Q 2024 , which had benefited from a VAT refund . Segment Reporting: Corporate Line

![](exh991_16.jpg)

ING Press Release 2Q2025 16 commercial net interest income and net core lending and deposits growth. Our reported results are presented in accordance with IFRS We consider net core lending and deposits growth to be accounting standards as detailed in our annual report. In useful information to track our real commercial growth in addition, in the discussion of our business performance, we customer balances. Net core lending and deposits growth use a number of alternative performance measures, including measures the development of our customer lending and commercial net interest margin, as useful information because the scope is restricted to those products that are mainly interest driven and excludes the interest on products where performance measurement is primarily done based on fee income or on total income level (including Financial Markets and Treasury). It also excludes significant volatile items in lending and liability net interest income, thus removing items that distort period - on - period comparisons. We consider commercial net interest income, and the derived The following tables show how the alternative performance deposits, adjusted for currency impacts and changes in the Treasury and run - off portfolios. measures can be reconciled to the reported results. Reconciliation commercial net interest income (NII) Change 6M2024 6M2025 Change 1Q2025 Change 2Q2024 2Q2025 - 6.5% 7,655 7,159 - 2.4% 3,622 - 7.7% 3,830 3,536 Net interest income (IFRS) - 190 - 407 - 172 - 118 - 236 Exclude: Other NII (excl. significant volatile items) 1) 31 31 Exclude: Significant volatile items 2) - 3.2% 7,814 7,566 - 0.6% 3,794 - 3.7% 3,917 3,772 Commercial net interest income - 0.4% 4,240 4,222 0.2% 2,109 - 1.2% 2,138 2,113 Of which: Lending net interest income 3) - 6.4% 3,574 3,344 - 1.5% 1,685 - 6.7% 1,779 1,659 Of which: Liability net interest income 4) NII required by IAS 29 due to hyperinflation in Türkiye. (2Q2024). is net, i.e., after internal funds transfer pricing. 1) Other NII mainly includes NII for Financial Markets and Treasury. In Financial Markets this primarily reflects the funding costs of positions for which associated revenue is reported in 'other income'. For Treasury, it includes the funding costs of specific money market and FX transactions where an offsetting revenue is recorded in 'other income', as well as interest income from other Treasury activities (such as foreign currency ratio hedging) that are not allocated to Retail or Wholesale. Furthermore, other NII includes the funding costs for our equity stakes, the NII related to investment portfolios, as well as the effect of indexation of 2) Significant volatile items in lending and liability NII are lending - and liability - related interest items that management would consider as outside the normal course of business and large enough to distort a proper period - on - period comparison. For the years 2024 and 2025, it includes a € - 51 million impact from the pay - out of incentives in Germany (4Q2024), € - 39 million for the Polish mortgage moratorium (2Q2024) and a €+70 million one - off in Wholesale Banking 3) Lending NII includes the NII on mortgages, consumer lending, business lending, wholesale lending, working capital solutions and trade finance services. The NII 4) Liability NII includes the NII on savings, deposits and current accounts. It excludes the NII on deposits in the Financial Markets and Treasury portfolios. The NII is net, i.e., after internal funds transfer pricing. Reconciliation net core lending growth 2Q2025 Corporate Line Wholesale Banking Retail Other Retail Germany Retail Belgium Retail Netherlands ING Group 0.3 188.8 120.7 113.3 99.8 171.9 694.7 Customer lending (IFRS) - 2Q2025 0.2 190.8 119.7 111.7 98.0 168.0 688.5 Customer lending (IFRS) - 1Q2025 0.0 - 2.0 1.0 1.6 1.8 3.9 6.2 Customer lending growth - 5.7 - 2.0 - 7.7 Exclude: FX impact 0.0 - 0.4 - 0.6 - 0.2 0.0 - 0.3 - 1.4 Exclude: Movements in Treasury, run - off portfolios and other – 4.1 3.7 1.8 1.8 4.1 15.4 Net core lending growth 1) 1) Net core lending growth represents the development in loans and advances to customers excluding provision for loan losses, adjusted for currency impacts, Treasury and run - off portfolios. Reconciliation net core deposits growth 2Q2025 Corporate Line Wholesale Banking Retail Other Retail Germany Retail Belgium Retail Netherlands ING Group – 87.2 169.0 165.5 98.0 218.3 738.1 Customer deposits (IFRS) - 2Q2025 90.6 164.5 166.4 97.0 215.2 733.7 Customer deposits (IFRS) - 1Q2025 – - 3.4 4.6 - 0.9 1.0 3.1 4.4 Customer deposits growth - 0.7 - 2.3 - 3.0 Exclude: FX impact 0.0 3.0 0.2 0.0 - 2.0 1.2 Exclude: Movements in Treasury, run - off portfolios and other – - 2.7 3.9 - 1.1 1.0 5.1 6.2 Net core deposits growth 1) 1) Net core deposits growth represents the development in customer deposits, adjusted for currency impacts, Treasury and run - off portfolios. Use of alternative performance measures

![](exh991_17.jpg)

Share information 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 3,239.7 3,275.4 63.7 3,161.7 3,200.6 141.7 3,096.3 3,130.0 51.1 3,050.2 3,071.5 97.2 2,980.8 3,012.5 166.6 Shares (in millions, end of period) Shares outstanding Average number of shares outstanding Treasury shares Share price (in euros) 15.96 16.27 15.13 17.99 18.63 End of period 16.57 17.09 16.16 18.87 19.15 High 14.67 14.78 14.44 15.06 15.10 Low 0.54 0.59 0.37 0.47 0.56 Net result per share (in euros) 15.48 16.22 16.25 16.94 16.48 Shareholders' equity per share (end of period in euros) 0.35 - 0.71 - 0.35 Dividend per share (in euros) 7.9 7.9 7.7 9.1 9.4 Price/earnings ratio 1) 1.03 1.00 0.93 1.06 1.13 Price/book ratio 1) Four - quarter rolling average. Financial calendar Amsterdam) Ex - date for interim dividend 2025 (Euronext 1) Monday 4 August 2025 Tuesday 5 August 2025 Monday 11 August 2025 Monday 11 August 2025 Monday 25 August 2025 Thursday 30 October 2025 Thursday 29 January 2026 Thursday 26 February 2026 Monday 13 April 2026 Record date for interim dividend 2025 entitlement (Euronext Amsterdam) 1) Record date for interim dividend 2025 entitlement (NYSE) 1) Payment date for interim dividend 2025 (Euronext Amsterdam) 1) Payment date for interim dividend 2025 (NYSE) 1) Publication results 3Q2025 Publication results 4Q2025 Publication 2025 ING Group Annual Report 2025 Annual General Meeting 1) Only if any dividend is paid All dates are provisional ING profile ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank's more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries. ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING's ESG rating by MSCI was reconfirmed by MSCI as 'AA' in August 2024 for the fifth year. As of June 2025, in Sustainalytics' view, ING's management of ESG material risk is 'Strong' with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Further information For more on results publications, go to the quarterly results publications page on www.ing.com . For more on investor information, go to www.ing.com/investors . For news updates, go to the newsroom on www.ing.com or via X (@ING_news feed) . ING Press Release 2Q2025 17 For ING photos such as board members, buildings, go to Flickr .

![](exh991_18.jpg)

ING Press Release 2Q2025 18 Important legal information Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 ('Market Abuse Regulation'). ING Group's annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS - EU'). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward - looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to diﬀer materially from those expressed or implied in such statements. Actual results, performance or events may diﬀer materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING's core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in 'benchmark' indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non - compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING's ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non - compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber - attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the eﬀects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG - related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING's more recent disclosures, including press releases, which are available on www.ING.com. This document may contain ESG - related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third - party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third - party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission ('SEC') reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are "green" or "sustainable." Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security. This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING's control. Any forward - looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward - looking statements, whether as a result of new information or for any other reason. This document does not constitute an oﬀer to sell, or a solicitation of an oﬀer to purchase, any securities in the United States or any other jurisdiction.

------