ING Groep (INGA) Q4 2025 earnings summary

Executive summary

• Achieved record total income for the third consecutive year, driven by strong commercial momentum, operational efficiency, and robust growth across all key markets.

• FY2025 net result reached €6,327 million, with a 13.2% return on equity and a 13.1% CET1 ratio.

• Over 1 million mobile primary customers were added in 2025, with significant increases in core lending and deposits, especially in Germany, Spain, and Romania.

• More than €7 billion was returned to shareholders in 2025 through dividends and share buybacks.

• Upgraded outlook for 2026 and 2027, reflecting confidence in continued growth and operational efficiency.

Financial highlights

• Total income reached €23.0 billion in 2025, with commercial net interest income at €15.3 billion and fee income up 15% year-over-year to €4.6 billion.

• Net core lending grew by €56.9 billion and net core deposits by €38.1 billion in 2025.

• Operating expenses (excluding regulatory and incidental items) grew by only 3% due to strict cost discipline and operational leverage.

• Risk costs for FY2025 were €365 million, or 20 basis points of average customer lending.

• Net result per share for FY2025 was €2.12, up 7.1% year-over-year.

Outlook and guidance

• 2026 total income expected around €24 billion, with 5-10% fee income growth and operating expenses of €12.6-12.8 billion.

• 2026 ROE expected at 14%, ROTE above 14%, and CET1 ratio guidance at ~13%.

• 2027 total income projected to exceed €25 billion, with fee income above €5 billion and operating expenses around €13 billion.

• Return on equity and ROTE both targeted above 15% for 2027.

• The outlook excludes the impact of the intended sale of the Russian business, expected to have a negative post-tax P&L impact of ~€0.8 billion.