ING Groep (NYSE: ING) lifts H1 2026 profit to €3.5B, keeps CET1 at 13.1%
ING Groep N.V. reported strong first-half 2026 results under IFRS‑EU, with net result of €3,503 million, up 12% year-on-year, and result before tax of €5,177 million, up 15%. Net interest income rose 14% to €8,181 million and net fee and commission income increased 13% to €2,514 million, while total income grew 7% to €12,107 million.
Operating expenses rose only 1% to €6,305 million despite continued investments, keeping cost growth below income growth. Net additions to loan loss provisions were €625 million, equal to 17 basis points of average customer lending, below the 20-basis-point through‑the‑cycle average. Net core lending grew €30.2 billion and net core deposits €23.1 billion, reflecting broad-based growth in Retail and Wholesale Banking.
Under IFRS‑IASB, net result declined 19% to €3,184 million, mainly due to a swing in the IAS 39 carve‑out hedge accounting adjustment. Loan portfolios remained predominantly Stage 1, with Stage 3 loans at €14.2 billion, 1.2% of gross carrying amounts. ING’s Common Equity Tier 1 ratio was 13.1% on €341.9 billion of risk-weighted assets. An interim dividend of €0.40 per share is planned for August 2026, consistent with a 50% pay-out policy on resilient net profit.
Positive
- IFRS‑EU net result grew 12% to €3,503 million, with result before tax up 15%, net interest income up 14%, fee income up 13% and operating expenses rising only 1%, while the CET1 ratio remained 13.1%.
Negative
- IFRS‑IASB net result fell 19% to €3,184 million, mainly reflecting a €-319 million IAS 39 carve‑out hedge accounting adjustment from derivative fair value changes and weaker investment and other income.
Filing Explained
ING’s additional shareholder distribution of up to €1,000 million remains ongoing, so the full amount is not yet stated as completed.
ING Groep uses this Form 6-K to furnish its interim report for the six months ended
The distribution may be paid in cash or through a combination of cash and share repurchases, with the majority expected in cash; any distribution requires the CET1 ratio to remain at least at the prevailing maximum distributable amount after payment.
The filing states that an earlier additional distribution of up to
The next specified payment dates are
Key Figures
Net interest income: €8,181 million
Net fee and commission income: €2,514 million
Net result IFRS-EU: €3,503 million
+5 more
8 metrics
Net interest income
€8,181 million
For the six months ended 30 June 2026 under IFRS-EU
Net fee and commission income
€2,514 million
For the six months ended 30 June 2026
Net result IFRS-EU
€3,503 million
Net result attributable to shareholders for 6M 2026
Net result IFRS-IASB
€3,184 million
Net result attributable to shareholders for 6M 2026 under IFRS-IASB
Result before tax
€5,177 million
For the six months ended 30 June 2026
Common Equity Tier 1 ratio
13.1 %
ING Group capital position at 30 June 2026
Net core lending growth
€30.2 billion
Group net core lending growth in 6M 2026
Addition to loan loss provisions
€625 million
Total net additions for the six months ended 30 June 2026
Key Terms
IFRS-IASB, IFRS-EU 'IAS 39 carve-out', Stage 3 provisions, Common Equity Tier 1 capital, +2 more
6 terms
IFRS-IASB financial
"ING prepares financial information in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS-IASB”)."
IFRS-EU 'IAS 39 carve-out' financial
"Adjustment of the IFRS-EU 'IAS 39 carve out' | -319 | 786"
Stage 3 provisions financial
"Total net additions to Stage 3 provisions increased to EUR 567 million from EUR 436 million."
Common Equity Tier 1 capital financial
"ING Group’s Common Equity Tier 1 capital (CET1) ratio is managed around the ~13% target level."
Core capital a bank holds consisting mainly of common shares and retained profits that can absorb losses without forcing the bank to sell assets or seek emergency help; items that can’t reliably cover losses are excluded. Think of it as the bank’s shock-absorbing cushion: a higher common equity tier 1 (CET1) level and ratio means regulators and investors view the bank as better able to survive bad loans or market shocks, so it signals lower risk to shareholders and creditors.
significant risk transfer (SRT) financial
"including the RWA relief from a significant risk transfer (SRT) executed in the second quarter."
Significant risk transfer (SRT) is when a company shifts enough of the financial risk tied to a group of assets or policies to outside parties so regulators treat that risk as no longer the company’s responsibility. For investors this matters because successful SRT can reduce the company’s capital requirements and reported risk exposure—like moving a heavy backpack to someone else’s shoulders—which can change reported solvency and alter the company’s perceived safety and return potential.
management adjustments financial
"Management adjustments can be applied to appropriately reflect ECL in times of volatility and uncertainty."
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FAQ
How did ING (ING) perform financially in the first half of 2026?
ING reported IFRS‑EU net result of €3,503 million, up 12% year-on-year, with result before tax of €5,177 million. Total income rose to €12,107 million, driven by 14% higher net interest income and 13% higher fee income, while operating expenses increased only 1%.
Why do ING (ING)’s IFRS‑EU and IFRS‑IASB results differ in 1H 2026?
Under IFRS‑IASB, ING’s net result was €3,184 million, down 19%, versus €3,503 million under IFRS‑EU. The gap mainly reflects a €-319 million adjustment reversing the IFRS‑EU IAS 39 carve‑out hedge accounting on derivatives used for mortgage and deposit portfolio hedges.
How did lending and deposits at ING (ING) develop in the first half of 2026?
ING achieved net core lending growth of €30.2 billion and net core deposits growth of €23.1 billion in 1H 2026. Retail Banking contributed €21.5 billion to lending growth and €21.1 billion to deposit growth, with additional growth from Wholesale Banking client financing and deposits.
What were ING (ING)’s credit risk costs and asset quality metrics in 1H 2026?
Net additions to loan loss provisions were €625 million, equal to 17 basis points of average customer lending, below the 20-basis-point through‑the‑cycle average. Stage 3 loans totalled €14.2 billion, representing 1.2% of gross carrying amounts, with Stage 1 exposures at about 91.7%.
What is ING (ING)’s capital position and dividend outlook after 1H 2026?
ING reported a CET1 ratio of 13.1% on €341.9 billion of risk-weighted assets, around 190 basis points above its 11.10% CET1 requirement. Net profit of €3,503 million was fully reserved, and an interim dividend of €0.40 per share will be paid in August 2026.
How are geopolitical risks, including Russia and the Middle East, affecting ING (ING)?
ING’s remaining Russian credit exposure was €568 million onshore and €0.4 billion booked outside Russia at 30 June 2026. Additional management overlays of €74 million address sector risks linked to the Middle East conflict, and risk costs include scenario-based provisions for vulnerable sectors.
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 period ended 30 June 2026
Commission File Number 001-14642
(Exact name of Registrant as specified in its charter)
Bijlmerdreef 106
1102 CT Amsterdam
The Netherlands
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] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1):
[ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7):
[ ]
This Report on Form 6-K is hereby incorporated by reference into the Registration Statements on Form S-8 (Nos.
333-92220, 333-81564, 333-108833, 333-125075, 333-137354, 333-149631, 333-158154, 333-158155,
333-165591, 333-168020, 333-172919, 333-172920, 333-172921 and 333-215535) and in the registration
statement on Form F-3 (No. 333-286734) of ING Groep N.V. and shall be a part thereof from the date on which this
Report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 2 |
Table of contents
Presentation of information | 3 |
Cautionary Statement with respect to Forward-looking Statements | 4 |
Interim Report | 7 |
Condensed consolidated results | 7 |
Retail Banking | 9 |
Wholesale Banking | 12 |
Risk management | 15 |
Business environment | 15 |
Credit risk | 16 |
Other risks and uncertainties | 23 |
Capital management | 24 |
Condensed consolidated interim financial statements | 26 |
Condensed consolidated statement of financial position | 27 |
Condensed consolidated statement of profit or loss | 28 |
Condensed consolidated statement of comprehensive income | 29 |
Condensed consolidated statement of changes in equity | 30 |
Condensed consolidated statement of cash flows | 32 |
Notes to the Condensed consolidated interim financial statements | 34 |
1 Basis of preparation and material accounting policy information | 34 |
2 Financial assets at fair value through profit or loss | 36 |
3 Financial assets at fair value through other comprehensive income | 37 |
4 Debt securities | 38 |
5 Loans and advances to customers | 38 |
6 Investment in associates and joint ventures | 39 |
7 Intangible assets | 40 |
8 Customer deposits | 40 |
9 Financial liabilities at fair value through profit or loss | 40 |
10 Equity | 41 |
11 Net interest income | 43 |
12 Net fee and commission income | 44 |
13 Valuation results and net trading income | 44 |
14 Other operating expenses | 45 |
15 Earnings per ordinary share | 45 |
16 Dividend per ordinary share | 46 |
Additional notes to the Condensed consolidated interim financial statements | 47 |
17 Segments | 47 |
18 Fair value of assets and liabilities | 51 |
19 Legal proceedings | 60 |
20 Businesses acquired and divested | 62 |
21 Subsequent events | 62 |
Other information | 63 |
Alternative performance measures | 64 |
Presentation of information
The Condensed consolidated interim financial statements included in this
report on Form 6-K are prepared in accordance with International
Accounting Standard 34 ‘Interim Financial Reporting’ as adopted by the
International Accounting Standards Board (‘IFRS-IASB’). In preparing the
financial statements in this document, except as described otherwise, the
same accounting principles are applied as in ING Groep N.V.’s Annual
Report on Form 20-F for the year ended 31 December 2025 (the “2025
Form 20-F”).
In this report, and unless otherwise stated or the context otherwise
dictates, references to "ING Groep N.V.", "ING Groep NV", "ING Groep" and
"ING Group" refer to ING Groep NV and references to "ING", the
"Company", the "Group", "we" and "us" refer to ING Groep NV and its
consolidated subsidiaries. ING Groep N.V.'s primary banking subsidiary is
ING Bank N.V. (together with its consolidated subsidiaries, "ING Bank").
References to "Executive Board" and "Supervisory Board" refer to the
Executive Board or Supervisory Board of ING Groep N.V., respectively.
ING presents its Condensed consolidated financial statements in euros, the
currency of the European Economic and Monetary Union. Unless otherwise
specified or the context otherwise requires, references to “$”, “US$” and
“Dollars” are to the United States dollars and references to "€" and “EUR”
are to euros.
ING prepares financial information in accordance with IFRS Accounting
Standards as issued by the International Accounting Standards Board
(“IFRS-IASB”) for purposes of reporting with the U.S. Securities and
Exchange Commission (“SEC”), including financial information contained
herein. ING Group’s accounting policies and its use of various options under
IFRS-IASB are described under Note '1.2 Basis of preparation of the
Condensed consolidated interim financial statements’. In this document
the term “IFRS-IASB” is used to refer to IFRS-IASB as applied by ING Group.
The published 2026 ING Group Condensed consolidated interim financial
statements, however, are prepared in accordance with IFRS-EU. IFRS-EU
refers to IFRS Accounting Standards as adopted by the European Union
(“EU”), including the decisions ING Group made with regard to the options
available under IFRS as adopted by the EU (IFRS-EU).
IFRS-EU differs from IFRS-IASB, in respect of certain paragraphs in IAS 39
‘Financial Instruments: Recognition and Measurement’ regarding hedge
accounting for portfolio hedges of interest rate risk. Under IFRS-EU, ING
Group applies fair value hedge accounting for portfolio hedges of interest
rate risk (fair value macro hedges) in accordance with the IFRS-EU “carve-
out” version of IAS 39. Under the IFRS-EU “IAS 39 carve-out”, hedge
accounting may be applied, in respect of fair value macro hedges, to core
deposits and hedge ineffectiveness is only recognised when the revised
estimate of the amount of cash flows in scheduled time buckets falls
below the original designated amount of that bucket, and is not
recognised when the revised amount of cash flows in scheduled time
buckets is more than the original designated amount. Under IFRS-IASB,
hedge accounting for fair value macro hedges cannot be applied to core
deposits and hedge ineffectiveness arises whenever the revised estimate
of the amount of cash flows in scheduled time buckets is either more or
less than the original designated amount of that bucket. IFRS-IASB
financial information is prepared by reversing the hedge accounting
impacts that are applied under the IFRS-EU “carve-out” version of IAS 39.
Financial information under IFRS-IASB accordingly does not take into
account the possibility that, had ING Group applied IFRS-IASB as its primary
accounting framework, it might have applied alternative hedge strategies
where those alternative hedge strategies could have qualified for IFRS-IASB
compliant hedge accounting. These decisions could have resulted in
different shareholders’ equity and net result amounts compared to those
indicated in this report.
Other than for the purpose of SEC reporting, ING Group intends to continue
to prepare its Financial Statements under IFRS-EU. A reconciliation
between IFRS-EU and IFRS-IASB for shareholders’ equity and net result as
of and for the six months ended 30 June 2026 is included in Note '1.2
Basis of preparation of the Condensed consolidated interim financial
statements’.
Certain amounts set forth herein, such as percentages, may not sum due
to rounding.
Cautionary Statement with respect to Forward-looking
Statements
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:
§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
§changes affecting interest rate levels
§any default of a major market participant and related market
disruption
§changes in performance of financial markets, including in Europe and
developing markets
§fiscal uncertainty in Europe and the United States
§discontinuation of or changes in ‘benchmark’ indices
§inflation and deflation in our principal markets
§changes in conditions in the credit and capital markets generally,
including changes in borrower and counterparty creditworthiness
§failures of banks falling under the scope of state compensation
schemes
§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
§geopolitical risks, political instabilities and policies and actions of
governmental and regulatory authorities, including in connection with
the invasion of Russia into Ukraine, other existing or emerging military
conflicts, the risk of further military escalation, geopolitical tensions,
trade restrictions and the related international response measures
§legal and regulatory risks in certain countries with less developed legal
and regulatory frameworks
§prudential supervision and regulations, including in relation to stress
tests and regulatory restrictions on dividends and distributions, (also
among members of the group)
§ING’s ability to meet minimum capital and other prudential regulatory
requirements
§changes in regulation of US commodities and derivatives businesses of
ING and its customers
§application of bank recovery and resolution regimes, including write-
down and conversion powers in relation to our securities
§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
§changes in tax laws and regulations and risks of non-compliance or
investigation in connection with tax laws, including FATCA
§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
§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
§changes in general competitive factors, including ability to increase or
maintain market share
§inability to protect our intellectual property and infringement claims by
third parties
§inability of counterparties to meet financial obligations or ability to
enforce rights against such counterparties
§changes in credit ratings
§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
§inability to attract and retain key personnel
§future liabilities under defined benefit retirement plans
§failure to manage business risks, including in connection with use of
models, use of derivatives, or maintaining appropriate policies and
guidelines
§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
§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.
This document may also discuss one or more specific transactions and/or
contain general statements about ING’s ESG approach. The approach and
criteria referred to in this document are intended to be applied in
accordance with applicable law. Due to the fact that there may be
different or even conflicting laws, the approach, criteria or the application
thereof, could be different.
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 representation or warranty with respect to the accuracy or
completeness of, or take any responsibility for, any information found at
any websites operated by 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 filing 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.
Interim report
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 7 |
Interim Report
Condensed consolidated results
Condensed consolidated results | |||
Profit or loss (in EUR million) | 6M2026 | 6M2025 | Change |
Net interest income | 8,181 | 7,159 | 14% |
Net fee and commission income | 2,514 | 2,216 | 13% |
Total Investment and other income | 1,412 | 1,965 | -28% |
Total income | 12,107 | 11,339 | 7% |
Expenses excl. regulatory costs | 5,903 | 5,795 | 2% |
Regulatory costs | 402 | 439 | -8% |
Operating expenses | 6,305 | 6,234 | 1% |
Gross result | 5,802 | 5,105 | 14% |
Addition to loan loss provisions | 625 | 612 | 2% |
Result before tax | 5,177 | 4,493 | 15% |
Taxation | 1,554 | 1,237 | 26% |
Non-controlling interests | 120 | 127 | -6% |
Net result IFRS-EU | 3,503 | 3,130 | 12% |
Adjustment of the IFRS-EU 'IAS 39 carve out' | -319 | 786 | -141% |
Net result IFRS-IASB1 | 3,184 | 3,915 | -19% |
Key financial metrics | |||
Net core lending growth (in EUR billion)2 | 30.2 | 22.2 | |
Net core deposits growth (in EUR billion)3 | 23.1 | 28.8 | |
Risk costs in bps of average customer lending | 17 | 18 | |
1Net result reflects the net result attributable to shareholders of the parent.
2For a definition and reconciliation of net core lending growth and net core deposits growth, see the
appendix 'Alternative performance measures'.
ING Group monitors and evaluates the performance of ING Group at a
consolidated level and by segment using results based on figures
according to IFRS as adopted by the European Union (IFRS-EU). The
Executive Board and the Management Board Banking consider this
measure to be relevant to an understanding of the Group’s financial
performance, because it allows investors to understand the primary
method used by management to evaluate the Group’s operating
performance and make decisions about allocating resources. In addition,
ING Group believes that the presentation of results in accordance with
IFRS-EU helps investors compare its segment performance on a
meaningful basis by highlighting result before tax attributable to ongoing
operations and the profitability of the segment businesses. ING prepares
its results filed with SEC in accordance with IFRS-IASB. This information is
prepared by reversing the hedge accounting impacts that applied under
the EU 'carve-out' version of IAS 39. For the IFRS-EU result, the impact of
the carve-out is re-instated as this is the measure at which management
monitors the business.
The IFRS-EU ‘IAS 39 carve-out’ adjustment relates to fair value portfolio
hedge accounting strategies for the mortgage and savings portfolios in the
Benelux, Germany and Other Challengers that are not eligible under IFRS-
IASB. As no hedge accounting is applied to these mortgage and savings
portfolios under IFRS-IASB, the fair value changes of the derivatives are not
offset by fair value changes of the hedge items (mortgages and savings).
Consolidated results of operations
In the first half of 2026, ING’s IFRS-IASB net result decreased to EUR 3,184
million, or -19%, compared with EUR 3,915 million in the same period of
2025. In the first six months of 2026, the result included a negative
adjustment of the EU ‘IAS 39 carve-out’ of EUR -319 million, compared with
a positive adjustment of EUR 786 million in the first half of 2025 due to
reversing the impact of applying the EU ‘IAS 39 carve-out’. The negative
adjustment is mainly driven by negative fair value changes on derivatives
related to asset-liability-management activities for the mortgage and
deposits portfolios due to a decline in long-term interest rates during 2026.
As no fair value hedge accounting is applied to these mortgage and
deposits portfolios under IFRS-IASB, the net negative fair value changes of
the derivatives are not offset by net positive fair value changes on the
hedged items (mortgages and deposits).
ING’s IFRS-EU net result in the first half of 2026 was EUR 3,503 million
compared with EUR 3,130 million in the same period of 2025. The result
before tax increased 15% to EUR 5,177 million from EUR 4,493 million in
the first half of 2025. In the first half of 2026, we continued to support our
customers, while making further progress on our strategy of accelerating
growth, increasing impact and delivering value. Lending and deposit
volumes continued to grow and, together with higher liability margins,
contributed to a 9% increase in commercial net interest income. Fee
income also showed continued positive momentum, with double-digit
year-on-year growth and contributions from all products and markets. At
the same time, our focus on operational excellence enabled growth to be
delivered in a scalable way, with total operating expenses remaining
broadly stable despite continued investments to support business growth.
Risk costs remained below our through-the-cycle average, reflecting the
resilience and quality of our loan portfolio.
Client balances
Our performance in the first half of 2026 reflects the continued execution
of our strategy to accelerate growth, with strong customer lending growth
and a solid inflow of customer deposits. Net core lending growth, defined
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 8 |
as the increase in customer lending adjusted for currency impacts and
excluding Treasury and run-off portfolios, amounted to EUR 30.2 billion.
Retail Banking contributed EUR 21.5 billion, supported by continued
momentum in mortgages, strong growth in Business Banking, where we
continue to strengthen our franchise, and higher consumer lending. In
Wholesale Banking, net core lending growth was EUR 8.6 billion, while risk-
weighted assets declined, reflecting continued improvements in capital
efficiency.
Net core deposits growth, which excludes FX impacts and movements in
Treasury deposits, amounted to EUR 23.1 billion in the first half of 2026.
Retail deposits accounted for EUR 21.1 billion of this growth, despite
conversion into investment products. Wholesale Banking contributed EUR
2.1 billion, driven by Payments & Cash Management and in line with its
strategic focus on deposit gathering.
Total income
Total income increased to EUR 12,107 million, an increase of 6.8%
compared with EUR 11,339 million in the first six months of 2025. The
increase was supported by continued growth of our customer base, higher
lending and deposit volumes, and double-digit growth in fee income. This
strong underlying performance was partly offset by lower investment and
other income.
Total net interest income rose 14% to EUR 8,181 million, including
significantly higher interest income from Treasury activities. Commercial
net interest income increased 8.8% to EUR 8,233 million, reflecting higher
net interest income from both lending and liability products. Lending net
interest income benefited from higher mortgage and other lending
volumes, while lending margins remained broadly stable. Liability net
interest income increased, supported by net deposit inflows and a higher
average margin. The improvement in the liability margin reflected the
continued benefit of the hedging tailwind on replicated deposits, while
maintaining disciplined commercial pricing across the deposit back book.
Other net interest income amounted to EUR -52 million compared with
EUR -407 million in the first half of 2025, largely due to lower funding costs
for positions in Financial Markets and Treasury, for which the offsetting
revenue is recorded in investment and other income.
Net fee and commission income increased 13%, in line with our ambition
to further diversify income, with growth across all products and markets.
In Retail Banking, growth was supported by structural drivers, including
continued customer growth, improved cross-selling and a strong increase
in assets under management. In Wholesale Banking, fee income benefited
from a higher deal flow in Lending and capital markets issuance.
Investment and other income declined to EUR 1,412 million from EUR
1,965 million in the first half of 2025. This was largely due to accounting
asymmetry in Financial Markets and Treasury, with the offsetting effect
reflected in higher other net interest income. In addition, heightened
market volatility in the first quarter of 2026, following the war in the Middle
East, affected derivative valuations and hedge ineffectiveness results in
Treasury, which only partly reversed in the second quarter.
Operating expenses
Operating expenses increased 1.1% to EUR 6,305 million. This included EUR
402 million of regulatory costs, down EUR 37 million year-on-year, and
EUR 76 million of incidental cost items. By comparison, the first half of
2025 had included EUR 120 million of incidental items, of which EUR 90
million related to the rebalancing of the workforce in Wholesale Banking.
Expenses excluding regulatory costs and incidental items increased by a
modest 2.7% year-on-year, reflecting disciplined cost management and
the scalability of our business model. The impact of wage inflation was
largely offset by savings from previous restructurings, while continued
investments supported business growth.
Addition to loan loss provisions
Net additions to loan loss provisions amounted to EUR 625 million, or an
annualised 17 basis points of average customer lending, remaining below
our through-the-cycle historical average of 20 basis points. This includes
the impact from updated economic forecasts and an additional sector-
based overlay to reflect continued uncertainty regarding a credible path to
a structural resolution of the war in the Middle East and the resulting
second-order effects on vulnerable sectors. In the first six months of 2025,
net additions to loan loss provisions had been EUR 612 million or 18 basis
points of average customer lending.
Total Stage 1 and 2 risk costs declined to EUR 58 million from EUR 177
million in the first half of 2025. This included a partial release of the
management overlay for interest-only mortgages in the Netherlands, as
well as releases of Stage 2 provisions for files that migrated to Stage 3.
Total net additions to Stage 3 provisions increased to EUR 567 million from
EUR 436 million in the first six months of 2025. The comparative period had
benefited from a limited inflow of new files and a higher level of
repayments and recoveries on existing files.
In Retail Banking, risk costs increased by EUR 20 million year-on-year but
remained stable at 15 basis points of average customer lending. In
Wholesale Banking, risk costs decreased by EUR 23 million, including the
repayment of a large Stage 3 loan in the first half of 2026.
Net result
The net result (attributable to shareholders of the parent) for the first half
of 2026 amounted to EUR 3,503 million, up 12% compared with EUR 3,130
million with the same period of 2025.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 9 |
Retail Banking
Retail Banking | |||||||||||||||
Total Retail Banking | Retail Netherlands | Retail Belgium | Retail Germany | Retail Other | |||||||||||
in EUR million | 6M2026 | 6M2025 | Change | 6M2026 | 6M2025 | Change | 6M2026 | 6M2025 | Change | 6M2026 | 6M2025 | Change | 6M2026 | 6M2025 | Change |
Net interest income | 6,261 | 5,538 | 13% | 1,919 | 1,508 | 27% | 940 | 886 | 6% | 1,245 | 1,215 | 2% | 2,157 | 1,929 | 12% |
Net fee and commission income | 1,742 | 1,522 | 14% | 593 | 540 | 10% | 385 | 339 | 14% | 307 | 287 | 7% | 457 | 356 | 28% |
Total investment and other income | 405 | 563 | -28% | 248 | 403 | -38% | 90 | 73 | 23% | -14 | -77 | 83 | 164 | -49% | |
Total income | 8,409 | 7,623 | 10% | 2,759 | 2,451 | 13% | 1,414 | 1,298 | 9% | 1,538 | 1,425 | 8% | 2,697 | 2,449 | 10% |
Expenses excl. regulatory costs | 3,820 | 3,705 | 3% | 973 | 981 | -1% | 738 | 769 | -4% | 703 | 655 | 7% | 1,406 | 1,300 | 8% |
Regulatory costs | 331 | 388 | -15% | 0 | 0 | 177 | 226 | -22% | -3 | 25 | -112% | 157 | 136 | 15% | |
Operating expenses | 4,151 | 4,093 | 1% | 973 | 981 | -1% | 915 | 995 | -8% | 700 | 680 | 3% | 1,563 | 1,436 | 9% |
Gross result | 4,258 | 3,530 | 21% | 1,786 | 1,470 | 21% | 499 | 302 | 65% | 838 | 745 | 12% | 1,134 | 1,013 | 12% |
Addition to loan loss provisions | 405 | 385 | 5% | 39 | 72 | -46% | 131 | 76 | 72% | 78 | 77 | 1% | 158 | 159 | -1% |
Result before taxation | 3,853 | 3,145 | 23% | 1,747 | 1,398 | 25% | 368 | 226 | 63% | 760 | 667 | 14% | 977 | 854 | 14% |
Taxation | 1,139 | 849 | 34% | 455 | 369 | 23% | 101 | 62 | 63% | 244 | 216 | 13% | 340 | 202 | 68% |
Non-controlling interests | 102 | 107 | -5% | 0 | 0 | 1 | 1 | 0% | 101 | 106 | -5% | ||||
Net result IFRS-EU | 2,612 | 2,188 | 19% | 1,293 | 1,029 | 26% | 267 | 164 | 63% | 516 | 450 | 15% | 536 | 546 | -2% |
Adjustment of the IFRS-EU 'IAS 39 carve out' | |||||||||||||||
Net result IFRS-IASB | 2,612 | 2,188 | 19% | 1,293 | 1,029 | 26% | 267 | 164 | 63% | 516 | 450 | 15% | 536 | 546 | -2% |
Key financial metrics | |||||||||||||||
Net core lending growth (in EUR billion)1 | 21.5 | 19.9 | 8.9 | 8.5 | 2.2 | 1.7 | 4.1 | 3.2 | 6.4 | 6.4 | |||||
Net core deposits growth (in EUR billion)1 | 21.1 | 25.9 | 5.1 | 5.2 | 0.3 | 0.7 | 8.6 | 14.2 | 7.0 | 5.7 | |||||
Risk costs in bps of average customer lending | 15 | 15 | 4 | 9 | 27 | 15 | 13 | 14 | 24 | 27 | |||||
1 For a definition and reconciliation of net core lending growth and net core deposits growth, see the appendix 'Alternative performance measures'.
Retail Banking continued to expand its customer base, while customers
increasingly chose ING for both lending and savings products, resulting in
further growth in customer balances. Financial results were very strong,
driven by higher commercial net interest income, robust fee income, and
low risk costs. This translated into a return on equity of 23.6% in the first
half of 2026. Net result increased 19% to EUR 2,612 million.
Customer lending continued to grow and reached EUR 543.9 billion. In the
first half of 2026, net core lending growth (which excludes currency
impacts, Treasury and run-off portfolios) amounted to EUR 21.5 billion.
This was particularly driven by a EUR 13.0 billion increase in the mortgage
portfolio across almost all countries. Further progress was made in
expanding the business lending portfolio, where ING continues to
strengthen its franchise, as well as in consumer lending.
Deposit inflows remained solid, with customer deposits reaching EUR 678.2
billion. Net core deposits growth (excluding FX impacts and Treasury)
amounted to EUR 21.1 billion in the first half of 2026, despite continued
migration into investment products. Growth was supported by strong
contributions from Germany, the Netherlands and Poland.
Total net interest income increased 13% to EUR 6,261 million, including
higher Treasury-related interest income. Continued growth in customer
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 10 |
lending and deposits, together with an improved liability margin,
supported a 10% year-on-year increase in commercial net interest
income.
Net fee and commission income rose 14% year-on-year, reflecting higher
fees from investment products, daily banking, insurance and lending. This
performance was driven by continued growth of the customer base,
increased cross-selling and higher customer investment trading activity.
Daily banking fee income also benefited from a structural shift from other
income as from 2026.
Investment and other income declined, reflecting lower Treasury-related
income as heightened market volatility following the war in the Middle
East resulted in negative results from hedge ineffectiveness and derivative
revaluations. This was partly offset by a positive fair value revaluation of
EUR 25 million following the acquisition of the remaining 55% stake in
Goldman Sachs TFI and a EUR 22 million gain on the sale of an equity stake
in the first half of 2026.
Operating expenses rose 1.4% to EUR 4,151 million. This included EUR 331
million of regulatory costs, down from EUR 388 million in the prior year,
reflecting lower contributions in Belgium and Germany. Excluding
regulatory costs, expenses remained well controlled. Year-on-year
expense growth was limited to 3.1%, while continuing to invest in
commercial growth, technology and the customer experience.
Net additions to loan loss provisions amounted to EUR 405 million,
equivalent to 15 basis points of average customer lending. Risk costs
included a partial release of the management overlay related to interest-
only mortgages in the Netherlands. The release followed a comprehensive
review and reflected updated risk assessments and a revised scope. Risk
costs also included releases related to the sale of non-performing loan
portfolios in several countries. These releases were partly offset by a
management overlay related to the war in the Middle East. In the first half
of 2025, risk costs amounted to EUR 385 million, also equivalent to 15
basis points of average customer lending.
Retail Netherlands
Retail Netherlands recorded a net result of EUR 1,293 million compared
with EUR 1,029 million in the first six months of 2025. Result before tax
rose 25% to EUR 1,747 million, supported by higher customer balances,
stronger fee income and low risk costs.
Customer lending increased by EUR 9.8 billion in the first half of 2026. Net
core lending growth, which is the increase in customer lending excluding
movements in Treasury and in the Westland Utrecht Bank run-off
portfolio, amounted to EUR 8.9 billion. This reflected continued growth in
the mortgage portfolio and strong expansion of the business lending
portfolio.
Customer deposits rose by EUR 24.3 billion. Excluding Treasury, customer
deposits increased by EUR 5.1 billion, primarily driven by a net inflow from
private individuals.
Net interest income increased by 27%, or EUR 411 million, to EUR 1,919
million. This included EUR 175 million of higher Treasury-related interest
income, which was almost fully offset within investment and other
income. Commercial net interest income increased 14% year-on-year to
EUR 2,062 million , reflecting higher income from both lending and liability
products. Lending income benefited from volume growth, while liability
income was supported by deposit growth and improved margins.
Net fee and commission income rose 10% to EUR 593 million, largely
driven by higher fees from daily banking services and growth in assets
under management.
Investment and other income amounted to EUR 248 million, compared
with EUR 403 million in the first half of 2025, and reflected lower Treasury-
related income.
Operating expenses decreased 0.8% to EUR 973 million. Higher internal
staff expenses related to collective labour agreements were more than
offset by lower external staffing costs. Operating expenses included EUR
10 million of restructuring costs in the first half of 2026, compared with
EUR 14 million in the first half of 2025.
Net additions to loan loss provisions remained low at EUR 39 million,
equivalent to 4 basis points of average customer lending, and included a
partial release of the management overlay for interest-only mortgages. In
the first half of 2025, risk costs amounted to EUR 72 million, or 9 basis
points of average customer lending.
Retail Belgium
Retail Belgium includes the retail activities in Luxembourg. As from 2026,
these relate only to Private Banking clients, following the gradual phase-
out of activities for Business Banking clients and private individuals in
Luxembourg. The related run-off results are reported in Corporate Line.
The net result of Retail Belgium increased strongly to EUR 267 million
compared with EUR 164 million in the first half of 2025. Result before tax
rose 63% to EUR 368 million, supported by strong commercial
performance and lower expenses.
Customer lending declined by EUR 1.9 billion in the first half of 2026,
reflecting the transfer of the Luxembourg run-off portfolio to Corporate
Line. Adjusted for this transfer and excluding movements in Treasury, net
core lending growth amounted to EUR 2.2 billion, driven by growth in both
the mortgage and business lending portfolio.
Customer deposits remained broadly stable in the first six months of 2026.
Net core deposits growth, which excludes the transfer of the Luxembourg
run-off portfolio to Corporate Line and movements in Treasury, amounted
to EUR 0.3 billion.
Net interest income amounted to EUR 940 million, up from EUR 886 million
a year earlier. Commercial net interest income increased 8.4%, primarily
reflecting a higher average liability margin.
Net fee and commission income rose 14% to EUR 385 million, primarily
driven by net inflows and higher entry fees on investment products, as
well as fees from the issuance of structured notes.
Operating expenses amounted to EUR 915 million. This included EUR 177
million of regulatory costs, a decrease of EUR 49 million year-on-year,
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 11 |
reflecting lower contributions to the Belgian deposit guarantee scheme.
Operating expenses also included EUR 7 million of restructuring costs
compared with EUR 8 million in the same period of 2025. Expenses
excluding regulatory costs declined 4.0% year-on-year, mainly reflecting
the transfer of the Luxembourg run-off portfolio to Corporate Line, while
the impact of automatic salary indexation was offset by FTE reductions
and lower external staffing costs.
Net additions to loan loss provisions amounted to EUR 131 million,
equivalent to an annualised 27 basis points of average customer lending,
compared with EUR 76 million in the first half of 2025. Risk costs in 2026
were primarily related to business lending.
Retail Germany
The net result for Retail Germany in the first half of 2026 was EUR 516
million, up from EUR 450 million in the same period of 2025. Result before
tax rose 14% to EUR 760 million, supported by continued commercial
momentum.
Customer lending increased further to EUR 119.7 billion, corresponding to
a net core lending growth (excluding Treasury) of EUR 4.1 billion in the first
half of 2026. Mortgages remained the main driver of growth,
complemented by solid expansion of the consumer lending portfolio.
Customer deposits continued to grow and amounted to EUR 166.4 billion
at the end of June 2026, corresponding to a net core deposits growth
(excluding Treasury) of EUR 8.6 billion in the first six months of 2026. This
was accompanied by a strong increase in assets under management.
Net interest income rose 2.5% to EUR 1,245 million. Lower net interest
income from Treasury was more than offset by higher investment and
other income. Commercial net interest income increased 5.6% to EUR
1,177 million, reflecting higher net interest income from both lending and
liability products. Lending net interest income benefited from volume
growth, while liability net interest income increased as a result of higher
liability margins.
Net fee and commission income rose 7.0% to EUR 307 million, driven by
growth in the customer base and the number of investment accounts,
increased customer trading activity, and higher fees from daily banking
services.
Operating expenses amounted to EUR 700 million in the first half of 2026.
No contribution to the deposit guarantee scheme was required in the first
half of 2026, whereas the same period of 2025 included EUR 25 million of
regulatory costs. Excluding regulatory costs, expenses increased by 7.3%,
reflecting higher internal staff expenses related to annual salary increases,
as well as continued investments to support business growth and
scalability. Expenses in 2026 included a provision of EUR 19 million for a
workforce restructuring at Interhyp, resulting in 168 redundancies,
compared with EUR 16 million of provisions and restructuring costs
recorded in the prior year.
Net additions to loan loss provisions amounted to EUR 78 million,
equivalent to 13 basis points of average customer lending, stable year-on-
year and primarily related to consumer lending.
Retail Other
Retail Other comprises the six retail markets in Spain, Italy, Australia,
Poland, Romania and Türkiye. The combined net result of these countries
amounted to EUR 536 million. This was slightly below the first half of 2025,
reflecting the impact of a significantly higher corporate income tax rate for
banks in Poland. The corporate income tax rate for banks in Poland
increased from 19% in 2025 to 30% in 2026. Result before tax increased by
14% to EUR 977 million, driven by strong income growth.
Continued expansion of the customer base supported growth in customer
lending to EUR 137.0 billion. Net core lending growth (adjusted for
currency effects and excluding Treasury) amounted to EUR 6.4 billion in
the first half of 2026. This was driven primarily by a EUR 4.4 billion increase
in the mortgage portfolio — particularly in Italy, Australia and Spain —
alongside growth in business and consumer lending.
Customer deposits reached EUR 182.2 billion. Net core deposits growth
(defined as the increase in customer deposits excluding currency impacts
and Treasury) amounted to EUR 7.0 billion, reflecting strong net inflows,
particularly in Poland and Spain.
Total net interest income increased 12% to EUR 2,157 million, including
higher Treasury-related interest income. Supported by strong growth in
customer balances, while average lending and liability margins remained
broadly stable, commercial net interest income rose 8.2% to EUR 1,999
million.
Net fee and commission income increased 28% to EUR 457 million, further
diversifying revenue streams, with contributions from all markets and
products. This reflected continued success in attracting new customers,
deepening existing relationships and converting customers into mobile
primary relationships. In addition, fee income benefited from the full
consolidation of TFI in Poland from the second quarter of 2026 and from a
structural reclassification from other income from 2026.
Investment and other income declined from EUR 164 million to EUR 83
million, mainly reflecting lower Treasury-related income due to hedge
ineffectiveness and valuation adjustments. This was partly offset by a
positive fair value revaluation of EUR 25 million following the acquisition of
the remaining 55% stake in Goldman Sachs TFI in Poland in the first half of
2026.
Operating expenses amounted to EUR 1,563 million in the first half of
2026. This included EUR 157 million of regulatory costs, up from EUR 136
million in the prior year, reflecting higher contributions to the deposit
guarantee scheme in Poland and higher bank taxes in Romania. Excluding
regulatory costs, expenses increased by 8.2%, reflecting continued
investments to support business growth, the impact of inflation and the
consolidation of TFI. Expenses in the first half of 2026 also included a EUR
22 million legal provision.
Net additions to loan loss provisions amounted to EUR 158 million, or 24
basis points of average customer lending, with additions mainly in Poland,
Spain and Romania.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 12 |
Wholesale Banking
Wholesale Banking | |||
in EUR million | 6M2026 | 6M2025 | Change |
Net interest income | 1,768 | 1,412 | 25% |
Net fee and commission income | 772 | 696 | 11% |
Total investment and other income | 1,073 | 1,344 | -20% |
Total income | 3,614 | 3,452 | 5% |
of which: | |||
Lending | 1,678 | 1,565 | 7% |
Daily Banking & Trade Finance | 990 | 958 | 3% |
Financial Markets | 789 | 787 | 0% |
Treasury & Other | 157 | 142 | 11% |
Total income | 3,614 | 3,452 | 5% |
Expenses excl. regulatory costs | 1,817 | 1,850 | -2% |
Regulatory costs | 70 | 51 | 37% |
Operating expenses | 1,886 | 1,901 | -1% |
Gross result | 1,728 | 1,551 | 11% |
Addition to loan loss provisions | 204 | 227 | -10% |
Result before taxation | 1,523 | 1,324 | 15% |
Taxation | 407 | 342 | 19% |
Non-controlling interests | 18 | 19 | -5% |
Net result IFRS-EU | 1,097 | 962 | 14% |
Adjustment of the IFRS-EU 'IAS 39 carve out' | -319 | 786 | -141% |
Net result IFRS-IASB | 778 | 1,748 | -55% |
Key financial metrics | |||
Net core lending growth (in EUR billion)1 | 8.6 | 2.3 | |
Net core deposits growth (in EUR billion)1 | 2.1 | 2.9 | |
Risk costs in bps of average customer lending | 20 | 24 | |
1 For a definition and reconciliation of net core lending growth and net core deposits growth, see
the appendix 'Alternative performance measures'.
Without application of the EU ‘IAS 39 carve-out’, ING’s net result of
Wholesale Banking amounted to EUR 778 million in the first half of 2026,
compared to EUR 1,748 million in the same period of 2025. The
adjustment of the EU ‘IAS 39 carve-out’, included in the net result was EUR
-319 million, compared with EUR 786 million in the first half of 2025, due to
fair value changes on derivatives related to asset-liability-management
activities for the mortgages and savings portfolios in the Benelux,
Germany, France, Spain, Italy and Romania. These fair value changes were
mainly a result of changes in market interest rates. No hedge accounting
is applied to these derivatives under IFRS-IASB.
The IFRS-EU net result (when applying the EU ‘IAS 39 carve-out’) increased
to EUR 1,097 million from EUR 962 million in the first six months of 2025.
Wholesale Banking reported a result before tax of EUR 1,523 million in the
first half of 2026 compared with EUR 1,324 million in the same period of
the previous year.
Customer lending increased to EUR 214.1 billion, reflecting deeper client
engagement. Net core lending growth in the first half of 2026 amounted
to EUR 8.6 billion, supported by strong client demand for financing. At the
same time, risk-weighted assets declined, demonstrating continued
improvements in capital efficiency.
Customer deposits rose to EUR 94.5 billion, as Wholesale Banking
continued to expand its capital-light income capabilities. Net customer
deposits growth amounted to EUR 2.1 billion, as higher deposits in
Payments & Cash Management and increased short-term client balances
in the cash pooling business were partly offset by lower deposits in
Financial Markets.
Total income for Lending increased 7.2% to EUR 1,678 million, supported
by higher volumes and stronger fee income, underlining the strength of
our client relationships and advisory capabilities. This was partly offset by
adverse currency movements. Our disciplined capital management,
including the successful execution of three significant risk-transfer
transactions, enabled us to keep Lending risk-weighted assets stable year-
on-year while continuing to grow the loan book.
Income from Daily banking & Trade Finance rose 3.3% to EUR 990 million.
This was supported by increased client demand in Trade Finance Services
and Trade & Commodity Finance, alongside higher deposit volumes in
Payments & Cash Management and our cash pooling business. This more
than offset margin compression in Payments & Cash Management.
Financial Markets income remained broadly stable at EUR 789 million.
Amid ongoing geopolitical uncertainty, trading conditions were more
challenging than in the first half of 2025. This was compensated by higher
fee income from capital markets issuance and FX transactions.
Income from Treasury & Other rose by EUR 15 million to EUR 157 million.
This included higher Corporate Finance fee income and EUR 18 million of
one-off gains in the first half of 2026. These factors more than outweighed
lower Treasury results, where heightened market volatility related to
geopolitical developments resulted in initial negative results from hedge
ineffectiveness, while the prior year period had benefited from positive
revaluations and hedge ineffectiveness.
Operating expenses were well controlled and declined 0.8% to EUR 1,886
million. This included EUR 70 million of regulatory costs compared with
EUR 51 million in the prior year. Excluding regulatory costs, expenses
decreased 1.8% to EUR 1,817 million. The impact of salary increases and
targeted multi-year investment initiatives to structurally improve
profitability was offset by cost savings, including the positive effects of the
EUR 90 million restructuring provisions recorded in the first half of 2025 for
a rebalancing of the workforce. The first half of 2026 included EUR 18
million of restructuring costs.
Despite an addition of EUR 34 million of certain SRT and CPRI-related
charges in the first half of 2026, net additions to loan loss provisions
declined to EUR 204 million (20 basis points of average customer lending)
from EUR 227 million in the prior-year period. This partly reflected the
repayment of a large Stage 3 loan.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 13 |
Corporate Line
Corporate Line | ||
in EUR million | 6M2026 | 6M2025 |
Net interest income | 152 | 209 |
Net fee and commission income | -1 | -2 |
Total investment and other income | -67 | 57 |
Total income | 84 | 265 |
Expenses excl. regulatory costs | 267 | 240 |
Regulatory costs | 1 | 0 |
Operating expenses | 268 | 239 |
Gross result | -184 | 25 |
Addition to loan loss provisions | 15 | 0 |
Result before taxation | -199 | 25 |
Taxation | 8 | 45 |
Non-controlling interests | 0 | 0 |
Net result IFRS-EU | -206 | -21 |
Adjustment of the IFRS-EU 'IAS 39 carve out' | ||
Net result IFRS-IASB | -206 | -21 |
Total income for Corporate Line in the first half of 2026 amounted to EUR
84 million compared with EUR 265 million in the same period of 2025. This
was mainly due to lower income from foreign currency hedging and the
absence of the EUR 39 million interim dividend from our stake in the Bank
of Beijing that had been recognised in the first half of 2025.
Operating expenses for the first half of 2026 amounted to EUR 268 million
compared with EUR 239 million in the first half of 2025. This mainly
reflected the transfer of the Luxembourg run-off activities from Retail
Banking to Corporate Line in 2026 and higher restructuring costs.
Risk management
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 15 |
Risk management
As a global financial institution with a strong
European base, offering banking services, ING is
exposed to a variety of risks. We manage these
through a comprehensive risk management
framework that integrates risk management into
strategic planning and daily business activities.
This aims to safeguard ING’s financial strength and
reputation by promoting the identification,
measurement and management of risks at all
levels of the organisation. Taking measured risks
aligned with its risk appetite is core to ING’s
business.
The risk management function supports the EB in formulating the risk
appetite, strategies, policies and limits. It provides adequate steering,
oversight, challenge and controls throughout ING on risk-related items.
Basis of disclosures (*) This risk management section contains an update of information relating to the nature and the extent of the risks arising from financial instruments as disclosed in the 2025 ING Group consolidated financial statements as included in the 2025 Annual Report. These disclosures are an integral part of ING Group condensed consolidated interim financial statements and are indicated by the symbol (*). Chapters, paragraphs, graphs or tables within this risk management section that are indicated with this symbol in the respective headings or table header are considered to be an integral part of the condensed consolidated interim financial statements. | |||
Business environment
Geopolitical risk
Geopolitical risks remained elevated in the first half of 2026, driven by
ongoing conflicts, trade, and economic policy uncertainty, and increasing
strategic competition between major economies. These factors
contributed to volatility in financial and commodity markets, uncertainty
regarding the global economic outlook, and heightened operational and
regulatory challenges for internationally active institutions.
Global trade and economic policy
Following legal challenges to earlier US tariff measures, new tariff actions
were introduced, and uncertainty persisted regarding the future direction
of global trade policy. These measures, industrial policies and increasing
emphasis on economic security also continued to influence supply chain
and business investment decisions. At the same time, trade relations
between major economies remained subject to change, contributing to
global growth expectations, inflation forecasts, and financial market
conditions.
Strategic competition between major economies
Strategic competition between major economies continued to shape
trade, technology, and industrial policies. Developments relating to
economic security, export controls and technology dependencies
contributed to a more fragmented global operating environment.
Relations between the United States and China remained a key factor in
areas such as advanced technologies, export controls, supply chains, and
Taiwan. These factors reinforced longer-term trends towards economic
fragmentation and may affect international trade, cross-border
investment, and operational resilience, particularly for internationally
active businesses.
The war in Ukraine
The war in Ukraine continued during the first half of 2026, remaining a
source of geopolitical uncertainty and influencing regional security
dynamics, energy markets and investor sentiment. Sanctions and other
restrictive measures related to Russia remained an important
consideration for ING and internationally active businesses. The conflict
continues to pose operational, compliance and counterparty risks while
contributing to broader geopolitical and economic fragmentation. ING
continues to monitor these developments closely and remain focused on
ending its activities in the Russian market.
Our credit exposure was €568 million (31 December 2025: €547 million),
mainly with Central Bank liquidity facilities and other lending. A significant
part is guaranteed by international parents or benefits from strong
collateral.
Exposure in Russia
Since February 2022, we have taken on no new business with Russian
clients, have scaled down operations and have taken actions to separate
our business in Russia from ING’s networks and systems. We will also
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 16 |
continue to further reduce our offshore exposure to Russian clients. As per
30 June 2026, ING’s remaining credit exposures to Russian counterparties,
booked outside of Russia is €0.4 billion (31 December 2025: €0.6 billion).
ING’s remaining operations in Russia and with Russian counterparties are
subject to various risks, including, but not limited to, credit risk, changes in
laws and regulations – including sanctions and counter sanctions – as well
as conflicts of law, potential litigations, and events that would trigger loss
of control.
In April 2026 ING has terminated the agreement to sell its business in ING
Bank (Eurasia) JSC to Global Development JSC, as announced on 28
January 2025. ING assessed that there currently is no realistic expectation
that the buyer will obtain the necessary approvals.
During 2024, a trend emerged whereby Russian parties are holding
Western banks liable in Russian courts. The Russian parties claim that such
banks, by complying with sanctions imposed by the EU, US and other
authorities, have caused damage to the Russian party. There have also
been instances where Russian courts ruled in favour of the Russian party.
In these cases, Russian courts did not recognise such sanctions, did not
respect the choice of law and courts pursuant to the applicable contracts,
and held Russian subsidiaries of Western banks liable for acts by other
entities in that banking group. For more information on litigation involving
ING, see Note 19 ‘Legal proceedings’.
War in the Middle East
Tensions in the Middle East increased during the period, underscoring the
importance of the region for global energy markets, key supply chains and
international trade routes. The conflict contributed to higher volatility in
energy and commodity prices and highlighted vulnerabilities in the supply
of key industrial and agricultural inputs, with implications for inflation,
economic growth, and financial markets. Although immediate market
disruptions eased towards the end of the period, uncertainty related to
energy supplies, international trade and broader economic impact
remained elevated.
Cybercrime and Artificial Intelligence
Cybercrime remained a key risk consideration. The growing use of AI is
increasing the speed, scale and sophistication of cyber-attacks, while ING's
continued reliance on technology and third parties reinforces the
importance of strong cyber resilience. As the threat landscape evolves,
continued focus on prevention, detection, recovery and timely
remediation of known weaknesses remains critical.
Credit risk
ING recognises loss allowances based on the expected credit loss (ECL)
model of IFRS 9, which is designed to be forward-looking. The IFRS 9
impairment requirements are applicable to on-balance-sheet financial
assets measured at amortised cost or fair value through other
comprehensive income (FVOCI), such as loans, debt securities and lease
receivables, as well as off-balance-sheet items such as undrawn loan
commitments, financial- and non-financial guarantees issued.
ING distinguishes between two types of calculation methods for credit loss
allowances:
§Collective 12-month ECL (Stage 1) and collective lifetime ECL (Stage 2)
for portfolios of financial instruments, as well as collective lifetime ECL
for credit-impaired exposures (Stage 3) below €1 million;
§Individual lifetime ECL for credit-impaired (Stage 3) financial instruments
with exposures above €1 million.
Portfolio quality and concentration (*)
The table below describes the portfolio composition over the different IFRS
9 stages and rating classes. The Stage 1 portfolio represents 91.7 % (2025:
investment grade, while Stage 2 makes up 7.1 % (2025: 6.8 %) and Stage 3
makes up 1.2 % (2025: 1.2 %) of the total gross carrying amounts,
respectively.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 17 |
Gross carrying amount per IFRS 9 stage and rating class (*)1 | |||||||||||||||||
in EUR 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 | |||||||||
30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | ||
Investment grade | 1 (AAA) | ||||||||||||||||
2-4 (AA) | |||||||||||||||||
5-7 (A) | |||||||||||||||||
8-10 (BBB) | |||||||||||||||||
Non-investment grade | 11-13 (BB) | ||||||||||||||||
14-16 (B) | |||||||||||||||||
17 (CCC) | |||||||||||||||||
Performing Restructuring | 18 (CC) | ||||||||||||||||
19 (C) | |||||||||||||||||
Non-performing loans | 20-22 (D) | ||||||||||||||||
Total | |||||||||||||||||
1Stage 3 lifetime credit impaired provision includes €25 million (31 December 2025: €29 million) on purchased or originated credit impaired.
Changes in gross carrying amounts and loan loss provisions (*)
The table below provides a reconciliation by stage of the gross carrying
amount and allowances for loans and advances to banks and customers,
including loan commitments and financial guarantees. The transfers of
financial instruments represent the impact of stage transfers upon the
gross carrying/nominal amount and associated allowance for ECL. This
includes the net-remeasurement of ECL arising from stage transfers, for
example, moving from a 12-month (Stage 1) to a lifetime (Stage 2) ECL
measurement basis.
The net-remeasurement line represents the changes in provisions for
facilities that remain in the same stage.
Please note the following comments with respect to the movements
observed in the table below:
•Stage 3 gross carrying amount increased by €0.6 billion to €14.2 billion
as at 30 June 2026 (31 December 2025: €13.6 billion), mainly as a result
of €2.5 billion net inflow into NPL (credit impaired) in 2026, which is
offset by €1.1 billion derecognitions and repayments and €0.7 billion
write-offs and disposals during the period.
Stage 3 provisions increased by €92.0 million to €4.6 billion as of 30 June
2026.
§Stage 2 gross carrying amounts increased by €8.5 billion to €86.0 billion
as at 30 June 2026 (31 December 2025: €77.5 billion), largely driven by
€19.5 billion net transfers from Stage 1 into Stage 2, including the impact
of changes in risk drivers (including updated macro-economic forecasts),
model redevelopments, and new Stage 2 overlays. This was offset by a
decrease of exposure by €9.5 billion due to derecognised financial assets
(including sales and repayments) and €1.5 billion net exposure moving
to Stage 3. Stage 2 provisions increased by €5.3 million to €1.2 billion as
of 30 June 2026.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 18 |
Changes in gross carrying amounts and loan loss provisions (*)1, 2 | |||||||||||||||||
in EUR 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 | ||
30 June 2026 | 31 December 2025 | ||||||||||||||||
Opening balance as at 1 January | |||||||||||||||||
Transfer into 12-month ECL (Stage 1) | - | - | - | - | - | - | - | - | - | - | |||||||
Transfer into lifetime ECL not credit impaired (Stage 2) | - | - | - | - | - | - | - | - | |||||||||
Transfer into lifetime ECL credit impaired (Stage 3) | - | - | - | - | - | - | - | - | |||||||||
Net remeasurement of loan loss provisions | - | ||||||||||||||||
New financial assets originated or purchased | |||||||||||||||||
Financial assets that have been derecognised | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Net drawdowns and repayments | - | - | - | - | - | - | |||||||||||
Changes in models/risk parameters | - | - | - | - | - | ||||||||||||
Increase in loan loss provisions | |||||||||||||||||
Write-offs | - | - | - | - | - | - | - | - | |||||||||
Disposals | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
Recoveries of amounts previously written off | |||||||||||||||||
Foreign exchange and other movements | - | - | - | - | - | - | - | - | |||||||||
Closing balance | |||||||||||||||||
1 Stage 3 lifetime credit impaired provision includes €25 million (31 December 2025:€29 million) on purchased or originated credit impaired.
2 The addition to the loan provision (in the consolidated statement of profit or loss) amounts to €625 million (31 December 2025: €1,304 million) of which €628 million (31 December 2025: €1,301 million) related to IFRS 9 eligible financial assets, €-4 million (31 December 2025: €-5 million) related to non-credit
replacement guarantees and €1 million (31 December 2025: €8 million) to modification gains and losses on restructured financial assets.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 19 |
Macroeconomic scenarios and sensitivity analysis of key sources of
estimation uncertainty (*)
Methodology (*)
We continue to follow the methodology in generating our probability-
weighted ECL, with consideration of alternative scenarios and
management adjustments supplementing this ECL where, in
management's opinion, the consensus forecast does not fully capture the
extent of recent credit or economic events.
As a baseline for IFRS 9, ING has adopted a market-neutral view combining
consensus forecasts for economic variables (GDP, unemployment) with
market forwards (for interest rates, exchange rates and oil prices). Input
from a leading third-party service provider is used to complement the
consensus with consistent projections for variables for which there are no
consensus estimates available (most notably house prices and – for some
countries – unemployment), to generate alternative scenarios, to convert
annual consensus information to a quarterly frequency and to ensure
general consistency of the scenarios. As the baseline scenario is consistent
with the consensus view, it can be considered as free from any bias.
Two alternative scenarios are taken into account: an upside and a
downside scenario. The alternative scenarios have statistical
characteristics as they are based on the forecast deviations of the leading
third-party service provider. The applicable percentiles of the distribution of
the forecast deviations imply a 20 percent probability for each alternative
scenario. Consequently, the baseline scenario has a 60 percent probability
weighting. Please note that, given their technical nature, the downside and
upside scenarios are not based on an explicit specific narrative.
Baseline macroeconomic scenarios applied (*)
The macroeconomic scenarios applied in the calculation of loan loss
provisions are based on the consensus forecasts.
The general picture that the consensus conveys is that global economic
growth is expected to continue being shaped by geopolitics, such as the
knock-on effects of the energy shock resulting from the war in the Middle
East. Higher oil prices are expected to feed into inflation in the coming
quarters, which will keep inflation above target, before it starts to come
down in 2027 and reach a near target in 2028 for most major countries.
However, this shock is not expected to push inflation as high as it was in
2022. For the housing market, continued price growth is expected for
almost all main markets.
The June 2026 consensus expects global output (as measured by the
weighted average GDP growth rate of ING’s 25 main markets) to remain
steady at 2.4
The US has had a weak start to the year due to poor weather and the
fallout from the war with Iran. Higher prices at the pump weigh on
consumer spending. Although AI adoption rates are low, they are rising –
suggesting that it could emerge as a productivity driver. Job numbers,
however, are still muted, but elevated inflation due to energy prices make
the task of the Fed trickier and markets expect a hold in interest rates. The
consensus expects the US economy to grow at 2.1 percent in 2026, 2.0
percent in 2027 and 2.1 percent again in 2028.
The eurozone economy is also expected to soften given the current
geopolitical backdrop and softer incoming macroeconomic data. Higher
energy prices are weighing on consumption through a real income shock,
aside from weaker sentiment and precautionary savings. Announced
government measures might not be enough to mitigate the shock. The
external environment continues to be plagued by weakening export
competitiveness and increasing competition from China. Expectations of a
pickup in growth are likely tied to stronger public investment – think of
defence spending or German infrastructure investment – but that will only
gradually start to positively impact economic growth. Given the elevated
inflation outlook, markets expect rates to stay higher. Consensus expects
the eurozone to grow by only 0.8 percent in 2026, before recovering
slightly to 1.2 percent and 1.3 percent in 2027 and 2028 respectively.
Elsewhere in Europe, the outlook is mixed. In Poland, solid growth in
domestic demand is expected amidst a pickup in EU-funded public
investment. External demand will also support manufacturing. The
economy is expected to grow by 3.4 percent in 2026, before slowing to 3.2
percent in 2027 and 3.0 percent in 2028. In Türkiye, while domestic
demand - despite a clear loss of momentum - has continued to serve as
the primary driver of economic activity, the contribution of net exports
that shows weakening in the external position, has shifted further into
negative territory, exerting a more pronounced drag on growth. Recent
leading indicators point to a continued softening in growth dynamics. In
this environment, inflation, reflecting the impact of geopolitics, remains
elevated, although it is expected to gradually moderate. The consensus
expectation for Türkiye is to see growth pick up, but be below potential,
from 3.0 percent in 2026 to 3.7 percent and 3.6 percent in 2027 and 2028
respectively
When compared to the December 2025 consensus forecast, the June 2026
forecast has not seen major changes in expectations for global growth in
2026 and 2027. Global GDP is expected to increase by 2.4
and 2027 (same as the 2.4
situation in the Middle East has influenced growth and inflation
expectations through energy prices, but on the other, we also see less
trade uncertainty than we did last year, and some Asian countries have
seen some positive adjustment to the outlook based on stronger incoming
data and resilient exports.
Analysis on sensitivity (*)
The table below presents the analysis on the sensitivity of key forward-
looking macroeconomic inputs used in the ECL collective-assessment
modelling process and the probability weights applied to each of the three
scenarios. The countries included in the analysis are the most significant
geographic regions in ING, and for Wholesale Banking the US is the most
significant in terms of both gross contribution to reportable ECL and
sensitivity of ECL to forward-looking macroeconomics. Accordingly, ING
considers these portfolios to present the most significant risk of resulting in
a material adjustment to the carrying amount of financial assets within
the next financial year.
The purpose of the sensitivity analysis is to enable the reader to
understand the extent of the impact from the upside and downside
scenario on model-based reportable ECL.
In the table below, the real GDP is presented in percentage year-on-year
change, the unemployment in percentage of total labour force and the
house price index (HPI) in percentage year-on-year change.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 20 |
Sensitivity analysis as at 30 June 2026 (*) | |||||||
2026 | 2027 | 2028 | Unweighted ECL (€ mln) | Probability -weighting | Reportable ECL (€ mln)1 | ||
Netherlands Upside scenario | Real GDP | ||||||
Unemployment | |||||||
HPI | |||||||
Baseline scenario | Real GDP | ||||||
Unemployment | |||||||
HPI | |||||||
Downside scenario | Real GDP | - | - | ||||
Unemployment | |||||||
HPI | - | - | |||||
Germany Upside scenario | Real GDP | ||||||
Unemployment | |||||||
HPI | |||||||
Baseline scenario | Real GDP | ||||||
Unemployment | |||||||
HPI | |||||||
Downside scenario | Real GDP | - | - | - | |||
Unemployment | |||||||
HPI | - | ||||||
Belgium Upside scenario | Real GDP | ||||||
Unemployment | |||||||
HPI | |||||||
Baseline scenario | Real GDP | ||||||
Unemployment | |||||||
HPI | |||||||
Downside scenario | Real GDP | - | - | ||||
Unemployment | |||||||
HPI | |||||||
United States Upside scenario | Real GDP | ||||||
Unemployment | |||||||
HPI | |||||||
Baseline scenario | Real GDP | ||||||
Unemployment | |||||||
HPI | |||||||
Downside scenario | Real GDP | - | |||||
Unemployment | |||||||
HPI | - | - | |||||
1Excluding management adjustments. | |||||||
Sensitivity analysis as at 31 December 2025 (*) | |||||||
2026 | 2027 | 2028 | Unweighted ECL (€ mln) | Probability -weighting | Reportable ECL (€ mln)1 | ||
Netherlands Upside scenario | Real GDP | ||||||
Unemployment | |||||||
HPI | |||||||
Baseline scenario | Real GDP | ||||||
Unemployment | |||||||
HPI | |||||||
Downside scenario | Real GDP | - | - | ||||
Unemployment | |||||||
HPI | - | - | - | ||||
Germany Upside scenario | Real GDP | ||||||
Unemployment | |||||||
HPI | |||||||
Baseline scenario | Real GDP | ||||||
Unemployment | |||||||
HPI | |||||||
Downside scenario | Real GDP | - | - | ||||
Unemployment | |||||||
HPI | |||||||
Belgium Upside scenario | Real GDP | ||||||
Unemployment | |||||||
HPI | |||||||
Baseline scenario | Real GDP | ||||||
Unemployment | |||||||
HPI | |||||||
Downside scenario | Real GDP | - | |||||
Unemployment | |||||||
HPI | |||||||
United States Upside scenario | Real GDP | ||||||
Unemployment | |||||||
HPI | |||||||
Baseline scenario | Real GDP | ||||||
Unemployment | |||||||
HPI | |||||||
Downside scenario | Real GDP | - | - | ||||
Unemployment | |||||||
HPI | - | - | - | ||||
1 Excluding management adjustments. | |||||||
1 The difference between the Total ECL of €6,214 million and €3,306 million reportable collective provisions is explained by management adjustments, €185 million, other adjustments in the reporting process, €-98 million, and the inclusion of €2,821 million individual provisions in the Total ECL amount.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 21 |
On a total ING level, the unweighted ECL for all collectively provisioned
clients in the upside scenario was €2,914 million, in the baseline scenario
€3,213 million and in the downside scenario €3,975 million compared to
€3,306 million reportable collective provisions as at 30 June 20261.
In times of volatility and uncertainty, where portfolio quality and the
economic environment can change rapidly, models alone may not be able
to accurately predict losses. In these cases, management adjustments can
be applied to appropriately reflect ECL. Management adjustments can also
be applied where the impact of the updated macroeconomic scenarios is
over- or under-estimated by the IFRS9 models, or to account for model
redevelopment, recalibration, and periodic assessment procedures that
have not yet been incorporated into the IFRS9 models.
ING has an internal governance framework and controls in place to assess
the appropriateness of all management adjustments.
Management adjustments to ECL models (*) | ||
in EUR million | 30 June 2026 | 31 December 20251 |
Economic sector / portfolio based adjustments | ||
Mortgage portfolio adjustments | ||
Climate transition risk | ||
Other Post Model Adjustments | - | - |
Total management adjustments | ||
1 ING changed the presentation of Management Adjustment types as of 2026. The comparative
figure for 2025 have been updated accordingly. The reclassifications do not affect the total amount of
Management Adjustments.
As of 30 June 2026, the economic sector / portfolio-based adjustments
increased to €102 million (31 December 2025: €27 million), primarily
driven by the introduction of a novel-risk overlay of €74 million to address
uncertainties arising from the Middle East conflict and related sector-
specific risks not fully captured by modelled provisions. This adjustment
affects portfolios in energy intensive sectors in Wholesale Banking (€54
million) and Business Banking (€20 million). In addition, overlays are
recognised within the Mortgage portfolio in Australia (€28 million), to cover
for emerging risks associated with sustained interest rate increases and
cost-of-living pressures.
The Mortgage portfolio adjustment decreased to €70 million as of 30 June
2026 (31 December 2025: €121 million), reflecting a comprehensive
reassessment of the management adjustment in Stage 2 for the risk
segmentation model that captures affordability, repayment and
refinancing risk on performing mortgage customers with a bullet loan in
the Netherlands.
As of 30 June 2026, the adjustment of €41 million (31 December 2025: €47
million) accounts for the impact of climate transition risk in both
Wholesale Banking (€21 million) and Business Banking (€20 million).
Climate transition risk is expected to lead to a structural change in credit
risk, which means specific business activities will become structurally
riskier due to environmental policies, technological progress or changes in
market sentiment and preferences. The current IFRS 9 models do not
directly capture this novel risk. The management adjustment to ECL
models for business clients was made to specifically cover for the medium-
to long-term transition risk on high greenhouse gas-emitting sectors and is
reported in Stage 2. The sectors within the scope of the overlay account for
approximately 13 % of performing exposure across Wholesale Banking and
Business Banking, while the overlay results in a 24 % increase in the
performing ECL of those sectors.
Other post model adjustments mainly relate to the impact of model
redevelopment or recalibration and periodic model assessment
procedures that have not been incorporated in the ECL models yet. The
impact on total ECL can be positive or negative. These adjustments will be
removed once updates to the specific models have been implemented.
The decrease in the balance compared to the previous reporting date is
due to released adjustments because of model updates that have been
implemented and the recognition of new negative adjustments related to
model updates.
Criteria for identifying a significant increase in credit risk (SICR) (*)
All assets and off-balance-sheet items that are in scope of IFRS 9
impairment and which are subject to collective ECL assessment are
allocated a 12-month ECL if deemed to belong in Stage 1, or a lifetime ECL
if deemed to belong in Stages 2 or 3. An asset belongs in Stage 2 if it is
considered to have experienced a significant increase in credit risk (SICR)
since initial origination or purchase.
The main determinant of SICR is a quantitative test, whereby the lifetime
probability of default (PD) of an asset at each reporting date is compared
against its lifetime PD determined at the date of initial recognition. If either
a threshold for absolute change in lifetime PD or a threshold for relative
change in lifetime PD is reached, the asset is considered to have
experienced a SICR (for more details on absolute and relative thresholds,
see the following sections). Furthermore, any facility which shows an
increase of 200 percent between the PD at the date of initial recognition
and the lifetime PD at the reporting date (i.e. threefold increase in PD)
must be classified as Stage 2. This is considered a backstop within the
quantitative assessment of SICR.
Average threshold ratio
In the table below the average increase in PD at origination needed to be
classified in Stage 2 is reported, taking into account the PD at origination of
the facilities included in each combination of asset class and rating quality.
In terms of rating quality, assets are divided into 'investment grade' and
'non-investment grade' facilities. Rating 18 and 19 are not included in the
table, since facilities are not originated in these ratings and they constitute
a staging trigger of their own (i.e. if a facility is ever to reach rating 18 or
19 at reporting date, it is classified in Stage 2). In the table, values are
weighted by IFRS 9 exposure and shown for both year-end 2025 and June
2026.
To represent the thresholds as a ratio (i.e. how much should the PD at
origination increase in relative terms to trigger Stage 2 classification), the
absolute threshold is recalculated as a relative threshold for disclosure
purposes. Since breaching only relative or absolute threshold triggers
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 22 |
Stage 2 classification, the minimum between the relative and recalculated
absolute threshold is taken as value of reference for each facility.
As it is apparent from the table, as per ING’s methodology, the threshold is
tighter the higher the riskiness at origination of the assets, illustrated by
the difference between the average threshold applied to investment grade
facilities and non-investment grade facilities.
Quantitative SICR thresholds (*) | ||||
30 June 2026 | 31 December 2025 | |||
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 | ||||
Consumer lending | ||||
Business lending | ||||
Governments and financial institutions | ||||
Other Wholesale Banking | ||||
Sensitivity of ECL under existing lifetime PD thresholds
The calibration of PD threshold bands used for quantitative SICR
identification requires judgement and is a key source of estimation
uncertainty. On Group level, the total model ECL on performing assets,
which is the collective ECL assessment without taking management
adjustments into account, was €1,521 million as at 30 June 2026 (31
December 2025: €1,501 million). To demonstrate the sensitivity of the ECL
under the existing PD threshold bands, hypothetically solely applying the
upside scenario would result in a total model ECL on performing assets of
€1,163 million and a decrease in the Stage 2 ratio by 0.4 %-point, while
solely applying the downside scenario would result in a total model ECL on
performing assets of €2,160 million and an increase in the Stage 2 ratio by
Qualitative SICR thresholds
It should be noted that the lifetime PD thresholds are not the only drivers
of stage allocation as ING Group also relies on a number of qualitative
indicators to identify and assess SICR. An asset can also change stages as
a result of other triggers, such as having a substandard internal rating,
being forborne, being under intensive care management, being on a
watch list, the occurrence of an early warning indicator, collective SICR
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 23 |
Other risks and uncertainties
Because we are a financial services company conducting business on a
global basis, our revenues and earnings are affected by the volatility and
strength of the economic, business, liquidity, funding and capital markets
environments specific to the geographic regions in which we conduct
business. The ongoing turbulence and volatility of such factors have
adversely affected, and may continue to adversely affect, the profitability,
solvency and liquidity of our business.
Factors such as the regional and global economic impact of the war in
Ukraine and related international response measures, inability of
counterparties to meet their financial obligations, changes in interest rate
levels, securities prices, credit ratings, credit spreads, liquidity spreads,
exchange rates, discontinuation of or changes to ‘benchmark’ indices,
consumer spending, changes in client behaviour, business investment, real
estate values and private equity valuations, government spending,
inflation or deflation, the volatility and strength of the capital markets,
operational risks, political events and trends, non-compliance with (or
changes) in laws and regulations, climate change, terrorism, as well as
inability to protect our intellectual property and infringement claims by
third parties, to achieve our strategy or to retain key personnel may all
impact the business and economic environment and, ultimately, our
solvency, liquidity and the amount and profitability of business we
conduct in a specific geographic region.
Additional risks of which ING is not presently aware, or that are currently
viewed as less material than the risks described above, could also affect
the business operations of ING and have a material adverse effect on ING’s
business activities, financial condition, results of operations and prospects.
For more information on risks, please refer to “Other information and
appendices - Risk Factors” in the 2025 Annual Report.
The impact of the benchmark rate reform - WIBOR
In the 2025 consolidated financial statements as disclosed in the 2025
Annual Report, the Group presented a disclosure on the impact of the
WIBOR benchmark reform.
In Poland, the Steering Committee of the National Working Group (NWG
SC) appointed in connection with the WIBOR benchmark reform, issued the
decision on the selection of the POLSTR (Polish Short Term Rate) as the
ultimate interest rate benchmark in Poland intended to replace the WIBOR
benchmark. The chosen index is calculated based on unsecured deposits of
Credit and Financial Institutions.
During the first half of 2026, the Polish benchmark reform entered a
further phase following communications issued on 18 May 2026 by GPW
Benchmark S.A. and the Polish Financial Supervision Authority KNF
(Komisja Nadzoru Finansowego) regarding the orderly cessation of WIBID
and WIBOR. Under the announced approach, the key tenors 1M, 3M and
6M will continue to be published until 31 December 2036 instead of 31
December 2027, with cessation effective from 1 January 2037, to facilitate
the orderly run-off of legacy contracts and instruments.
KNF indicated that new contracts or financial instruments referencing
WIBID or WIBOR should no longer be concluded after 31 December 2026
and that, from 1 January 2027, those benchmarks should be used only for
existing exposures and, where applicable, for hedging derivatives entered
into after that date to hedge those existing exposures. At the same time,
the market is expected to transition to POLSTR and, where applicable, to
fixed-rate or periodically fixed-rate products for new business. The
extended run-off period is intended to enable market participants the
orderly reduction of exposures linked to WIBOR/WIBID, including, where
relevant, contract amendments, the modification or early redemption of
debt instruments, and the orderly management of legacy hedging
derivatives linked to existing portfolio exposures.
A draft act amending certain acts with the objective of supporting the
development of the financial market and enhancing financial stability in
that market has been submitted for public consultation. Among the
proposed amendments are regulations related to the benchmark reform.
The draft is currently under review, and its final form has not yet been
determined.
The discontinuation of WIBOR exposes ING and its customers to a number
of risks, including legal, financial, operational, reputational and conduct
risks. WIBOR is used in a range of lending and derivative products. ING has
established a dedicated programme to manage the transition. The reform
is particularly relevant for ING Bank Śląski S.A., which has significant
exposures to Polish zloty-denominated assets and liabilities, including
derivatives used for risk management purposes.
Capital management
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 25 |
Capital Management
ING manages capital using the IFRS-EU equity position as basis. ING
Group’s Common Equity Tier 1 capital (CET1) ratio is managed around the
~13% target level and was 13.1% at the end of June 2026, in line with the
CET1 ratio at the end of December 2025. CET1 capital remained broadly
stable, as the generated net profit was fully allocated to reserved profits
outside of CET1 capital, following the implementation of an updated
dividend reserving approach. The increase in risk-weighted assets was
mainly driven by business growth, partly offset by other items, including
the RWA relief from a significant risk transfer (SRT) executed in the second
quarter. ING employs securitisation initiatives as part of its capital
management strategy to achieve effective risk transfer, optimise RWAs
and support efficient capital allocation. ING Group’s CET1 target level of
~13% is around 190 basis points above the prevailing CET1 ratio
requirement (including buffer requirements) of 11.10%.
Capital position as per 30 June 2026
ING Group capital position according to CRR III / CRD V | ||
in EUR million | 30 June 2026 | 31 December 2025 |
Shareholders’ equity 1 | 50,246 | 49,698 |
- Interim profits not included in CET1 capital | -2,725 | -2,125 |
- Other adjustments | -2,829 | -3,006 |
Regulatory adjustments | -5,554 | -5,130 |
Available common equity Tier 1 capital | 44,692 | 44,567 |
Additional Tier 1 securities | 8,906 | 7,459 |
Regulatory adjustments additional Tier 1 | 114 | 112 |
Available Tier 1 capital | 53,712 | 52,138 |
Supplementary capital Tier 2 bonds | 10,135 | 10,608 |
Regulatory adjustments Tier 2 | 67 | 98 |
Available Total capital | 63,914 | 62,845 |
Risk weighted assets | 341,946 | 340,739 |
Common equity Tier 1 ratio | 13.1% | 13.1% |
Tier 1 ratio | 15.7% | 15.3% |
Total capital ratio | 18.7% | 18.4% |
1 Shareholders' equity is determined in accordance with IFRS-EU.
Distribution policy
Net profit was equal to the IFRS-EU net result. ING has fully reserved the
EUR 3,503 million net profit in 1H2026. From 1Q2026 onwards, ING has
updated its dividend reserving approach to align with EBA guidance. Under
the revised approach, additional distributions will primarily be financed
through upfront reserving. The distribution policy of a 50% pay-out ratio
on resilient net profit remains unchanged. Resilient net profit is defined as
net profit adjusted for significant items not linked to the normal course of
business. No adjustments for significant items took place in 1H2026. The
50% pay-out may be in the form of cash, or a combination of cash and
share repurchases, with the majority in cash. Additional distributions are
to be considered periodically, considering alternative opportunities, macro-
economic circumstances and the outcome of our capital planning.
Prerequisite for a distribution is a CET1 ratio of at least prevailing Maximum
Distributable Amount (MDA) level after distribution.
Following our distribution policy, a final cash dividend over 2025 of EUR
0.736 per share was paid in April 2026. An interim dividend over the first six
months of 2026 of EUR 0.40 per share will be paid on 10 August 2026 for
Euronext Amsterdam and 17 August 2026 for New York Stock Exchange.
The additional shareholder distribution of up to EUR 1,600 million, as
announced on 30 October 2025, was completed on 27 April 2026. As part
of this, an amount of EUR 500 million was distributed in cash to
shareholders, for which EUR 0.172 per share was paid on 15 January 2026.
The additional shareholder distribution of up to EUR 1,000 million which
was announced in April 2026 is ongoing.
For further information on dividend and other distributions, reference is
made to Note ‘Dividend per ordinary share’ and Note ‘Equity’.
Condensed consolidated
interim financial statements
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 27 |
Condensed consolidated statement of financial position
in EUR million | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | ||
Assets | Liabilities | |||||
Cash and balances with central banks | Deposits from banks | |||||
Loans and advances to banks | Customer deposits 8 | |||||
Financial assets at fair value through profit or loss 2,4 | Financial liabilities at fair value through profit or loss 9 | |||||
Financial assets at fair value through other comprehensive income 3,4 | Current tax liabilities | |||||
Securities at amortised cost 4 | Deferred tax liabilities | |||||
Loans and advances to customers 5 | Provisions | |||||
Investments in associates and joint ventures 6 | Other liabilities | |||||
Property and equipment | Debt securities in issue | |||||
Intangible assets 7 | Subordinated loans | |||||
Current tax assets | Total liabilities | |||||
Deferred tax assets | ||||||
Other assets | Equity 10 | |||||
Share capital and share premium | ||||||
Other reserves | - | - | ||||
Retained earnings | ||||||
Shareholders’ equity (parent) | ||||||
Non-controlling interests | ||||||
Total equity | ||||||
Total assets | Total liabilities and equity |
References relate to the accompanying notes. These are an integral part of the Condensed consolidated interim financial statements.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 28 |
Condensed consolidated statement of profit or loss
1 January to 30 June | 1 January to 30 June | |||||
in EUR million | 2026 | 2025 | 2026 | 2025 | ||
Interest income using effective interest rate method | Addition to loan loss provisions | |||||
Other interest income | Staff expenses | |||||
Total interest income | Other operating expenses 14 | |||||
Total expenses | ||||||
Interest expense using effective interest rate method | - | - | ||||
Other interest expense | - | - | Result before tax | |||
Total interest expense | - | - | ||||
Taxation | ||||||
Net interest income 11 | Net result | |||||
Fee and commission income | Net result attributable to: | |||||
Fee and commission expense | - | - | Non-controlling interests | |||
Net fee and commission income 12 | Shareholders of the parent | |||||
Valuation results and net trading income 13 | in EUR | |||||
Investment income | Earnings per ordinary share 15 | |||||
Other net income | Basic and diluted earnings per ordinary share | |||||
Total income | ||||||
References relate to the accompanying notes. These are an integral part of the Condensed consolidated interim financial statements.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 29 |
Condensed consolidated statement of comprehensive
income
1 January to 30 June | ||
in EUR million | 2026 | 2025 |
Net result | ||
Other comprehensive income | ||
Items that will not be reclassified to the statement of profit or loss: | ||
- Unrealised revaluations property in own use | - | |
- Remeasurement of the net defined benefit asset/liability | - | |
- Change in fair value of equity instruments at fair value through other comprehensive income | ||
- Changes in fair value related to changes in own credit risk for financial liabilities designated at fair value through profit or loss | - | - |
Items that may subsequently be reclassified to the statement of profit or loss: | ||
- Change in fair value of debt instruments at fair value through other comprehensive income | ||
- Realised gains/losses on debt instruments at fair value through other comprehensive income reclassified to the statement of profit or loss | - | - |
- Changes in cash flow hedge reserve | - | |
- Exchange rate differences | - | |
Total other comprehensive income | - | |
Total comprehensive income | ||
Total comprehensive income attributable to: | ||
Non-controlling interests | ||
Shareholders of the parent | ||
Each component of the other comprehensive income is presented after taxation.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 30 |
Condensed consolidated statement of changes in equity
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 2025 | - | ||||||||
Net result | |||||||||
Other comprehensive income | - | ||||||||
Total comprehensive income net of tax | |||||||||
Dividends and other cash distributions 16 | - | - | - | - | |||||
Share buyback programmes, commitment | - | - | - | ||||||
Share buyback programmes, repurchases of shares | - | - | - | ||||||
Share buyback programmes, cancellation of shares | - | - | |||||||
Employee share-based compensation plans | - | ||||||||
Other changes in treasury shares | |||||||||
Transfers | - | ||||||||
Other changes | - | - | - | ||||||
Balance as at 30 June 2026 | - | ||||||||
References relate to the accompanying notes. These are an integral part of the Condensed consolidated interim
financial statements. Changes in individual Reserve components are presented in Note 10 'Equity'.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 31 |
Condensed consolidated statement of changes in equity -
continued
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 2024 | - | ||||||||
Net result | |||||||||
Other comprehensive income | - | - | - | ||||||
Total comprehensive income net of tax | - | ||||||||
Dividends 16 | - | - | - | - | |||||
Share buyback programmes, commitment | - | - | - | ||||||
Share buyback programmes, repurchases of shares | - | - | - | ||||||
Employee share-based compensation plans | - | ||||||||
Other changes in treasury shares | |||||||||
Transfers | - | ||||||||
Other changes | - | - | - | ||||||
Balance as at 30 June 2025 | - | ||||||||
References relate to the accompanying notes. These are an integral part of the Condensed consolidated interim
financial statements. Changes in individual Reserve components are presented in Note 10 'Equity'.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 32 |
Condensed consolidated statement of cash flows
1 January to 30 June | |||
in EUR million | 2026 | 2025 | |
Cash flows from operating activities | |||
Result before tax | |||
Adjusted for: | – Depreciation and amortisation | ||
– Addition to loan loss provisions | |||
– Revaluations | - | ||
– Exchange rate differences and other | - | ||
Taxation paid | - | - | |
Changes in: | – Loans and advances to banks, not available on demand | - | - |
– Deposits from banks, not payable on demand | - | ||
– Trading assets | - | ||
– Trading liabilities | - | ||
– Loans and advances to customers | - | - | |
– Customer deposits | |||
– Non–trading derivatives | - | ||
– Assets designated at fair value through profit or loss | - | ||
– Assets mandatorily at fair value through profit or loss | - | - | |
– Other assets | - | - | |
– Other financial liabilities at fair value through profit or loss | |||
– Provisions and other liabilities | |||
Net cash flow from/(used in) operating activities | |||
Cash flows from investing activities | |||
Investments and advances: | - Acquisition of subsidiaries, net of cash acquired | - | |
- Associates and joint ventures | - | - | |
– Financial assets at fair value through other comprehensive income1 | - | - | |
– Securities at amortised cost1 | - | - | |
– Property and equipment | - | - | |
1 January to 30 June | |||
2026 | 2025 | ||
– Other investments | - | - | |
Disposals and redemptions: | – Associates and joint ventures | ||
– Financial assets at fair value through other comprehensive income1 | |||
– Securities at amortised cost1 | |||
– Property and equipment | |||
– Other investments | |||
Net cash flow from/(used in) investing activities | - | - | |
Cash flows from financing activities | |||
Proceeds from debt securities1 | |||
Repayments of debt securities1 | - | - | |
Proceeds from issuance of subordinated loans | |||
Repayments of subordinated loans | - | - | |
Repayments of principal portion of lease liabilities | - | - | |
Purchase/sale of treasury shares | - | - | |
Dividends paid | - | - | |
Net cash flow from/(used in) financing activities | |||
Net cash flow | |||
Cash and cash equivalents at beginning of the period | |||
Effect of exchange rate changes on cash and cash equivalents | - | - | |
Cash and cash equivalents at end of the period | |||
1 Cash flows are reported on a gross basis and include investments and borrowings of short term securities .
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 33 |
Condensed consolidated statement of cash flows -
continued
Cash and cash equivalents | ||
in EUR million | 30 June 2026 | 30 June 2025 |
Treasury bills and other eligible bills included in securities at AC | ||
Deposits from banks | - | - |
Loans and advances to banks | ||
Cash and balances with central banks | ||
Cash and cash equivalents at end of the period | ||
Cash and cash equivalents include deposits from banks and loans and advances to banks that are payable on
demand. Included in Cash and cash equivalents are minimum mandatory reserve deposits held at various central
banks.
The table below presents the interest and dividend received and paid.
1 January to 30 June | ||
in EUR million | 2026 | 2025 |
Interest received | ||
Interest paid | - | - |
Dividend received | ||
Dividend paid | - | - |
Dividends received from associates and joint ventures are included in investing activities; interest received, interest
paid and other dividends received are included in operating activities; and dividend paid is included in financing
activities in the Condensed consolidated statement of cash flows.
Changes in liabilities arising from financing activities | ||||||
Debt securities in issue | Subordinated Loans | Lease liabilities | ||||
in EUR million | 30 June 2026 | 30 June 2025 | 30 June 2026 | 30 June 2025 | 30 June 2026 | 30 June 2025 |
Opening balance | ||||||
Cash flows: | ||||||
Additions | ||||||
Redemptions / Disposals | - | - | - | - | - | - |
Non cash changes: | ||||||
Amortisation | ||||||
Other | - | - | ||||
Changes in unrealised revaluations | - | - | ||||
Foreign exchange movement | - | - | - | |||
Closing balance | ||||||
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 34 |
statements
1 Basis of preparation and material accounting policy information
1.1 Reporting entity and authorisation of the Condensed consolidated interim financial statements
ING Groep N.V. (Naamloze Vennootschap) is a company domiciled in Amsterdam, the Netherlands. Commercial
Register of Amsterdam, number 33231073. These Condensed consolidated interim financial statements, as at and
for the six month period ended 30 June 2026, comprise ING Groep N.V. (the Parent company) and its subsidiaries,
together referred to as ING Group. ING Group is a global financial institution with a strong European base, offering
a wide range of retail and wholesale banking services to customers.
The ING Group Condensed consolidated interim financial statements, as at and for the six month period ended 30
June 2026, were authorised for issue in accordance with a resolution of the Executive Board on 29 July 2026.
The ING Group Condensed consolidated interim financial statements have been prepared in accordance with
International Accounting Standard (IAS) 34 ‘Interim Financial Reporting’.
The ING Group Condensed consolidated interim financial statements on Form 6-K have been prepared in
accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) for
purposes of reporting with the U.S. Securities and Exchange Commission (SEC), including financial information
contained in this Interim report on Form 6-K. The term ‘IFRS-IASB’ is used to refer to International Financial
Reporting Standards as issued by the International Accounting Standards Board, including the decisions ING Group
made with regard to the options available under IFRS-IASB.
The Condensed consolidated interim financial statements should be read in conjunction with the 2025 ING Group
Consolidated financial statements as included in the 2025 Annual Report on Form 20-F. The accounting policies
used in preparing these Condensed Consolidated Interim Financial Statements are consistent with those disclosed
in the 2025 ING Group Consolidated Financial Statements included in the 2025 Annual Report on Form 20-F, with
no material changes, except for the adoption of IFRS amendments that became effective in 2026 (see Note 1.3.1
'Changes in IFRS effective in 2026'), which did not have a material impact on the Group.
The ING Group Condensed consolidated interim financial statements have been prepared on a going concern basis.
The Condensed consolidated interim financial statements are presented in euros and rounded to the nearest
million, unless stated otherwise. Amounts may not add up due to rounding.
To improve transparency, reduce duplication and present related information in one place, certain disclosures of
the nature and extent of risks related to financial instruments are included in the ‘Risk management’ section of the
Interim Report.
These disclosures are an integral part of ING Group Condensed consolidated interim financial statements and are
indicated in the ‘Risk management’ section by the symbol (*). Chapters, paragraphs, graphs or tables within the
'Risk management' section that are indicated with this symbol in the respective headings or table header are
considered to be an integral part of the Condensed consolidated interim financial statements.
The 2025 ING Group Consolidated financial statements and the 2026 ING Group Condensed consolidated interim
financial statements are prepared in accordance with IFRS-EU. IFRS-EU refers to IFRS Accounting Standards as
adopted by the European Union (EU), including the decisions ING Group made with regard to the options available
under IFRS as adopted by the EU. IFRS-EU differs from IFRS-IASB in respect of certain paragraphs in IAS 39 ‘Financial
Instruments: Recognition and Measurement’ regarding hedge accounting for portfolio hedges of interest rate risk.
Under IFRS-EU, ING Group applies fair value hedge accounting for portfolio hedges of interest rate risk (fair value
macro hedges) in accordance with the EU carve-out version of IAS 39. Particularly, it is applied to portfolio-based
hedging strategies for retail lending (mortgages) and core deposits. Under the EU IAS 39 carve-out, hedge
accounting may be applied, in respect of fair value macro hedges, to core deposits. In addition, and in general to
any hedge accounting relationship under the EU IAS 39 carve-out, the hedge effectiveness requirements are less
strict than under IFRS-IASB and hedge ineffectiveness is only recognised when the revised estimate of the amount
of cash flows in scheduled time buckets falls below the original designated amount of that bucket and is not
recognised when the revised amount of cash flows in scheduled time buckets is more than the original designated
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 35 |
amount. Under IFRS-IASB, hedge accounting for fair value macro hedges cannot be applied to core deposits and
ineffectiveness arises whenever the revised estimate of the amount of cash flows in scheduled time buckets is
either more or less than the original designated amount of that bucket.
This information under IFRS-IASB is prepared by reversing the hedge accounting impacts that are applied under
the EU ‘carve-out’ version of IAS 39. Financial information under IFRS-IASB accordingly does not take into account
the possibility that had ING Group applied IFRS-IASB as its primary accounting framework it might have applied
alternative hedge strategies where those alternative hedge strategies could have qualified for IFRS-IASB compliant
hedge accounting. These decisions could have resulted in different shareholders’ equity and net result amounts
compared to those indicated in this Interim Report on Form 6-K.
In 2026 forward interest rates for shorter tenors increased while for the long tenors the yield decreased, overall
resulting in a negative EU IAS 39 carve out adjustment after tax of EUR -319 million (2025: EUR 786 million
positive). The impact of the adjustment is mainly reflected in line item 'Valuation results and net trading income' in
the statement of profit or loss. A reconciliation between IFRS-EU and IFRS-IASB is included below.
Reconciliation net result under IFRS-EU and IFRS-IASB | ||
1 January to 30 June | ||
in EUR million | 2026 | 2025 |
In accordance with IFRS-EU (attributable to the shareholders of the parent) | ||
Adjustment of the EU IAS 39 carve-out | - | |
Tax effect of the adjustment | - | |
Effect of adjustment after tax | - | |
In accordance with IFRS-IASB (attributable to the shareholders of the parent) | ||
Reconciliation shareholders’ equity under IFRS-EU and IFRS-IASB | ||
in EUR million | 30 June 2026 | 31 December 2025 |
In accordance with IFRS-EU (attributable to the shareholders of the parent) | ||
Adjustment of the EU IAS 39 carve-out | ||
Tax effect of the adjustment | - | - |
Effect of adjustment after tax | ||
In accordance with IFRS-IASB Shareholders’ equity | ||
ING Group has consistently applied its material accounting policies to all periods presented in these Condensed
The following amendments to IFRS became effective in the current reporting period with no significant impact for
ING Group:
§Amendments to IFRS 9 'Financial Instruments' and IFRS 7 'Financial Instruments: Disclosure': Classification and
Measurement of Financial Instruments (issued in May 2024). Amendments clarify recognition and
derecognition dates for certain financial assets and liabilities (introducing an exception for financial liabilities
settled through electronic payment systems); provide further guidance on assessing contractual cash flow
characteristics of financial assets including ESG and similar features, non-recourse features and contractually-
linked instruments; introduce disclosures for financial instruments with contingent features that could change
the amount of contractual cash flows and update disclosure requirements for equity instruments at FVOCI.
§Amendments to IFRS 9 'Financial Instruments' and IFRS 7 'Financial Instruments: Disclosure': Contracts
Referencing Nature-dependent Electricity (issued in December 2024). Amendments clarify accounting for
renewable electricity contracts, including own-use and hedge accounting and related disclosures.
§Annual Improvements to IFRS Accounting Standards: Volume 11 (issued in July 2024). Amendments include
minor clarifications and corrections across a number of Standards to improve consistency and clarity.
1.3.2 Upcoming changes in IFRS after 2026
ING Group has not early adopted any of the following Standards, interpretations or amendments that have been
issued but are not yet effective.
Effective in 2027:
§Amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates': Translation to a Hyperinflationary
Presentation Currency (issued in November 2025). Amendments clarify accounting when translating from a non-
hyperinflationary functional currency to a hyperinflationary presentation currency. There is no impact expected
on the consolidated financial statements.
§Amendments to the Fair Value Option in IAS 28 Investments in Associates and Joint Ventures (issued in June
2026). The amendments clarify the scope of the fair value option exemption in IAS 28 for certain entities
investing in associates and joint ventures. ING is assessing the impact of these amendments, which are not
expected to have a material effect on the consolidated financial statements.
§New Standard IFRS 18 'Presentation and Disclosure in Financial Statements' (issued in April 2024). IFRS 18
replaces IAS 1 'Presentation of Financial Statements', carrying forward many of the requirements in IAS 1
unchanged and complementing them with new requirements. In addition, some paragraphs from IAS 1 have
been moved to IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors' and IFRS 7.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 36 |
Furthermore, the IASB has made minor amendments to IAS 7 'Statement of Cashflows' and IAS 33 'Earnings per
Share'. IFRS 18 introduces new requirements to:
–present specified categories (operating, investing, financing, income tax and discontinued operations) and
defined subtotals in the statement of profit or loss;
–provide disclosures on management-defined performance measures (MPMs) in the notes to the financial
statements; and
–improve aggregation and disaggregation.
ING continues to assess the impact of IFRS 18, effective from 1 January 2027. Based on the assessment performed
to date:
§ING has identified specified main business activities of providing financing to customers and investing in specified
assets. As a result, the expected presentation and disclosure impact is mainly limited to income and expense
reclassifications within the Consolidated statement of profit or loss for equity-accounted investments in
associates and joint venture’ and non-trading equity instruments in scope of IFRS 9. These items will be
presented in the investing category below the newly required ‘operating profit’ subtotal. Given the classification
requirements and policy choices available under IFRS 18, the financing category is expected to comprise mainly
interest on finance lease liabilities and net interest on defined benefit obligations.
§ING currently uses a number of performance measures in external communications that may qualify as MPMs
under IFRS 18, including measures based on net interest income, total income and certain adjusted profit
metrics. These measures will be required to be presented in a dedicated note together with explanations of their
relevance and reconciliations to the most directly comparable IFRS-defined subtotals, including related tax and
non-controlling interest effects. The assessment of the final population of MPMs and related disclosures is
ongoing.
§ING does not currently expect significant changes to the information disclosed in the notes to the financial
statements, as IFRS 18 does not change the existing requirements to disclose material information.
§For the statement of cash flows, the starting point for calculating cash flows from operating activities is expected
to change to 'operating profit'.
In addition, in May 2024, the IASB also issued a new accounting Standard IFRS 19 'Subsidiaries without Public
Accountability: Disclosures', however, it is not applicable for the consolidated financial statements of ING Group.
Effective in 2029:
A new accounting Standard IFRS 20 'Regulatory Assets and Regulatory Liabilities' was issued in May 2026,
however, it is not applicable for the consolidated financial statements of ING Group.
The preparation of the Condensed consolidated interim financial statements requires management to make
judgements in the process of applying its accounting policies and to use estimates and assumptions. The
estimates and assumptions affect the reported amounts of the assets and liabilities and the amounts of the
contingent assets and contingent liabilities at the balance sheet date, as well as reported income and expenses for
the year. The actual outcome may differ from these estimates. The process of setting assumptions is subject to
internal control procedures and approvals.
Consistent with Note 1.4 'Significant judgements and critical accounting estimates and assumptions' of the 2025
ING Group Consolidated financial statements, the following areas continue to require management to make
significant judgements and use critical accounting estimates and assumptions based on the information and
financial data that may or may not change in future periods:
§Loan loss provisions (financial assets);
§The determination of the fair values of financial assets and liabilities;
§Investment in associate - assessment of additional impairment losses or reversal of previous impairment
losses;
§Investment in associate - determination of significant influence over associates; and
§Provisions.
In April 2026 ING has terminated the agreement to sell its business in Russia. ING assessed that there currently is
no realistic expectation that the buyer will obtain the necessary approvals. Consequently, judgement around
classification of ING Bank (Eurasia) JSC as held for sale and the timing of loss recognition no longer applies.
Financial assets at fair value through profit or loss | ||
in EUR million | 30 June 2026 | 31 December 2025 |
Trading assets | ||
Non-trading derivatives | ||
Designated at fair value through profit or loss | ||
Mandatorily measured at fair value through profit or loss | ||
(Reverse) repurchase transactions
Financial assets at fair value through profit or loss include securities lending and sales and repurchase transactions
with securities. At ING, these types of transactions are recognised in several lines in the statement of financial
position depending on business model assessment and counterparty. Netting is applicable to repurchase
agreements that are governed by an established Global Master Repurchase Agreement (GMRA) when ING Group
has the intention to settle net. This netting is restricted to transactions involving the same currency and maturity
date, and must occur within the same legal entity.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 37 |
ING Group’s exposure to (reverse) repurchase transactions is included in the following lines in the statement of
financial position:
Exposure to (reverse) repurchase agreements | ||
in EUR million | 30 June 2026 | 31 December 2025 |
Reverse repurchase transactions | ||
Loans and advances to banks | ||
Loans and advances to customers | ||
Trading assets, loans and receivables | ||
Loans and receivables mandatorily measured at fair value through profit or loss | ||
Repurchase transactions | ||
Deposits from banks | ||
Customer deposits | ||
Trading liabilities, funds on deposit | ||
Funds entrusted designated and measured at fair value through profit or loss | ||
Financial assets at fair value through other comprehensive income by type | ||
in EUR million | 30 June 2026 | 31 December 2025 |
Equity securities | ||
Debt securities 1 | ||
Loans and advances 1 | ||
1 Debt securities include an amount of EUR -17 million (31 December 2025: EUR -15 million) and the Loans and advances includes EUR -1 million (31
December 2025: EUR -6 million) of Loan loss provisions.
Exposure to equity securities
Equity securities at fair value through other comprehensive income | ||||
Carrying value | Carrying value | Dividend income | Dividend income | |
in EUR million | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 |
Investment in Bank of Beijing | ||||
Investment in Van Lanschot Kempen | ||||
Other Investments | ||||
As at 30 June 2026 ING holds approximately 13 % (31 December 2025: 13 %) of the shares of Bank of Beijing, a
bank listed on the stock exchange of Shanghai. The stake in Bank of Beijing is part of the Corporate Line. As per
regulatory requirements set by the China Banking and Insurance Regulatory Commission, ING, as a shareholder
holding more than 5% of the shares, is required to supply additional capital when necessary. No request for
additional capital was received in the first six months of 2026 (2025: nil).
Changes in fair value through other comprehensive income
The following table presents changes in financial assets at fair value through other comprehensive income.
Changes in fair value through other comprehensive income financial assets | ||||||
FVOCI equity securities | FVOCI debt instruments 1 | Total | ||||
in EUR million | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 |
Opening balance as at 1 January | ||||||
Additions | ||||||
Amortisation | ||||||
Transfers and reclassifications | ||||||
Changes in unrealised revaluations 2 | - | - | - | |||
Impairments | - | - | - | - | ||
Reversals of impairments | ||||||
Disposals and redemptions | - | - | - | - | - | - |
Exchange rate differences | - | - | - | |||
Other changes | - | - | - | |||
Closing balance | ||||||
1Fair value through other comprehensive income debt instruments includes both debt securities and loans and advances.
2Changes in unrealised revaluations of FVOCI debt instruments include changes on hedged items which are recognised in the statement of profit or loss.
FVOCI equity securities
Exchange rate differences of EUR 107 million (31 December 2025: EUR -178 million) are mainly related to the stake
in Bank of Beijing following the appreciation of CNY versus EUR. In the first six months of 2026, changes in
unrealised revaluations of equity securities are mainly related to a revaluation of the stake in Bank of Beijing of
EUR -206 million (31 December 2025: EUR -225 million) and Van Lanschot Kempen of EUR 125 million (31
December 2025: EUR 61 million) following a change in the share price.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 38 |
Exposure to debt securities | ||
in EUR million | 30 June 2026 | 31 December 2025 |
Debt securities at fair value through other comprehensive income | ||
Debt securities at amortised cost | ||
Debt securities at fair value through other comprehensive income and amortised cost | ||
Trading assets | ||
Debt securities designated and measured at fair value through profit or loss | ||
Debt securities mandatorily measured at fair value through profit or loss | ||
Total debt securities at fair value through profit or loss | ||
Debt securities by type of exposure | ||||||||
Debt Securities at FVPL 1 | Debt Securities at FVOCI | Debt Securities at AC | Total | |||||
in EUR million | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 |
Government bonds | ||||||||
Central bank bonds | ||||||||
Sub-sovereign, Supranationals and Agencies | ||||||||
Covered bonds | ||||||||
Corporate bonds | ||||||||
Financial institutions' bonds | ||||||||
ABS portfolio | ||||||||
Loan loss provisions | - | - | - | - | - | - | ||
Debt securities portfolio | ||||||||
1Debt securities at FVPL includes both debt securities designated - and mandatorily measured at fair value through profit or loss.
Loans and advances to customers by type | ||
in EUR million | 30 June 2026 | 31 December 2025 |
Loans and advances to public authorities | ||
Residential mortgages | ||
Other personal lending | ||
Corporate Lending | ||
Loan loss provisions | - | - |
For details on credit quality and loan loss provisioning, refer to ‘Risk management – Credit risk’ – paragraphs 'Loan
loss provisioning' and 'Portfolio quality and concentration'.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 39 |
Investments in associates and joint ventures | ||||||
30 June 2026 | 31 December 2025 | |||||
in EUR million | Interest held (%) | Fair value of listed investments | Balance sheet value | Interest held (%) | Fair value of listed investments | Balance sheet value |
TMBThanachart Bank Public Company Limited | ||||||
Other investments in associates and joint ventures | ||||||
TMBThanachart Bank Public Company Limited
ING Group has a 20 % investment in TMBThanachart Bank Public Company Limited (hereafter: TTB), a bank listed
on the stock exchange of Thailand. TTB is providing products and services to wholesale, small and medium
enterprise (SME), and retail customers. TTB is accounted for as an investment in associate based on the size of
ING's shareholding and representation on the Board. The investment in TTB is reflected in the Corporate Line.
Other investments in associates and joint ventures
Included in Other investments in associates and joint ventures are mainly financial services and (non-) financial
technology funds or vehicles operating predominantly in Europe, and are individually not significant to ING Group.
Significant influence for associates in which the interest held is below 20%, is based on the combination of ING
Group’s financial interest and other arrangements, such as participation in the Board of Directors.
The associates and joint ventures of ING are subject to legal and regulatory restrictions regarding the amount of
dividends they can pay to ING. These restrictions are, for example, dependent on the laws in the country of
incorporation for declaring dividends or as a result of minimum capital requirements that are imposed by industry
regulators in the countries in which the associates and joint ventures operate.
In addition, the associates and joint ventures also consider other factors in determining the appropriate levels of
equity needed. These factors and limitations include, but are not limited to, the rating agency and regulatory
views, which can change over time.
Changes in Investments in associates and joint ventures | ||
in EUR million | 30 June 2026 | 31 December 2025 |
Opening balance as at 1 January | ||
Additions | ||
Transfers | - | |
Revaluations | - | |
Share of results | ||
Dividends received | - | - |
Disposals | - | - |
Impairments | - | - |
Exchange rate differences | - | - |
Other | - | |
Closing balance | ||
Share of results from associates and joint ventures of EUR 127 million (31 December 2025: EUR 209 million) as
included in the table above is mainly attributable to our share in the results of TTB of EUR 69 million (31 December
2025: EUR 136 million).
Disposals of EUR -382 million (31 December 2025: EUR -66 million) mainly relate to the partial reduction of ING's
stake in TTB, through participation in TTB's 2026 share buyback programmes. The transactions reduced ING's stake
(excl. treasury shares) to 19.5 %, however ING continues to hold significant influence over TTB given the magnitude
of its voting rights and board representation. Gross proceeds to ING from the transactions amounted to
approximately EUR 304 million.
Impairments and reversal thereof on the investment in TTB
Accumulated impairments on the investment in TTB of EUR 395 million (31 December 2025: EUR 395 million) were
recognised in previous years. There is no impairment trigger observed as per 30 June 2026. While the estimated
recoverable amount, based on fair value less costs of disposal, exceeded the carrying amount, the available
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 40 |
Changes in intangible assets | ||||||||
Goodwill | Software | Other | Total | |||||
in EUR million | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 |
Opening balance as at 1 January | ||||||||
Additions | ||||||||
Capitalised expenses | ||||||||
Amortisation | - | - | - | - | - | |||
Impairments 1 | - | - | - | - | ||||
Exchange rate differences | - | - | - | |||||
Disposals | - | - | ||||||
Other changes | ||||||||
Closing balance | ||||||||
Gross carrying amount | ||||||||
Accumulated amortisation | - | - | - | - | - | - | ||
Accumulated impairments | - | - | - | - | - | - | ||
Net carrying value | ||||||||
1 Impairments of intangible assets are presented within Other operating expenses in the statement of Profit or Loss.
Goodwill increased by EUR 113 million during the second quarter of 2026, following ING Bank Slaski's acquisition of
the remaining 55 % interest in Goldman Sachs TFI. The increase reflects the goodwill recognised as part of the
purchase price allocation performed upon obtaining full ownership. As a result, total goodwill increased from EUR
the recognition of EUR 26 million of other intangible assets, primarily relating to client relationships.
Reference is made to Note 20 'Businesses acquired and divested' for further details on goodwill.
Impairment testing
ING assesses whether there are indicators that goodwill may be impaired. Based on the impairment trigger
Customer deposits | ||
in EUR million | 30 June 2026 | 31 December 2025 |
Current accounts / Overnight deposits | ||
Savings accounts | ||
Time deposits | ||
Other | ||
Current accounts / Overnight deposits, Savings accounts and Time deposits include balances with individuals,
respectively EUR 114,184 million (31 December 2025: EUR 113,586 million), EUR 365,170 million (31 December
2025: EUR 347,234 million) and EUR 53,198 million (31 December 2025: EUR 50,033 million).
Financial liabilities at fair value through profit or loss | ||
in EUR million | 30 June 2026 | 31 December 2025 |
Trading liabilities | ||
Non-trading derivatives | ||
Designated at fair value through profit or loss | ||
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 41 |
Total equity | ||
In EUR million | 30 June 2026 | 31 December 2025 |
Share capital and share premium | ||
- Share capital | ||
- Share premium | ||
Other reserves | ||
- Revaluation reserve: Equity securities at FVOCI | ||
- Revaluation reserve: Debt instruments at FVOCI | - | - |
- Revaluation reserve: Cash flow hedge | - | - |
- Revaluation reserve: Credit liability | - | - |
- Revaluation reserve: Property in own use | ||
- Net defined benefit asset/liability remeasurement reserve | - | - |
- Currency translation reserve | - | - |
- Share of associates and joint ventures and other reserves | ||
- Treasury shares | - | - |
- | - | |
Retained earnings | ||
Shareholders’ equity (parent) | ||
Non-controlling interests | ||
Total equity | ||
Equity securities at FVOCI
In 2026, the movement of EUR 24 million (2025: EUR -372 million) includes unrealised revaluation of EUR 24 million
(2025: EUR -366 million) of which shares in Bank of Beijing for EUR -98 million (2025: EUR -403 million). Refer to
Note 3 'Financial assets at fair value through other comprehensive income' for further information
Cash flow hedge
ING’s cash flow hedges mainly consist of interest rate swaps and cross-currency swaps that are used to protect
against the exposure to variability in future cash flows on floating rate lending and borrowing. Due to an increase
in forward interest rates in the first half of 2026, the interest rate swaps had a negative revaluation of EUR
-102 million which is recognised in the cash flow hedge reserve.
Currency translation reserve
Unrealised revaluations relates to changes in the value of hedging instruments that are designated as net
investment hedges. The hedging strategy is to protect the CET1 ratio against adverse impact from exchange rate
fluctuations. The net increase of unrealised revaluations and Exchange rate differences of EUR 299 million is
related to several currencies including USD (EUR 125 million), TRY (EUR 53 million including EUR 79 million IAS 29
indexation effect), PLN (EUR -28 million), AUD (EUR 98 million), RUB (EUR 22 million), THB (EUR 10 million) and
other currencies (EUR 19 million).
Share of associates and joint ventures and other reserves
The Share of associates, joint ventures and other reserves includes non-distributable profits from associates and
joint ventures of EUR 817 million (2025: EUR 962 million) and a legal reserve of EUR 1,047 million (2025: EUR 956
million) related to internally developed software. The transfer to retained earnings of EUR -163 million includes the
release of the Regio bank and Vakbondsspaarbank SPN reserve of EUR -108 million (2025: EUR -802 million) against
regulatory expenses which are recognised in the statement of profit or loss. The reserve is fully utilized as per 30
June 2026.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 42 |
Treasury shares
Changes in treasury shares | ||||
In EUR million | Number x 1,000 | |||
30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | |
Opening balance | - | - | ||
Purchased/sold for trading purposes | - | - | ||
Purchased under staff share plans | - | - | ||
Distributed under staff share plans | - | - | ||
Purchased under Share buyback programme | - | - | ||
Cancelled under Share buyback programme | - | - | ||
Closing balance | - | - | ||
In 2026 ING Group initiated one share buyback programme and completed one from 2025:
§EUR 1,100 million, commencing on 30 October 2025 and completed on 27 April 2026. A total of 47.0 million
shares have been repurchased at an average effective price of EUR 23.38 per share. These shares are cancelled
in July 2026;
§EUR 1,000 million, commencing on 30 April 2026 and is expected to be completed by October 2026. As per 30
June 2026 a total of 13.46 million shares have been repurchased at an average price of EUR 26.01 per share. The
intention is to cancel these shares in January 2027.
Retained earnings
In 2026, a cash dividend of EUR 2,116 million (2025: EUR 3,691 million) was paid to the shareholders of ING Group.
For further information, reference is made to Note 16 'Dividend per ordinary share'.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 43 |
Net interest income | ||||||
in EUR million | 30 June 2026 | 30 June 2025 | 30 June 2026 | 30 June 2025 | ||
Interest income on loans1 | Interest expense on deposits2 | |||||
Interest income on debt securities at amortised cost | Interest expense on debt securities in issue | |||||
Interest income on financial assets at fair value through OCI | Interest expense on subordinated loans | |||||
Interest income on non-trading derivatives (hedge accounting) | Interest expense on non-trading derivatives (hedge accounting) | |||||
Total interest income using effective interest rate method | Total interest expense using effective interest rate method | |||||
Interest income on financial assets at fair value through profit or loss | Interest expense on financial liabilities at fair value through profit or loss | |||||
Interest income on non-trading derivatives (no hedge accounting) | Interest expense on non-trading derivatives (no hedge accounting) | |||||
Interest income other | Interest expense on lease liabilities | |||||
Total other interest income | Interest expense other | |||||
Total other interest expense | ||||||
Total interest income | Total interest expense | |||||
Net interest income | ||||||
1 Includes interest income on loans to customers and banks, cash balances as well as negative interest on liabilities. Negative interest on liabilities amounted to EUR 19 million (30 June 2025: EUR 4 million).
2 Includes interest paid on deposits from customers and banks, and negative interest on assets. Negative interest on assets amounted to EUR 11 million (30 June 2025: EUR 4 million).
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 44 |
Net fee and commission income | ||
in EUR million | 30 June 2026 | 30 June 2025 |
Fee and commission income | ||
Payment Services | ||
Securities business | ||
Insurance and other broking | ||
Portfolio management | ||
Lending business | ||
Financial guarantees and other commitments | ||
Other fee and commission income | ||
Total fee and commission income | ||
Fee and commission expenses | ||
Payment Services | ||
Securities business | ||
Distribution of products | ||
Other fee and commission expenses | ||
Total fee and commission expenses | ||
Net fee and commission income |
Reference is made to Note 17 'Segments', which includes net fee and commission income, as reported to the
Valuation results and net trading income | ||
in EUR million | 30 June 2026 | 30 June 2025 |
Securities trading results | ||
Derivatives trading results | - | - |
Other trading results | - | |
Change in fair value of derivatives relating to | ||
– fair value hedges | - | |
– cash flow hedges (ineffective portion) | ||
– other non-trading derivatives | - | - |
Change in fair value of assets and liabilities (hedged items) | - | |
Valuation results on assets and liabilities designated and mandatory at FVPL (excluding trading) | - | |
Foreign exchange transactions results | ||
In general, the fair value movements are influenced by changes in the market conditions, such as stock prices,
credit spreads, interest rates and currency exchange rates. In 2026, valuation results and net trading income was
affected by reversing the hedge accounting impacts that are applied under EU ‘IAS 39 carve-out’ with an impact of
EUR -589 million (30 June 2025: EUR 933 million).
Net trading income relates to trading assets and trading liabilities, which include assets and liabilities that are
classified under IFRS as Trading but are closely related to servicing the needs of the clients of ING. ING offers
products that are traded on the financial markets to institutional clients, corporate clients, and governments.
Securities trading results include the results of market making in instruments such as government securities,
equity securities, corporate debt securities, and money-market instruments. The majority of the risks involved in
security trading are economically hedged with derivatives. The securities trading results are partly offset by results
on these derivatives. Derivatives trading results include the results of derivatives such as interest rate swaps,
options, futures, and forward contracts.
Foreign-exchange transactions results include gains and losses from spot, options, futures, and translated foreign
currency assets and liabilities. The result on currency trading is included in foreign exchange transactions results.
Valuation results and net trading income include the fair value movements on derivatives (used for both hedge
accounting and economically hedging exposures) as well as the changes in the fair value of assets and liabilities
included in hedging relationships as hedged items.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 45 |
Other operating expenses | ||
in EUR million | 30 June 2026 | 30 June 2025 |
Promotional and client acquisition costs | ||
IT related expenses (excluding outsourcing and subcontracting) | ||
Outsourcing and subcontracting | ||
Facilities | ||
Market data services | ||
Advisory fees | ||
Audit and supervisory fees | ||
Indirect taxes | ||
Regulatory costs | ||
Depreciation and impairment of property and equipment | ||
Amortisation and impairment of intangible assets | ||
Additions and releases of provisions | ||
Other | ||
Regulatory costs
Regulatory costs represent contributions to the Deposit Guarantee Schemes (DGS), the Single Resolution Fund
(SRF), local bank taxes and local resolution funds. Included in Regulatory costs for the first six months of 2026, are
contributions to DGS of EUR 25 million (2025: EUR 136 million) mainly related to Belgium, Germany and Poland and
contributions to the SRF and local resolution funds of EUR 58 million (2025: EUR 41 million). In 2026, local bank
Earnings per ordinary share | ||||||
Amount | Weighted average number of ordinary shares outstanding during the period | Per ordinary share | ||||
(in EUR million) | (in millions) | (in EUR) | ||||
30 June 2026 | 30 June 2025 | 30 June 2026 | 30 June 2025 | 30 June 2026 | 30 June 2025 | |
Basic and diluted earnings | ||||||
Earnings per ordinary share is calculated on the basis of the weighted average number of ordinary shares
outstanding. In calculating the weighted average number of ordinary shares outstanding, own shares held by
group companies (including share buyback programmes) are deducted from the total number of ordinary shares
in issue.
ING had no dilutive potential ordinary shares outstanding during the reporting period. Accordingly, diluted
earnings per share is equal to basic earnings per share.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 46 |
Dividends to shareholders of the parent | ||
Per ordinary share (in EUR) | Total (in EUR million) | |
Dividends on ordinary shares: | ||
In respect of 2024 | ||
- Interim dividend, paid August 2024 | ||
- Final dividend, paid May 2025 | ||
Total dividend in respect of 2024 | ||
In respect of 2025 | ||
- Interim dividend, paid August 2025 | ||
- Final dividend, paid April 2026 | ||
Total dividend in respect of 2025 | ||
In respect of 2026 | ||
- Interim dividend declared | ||
Total dividend for the period ending 30 June 2026 | ||
On 14 April 2026, the Annual General Meeting of shareholders ratified the total dividend of EUR 1.086 per ordinary
share of which EUR 0.350 per share was paid as an interim cash dividend during August 2025. The final dividend of
EUR 0.736 per ordinary share was paid entirely in cash on 24 April 2026.
In October 2025 an additional cash distribution of EUR 0.172 per share was declared to shareholders of ING Group
and EUR 500 million was paid in January 2026 (30 June 2026: nil ).
ING Groep N.V. is required to withhold tax of 15 % on dividends paid. Reference is made to Note 10 'Equity' for
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 47 |
Additional notes to the Condensed consolidated interim financial statements
ING Group’s segments are based on the internal reporting structure by lines of business.
The Executive Board of ING Group and the Management Board Banking (together the Chief Operating Decision
Maker or CODM) set the performance targets, and approve and monitor the budgets prepared by the segments.
Segments formulate strategic, commercial, and financial plans in line with the strategy and performance targets
set by the CODM.
Recognition and measurement of segment results are consistent with the accounting policies as described in Note
1 'Basis of preparation and material accounting policy information' of the 2025 ING Group Consolidated financial
statements. The results for the period for each reportable segment are after intercompany and intersegment
eliminations and are those reviewed by the CODM to assess performance of the segments. Corporate expenses are
allocated to business lines based on time spent by head office personnel, the relative number of staff, or on the
basis of income, expenses and/or assets of the segment. Interest income per segment is reported as net interest
income because management relies primarily on net (rather than gross) interest revenue to assess the
performance of the segments.
segments:
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 brokerage. |
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 (Spain, Italy, Australia, Poland, Romania and Türkiye). 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. |
ING Group monitors and evaluates the performance of ING Group at a consolidated level and by segment. The
Executive Board and the Management Board Banking consider this to be relevant to an understanding of the
Group’s financial performance, because it enables investors to understand the primary method used by
management to evaluate the Group’s operating performance and make decisions about allocating resources.
In addition, ING Group believes that the presentation of results in accordance with IFRS-EU helps investors compare
its segment performance on a meaningful basis by highlighting result before tax attributable to ongoing
operations and the profitability of the segment businesses. IFRS-EU result is derived by including the impact of the
IFRS-EU ‘IAS 39 carve out’ adjustment.
The IFRS-EU ‘IAS 39 carve-out’ adjustment relates to fair value portfolio hedge accounting strategies for the
mortgage and savings portfolios in the Benelux, Germany and Other Challengers that are not eligible under IFRS-
IASB. As no hedge accounting is applied to these mortgage and savings portfolios under IFRS-IASB, the fair value
changes of the derivatives are not offset by fair value changes of the hedge items (mortgages and savings).
The segment reporting in the interim report on Form 6-K has been prepared in accordance with International
Financial Reporting Standards as issued by the EU (IFRS-EU) and reconciled to International Financial Reporting
Standards as issued by the International Accounting Standards Board (IFRS-IASB) for consistency with the other
financial information contained in this report. The difference between the accounting standards is reflected in the
Wholesale Banking segment.
Reference is made to Note '1.2 Basis of preparation of the Condensed consolidated interim financial statements’.
for a reconciliation between IFRS-EU and IFRS-IASB. Corporate expenses are allocated to business lines based on
time spent by head office personnel, the relative number of staff, or on the basis of income, expenses and/or
assets of the segment.
ING Group reconciles the total segment results to the overall result using Corporate Line. The Corporate Line
includes capital management activities, as ING Group applies a system of capital charging for its banking
operations to create a comparable basis for the results of business units globally, irrespective of the business units’
book equity and the currency in which they operate.
Corporate Line also includes certain income and expenses that are not allocated to the banking businesses, such
as our investments in Bank of Beijing and TMBThanachart Bank (TTB) as well our stake in Van Lanschot Kempen
and the run-off portfolio in Luxembourg. Furthermore, results in the Corporate Line are impacted by the
application of hyperinflation accounting in the consolidation of our subsidiary in Türkiye under IAS 29.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 48 |
The information presented in this note is consistent with the information presented to the Executive Board of ING
Group and the Management Board Banking. This note does not include details on the types of products and
services from which each reportable segment derives its revenues, as this information is not reported internally.
Reconciliation between IFRS-IASB and IFRS-EU income, expense and net result | ||||||||||
1 January to 30 June 2026 | 1 January to 30 June 2025 | |||||||||
in EUR million | Income | Expenses | Taxation | Non-controlling interests | Net result 1 | Income | Expenses | Taxation | Non-controlling interests | Net result1 |
Net result IFRS-IASB attributable to equity holder of the parent | ||||||||||
Remove impact of: | ||||||||||
Adjustment of the EU 'IAS 39 carve out' 2 | - | - | - | |||||||
Net result ING Group IFRS-EU 3 | ||||||||||
1Net result reflects the net result attributable to shareholders of the parent.
2ING prepares the Form 6-K in accordance with IFRS-IASB. This information is prepared by reversing the hedge accounting impacts that applied under the EU 'carve-out' version of IAS 39. For the underlying result, the impact of the carve-out is re-instated as this is the measure at which management monitors the
business.
3IFRS-EU figures include the impact of applying the EU 'IAS 39 carve-out'.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 49 |
ING Group Total | |||||||||
1 January to 30 June 2026 | 1 January to 30 June 2025 | ||||||||
in EUR million | ING Bank | Other | ING Group | ING Bank | Other | ING Group | |||
Net interest income | |||||||||
Net fee and commission income | |||||||||
Total investment and other income | |||||||||
– of which share of result from associates and joint ventures | |||||||||
– of which revaluations and trading income | |||||||||
Total income | |||||||||
Operating expenses | |||||||||
– of which Regulatory expenses | |||||||||
Addition to loan loss provisions | |||||||||
Total expenses | |||||||||
Result before taxation | |||||||||
Taxation | |||||||||
Non-controlling interests | |||||||||
Net result IFRS-EU | |||||||||
Adjustment of the EU 'IAS 39 carve out' | - | - | |||||||
Net result IFRS-IASB | |||||||||
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 50 |
Segments | |||||||||||||||
1 January to 30 June 2026 | 1 January to 30 June 2025 | ||||||||||||||
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 | |
Net interest income | |||||||||||||||
Net fee and commission income | - | - | |||||||||||||
Total investment and other income | - | - | - | ||||||||||||
– of which share of result from associates and joint ventures | - | - | |||||||||||||
– of which revaluations and trading income | - | - | - | ||||||||||||
Total income | |||||||||||||||
Operating expenses | |||||||||||||||
– of which Regulatory expenses | - | ||||||||||||||
Addition to loan loss provisions | |||||||||||||||
Total expenses | |||||||||||||||
Result before taxation | - | ||||||||||||||
Taxation | |||||||||||||||
Non-controlling interests | |||||||||||||||
Net result IFRS-EU | - | - | |||||||||||||
Adjustment of the EU 'IAS 39 carve out' | - | - | |||||||||||||
Net result IFRS-IASB | - | - | |||||||||||||
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 51 |
Valuation methods
The estimated fair values represent the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date. It is a market-based measurement,
which is based on assumptions that market participants would use and takes into account the characteristics of
the asset or liability that market participants would take into account when pricing the asset or liability.
Fair values of financial assets and liabilities are based on quoted prices in active market where available. When
such quoted prices are not available, the fair value is determined by using valuation techniques.
Valuation control framework
The valuation control framework covers the product approval process (PARP), pricing, market data assessment and
independent price verification (IPV), valuation adjustments, model use, fair value hierarchy and day one profit or
loss. Valuation processes are governed by the Global Valuation and Impairment Committee (GV&IC) and its
delegate, based on the valuation and valuation adjustment models approved by Trading and Counterparty Risk
Committee (TCRC), with outcomes monitored under the valuation Risk Appetite Statement established by Group
Financial Risk Committee (GFRC) and TCRC.
The Global Valuation and Impairment Committee is responsible for the oversight and the approval of the outcome
of impairments (other than loan loss provisions) and valuation processes. It oversees the quality and coherence of
valuation methodologies and performance. The Group Financial Risk Committee (GFRC) is the highest committee
next to Management Board Banking (MBB) to discuss and approve global policies, methodologies and risk appetite
related to Financial Risk. The Trading and Counterparty Risk Committee (TCRC) is responsible for the governance of
valuation models, market data used in valuation, and valuation risk within its delegated mandate. The Local
Parameter Committee discusses the valuation results and monitors the performance of the valuation activities
carried out on local or regional level. The Global Financial Markets Parameter Committee reviews the consolidated
valuation outcome and resulting P&L for Financial Market products, targeting a globally consistent treatment
across Financial Markets. The Banking Book Parameter Committee (BBPC) discusses the valuation topics for non-
Financial Market and non-Group Treasury Wholesale Banking portfolios.
Valuation adjustments
Valuation adjustments are an integral part of the fair value. They are the adjustments to the output from a
valuation technique in order to appropriately determine a fair value in accordance with IFRS13. ING considers
various fair value adjustments including Bid-Offer adjustments, Model Risk adjustments, Bilateral Valuation
Adjustments (BVA, consisting of Credit Valuation Adjustments or CVA, and Debit valuation Adjustments or DVA),
Collateral Valuation Adjustment (CollVA) and Funding Valuation Adjustment (FVA).
For financial instruments where the fair value at initial recognition is based on one or more significant
unobservable inputs, a difference between the transaction price and the fair value resulting from the internal
valuation process can occur. Such difference is referred to as Day One Profit or Day One Loss (hereafter: DOP). ING
defers material DOP arising from financial instruments for which the fair value at initial recognition is determined
using significant unobservable valuation inputs. The DOP is amortised over the life of the instrument, or until the
significant unobservable inputs become observable, or until the significant unobservable inputs become non-
significant.
Adjustments in fair value on financial assets and liabilities | ||
in EUR million | 30 June 2026 | 31 December 2025 |
Deferred Day One Profit or Loss | - | - |
Own credit adjustments | - | - |
Bid/Offer | - | - |
Model Risk | - | - |
CVA | - | - |
DVA | ||
CollVA | - | - |
FVA | - | - |
Other valuation adjustments | ||
Total Valuation Adjustments | - | - |
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 52 |
Transfers into and transfers out of fair value hierarchy levels are made on a quarterly basis at the end of the
reporting period. The fair values of the financial instruments were determined as follows:
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 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 |
Financial Assets | ||||||||
Financial assets at fair value through profit or loss | ||||||||
- Equity securities | ||||||||
- Debt securities | ||||||||
- Derivatives | ||||||||
- Loans and receivables | ||||||||
Financial assets at fair value through other comprehensive income | ||||||||
- Equity securities | ||||||||
- Debt securities | ||||||||
- Loans and receivables | ||||||||
Financial liabilities | ||||||||
Financial liabilities at fair value through profit or loss | ||||||||
– Debt securities | ||||||||
– Deposits | ||||||||
– Trading securities | ||||||||
– Derivatives | ||||||||
The following methods and assumptions were used by ING Group to estimate the fair value of the financial
instruments:
Equity securities
Instrument description: Equity securities include stocks and shares, corporate investments and private equity
investments.
Valuation: If available, the fair values of publicly traded equity securities and private equity securities are based on
quoted market prices. In the absence of active markets, fair values are estimated by analysing the investee’s
financial position, result, risk profile, prospect, price, earnings comparisons and revenue multiples. Additionally,
reference is made to valuations of peer entities where quoted prices in active markets are available. For equity
securities, best market practice will be applied using the most relevant valuation method. All non-listed equity
investments, including investments in private equity funds, are subject to a standard review framework which
ensures that valuations reflect the fair values.
Fair value hierarchy: The majority of equity securities are publicly traded, and quoted prices are readily and
regularly available. Hence, these securities are classified as Level 1. Equity securities which are not traded in active
markets mainly include corporate investments, fund investments and other equity securities and are classified as
Level 3.
Debt securities
Instrument description: Debt securities include government bonds, financial institutions bonds and Asset-backed
securities (ABS).
Valuation: Where available, fair values for debt securities are generally based on quoted market prices. Quoted
market prices are obtained from an exchange market, dealer, broker, industry group, pricing service, or regulatory
service. The quoted prices from non-exchange sources are reviewed on their tradability of market prices. If quoted
prices in an active market are not available, fair value is based on an analysis of available market inputs, which
include consensus prices obtained from one or more pricing services. Furthermore, fair values are determined by
valuation techniques discounting expected future cash flows using market interest rate curves, referenced credit
spreads, maturity of the investment, and estimated prepayment rates where applicable.
Fair value hierarchy: Government bonds and financial institution bonds are generally traded in active markets.
Where quoted prices are readily and regularly available, they are classified as Level 1. The remaining positions are
classified as Level 2 or Level 3 depending on the trading activity and observability of prices. Asset backed securities
for which significant valuation uncertainty remains due to limited market observability are classified as Level 3.
Derivatives
Instrument description: Derivative contracts can either be exchange-traded or over the counter (OTC). Derivatives
include interest rate derivatives, FX derivatives, credit derivatives, equity derivatives and commodity derivatives.
Valuation: The fair value of exchange-traded derivatives is determined using quoted market prices in an active
market and are classified as Level 1 of the fair value hierarchy. For instruments that are not actively traded, fair
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 53 |
values are estimated based on valuation techniques. OTC derivatives and derivatives trading in an inactive market
are valued using valuation techniques. The valuation techniques and inputs depend on the type of derivatives and
the nature of the underlying instruments. The principal techniques used to value these instruments are based on,
among others, discounted cash flows, option pricing models and Monte Carlo simulations. These valuation models
calculate the present value of expected future cash flows, based on ‘no-arbitrage’ principles. The models are
commonly used in the financial industry and inputs to the validation models are determined from observable
market data where possible. Certain inputs may not be observable in the market, but can be determined from
observable prices via valuation model calibration procedures. These inputs include prices available from
exchanges, dealers, brokers or providers of pricing, yield curves, credit spreads, default rates, recovery rates,
dividend rates, volatility of underlying interest rates, equity prices, and foreign currency exchange rates and
reference is made to quoted prices, recently executed trades, independent market quotes and consensus data,
where available. For uncollateralised OTC derivatives, ING applies Credit Valuation Adjustment to correctly reflect
the counterparty credit risk in the valuation and Debit Valuation Adjustments to reflect the credit risk of ING for its
counterparty. In addition, for these derivatives ING applies Funding Valuation Adjustment.
Fair value hierarchy: The majority of the derivatives are priced using observable inputs and are classified as Level
2. Derivatives are classified as Level 3 where valuation inputs are unobservable and have a significant impact on
the fair value measurement.
Loans and receivables
Instrument description: Loans and receivables are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. Loans and receivables carried at fair value include trading
loans, being securities lending and similar agreement comparable to collateralised lending, syndicated loans, loans
expected to be sold and receivables with regards to reverse repurchase transactions.
Valuation: The fair value of loans and receivables is generally estimated by discounting expected future cash flows
using a discount rate that reflects credit risk, liquidity, and other current market conditions. The fair value of
mortgage loans is estimated by taking into account prepayment behaviour.
Fair value hierarchy: Loans and receivables are predominantly classified as Level 2. Loans and receivables for
which current market information about similar assets to use as observable, corroborated data for all significant
inputs into a valuation model is not available, are classified as Level 3.
Financial liabilities at fair value through profit and loss
Instrument description: Financial liabilities at fair value through profit and loss include debt securities and debt
instruments, primarily comprised of structured notes, which are held at fair value under the fair value option.
Besides that, they include derivative contracts and repurchase agreements.
Valuation: The fair values of securities in the trading portfolio and other liabilities at fair value through profit or loss
are based on quoted market prices, where available. For those securities not actively traded, fair values are
estimated based on internal discounted cash flow valuation techniques using interest rates and credit spreads that
apply to similar instruments.
Fair value hierarchy: The majority of the derivatives and debt instruments are classified as Level 2. Derivatives and
debt instruments for which the input cannot be derived from observable market data are classified as Level 3.
Transfers between Level 1 and 2
No significant transfers between Level 1 and Level 2 were recorded in the reporting period 2026.
In 2025, as a consequence of change in observable inputs, ING recorded for financial assets measured at fair value
through profit or loss a EUR 0.3 billion transfer from Level 1 to Level 2 and a EUR 0.4 billion transfer from Level 2 to
Level 1 within debt securities. For financial liabilities measured at fair value through profit or loss, EUR 0.2 billion of
trading securities were transferred from Level 2 to Level 1. No other significant transfers between Level 1 and Level
2 were recorded during the 2025 reporting period
Level 3: Valuation techniques and inputs used
Financial assets and liabilities in Level 3 include both assets and liabilities for which the fair value was determined
using (i) valuation techniques that incorporate unobservable inputs as well as (ii) quoted prices which have been
adjusted to reflect that the market was not actively trading at or around the balance sheet date. Unobservable
inputs are inputs which are based on ING’s own assumptions about the factors that market participants would use
in pricing an asset or liability, developed based on the best information available in the circumstances.
Unobservable inputs may include volatility, correlation, spreads to discount rates, default rates and recovery rates,
prepayment rates, and certain credit spreads. Valuation techniques that incorporate unobservable inputs are
sensitive to the inputs used.
Of the total amount of financial assets classified as Level 3 as at 30 June 2026 of EUR 10.9 billion (31 December
2025: EUR 11.7 billion), an amount of EUR 9.8 billion (90.4 %) (31 December 2025: EUR 10.1 billion, being 86.2 %) is
based on unadjusted quoted prices in inactive markets. As ING does not generally adjust quoted prices using its
own inputs, there is no significant sensitivity to ING’s own unobservable inputs.
Furthermore, Level 3 financial assets include EUR 0.1 billion (31 December 2025: EUR 0.1 billion) which relates to
financial assets that are part of structures that are designed to be fully neutral in terms of market risk. Such
structures include various financial assets and liabilities for which the overall sensitivity to market risk is
insignificant. Whereas the fair value of individual components of these structures may be determined using
different techniques and the fair value of each of the components of these structures may be sensitive to
unobservable inputs, the overall sensitivity is by design not significant.
The remaining EUR 0.9 billion (31 December 2025: EUR 1.5 billion) of the fair value classified in Level 3 financial
assets is established using valuation techniques that incorporate certain inputs that are unobservable.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 54 |
Of the total amount of financial liabilities classified as Level 3 as at 30 June 2026 of EUR 1.1 billion (31 December
2025: EUR 0.8 billion), an amount of EUR 0.9 billion (79.0 %) (31 December 2025: EUR 0.6 billion, being 72.7 %) is
based on unadjusted quoted prices in inactive markets. As ING does not generally adjust quoted prices using its
own inputs, there is no significant sensitivity to ING’s own unobservable inputs.
Furthermore, Level 3 financial liabilities include EUR 0.1 billion (31 December 2025: EUR 0.1 billion) which relates to
financial liabilities that are part of structures that are designed to be fully neutral in terms of market risk. As
explained above, the fair value of each of the components of these structures may be sensitive to unobservable
inputs, but the overall sensitivity is by design not significant.
The remaining EUR 0.1 billion (31 December 2025: EUR 0.1 billion) of the fair value classified in Level 3 financial
liabilities is established using valuation techniques that incorporates certain inputs that are unobservable.
The table below provides a summary of the valuation techniques, key unobservable inputs and the lower and
upper range of such unobservable inputs, by type of Level 3 asset/liability. The lower and upper range mentioned
in the overview represent the lowest and highest variance of the respective valuation input as actually used in the
valuation of the different financial instruments. Amounts and percentages stated are unweighted. The range can
vary from period to period subject to market movements and change in Level 3 position. Lower and upper bounds
reflect the variability of Level 3 positions and their underlying valuation inputs in the portfolio, but do not
adequately reflect their level of valuation uncertainty. For valuation uncertainty assessment, reference is made to
section Sensitivity analysis of unobservable inputs (Level 3).
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 55 |
Valuation techniques and range of unobservable inputs (Level 3) | ||||||||||
Assets | Liabilities | Valuation techniques | Significant unobservable inputs | Lower range | Upper range | |||||
in EUR million | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | ||
At fair value through profit or loss | ||||||||||
Debt securities | Price based | Price (%) | ||||||||
Price (price per share) | ||||||||||
Present value techniques | Price (%) | n.a. | n.a. | |||||||
Equity securities | Price based | Price (price per share) | ||||||||
Loans and advances | Price based | Price (%) | ||||||||
Present value techniques | Credit spread (bps) | |||||||||
Prepayment rate (%) | ||||||||||
(Reverse) repos | Present value techniques | Interest rate (%) | n.a. | n.a. | n.a. | n.a. | ||||
Structured notes | Price based | Price (%) | ||||||||
Option pricing model | Equity volatility (%) | |||||||||
Equity/Equity correlation | ||||||||||
Equity/FX correlation | - | - | ||||||||
Dividend yield (%) | ||||||||||
Present value techniques | Price (%) | n.a | n.a | |||||||
Derivatives | ||||||||||
– Rates | Option pricing model | Interest rate volatility (bps) | ||||||||
Present value techniques | Reset spread (%) | n.a. | n.a. | |||||||
– FX | Option pricing model | Implied volatility (%) | ||||||||
– Credit | Present value techniques | Credit spread (bps) | ||||||||
Price based | Price (%) | |||||||||
– Equity | Option pricing model | Equity volatility (%) | ||||||||
Equity/Equity correlation | ||||||||||
Equity/FX correlation | - | - | ||||||||
Dividend yield (%) | ||||||||||
– Other | Option pricing model | Commodity volatility (%) | ||||||||
Com/FX correlation | n.a. | - | n.a. | - | ||||||
Price based | Price (commodity) | |||||||||
At fair value through other comprehensive income | ||||||||||
– Loans and advances | Price based | Price (%) | n.a. | n.a. | ||||||
– Equity | Present value techniques | Credit spread (bps) | ||||||||
Interest rate (%) | ||||||||||
Payout ratio (%) | ||||||||||
Price based | Price (price per share) | |||||||||
Total | ||||||||||
1 The abbreviation n.a. stands for not applicable or not available.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 56 |
Level 3: Changes during the period
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 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 |
Opening balance as at 1 January | ||||||||||||
Realised gain/loss recognised in the statement of profit or loss during the period 1 | - | - | - | - | - | |||||||
Revaluation recognised in other comprehensive income during the period 2 | ||||||||||||
Purchase of assets | ||||||||||||
Sale of assets | - | - | - | - | - | - | - | - | - | |||
Maturity/settlement | - | - | - | - | - | - | - | - | ||||
Reclassifications | - | - | - | - | ||||||||
Transfers into Level 3 | ||||||||||||
Transfers out of Level 3 | - | - | - | - | - | - | - | - | ||||
Exchange rate differences | - | - | - | - | - | |||||||
Changes in the composition of the group and other changes | ||||||||||||
Closing balance | ||||||||||||
1 Net gains/losses were recorded as ‘Valuation results and net trading income’ in the statement of profit or loss. The total amounts includes EUR 199 million (31 December 2025: EUR 280 million) of unrealised gains and losses recognised in the statement of profit or loss.
2 Revaluation recognised in other comprehensive income is included on the line ‘Net change in fair value of debt instruments at fair value through other comprehensive income’.
In 2026, transfers out of Level 3 in trading assets primarily involved derivative instruments and securities , as their
valuations were no longer significantly impacted by unobservable inputs. In 2025, transfers out of Level 3 within
trading assets relate mainly to securities, as their valuations were no longer significantly influenced by
unobservable inputs.
In 2025, the transfer into Level 3 trading assets consisted of cross currency swap trades, which were transferred to
Level 3 as a result of the valuation being significantly impacted by unobservable inputs.
In 2026, transfers into Level 3 of financial assets mandatorily at fair value mainly relate to a held-for-sale loan as a
result of the valuation being significantly impacted by unobservable inputs. Transfers out of Level 3 mainly relate
to (long- term) reverse repurchase transactions, as their valuations were no longer significantly influenced by
unobservable inputs.
In 2025, transfers into and out of Level 3 of financial assets mandatorily at fair value mainly relate to (long- term)
reverse repurchase transactions for which the valuation being significantly impacted by unobservable inputs and
no longer significantly impacted by unobservable inputs, respectively.
In 2026, the reclassification of financial assets mandatorily at fair value reflects a substantial modification to a
financing arrangement, which resulted in a newly recognized asset meeting the SPPI criterion.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 57 |
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 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 |
Opening balance as at 1 January | ||||||||
Realised gain/loss recognised in the statement of profit or loss during the period1 | - | - | - | |||||
Additions | ||||||||
Redemptions | - | - | - | - | - | - | ||
Maturity/settlement | - | - | - | - | - | - | - | |
Reclassifications | - | |||||||
Transfers into Level 3 | ||||||||
Transfers out of Level 3 | - | - | - | - | - | - | ||
Exchange rate differences | - | - | ||||||
Closing balance | ||||||||
1Net gains/losses were recorded as ‘Valuation results and net trading income’ in the statement of profit or loss. The total amount includes EUR 99 million
(31 December 2025: EUR 158 million) of unrealised gains and losses recognised in the statement of profit or loss.
In 2026, the transfers into Level 3 mainly consisted of trading liabilities attributed to securities transferred into
Level 3 as a result of the valuation being significantly impacted by unobservable inputs.
In 2025, the transfers out of Level 3 mainly consisted of trading liabilities related to securities transferred out of
Level 3 as a result of the valuation being no longer impacted by significantly unobservable inputs.
Recognition of unrealised gains and losses in Level 3
Amounts recognised in the statement of profit or loss relating to unrealised gains and losses during the year that
relate to Level 3 assets and liabilities are included in the line item ‘Valuation results and net trading income’ in the
statement of profit or loss.
Level 3: Sensitivity analysis of unobservable inputs
Where the fair value of a financial instrument is determined using inputs which are unobservable and which have
a more than insignificant impact on the fair value of the instrument, the actual value of those inputs at the
balance date may be drawn from a range of reasonably possible alternatives. In line with market practice, the
upper and lower bounds of the range of alternative input values reflect a level of valuation certainty. The actual
levels chosen for the unobservable inputs in preparing the financial statements are consistent with the valuation
methodology used for fair valued financial instruments.
In practice, valuation uncertainty is measured and managed per exposure to individual valuation inputs (i.e. risk
factors) at portfolio-level across different product categories. Where the disclosure looks at individual Level 3
inputs, the actual valuation adjustments may also reflect the benefits of portfolio offsets.
This disclosure does not attempt to indicate or predict future fair value movement. The numbers in isolation give
limited information as in most cases these Level 3 assets and liabilities should be seen in combination with other
instruments (for example as a hedge) that are classified as Level 2.
possible impact of a change of unobservable inputs in the fair value of financial instruments where unobservable
inputs are significant to the valuation is as follows:
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 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 |
Equity (equity derivatives, structured notes) | - | - | ||
Interest rates (Rates derivatives, FX derivatives) | ||||
Credit (Debt securities, Loans, structured notes, credit derivatives) | - | - | ||
Equity (FV OCI) | ||||
- | - | |||
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 58 |
The following table presents the estimated fair values of the financial instruments not measured at fair value in
the statement of financial position.
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 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 | 30 June 2026 | 31 December 2025 |
Financial Assets | ||||||||||||
Loans and advances to banks | ||||||||||||
Loans and advances to customers | ||||||||||||
Securities at amortised cost | ||||||||||||
Financial liabilities | ||||||||||||
Deposits from banks | ||||||||||||
Customer deposits | ||||||||||||
Debt securities in issue | ||||||||||||
Subordinated loans | ||||||||||||
1 In accordance with IFRS and for the purpose of this disclosure, the carrying amount of financial instruments with an immediate on demand feature is presented as fair value.
The aggregation of the fair values presented above does not represent, and should not be construed as
representing, the underlying value of ING Group. These fair values were calculated for disclosure purposes only.
The carrying amount of financial instruments presented in the above table includes, when applicable, the fair value
hedge adjustment.
Loans and advances to banks
For short-term receivables from banks, carrying amounts represent a reasonable estimate of the fair value. The
fair value of long-term receivables from banks is estimated by discounting expected future cash flows using a
discount rate based on specific available market data, such as interest rates and appropriate spreads, that reflects
current credit risk or quoted bonds.
Loans and advances to customers
For short-term loans, carrying amounts represent a reasonable estimate of the fair value. The fair value of long-
term loans is estimated by discounting expected future cash flows using a discount rate that reflects current credit
risk, current interest rates, and other current market conditions where applicable. The fair value of mortgage loans
is estimated by taking into account prepayment behaviour. Loans with similar characteristics are aggregated for
calculation purposes.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 59 |
Securities at amortised cost
Where available, fair values for debt securities are generally based on quoted market prices. Quoted market prices
are obtained from an exchange market, dealer, broker, industry group, pricing service, or regulatory service. The
quoted prices from non-exchange sources are reviewed on their tradability of market prices. If quoted prices in an
active market are not available, fair value is based on an analysis of available market inputs, which include
consensus prices obtained from one or more pricing services. Furthermore, fair values are determined by valuation
techniques discounting expected future cash flows using market interest rate curves, referenced credit spreads,
maturity of the investment, and estimated prepayment rates where applicable.
Deposits from banks
For short-term payables to banks, carrying amounts represent a reasonable estimate of the fair value. The fair
value of long-term payables to banks is estimated by discounting expected future cash flows using a discount rate
based on available market interest rates and appropriate spreads that reflect ING’s own credit risk.
Customer deposits
There is an embedded value in our on-demand deposits. However, for the purpose of this disclosure, and in
accordance with IFRS, the fair value of deposits with an immediate on demand feature approximates the carrying
amount.
The fair value of deposits with fixed contractual terms has been estimated based on discounting future cash flows
using the interest rates currently applicable to deposits of similar maturities.
Debt securities in issue
The fair value of debt securities in issue is generally based on quoted market prices, or if not available, on
estimated prices by discounting expected future cash flows using a current market interest rate and credit spreads
applicable to the yield, credit quality and maturity.
Subordinated loans
The fair value of publicly traded subordinated loans are based on quoted market prices when available. Where no
quoted market prices are available, fair value of the subordinated loans is estimated using discounted cash flows
based on interest rates and credit spreads that apply to similar instruments.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 60 |
ING Group and its consolidated subsidiaries are involved in governmental, regulatory, arbitration and legal
proceedings and investigations in the Netherlands and in a number of foreign jurisdictions, including the U.S.,
involving claims by and against them which arise in the ordinary course of their businesses, including in
connection with their activities as lenders, broker-dealers, underwriters, issuers of securities and investors and their
position as employers and taxpayers. In certain of such proceedings, very large or indeterminate amounts are
sought, including punitive and other damages. While it is not feasible to predict or determine the ultimate
outcome of all pending or threatened governmental, regulatory, arbitration and legal proceedings and
investigations, ING is of the opinion that the proceedings and investigations set out below may have or have in the
recent past had a significant effect on the financial position, profitability or reputation of the ING and/or the ING
and its consolidated subsidiaries.
Findings regarding AML processes:
As previously disclosed, after its September 2018 settlement with Dutch authorities concerning anti-money
laundering matters, and in the context of significantly increased attention on the prevention of financial economic
crime, ING has experienced heightened scrutiny by authorities in various countries. The interactions with such
regulatory and judicial authorities have included, and can be expected to continue to include, onsite visits,
information requests, investigations and other enquiries. Such interactions, as well as ING’s internal assessments in
connection with its global enhancement programme, have in some cases resulted in satisfactory outcomes, and
also have resulted in, and may continue to result in, findings, or other conclusions which may require appropriate
remedial actions by ING, or may have other consequences. ING intends to continue to work in close cooperation
with authorities as it seeks to improve its management of non-financial risks in terms of policies, tooling,
monitoring, governance, knowledge and behaviour.
In January 2022, a Luxembourg investigating judge informed ING Luxembourg that he intends to instruct the
relevant prosecutor to prepare a criminal indictment regarding alleged shortcomings in the AML process at ING
Luxembourg. In November 2024, a Luxembourg Court decided to refer the case to the ‘Tribunal Correctionnel’ for
alleged shortcomings in a limited number of individual client files. ING Luxembourg filed an appeal against this
procedural decision. In December 2025, the Court of Appeal upheld the first decision without making any
substantive changes, as a result of which the case can now be heard before the Tribunal Correctionnel. It is
currently not possible to determine how this matter will be resolved or the timing of any such resolution, ING does
not expect the outcome of this matter to have a material financial effect.
ING continues to take steps to enhance its management of compliance risks and embed stronger awareness
across the whole organisation. These steps are part of the global KYC programme and set of initiatives, which
includes enhancing KYC files and working on various structural improvements in compliance policies, tooling,
monitoring, governance, knowledge and behaviour.
Litigation by investors: In February and March 2024, ING and certain (former) board members were served with a
writ of summons for litigation in The Netherlands on behalf of investors who claim to have suffered financial losses
in connection with ING’s disclosures on historic shortcomings in its financial economic crime policies, related risk
management and control systems, the investigation by and settlement with the Dutch authorities in 2018 and
related risks for ING. ING does not agree with the allegations and will defend itself against these and the claimed
damages of EUR 587 million. In November 2025, the Amsterdam district court rejected all claims by the investors.
In February 2026, the investors filed an appeal with the Amsterdam court of appeal against ING only, dropping the
claim against the (former) board members. ING is defending itself in these appeal proceedings which are still in the
initial stages. Separately, but relating to the same matters, in July 2024 another group of investors claiming to
have suffered financial losses requested disclosure of certain ING documents and to question witnesses. The court
issued a decision on the request in May 2025 where it rejected the entirety of the request made by these
investors. These investors may decide to pursue further legal action. ING follows IFRS rules for taking legal
provisions and would disclose material amounts in this regard if and when applicable - which currently is not the
case.
Tax cases: Because of the geographic spread of its business, ING may be subject to tax audits, investigations and
procedures in numerous jurisdictions at any point in time. Although ING believes that it has adequately provided
for all its tax positions, the ultimate resolution of these audits, investigations and procedures is uncertain and may
result in liabilities which are materially different from the amounts recognised.
Litigation regarding products of a former subsidiary in Mexico:
Proceedings in which ING is involved include complaints and lawsuits concerning the performance of certain
interest sensitive products that were sold by a former subsidiary of ING in Mexico.
Claims regarding accounts with predecessors of ING Bank Türkiye:
ING Bank Türkiye has received numerous claims from (former) customers of legal predecessors of ING Bank
Türkiye. The claims are based on offshore accounts held with these banks, which banks were seized by the Savings
Deposit Insurance Fund (“SDIF”) prior to the acquisition of ING Bank Türkiye in 2007 from OYAK. Pursuant to the
acquisition contract, ING Bank Türkiye can claim compensation from SDIF if a court orders ING Bank Türkiye to pay
amounts to the offshore account holders. SDIF has made payments to ING Bank Türkiye pursuant to such
compensation requests, but filed various lawsuits to receive those amounts back. In April 2022, the Turkish
Supreme Court decided that the prescription period for the offshore account holders’ compensation claims starts
on the transfer date of the account holders to the offshore accounts.
In 2024 SDIF initiated enforcement procedures against ING Bank Türkiye, based on the decision in April 2022 by the
Turkish Supreme Court referred to above. SDIF alleges that this decision means that ING Bank Türkiye has to return
certain payments made by SDIF regarding the offshore depositors' receivables cases, as the statute of limitations
had already expired.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 61 |
Additionally, ING Bank Türkiye has initiated enforcement proceedings against SDIF regarding accumulated
receivables that SDIF has either partially or completely failed to pay.
As of July 2026, eight lawsuits have been finalized in favour of ING Bank Türkiye with the Turkish Supreme Court’s
verdict, which are likely to be precedent decisions for the other files. At this moment it is not possible to assess the
outcome of these procedures nor to provide an estimate of the (potential) financial effect of these claims.
Mortgage expenses claims: Since 2017, ING Spain has faced claims and litigation regarding reimbursement of
mortgage formalisation expenses. Courts have generally declared the relevant expense clauses null and ordered
reimbursement of all or part of the costs. Between 2018 and 2024, the Spanish Supreme Court and the CJEU have
clarified the allocation of notary, registration, agency, stamp duty and valuation costs, as well as the limitation
period for exercising these claims, establishing that the 5 year period only begins when the specific clause is
declared null by the Court, unless the bank can prove the customer previously was aware of the clause's
unfairness.
Related to the same matter, ING Spain was also involved in three class actions alongside other Spanish banks. One
was settled, one was withdrawn by the claimant association, and in the third case the National Court ruled that
consumers cannot seek compensation as intended by the association. This decision has been appealed before the
Supreme Court and is not yet final.
A provision has been established and is adjusted as appropriate.
Claims regarding mortgage loans in Swiss franc in Poland:
ING Poland is a defendant in several lawsuits concerning Swiss franc mortgage loans, where customers allege
unfair exchange rate clauses. In October 2021, ING Poland began offering settlements to borrowers in accordance
with a proposal from the Polish Financial Supervision Authority.
In 2023, the CJEU ruled that banks cannot claim remuneration after a Swiss franc loan agreement is declared
invalid, while consumers may seek reimbursement of payments and interest. In April 2024, the Polish Supreme
Court confirmed that if the exchange rate mechanism is invalid, the entire agreement, may be unenforceable. ING
has recorded a portfolio provision.
In June 2025, the CJEU questioned the compatibility of the widely applied two-claims theory with EU law,
indicating that both parties’ claims should be considered in a single proceeding under the balance theory. In
January 2026, the CJEU confirmed that banks may use set-off in Swiss franc disputes, enabling both parties'
claims to be resolved in a single proceeding.
In the second quarter of 2026 the CJEU issued several judgments in Polish cases concerning Swiss franc loans. All
these judgments were favorable to the banks and confirmed that consumer protection cannot lead to depriving
banks of the right to recover the capital paid out. The Court has consistently confirmed that the settlement of the
consequences of the invalidity of a contract should take into account the rights of both parties, and consumer
protection cannot lead to a disproportionate and unfair result.
Certain Consumer Credit Products:
In October 2021, ING announced that it would offer compensation to its Dutch retail customers in connection with
certain revolving consumer loans with variable interest rates that allegedly did not sufficiently follow market rates.
This announcement was made in response to several rulings by the Dutch Institute for Financial Disputes (Kifid)
regarding similar products at other banks. ING has recognized a provision of EUR 180 million in 2021 for
compensation and costs in connection with this matter. On 22 December 2021, ING announced that it reached an
agreement with the Dutch Consumers’ Association (Consumentenbond) on the compensation methodology for
revolving credits. Based on a Kifid ruling regarding similar products, ING has amended its previously announced
compensation scheme by also compensating interest on interest. In the third quarter of 2022, ING increased its
provision for this matter by EUR 75 million . In the fourth quarter of 2022, ING and the Dutch Consumers’
Association reached an agreement on the compensation of customers who have had an overdraft facility or a
revolving credit card with a variable interest rate. ING has started compensating such customers in line with Kifid
rulings about revolving credits including ‘interest-on-interest’-effect in these cases. Timelines for compensation
vary depending on customer and product segmentation and are dependent on the availability of data. In 2024 the
compensation process was expedited. ING substantially finalized the compensation process in the first half of
2025, with a spill-over to the third quarter of 2025 for after-care in individual cases. ING has reached out to its
customers with respect to the Kifid ruling, to also compensate amounts under EUR 50. Kifid confirmed ING’s
calculation methodology in relation to older consumer credits, where there is no relevant data available to
determine the start delta and in relation to the interest-on-interest effect. The compensation process is still
ongoing.
Climate litigation: In January 2024, Friends of the Earth Netherlands (Milieudefensie) announced that it holds ING
liable for alleged contribution to climate change and threatened to initiate legal proceedings against ING. In March
2025, Milieudefensie started legal proceedings at the Court in Amsterdam against ING, by serving the writ of
summons. ING will defend its science-based climate approach in court and submitted its statement of defence in
February 2026.
Russian claims: Several ING entities have received claims from, and are involved in litigation with, certain Russia-
linked entities. They claim the payment of principal or interest or other amounts that they have not received
pursuant to sanctions. Claims are also made related to the settlement of contracts that have been terminated
after sanctions were imposed. In at least one case, the claimant seized assets in Russia of ING entities. ING does
not agree with these claims, as they do not comply with the underlying contracts or applicable laws, including
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 62 |
sanctions. ING follows IFRS rules for taking legal provisions and would disclose material amounts in that regard if
and when applicable which currently is not the case.
Acquisitions
On 24 April 2026 ING Bank Śląski acquired the remaining 55 % of the shares of Goldman Sachs TFI for a total cash
consideration of EUR 94 million.
Acquisition remaining | |
in EUR million | |
Consideration paid | |
Carrying amount pre-existing interest | |
Remeasurement pre-existing interest | |
Fair value of pre-existing interest ( | |
Fair value of identifiable net assets ( | |
Goodwill | |
The remeasurement to fair value of the Group's existing 45 % interest in Goldman Sachs TFI resulted in a gain of
EUR 25 million. This amount has been included in Other net income.
The acquisition resulted in the recognition of goodwill of EUR 113 million. Goodwill arising on the acquisition
represents the value of expected revenue and cost synergies from the integration of the acquired business within
the Group’s existing operations, the ability to attract and retain new clients, the assembled workforce, including
the expertise and investment management capabilities of the fund management team, and other intangible
On 06 July 2026, ING announced the acquisition of a non-controlling stake of approximately 40 % in Spanish
wealth manager Singular Bank. Singular Bank is a leading independent Spanish private bank with around EUR 19
billion of client’s invested assets, offering a complete range of products and services to high-net-worth individuals.
Closing of the transaction is expected in the first quarter of 2027, subject to customary regulatory approvals.
Other information
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 64 |
Alternative performance measures
Our financial information is prepared in accordance with IFRS as detailed out in the financial statements of our Interim Report. In addition, in the discussion of our financial performance, we use a number of alternative performance
measures, including commercial net interest income, net core lending and deposits growth, and resilient net profit.
We consider commercial net interest income, and the derived commercial net interest margin, to be 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 (such as investment products, daily banking services and insurance products) or at the total income level (including Financial Markets and Treasury).
Commercial net interest income also excludes significant volatile items in lending and liability net interest income, thus removing items that distort period-on-period comparisons.
Reconciliation commercial net interest income (NII) | ||||||||||||||||
Retail Netherlands | Retail Belgium | Retail Germany | Retail Other | Wholesale Banking | Corporate Line | Total | ||||||||||
in EUR billion | 6M2026 | 6M2025 | 6M2026 | 6M2025 | 6M2026 | 6M2025 | 6M2026 | 6M2025 | 6M2026 | 6M2025 | 6M2026 | 6M2025 | 6M2026 | 6M2025 | ||
Net interest income IFRS-IASB | 1,919 | 1,508 | 940 | 886 | 1,245 | 1,215 | 2,157 | 1,929 | 1,918 | 1,543 | 152 | 209 | 8,331 | 7,290 | ||
IFRS-EU 'IAS 39 carve-out' impact | -149 | -131 | -149 | -131 | ||||||||||||
Net interest income IFRS-EU | 1,919 | 1,508 | 940 | 886 | 1,245 | 1,215 | 2,157 | 1,929 | 1,768 | 1,412 | 152 | 209 | 8,181 | 7,159 | ||
Exclude: Other NII1 | -144 | -295 | 39 | 55 | 68 | 100 | 158 | 82 | -325 | -559 | 152 | 209 | -52 | -407 | ||
Commercial net interest income | 2,062 | 1,803 | 901 | 831 | 1,177 | 1,115 | 1,999 | 1,847 | 2,093 | 1,971 | 0 | 0 | 8,233 | 7,566 | ||
Of which: Lending net interest income2 | 4,546 | 4,222 | ||||||||||||||
Of which: Liability net interest income3 | 3,687 | 3,344 | ||||||||||||||
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
NII required by IAS 29 due to hyperinflation in Türkiye.
2 Lending NII includes the NII on mortgages, consumer lending, business lending, Wholesale Lending, Working Capital Solutions and Trade Finance Services. The NII is net, i.e., after internal funds transfer pricing.
3 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.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 65 |
We consider net core lending and deposits growth to be useful information to track our real commercial growth in customer balances. Net core lending and deposits growth measures the development of our customer lending and
deposits, adjusted for currency impacts and changes in the Treasury and run-off portfolios.
Customer lending IFRS-IASB versus Customer lending IFRS-EU and Net core lending growth by segment | |||||||||||||||||||||
Retail Netherlands | Retail Belgium | Retail Germany | Retail Other | Wholesale Banking | Corporate Line | Total | |||||||||||||||
in EUR billion | 30 Jun 2026 | 31 Dec 2025 | change | 30 Jun 2026 | 31 Dec 2025 | change | 30 Jun 2026 | 31 Dec 2025 | change | 30 Jun 2026 | 31 Dec 2025 | change | 30 Jun 2026 | 31 Dec 2025 | change | 30 Jun 2026 | 31 Dec 2025 | change | 30 Jun 2026 | 31 Dec 2025 | change |
Customer lending IFRS-IASB 1 | 188.9 | 179.2 | 9.8 | 98.2 | 100.1 | -1.9 | 119.7 | 116.6 | 3.2 | 137.0 | 128.4 | 8.6 | 219.8 | 209.1 | 10.7 | 3.6 | 0.3 | 3.3 | 767.3 | 733.6 | 33.7 |
IFRS-EU 'IAS 39 carve out' impact | -5.7 | -6.0 | 0.3 | -5.7 | -6.0 | 0.3 | |||||||||||||||
Customer lending IFRS-EU | 188.9 | 179.2 | 9.8 | 98.2 | 100.1 | -1.9 | 119.7 | 116.6 | 3.2 | 137.0 | 128.4 | 8.6 | 214.1 | 203.1 | 11.1 | 3.6 | 0.3 | 3.3 | 761.6 | 727.6 | 34.0 |
Exclude: FX impact | -2.0 | -2.3 | -4.3 | ||||||||||||||||||
Exclude: Movements in Treasury, run- off portfolios and other | -0.9 | 4.1 | 0.9 | -0.2 | 0.2 | -3.3 | 0.8 | ||||||||||||||
Net core lending growth | 8.9 | 2.2 | 4.1 | 6.4 | 8.6 | — | 30.2 | ||||||||||||||
1 Loans and advances to customers excluding loan loss provisions.
Customer deposits IFRS-IASB versus Customer deposits IFRS-EU and Net core deposits growth by segment | |||||||||||||||||||||
Retail Netherlands | Retail Belgium | Retail Germany | Retail Other | Wholesale Banking | Corporate Line | Total | |||||||||||||||
in EUR billion | 30 Jun 2026 | 31 Dec 2025 | change | 30 Jun 2026 | 31 Dec 2025 | change | 30 Jun 2026 | 31 Dec 2025 | change | 30 Jun 2026 | 31 Dec 2025 | change | 30 Jun 2026 | 31 Dec 2025 | change | 30 Jun 2026 | 31 Dec 2025 | change | 30 Jun 2026 | 31 Dec 2025 | change |
Customer deposits IFRS-IASB | 233.4 | 209.1 | 24.3 | 96.3 | 96.5 | -0.2 | 166.4 | 157.7 | 8.7 | 182.2 | 173.4 | 8.8 | 94.7 | 84.6 | 10.1 | 0.4 | — | 0.4 | 773.3 | 721.4 | 51.9 |
IFRS-EU 'IAS 39 carve out' impact | -0.1 | 0.0 | -0.1 | -0.1 | 0.0 | -0.1 | |||||||||||||||
Customer deposits IFRS-EU | 233.4 | 209.1 | 24.3 | 96.3 | 96.5 | -0.2 | 166.4 | 157.7 | 8.7 | 182.2 | 173.4 | 8.8 | 94.5 | 84.6 | 10.0 | 0.4 | — | 0.4 | 773.2 | 721.4 | 51.8 |
Exclude: FX impact | 0.0 | 0.0 | 0.0 | -0.9 | -0.3 | -1.1 | |||||||||||||||
Exclude: Movements in Treasury, run-off portfolios and other | -19.2 | 0.6 | -0.1 | -0.9 | -7.7 | -0.4 | -27.7 | ||||||||||||||
Net core deposits growth | 5.1 | 0.3 | 8.6 | 7.0 | 2.1 | — | 23.1 | ||||||||||||||
Resilient net profit is defined as net profit adjusted for significant items not linked to the normal course of business, reference is made to 'Capital Management' for a reconciliation. Resilient net profit for the first half of 2025 and 2026 is
equal to reported net profit.
ING Group Condensed consolidated interim financial information on form 6-K for the six month period ended 30 June 2026 - Unaudited | Contents | Interim Report | Risk management | Capital Management | Condensed consolidated interim financial statements | Notes to the Condensed consolidated interim financial statements | Additional notes to the Condensed consolidated interim financial statements | Other information | 66 |
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.
ING Groep NV
(Registrant)
Date: July 29, 2026
By: /s/I.K. Lerner
I.K. Lerner
Chief Financial Officer
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