v3.25.4
Segments
 12 Months Ended
Dec. 31, 2025
Disclosure of operating segments [abstract]  
Segments 30  Segments
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 business
lines. Business lines formulate strategic, commercial, and financial plans in conformity with the strategy and
performance targets set by the CODM.
Recognition and measurement of segment results are in line with the accounting policies as described in Note 1
'Basis of preparation and material accounting policy information'. 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.
The following table specifies the segments by line of business and the main sources of income of each of the
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.
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. 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.
Specification of geographical split of the segments
Geographical split of the segments
Main countries
The Netherlands
Belgium
Including Luxembourg
Germany
Other Challengers
Australia, Italy, Spain and Portugal
Growth Markets
Poland, Romania and Türkiye
Wholesale Banking Rest of World
Other countries in Europe & Middle East, Americas, Asia
Other
Corporate Line
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 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. 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, France, Spain, Italy and Romania 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 annual report on Form 20-F 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, and in the geographical split of the segments in the Netherlands, Belgium, Germany,
Other Challengers, Growth Markets and Wholesale Banking Rest of World.
Reference is made to Note 1 'Basis of preparation and material accounting policy information' 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 total result using Corporate Line. The Corporate Line includes
capital management activities, as ING Group applies a system of capital charging for its banking operations in
order to create a comparable basis for the results of business units globally, irrespective of the business units’ book
equity and the currency they operate in.
Corporate Line also includes certain other income and expenses that are not allocated to the banking businesses,
such as our investments in Bank of Beijing and TMBThanachart Bank (Asian stakes) as well as our stake in Van
Lanschot Kempen (which in 2025 was increased to 20.3%). Furthermore, as from 2022, results in the Corporate
Line have been impacted by the application of hyperinflation accounting in the consolidation of our subsidiary in
Türkiye (IAS 29).
Total income within the Corporate Line increased 28% to EUR 484 million, up from EUR 378 million in the previous
year. This growth was driven by higher income from foreign currency ratio hedging (up EUR 70 million year-on-
year), increased results from our financial stakes (EUR 49 million, including a favourable revaluation of the
derivative related to the forward purchase of a stake in Van Lanschot Kempen), and a diminished impact from IAS
29 (reflecting lower inflation in Türkiye). In both years, results also included a receivable related to the prior
insolvency of a financial institution in the Netherlands: EUR 16 million in 2025 and EUR 53 million in 2024.
Operating expenses for the Corporate Line decreased to EUR 512 million, compared with EUR 533 million in 2024.
The 2025 figure comprised a hyperinflation impact of EUR 12 million and EUR 73 million in restructuring costs. In
2024, expenses included a EUR  35 million hyperinflation impact, EUR 25 million in restructuring costs, a EUR 22
million one-off CLA-related payment to staff in the Netherlands, and a EUR 21 million litigation provision. Expenses
excluding the aforementioned items declined year-on-year due to a higher VAT refund.
The information presented in this note is in line with the information presented to the Executive Board of ING
Group and Management Board Banking.
This note does not provide information on the types of products and services from which each reportable segment
derives its revenues, as this is not reported internally.
Reconciliation between IFRS-IASB and IFRS-EU income, expense and net result
12 month period
2025
2024
2023
in EUR million
Income
Expenses
Taxation
Non-controlling
interests
Net result 1
Income
Expenses
Taxation
Non-controlling
interests
Net result1
Income
Expenses
Taxation
Non-controlling
interests
Net result1
Net result IFRS-IASB attributable to
equity holder of the parent
25,678
13,887
3,192
275
8,324
21,087
13,315
2,181
258
5,334
18,121
12,084
1,662
235
4,140
Remove impact of:
Adjustment of the EU 'IAS 39 carve out' 2
-2,643
-647
-1,996
1,528
470
1,058
4,455
1,308
3,147
Net result ING Group IFRS-EU 3
23,035
13,887
2,545
275
6,327
22,615
13,315
2,650
258
6,392
22,575
12,084
2,970
235
7,287
1Net result in the table above reflects the net result attributable to shareholders of the parent.
2ING prepares the Form 20-F 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 Total
12 month period
2025
2024
2023
in EUR million
ING Bank
Other
Total ING
Group
ING Bank
Other
Total ING
Group
ING Bank
Other
Total ING
Group
Income
Net interest income
14,542
139
14,681
14,749
275
15,023
15,809
166
15,976
Net fee and commission income
4,597
5
4,602
4,002
6
4,008
3,586
9
3,595
Total investment and other income
3,752
3,752
3,584
3,584
3,006
-1
3,005
– of which share of result from associates and joint ventures
200
200
170
170
144
144
– of which revaluations and trading income
3,422
3,421
3,407
1
3,407
2,910
2,910
Total income
22,891
144
23,035
22,334
281
22,615
22,401
174
22,575
Expenditure
Operating expenses
12,576
7
12,583
12,116
5
12,121
11,563
1
11,564
– of which Regulatory costs
866
866
882
882
1,042
1,042
Addition to loan loss provisions
1,304
1,304
1,194
1,194
520
520
Total expenses
13,879
7
13,887
13,310
5
13,315
12,083
1
12,084
Result before taxation
9,012
136
9,148
9,025
275
9,300
10,318
173
10,492
Taxation
2,510
35
2,545
2,580
71
2,650
2,926
44
2,970
Non-controlling interests
275
275
258
258
235
235
Net result IFRS-EU
6,226
101
6,327
6,187
205
6,392
7,157
129
7,287
Adjustment of the EU 'IAS 39 carve out'
1,996
1,996
-1,058
-1,058
-3,147
-3,147
Net result IFRS-IASB
8,223
101
8,324
5,130
205
5,334
4,010
129
4,140
Segments
12 month period
2025
2024
2023
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
Retail
Nether-
lands
Retail
Belgium
Retail
Germany
Retail
Other 1
Wholesale
Banking
Corporate
Line
Total
Income
Net interest income
3,115
1,786
2,457
3,892
2,997
434
14,681
3,027
1,959
2,647
3,817
3,259
315
15,023
3,096
2,063
2,862
3,437
4,028
489
15,976
Net fee and commission
income
1,128
692
632
717
1,433
1
4,602
1,049
603
433
609
1,317
-3
4,008
959
502
357
519
1,259
-1
3,595
Total investment and
other income
726
197
-98
299
2,579
49
3,752
835
189
-173
263
2,405
66
3,584
945
117
-67
277
1,771
-38
3,005
– of which share of
result from associates
and joint ventures
-8
119
11
-56
133
200
81
8
-36
118
170
7
31
107
144
– of which revaluations
and trading income
689
118
-112
257
2,571
-102
3,421
810
81
-160
253
2,478
-55
3,407
898
61
-57
264
1,730
13
2,910
Total income
4,968
2,674
2,991
4,908
7,009
484
23,035
4,910
2,751
2,906
4,688
6,981
378
22,615
5,001
2,683
3,152
4,233
7,057
450
22,575
Expenditure
Operating expenses
2,089
1,878
1,362
2,905
3,837
512
12,583
2,124
1,811
1,303
2,792
3,558
533
12,121
2,135
1,852
1,243
2,479
3,313
542
11,564
– of which Regulatory
costs
67
261
32
287
219
866
114
206
88
261
212
1
882
212
211
96
252
271
1,042
Addition to loan loss
provisions
107
153
171
323
549
1
1,304
-8
134
149
291
627
1
1,194
5
169
119
313
-92
5
520
Total expenses
2,196
2,031
1,533
3,228
4,386
513
13,887
2,117
1,944
1,452
3,083
4,185
534
13,315
2,140
2,022
1,362
2,792
3,222
547
12,084
Result before taxation
2,773
644
1,457
1,680
2,624
-30
9,148
2,793
807
1,455
1,605
2,796
-156
9,300
2,861
661
1,790
1,441
3,836
-97
10,492
Taxation
733
178
472
398
673
92
2,545
723
210
505
381
693
138
2,650
740
182
631
359
900
158
2,970
Non-controlling interests
0
0
2
225
48
0
275
0
0
1
221
35
0
258
0
0
0
174
61
0
235
Net result IFRS-EU 1
2,040
466
983
1,058
1,902
-121
6,327
2,070
597
949
1,002
2,068
-294
6,392
2,121
479
1,159
908
2,875
-255
7,287
Adjustment of the EU
'IAS 39 carve out'
1,996
1,996
-1,058
-1,058
-3,147
-3,147
Net result IFRS-IASB 1
2,040
466
983
1,058
3,899
-121
8,324
2,070
597
949
1,002
1,010
-294
5,334
2,121
479
1,159
908
-272
-255
4,140
1Net result in the table above reflects the net result attributable to shareholders of the parent.
Geographical split of the segments
12 month period
2025
2024
2023
in EUR million
Income
Nether-
lands
Belgium
Ger-
many
Other
Challen
gers
Growth
markets
Wholesale
Banking
Rest of
World
Other
Total
Nether-
lands
Belgium
Ger-
many
Other
Challen
gers
Growth
markets
Wholesale
Banking
Rest of
World
Other
Total
Nether-
lands
Belgium
Ger-
many
Other
Challen
gers
Growth
markets
Wholesale
Banking
Rest of
World
Other
Total
Net interest income
2,925
2,277
2,936
2,099
2,526
1,487
431
14,681
3,063
2,478
3,182
2,131
2,409
1,448
312
15,023
3,773
2,712
3,375
2,121
1,961
1,548
486
15,976
Net fee and commission
income
1,387
948
698
397
513
660
-1
4,602
1,329
832
484
337
445
585
-3
4,008
1,239
715
400
285
384
573
-1
3,595
Total investment and
other income
2,079
198
-112
37
455
1,040
56
3,752
1,889
207
-188
27
408
1,167
74
3,584
1,627
145
-81
21
487
829
-25
3,005
– of which share of
result from associates
and joint ventures
1
54
11
133
200
-45
87
8
120
170
31
7
107
144
– of which revaluations
and trading income
2,072
137
-147
3
409
1,074
-127
3,421
1,916
119
-191
2
403
1,217
-58
3,407
1,568
95
-83
4
479
841
6
2,910
Total income
6,392
3,422
3,522
2,533
3,493
3,186
486
23,035
6,282
3,517
3,478
2,495
3,262
3,200
382
22,615
6,639
3,573
3,694
2,427
2,833
2,950
460
22,575
Expenditure
Operating expenses
3,067
2,260
1,587
1,468
1,922
1,766
514
12,583
3,026
2,170
1,512
1,454
1,759
1,669
531
12,121
3,065
2,195
1,437
1,320
1,495
1,509
544
11,564
– of which Regulatory
costs
112
285
33
36
320
80
866
159
228
90
61
260
83
1
882
296
243
103
92
207
101
1,042
Addition to loan loss
provisions
168
298
259
134
239
205
1
1,304
42
148
222
188
214
378
1
1,194
-111
139
35
166
189
96
5
520
Total expenses
3,235
2,558
1,846
1,602
2,161
1,970
515
13,887
3,068
2,319
1,734
1,642
1,973
2,047
532
13,315
2,954
2,334
1,472
1,486
1,683
1,605
549
12,084
Result before taxation
3,157
865
1,676
931
1,333
1,216
-29
9,148
3,213
1,198
1,744
853
1,289
1,153
-149
9,300
3,685
1,239
2,222
941
1,149
1,345
-89
10,492
Retail Banking
2,773
644
1,457
593
1,087
6,554
2,793
807
1,455
534
1,071
6,660
2,861
661
1,790
649
792
6,753
Wholesale Banking
384
221
219
338
246
1,216
2,624
420
391
289
319
218
1,153
7
2,796
824
577
432
292
357
1,345
8
3,836
Corporate Line
-30
-30
-156
-156
-97
-97
Result before taxation
3,157
865
1,676
931
1,333
1,216
-29
9,148
3,213
1,198
1,744
853
1,289
1,153
-149
9,300
3,685
1,239
2,222
941
1,149
1,345
-89
10,492
Taxation
833
236
543
292
263
287
92
2,545
847
308
563
272
256
267
137
2,650
909
349
723
282
225
335
148
2,970
Non-controlling interests
2
273
275
1
256
258
234
235
Net result IFRS-EU 1
2,324
629
1,131
639
796
929
-121
6,327
2,367
889
1,179
581
777
886
-286
6,392
2,776
889
1,499
659
690
1,011
-237
7,287
Adjustment of the EU
'IAS 39 carve out'
931
603
465
15
1
-18
1,996
225
-398
-860
-5
-20
-1,058
-277
-1,012
-1,825
-9
-23
-3,147
Net result IFRS-IASB 1
3,255
1,231
1,596
654
797
911
-121
8,324
2,591
492
319
576
777
865
-286
5,334
2,499
-123
-326
649
690
988
-237
4,140
1Net result in the table above reflects the net result attributable to shareholders of the parent.