A Dutch bank and insurer born in 1991 when insurance firm Nationale-Nederlanden merged with banking group NMB Postbank, taking the name Internationale Nederlanden Groep (shortened to its initials ING). It offers everyday retail banking—accounts, savings, mortgages, and mobile payments—plus wholesale banking for businesses, across dozens of countries. Its bright orange lion logo nods to Dutch heritage, since the lion is the Netherlands' national symbol and orange its national color.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
ING's net income rose 74% to $10.1B as a $2.0B derivative fair-value swing reversed a prior-year loss.
A €3.1 billion swing in derivative valuations turned a into a , driving the . rose 38% to $30.2 billion and widened 9.1 points to 45.9%, but the underlying business saw decline 2.3% as liability margins compressed. The headline result masks a year where core lending grew strongly but the engine of recent profit growth stalled.
Key takeaways
The IFRS-IASB net result rose 56% to €8.3 billion, driven almost entirely by a €1,996 million positive used for asset-liability management, compared to a €1,058 million negative contribution in 2024.
Total income rose only 1.9% to €23.0 billion, as a 15% increase in net fee and commission income to €4.6 billion was largely offset by a 2.3% decline in to €14.7 billion.
Net core lending grew by €56.9 billion, more than double the prior year's €27.7 billion, driven by strong mortgage production across retail markets and higher Wholesale Banking volumes.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
of Market Risk See “Item 5. Operating and Financial Review and Prospects – Factors Affecting Results of Operations” and “Additional information - ING Group Risk Management” for these disclosures, including disclosures relating to operational, compliance and other non-market-rela…
⌄
of Market Risk
See “Item 5. Operating and Financial Review and Prospects – Factors Affecting Results of Operations” and
“Additional information - ING Group Risk Management” for these disclosures, including disclosures relating to
operational, compliance and other non-market-related risks.
ING Group Annual Report on Form 20-F Contents Part I Part II Part III Additional information Financial statements 118
ING faces material risks from geopolitical instability, interest rate volatility, evolving ESG regulations, and operational/cyber threats across its global banking operations.
⌄
Operating expenses rose 3.8% to €12.6 billion, including €297 million in incidental restructuring costs, as investments in growth and inflationary pressures were partially offset by efficiency gains.
Net additions to loan loss provisions rose to €1,304 million, or 19 of average lending, with Stage 3 inflows declining sharply while Stage 1 and 2 costs increased after prior-year releases of .
Wholesale Banking's IFRS-EU result before tax declined to €2,624 million, as a 9% rise in fee income and higher Financial Markets income were offset by in Payments & Cash Management and elevated investment costs.
What changed
The prior year's flag on trajectory materialized: net interest income fell 2.3% to €14.7 billion as liability margin normalization continued, more than offsetting lending volume growth.
The announced sale of the Russian business was not mentioned as completed; Russia (€600M) and Ukraine (€550M) credit exposures remain listed as material risks.
Loan loss provisions rose to €1,304 million from €1,194 million, driven by Stage 1 and 2 costs after prior-year management overlay releases, though Stage 3 inflows declined sharply.
The Milieudefensie climate litigation remains an outstanding risk, listed among evolving ESG regulations and climate-related litigation threats.
What to watch
Whether stabilizes or continues to decline as central banks signal stable rates through 2026, and whether fee income growth can sustain total income.
The trajectory of the €600 million Russia and €550 million Ukraine credit exposures, and whether any sale or materializes.
Whether the €297 million in restructuring costs delivers the efficiency gains needed to keep operating expense growth below income growth.
The outcome of the Milieudefensie climate litigation and any resulting operational or portfolio changes.
Geopolitical conflicts, including the Russia-Ukraine war and trade tensions, create market volatility, supply chain constraints, and direct credit exposure risks, particularly in Russia (€600M) and Ukraine (€550M).
Persistent inflation and interest rate volatility threaten , collateral values, and could increase customer defaults, while central banks signal stable rates through 2026.
Evolving ESG regulations and climate-related litigation, such as the Milieudefensie case, pose compliance, reputational, and transition risks, requiring new systems and data capabilities.
Operational and cyber risks are heightened by digitalization, with the EU's DORA regulation effective January 2025 and the ECB's 2024 stress test identifying needed cyber resilience improvements.
Regulatory changes, including the CMDI framework revision and WIBOR benchmark replacement by POLSTR in Poland by end-2027, create legal, operational, and financial transition risks.
A credit rating downgrade could increase funding costs and trigger deposit withdrawals, while trapped liquidity in subsidiaries like Germany restricts centralized capital management.
ING is a global universal bank operating Retail and Wholesale Banking segments, serving 41 million customers with a strategy focused on superior customer value and sustainability.
⌄
Retail Banking serves Private Individuals, Business Banking, and Private Banking & Wealth Management clients across 10 core markets, offering products from payments and mortgages to investments and insurance.
Wholesale Banking provides lending, transaction services, financial markets, and capital markets & advisory solutions to corporates and institutions globally, with sector expertise in areas like energy and TMT.
The 'Growing the difference' strategy prioritizes superior customer value and sustainability, enabled by seamless digital services, scalable technology, safety, and unlocking employee potential.
Mobile-first digital engagement is central, with 87% of retail customers using mobile as their primary channel and 15.4 million mobile primary customers in 2025.
Sustainability efforts include managing climate risk in lending portfolios, mobilizing €166 billion in sustainable finance volumes, and targeting green mortgages and renewable energy financing.
Competition is intense from traditional banks, fintechs, and big tech, with the main differentiator being a superior digital experience and a trusted brand.
ING's FY2025 IFRS-IASB net result rose 56% to €8.3B, driven by a €2.0B positive fair-value swing on derivatives, while total income grew 1.9% to €23.0B.
⌄
Total income rose 1.9% to €23,035 million, supported by a 15% increase in net fee and commission income to €4,602 million, while declined 2.3% to €14,681 million.
Net core lending grew by €56.9 billion, more than double the prior year, driven by strong mortgage production across retail markets and higher volumes in Wholesale Banking.
Operating expenses increased 3.8% to €12,583 million, including €297 million in incidental restructuring costs, as investments in growth and inflationary pressures were partially offset by efficiency gains.
Net additions to rose to €1,304 million (19 of average lending), with Stage 3 inflows declining sharply, while Stage 1 and 2 costs increased after prior-year releases of .
The net result of €8,324 million included a €1,996 million positive contribution from changes on derivatives used for asset-liability management, compared to a €1,058 million negative contribution in 2024.
Wholesale Banking's result before tax declined to €2,624 million, as a 9% rise in fee income and higher Financial Markets income were offset by in Payments & Cash Management and elevated investment costs.