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Mar 31, 2025
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ING Q1 2025 Earnings Report
ING reported solid Q1 2025 results with strong net income and record deposit inflows, supported by fee income growth.
Key Takeaways
ING achieved strong commercial performance in Q1 2025, posting €1.46 billion in net income and €5.64 billion in revenue. The quarter saw record deposit growth, higher mortgage volumes, and a substantial increase in fee income from investment products.
Net income reached €1.46 billion, supported by resilient revenue and low risk costs.
Fee income grew strongly to €1.09 billion, driven by investment product activity.
Record core deposit inflows of €22.6 billion, mainly from Retail Banking Germany.
A €2.0 billion share buyback programme was announced during the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
ING expects stable total income for 2025, with modest expense growth and CET1 ratio maintained above target, despite macroeconomic uncertainties.
Positive Outlook
- Fee income expected to grow 5-10% in 2025.
- Return on equity expected to exceed 12% in 2025.
- CET1 ratio targeted at ~12.5%, currently well above requirements.
- Inflation impact in Türkiye expected to decline.
- Strong capital position supports shareholder returns.
Challenges Ahead
- Macroeconomic and geopolitical uncertainties remain elevated.
- A €0.7B negative P&L impact expected from Russian business sale.
- Loan loss provisions could increase with economic deterioration.
- Ongoing market volatility may affect Wholesale Banking volumes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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