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Dec 31, 2025
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ING Q4 2025 Earnings Report
ING reported solid fourth-quarter results, with higher profit, strong commercial lending growth, and improved fee income.
Key Takeaways
ING delivered a strong Q4 2025 performance with net income rising 22% YoY, driven by higher total income across retail and wholesale segments, and solid growth in lending and deposits despite macroeconomic uncertainties.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
ING expects strong growth into 2026, with projected revenue increases and improved return on tangible equity.
Positive Outlook
- 2026 total income expected around €24 billion
- Fee income projected to increase 5-10%
- Operating expenses expected to remain in €12.6-12.8 billion range
- Return on tangible equity (ROTE) projected above 14%
- CET1 ratio guidance maintained around 13%
Challenges Ahead
- Pending regulatory approval for Russia business sale may delay exit
- €0.8 billion post-tax loss expected from Russia divestment (excluded from guidance)
- Potential macroeconomic uncertainty may affect income and expenses
- Higher tax rate guidance of 29-31% in 2026
- Continued margin pressure in Payments & Cash Management segment
Historical Earnings Impact
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Avg. Return Before/After Earnings
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