ING Group has reported a net result of €1,455 million for the first quarter of 2025, demonstrating strong growth in customer balances and fee income. The bank achieved a profit before tax of €2,124 million, maintaining a CET1 ratio of 13.6%.
"While the geopolitical and macroeconomic circumstances remain uncertain, we believe there is an opportunity for Europe to collectively drive competitiveness and resilience through simplification of regulations and investments in infrastructure, technology and defence," stated Steven van Rijswijk, CEO of ING Group. "As one of the largest and most geographically diversified European banks, we are well-positioned to play a key role in supporting this growth while navigating volatility."
Van Rijswijk emphasized the bank's commitment to closely supporting clients during these volatile times, highlighting ING's scale, strong performance, and robust capital ratios as key factors enabling the bank to assist customers in managing uncertainties.
The first quarter saw ING deliver continued commercial growth, supported by increased deposits and higher mortgage volumes. Total income rose, with resilient commercial net interest income and a significant uptick in fee income. Meanwhile, expenses decreased slightly compared to the previous quarter and increased in line with guidance year-on-year, influenced by inflation and client acquisition expenses. Risk costs amounted to €313 million, below the cycle-average, reflecting the quality of the loan portfolio.
In Retail Banking, the mobile primary customer base grew by 174,000, primarily in Germany, the Netherlands, Spain, and Poland. The bank also attracted €17 billion in retail core deposits, mainly from Germany, and increased core lending by €9 billion, with €6 billion in residential mortgages especially in the Netherlands and Germany.
The bank processed 125,000 mortgage applications in the quarter, marking a 20% rise year-on-year. Retail fee income increased by 18% compared to the previous year, driven by more investment product customers, higher assets under management, and more customer trading activity.
In Wholesale Banking, total income remained steady with strong results in Financial Markets, though lending volumes were muted due to turbulent market conditions. Fee income increased primarily through higher fees from Global Capital Markets and Trade Finance. Investments were made in front office growth, digital customer experience, and system scalability.
In sustainability initiatives, ING increased its sustainable volume mobilized to €30 billion, a 23% increase from the previous year. New services were launched, like a service in Spain offering retail customers insights into their CO2e emissions and tips to reduce their environmental footprint. ING in Australia became the first bank to join a digital energy ratings program providing customers with free home energy ratings and sustainability improvement suggestions.
The bank announced a share buyback programme of €2.0 billion, aligning with its target CET1 ratio and considering geopolitical and macroeconomic uncertainties.
"We're pleased with our first-quarter performance and are confident in our ability to deliver value to our stakeholders in the current macroeconomic turbulence," concluded van Rijswijk, who also thanked employees worldwide for their contributions.