Q2 FY2026
Filed Jul 30, 2026ING posts 2Q2026 net result of €1,947 million, reflecting accelerated growth in customer base and customer balances
Total income increased 10.2% year-on-year and 7.9% sequentially to €6,284 million, while net result rose 16.2% year-on-year and 25.1% quarter-on-quarter to €1,947 million. Customer lending and deposits expanded strongly, ROTE reached 17.0%, and ING upgraded its 2026 and 2027 outlook for total income, fee income and ROTE.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total incomeother | €6,284 million | 7.9% | 10.2% |
| Net interest incomeother | €4,126 million | 1.8% | 16.7% |
| Commercial net interest incomeother | €4,174 million | 2.8% | 10.7% |
| Lending net interest incomeother | €2,281 million | 0.7% | 8.0% |
| Liability net interest incomeother | €1,892 million | 5.4% | 14.0% |
| Net fee and commission incomeother | €1,278 million | 3.4% | 13.9% |
| Investment incomeother | €54 million | 671.4% | 157.1% |
| Other incomeother | €825 million | 56.8% | - 19.4% |
| Operating expensesother | €3,086 million | - 4.1% | 1.7% |
| Expenses excl. regulatory costsother | €3,008 million | 3.9% | 1.8% |
| Regulatory costsother | €78 million | - 75.9% | 0.0% |
| Gross resultother | €3,198 million | 22.8% | 19.9% |
| Addition to loan loss provisionsother | €279 million | - 19.4% | - 6.7% |
| Result before taxother | €2,919 million | 29.3% | 23.2% |
| Taxationother | €902 million | 38.3% | 42.5% |
| Net result attributable to shareholders of the parentother | €1,947 million | 25.1% | 16.2% |
| Net result per shareother | €0.68 | 25.9% | 21.4% |
| Net interest marginother | 1.44% | – | – |
| Commercial net interest marginother | 2.26% | – | – |
| Cost/income ratioother | 49.1% | – | – |
| Risk costs in bps of average customer lendingother | 15 | – | – |
| Return on tangible equity (ROTE)other | 17.0% | – | 270 bps |
| ING Group common equity Tier 1 ratioother | 13.1% | +8 bps | – |
| Risk-weighted assets (end of period)other | €341.9 billion | - 0.7% | 1.8% |
| Net core lending growthother | €15.2 billion | – | – |
| Net core deposits growthother | €15.9 billion | – | – |
| Effective tax rateother | 30.9% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Retail BankingNet core lending growth was €12.1 billion and net core deposits growth was €16.7 billion. Commercial net interest income rose 11% year-on-year and 3.2% sequentially, while fee income rose 16% year-on-year. | €4,369 million | 8.2% | 14.0% |
| Wholesale BankingIncome growth was broad-based across Lending, Daily Banking & Trade Finance and Financial Markets. Net core lending growth was €3.0 billion, while the closure of an SRT transaction provided €1.0 billion of RWA relief. | €1,879 million | 8.3% | 10.9% |
| Corporate LineTotal income declined year-on-year primarily due to lower income from foreign currency hedging. Stronger income from financial stakes, including a €26 million annual dividend from Van Lanschot Kempen, partly mitigated lower revaluation results sequentially. | €36 million | – | – |
FY 2026 and FY 2027 outlook
- Operating expenses2026: € 12 . 6 - € 12 . 8 billion; 2027: around €13 billion
- Note2026 total income is now expected to exceed €24.5 billion.
- Note2026 fee income: approximately €5 billion.
- Note2026 ROTE is now expected to exceed 15 %.
- Note2026 CET1 capital ratio guidance: ~ 13 %.
- Note2027 total income is expected to exceed €26 billion.
- Note2027 fee income: €5.3 - €5.5 billion.
- Note2027 ROTE: above 16%.
- Note2027 CET1 capital ratio guidance: ~13%.
- NoteThe outlook excludes the potential impact of the intended exit from Russia, potential other incidental items and/or one-offs.
Capital returns
- An interim dividend over 1H2026 of €0.40 per ordinary share will be paid in cash on 10 August 2026.
- The interim dividend is up from €0.35 over 1H2025.
- The interim dividend represents approximately one third of the resilient net profit for 1H2026.
- ING announced the start of a share buyback programme on 30 April 2026, under which it plans to repurchase shares of ING Group for a maximum total amount of €1.0 billion.
- At the end of 2Q2026, almost 13.5 million shares for a total consideration of €350 million had already been repurchased.
- The share buyback programme is expected to end no later than 26 October 2026.
- The final dividend payment over 2025 was €2,116 million.
What drove it
- Mobile primary customer base expanded by 377,000 during the quarter.
- Net core lending growth of €15.2 billion corresponded to an annualised growth rate of 8.1%.
- Retail Banking contributed €12.1 billion of net core lending growth, including €7.1 billion in residential mortgages.
- Wholesale Banking net core lending grew by €3.0 billion, reflecting continued demand.
- Net core deposit growth of €15.9 billion was driven by Retail Banking savings campaigns and seasonal holiday allowance inflows.
- Commercial net interest income benefited from customer-balance growth and a stable commercial net interest margin.
- Fee income was supported by a growing customer base and broad-based activity across investment products, daily banking services, lending and insurance products.
- Other income improved sequentially as valuation and hedge ineffectiveness results that negatively impacted 1Q2026 partially reversed, alongside stronger Financial Markets trading income.
- ING financed €86.5 billion in sustainable volume mobilised in the first half of 2026, compared with €67.8 billion in 1H2025.
Concerns
- Total operating expenses were €3,086 million, including €78 million of regulatory costs and €46 million of incidental items.
- Excluding regulatory costs and incidental items, operating expenses rose 4.2% year-on-year and 3.4% sequentially, mainly due to salary increases, marketing expenses and consolidation of TFI.
- Wholesale Banking risk costs were €142 million, equivalent to 27 basis points of average customer lending, reflecting provisions for a limited number of Stage 3 files and a weaker economic outlook.
- The effective tax rate was 30.9% for 2Q2026, including the impact of a significantly higher corporate income tax rate for banks in Poland effective from 1 January 2026.
- Other income declined year-on-year, as stronger trading income and positive items in 2Q2026 were more than offset by lower Corporate Line income from foreign currency hedging and a prior-year Van Lanschot Kempen revaluation.
- The outlook excludes the potential impact of the intended exit from Russia, potential other incidental items and/or one-offs.
What to watch
- Delivery against upgraded 2026 total-income outlook of more than €24.5 billion and approximately €5 billion in fee income.
- Delivery against upgraded 2027 total-income outlook of more than €26 billion and €5.3 - €5.5 billion in fee income.
- Whether the 2026 ROTE exceeds 15% and the 2027 ROTE is above 16%.
- Sustainability of lending and deposit growth, including Retail Banking savings campaigns and Wholesale Banking deposit flows.
- Evolution of risk costs relative to the through-the-cycle average of around 20 basis points.
- Execution of the €1.0 billion share buyback programme and payment of the €0.40 per ordinary share interim dividend.
- CET1 capital ratio management around the ~13% target and the prevailing CET1 ratio requirement of 11.10%.
Balance sheet and cash flow
- Total assets were €1,160,759 million at 30 June 2026.
- Customer lending was €761,635 million at 30 June 2026.
- Customer deposits were €773,179 million at 30 June 2026.
- Cash and balances with central banks were €63,614 million at 30 June 2026.
- Securities at amortised cost were €67,985 million at 30 June 2026.
- Debt securities in issue were €75,738 million at 30 June 2026.
- Subordinated loans were €16,114 million at 30 June 2026.
- Shareholders' equity was €50,246 million at 30 June 2026.
- Shareholders' equity per share was €17.57 on 30 June 2026 compared with €17.68 on 31 March 2026.
- The CET1 ratio was 13.1%, the Tier 1 ratio was 15.7%, the total capital ratio was 18.7%, and the leverage ratio was 4.2% at 30 June 2026.
- Total RWA decreased by €2.4 billion in 2Q2026.
- The 12-month moving average Liquidity Coverage Ratio was 137%.
- The Net Stable Funding Ratio stood at 128%.
- ING's long-term debt position, excluding AT1, increased by €5.1 billion versus 1Q2026.
Analysis
ING reported a strong IFRS-EU second quarter. Total income increased 10.2% year-on-year and 7.9% from 1Q2026 to €6,284 million, while net result attributable to shareholders of the parent increased 16.2% year-on-year and 25.1% sequentially to €1,947 million. Profit before tax rose 23.2% year-on-year and 29.3% quarter-on-quarter to €2,919 million. Net result per share was €0.68, up 21.4% year-on-year and 25.9% sequentially, with the release attributing the stronger per-share growth to fewer shares outstanding following share buybacks.
Commercial momentum was broad. Mobile primary customers increased by 377,000, net core lending growth was €15.2 billion, and net core deposits growth was €15.9 billion. Retail Banking generated €12.1 billion of net core lending growth, including €7.1 billion in residential mortgages, while Wholesale Banking contributed €3.0 billion. Commercial net interest income increased 10.7% year-on-year and 2.8% sequentially to €4,174 million. The commercial net interest margin was 2.26%, equal to 1Q2026 and above the 2.23% reported for 2Q2025. Fee and commission income increased 13.9% year-on-year and 3.4% sequentially to €1,278 million, supported by investment products, daily banking, lending and insurance activity.
Margins and returns improved despite higher underlying costs. Operating expenses were €3,086 million, down 4.1% from 1Q2026 because regulatory costs declined, but expenses excluding regulatory costs and incidental items increased 4.2% year-on-year and 3.4% sequentially. The release cited wage inflation, marketing and TFI consolidation, partly offset by digitalisation and restructuring savings. The cost/income ratio improved to 49.1% from 53.2% in 2Q2025 and 55.3% in 1Q2026. ROTE was 17.0%, compared with 14.3% in 2Q2025 and 13.6% in 1Q2026. Risk costs were 15 basis points of average customer lending, below the stated through-the-cycle average of around 20 basis points, although Wholesale Banking recorded €142 million of risk costs, or 27 basis points.
Capital remained aligned with management's target. The CET1 ratio increased eight basis points sequentially to 13.1%, supported by a decrease in RWA, including €1.0 billion of relief from a significant risk transfer transaction. ING fully reserved its €1,947 million second-quarter net profit. It will pay a cash interim dividend of €0.40 per ordinary share on 10 August 2026 and continued the €1.0 billion buyback programme, with almost 13.5 million shares repurchased for €350 million by quarter-end.
Management upgraded both 2026 and 2027 outlooks. For 2026, it now expects total income to exceed €24.5 billion, including approximately €5 billion in fee income, ROTE to exceed 15%, operating expenses excluding incidental items post 1Q2026 of € 12 . 6 - € 12 . 8 billion, and a CET1 ratio of ~ 13 %. For 2027, it expects total income to exceed €26 billion, fee income of €5.3 - €5.5 billion, operating expenses of around €13 billion, ROTE above 16%, and a CET1 ratio of ~13%. The outlook excludes the potential impact of the intended exit from Russia, potential other incidental items and/or one-offs.
Management, verbatim
ING has had an excellent second quarter of 2026, with strong results across all business lines as more customers did more business with us.
Steven van Rijswijk, CEO of ING
During the quarter, more customers have chosen to bank with ING, with our mobile primary customer base growing by 377,000, with strong contributions from the Netherlands, Germany and Spain.
Steven van Rijswijk, CEO of ING
Looking ahead, we remain well positioned to support our customers and clients, as we build on our strong momentum and disciplined strategic execution.
Steven van Rijswijk, CEO of ING
Not in the filing
stated, not guessed- Operating cash flow was not reported.
- Free cash flow was not reported.
- GAAP financial measures were not reported because ING prepares its financial information in accordance with IFRS Accounting Standards as adopted by the European Union.
- Non-GAAP financial measures were not separately reported using GAAP/non-GAAP terminology.
- Prior outlook was not provided, so comparison of actual results with prior guidance is unavailable.
- Gross margin was not reported.
- Forward tax-rate guidance was not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.