ING GROEP NV

For the period ended Dec 31, 2024. Filed Mar 6, 2025.

About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2024 · Filed Mar 6, 2025

ING$31.82-2.5%Stored close · as of Nov 6, 2026

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Contents

30 Segments

Segment reporting

30 Segments

ING Group’s segments are based on the internal reporting structure by lines of business.

The Executive Board of ING Group and the Management Board Banking (together the Chief Operating Decision Maker (CODM)) set the performance targets, and approve and monitor the budgets prepared by the business lines. Business lines formulate strategic, commercial, and financial plans in conformity with the strategy and performance targets set by the CODM.

Recognition and measurement of segment results are in line with the accounting policies as described in Note 1 'Basis of preparation and material accounting policy information'. The results for the period for each reportable segment are after intercompany and intersegment eliminations and are those reviewed by the CODM to assess performance of the segments. Corporate expenses are allocated to business lines based on time spent by head office personnel, the relative number of staff, or on the basis of income, expenses and/or assets of the segment. Interest income per segment is reported as net interest income because management relies primarily on net (rather than gross) interest revenue to assess the performance of the segments.

The following table specifies the segments by line of business and the main sources of income of each of the segments:

ING Group Annual Report 2024 on Form 20-FF -269

Contents	Part I	Part II	Part III	Additional information	Financial statements

Specification of the main sources of income of each of the segments by line of business
Segments by line of business	Main source of income
Retail Netherlands	Income from products and services provided to private individuals, business banking clients and private banking clients in the Netherlands. The main products and services offered are daily banking, lending, savings, investments and insurance.
Retail Belgium	Income from products and services provided to private individuals, business banking clients and private banking clients in Belgium and Luxembourg. The main products and services offered are similar to those in the Netherlands.
Retail Germany	Income from products and services provided to private individuals, business banking clients and private banking clients in Germany. The main products and services offered are similar to those in the Netherlands.
Retail Other	Income from products and services provided to private individuals, business banking clients and private banking clients in the other retail countries. The main products and services offered are similar to those in the Netherlands.
Wholesale Banking	Income from wholesale banking activities, of which the main products are lending, payments & cash management, working capital solutions, trade finance, financial markets, corporate finance and treasury.

Specification of geographical split of the segments
Geographical split of the segments	Main countries
The Netherlands
Belgium	Including Luxembourg
Germany
Other Challengers 1	Australia, Italy, Spain and Portugal
Growth Markets 1	Poland, Romania and Türkiye
Wholesale Banking Rest of World	Other countries in Europe & Middle East, Americas, Asia
Other	Corporate Line

ING Group monitors and evaluates the performance of ING Group at a consolidated level and by segment. The Executive Board and the Management Board Banking consider this to be relevant to an understanding of the Group’s financial performance, because it allows investors to understand the primary method used by management to evaluate the Group’s operating performance and make decisions about allocating resources.

In addition, ING Group believes that the presentation of results in accordance with IFRS-EU helps investors compare its segment performance on a meaningful basis by highlighting result before tax attributable to ongoing operations and the profitability of the segment businesses. IFRS-EU result is derived by including the impact of the IFRS-EU ‘IAS 39 carve out’ adjustment.

The IFRS-EU ‘IAS 39 carve-out’ adjustment relates to fair value portfolio hedge accounting strategies for the mortgage and savings portfolios in the Benelux, Germany and Other Challengers that are not eligible under IFRS-IASB. As no hedge accounting is applied to these mortgage and savings portfolios under IFRS-IASB, the fair value changes of the derivatives are not offset by fair value changes of the hedge items (mortgages and savings).

The segment reporting in the annual report on Form 20-F has been prepared in accordance with International Financial Reporting Standards as issued by the EU (IFRS-EU) and reconciled to International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS-IASB) for consistency with the other financial information contained in this report. The difference between the accounting standards is reflected in the Wholesale Banking segment, and in the geographical split of the segments in the Netherlands, Belgium, Germany and Other Challengers.

Reference is made to Note 1 'Basis of preparation and material accounting policy information' for a reconciliation between IFRS-EU and IFRS-IASB. Corporate expenses are allocated to business lines based on time spent by head office personnel, the relative number of staff, or on the basis of income, expenses and/or assets of the segment.

ING Group reconciles the total segment results to the total result using Corporate Line. The Corporate Line includes capital management activities, as ING Group applies a system of capital charging for its banking operations in order to create a comparable basis for the results of business units globally, irrespective of the business units’ book equity and the currency they operate in.

Corporate Line includes certain other income and expenses that are not allocated to the banking businesses. Furthermore, as from 2022, results in the Corporate Line have been impacted by the application of hyperinflation accounting in the consolidation of our subsidiary in Türkiye (IAS 29).

Total income for Corporate Line in 2024 amounted to EUR 378 million compared with EUR 450 million in 2023. This included a hyperinflation accounting impact of EUR -117 million in 2024 versus EUR -179 million in 2023. Excluding hyperinflation accounting impact, total income declined by EUR 134 million, mainly attributable to a lower net interest income from Treasury, partly offset by the recognition of a EUR 53 million receivable related to a prior insolvency of a financial institution in the Netherlands (recorded in other income). Operating expenses for Corporate Line were EUR 533 million,1.7% down from EUR 542 million in 2023. Expenses in 2024 included a hyperinflation impact of EUR 35 million, EUR 25 million of restructuring costs, EUR 22 million for a one-off CLA related payment to our staff in the Netherlands and a EUR 21 million

ING Group Annual Report 2024 on Form 20-FF -270

Contents	Part I	Part II	Part III	Additional information	Financial statements

litigation provision. Expenses in 2023 had included a hyperinflation impact of EUR 48 million and EUR 51 million that had been provisioned.

The information presented in this note is in line with the information presented to the Executive Board of ING Group and Management Board Banking.

This note does not provide information on the types of products and services from which each reportable segment derives its revenues, as this is not reported internally and is therefore not readily available.

Reconciliation between IFRS-IASB and IFRS-EU income, expense and net result
12 month period · 2024 · 2023 · 2022
in EUR million · Income · Expenses · Taxation · Non-controlling interests · Net result 1 · Income · Expenses · Taxation · Non-controlling interests · Net result1 · Income · Expenses · Taxation · Non-controlling interests · Net result1
Net result IFRS-IASB attributable to equity holder of the parent	21,087	13,315		2,181	258	5,334	18,121		12,084	1,662	235	4,140		30,418	13,060	5,130	102	12,126
Remove impact of:
Adjustment of the EU 'IAS 39 carve out' 2	1,528		470		1,058	4,455		1,308		3,147	-11,856		-3,405		-8,451
Net result ING Group IFRS-EU 3	22,615	13,315		2,650	258	6,392	22,575		12,084	2,970	235	7,287		18,561	13,060	1,725	102	3,674

1 Net result reflects the net result attributable to shareholders of the parent.

2 ING prepares the Form 20-F in accordance with IFRS-IASB. This information is prepared by reversing the hedge accounting impacts that applied under the EU 'carve-out' version of IAS 39. For the underlying result, the impact of the carve-out is re-instated as this is the measure at which management monitors the business.

3 IFRS-EU figures include the impact of applying the EU 'IAS 39 carve-out'.

ING Group Annual Report 2024 on Form 20-FF -271

Contents	Part I	Part II	Part III	Additional information	Financial statements

ING Group Total
12 month period · 2024 · 2023 · 2022
in EUR million · ING Bank · Other · Total ING Group · ING Bank · Other · Total ING Group · ING Bank · Other · Total ING Group
Income
– Net interest income	14,749	275		15,023		15,809	166	15,976		13,745		11	13,756
– Net fee and commission income	4,002	6		4,008		3,586	9	3,595		3,586			3,586
Total investment and other income	3,584			3,584		3,006	-1	3,005		1,215		4	1,219
– of which share of result from associates and joint ventures	170			170		144		144		-101			-101
– of which revaluations and trading income	3,407	1		3,407		2,910		2,910		1,503		-1	1,501
Total income	22,334	281		22,615		22,401	174	22,575		18,546		16	18,561
Expenditure
Operating expenses	12,116	5		12,121		11,563	1	11,564		11,193		6	11,199
– of which Regulatory expenses	882			882		1,042		1,042		1,250			1,250
– Addition to loan loss provisions	1,194			1,194		520		520		1,861			1,861
Total expenses	13,310	5		13,315		12,083	1	12,084		13,053		6	13,060
Result before taxation	9,025	275		9,300		10,318	173	10,492		5,493		9	5,502
Taxation	2,580	71		2,650		2,926	44	2,970		1,723		2	1,725
Non-controlling interests	258			258		235		235		102			102
Net result IFRS-EU	6,187	205		6,392		7,157	129	7,287		3,667		7	3,674
Adjustment of the EU 'IAS 39 carve out'	-1,058		-1,058		-3,147		-3,147		8,451		8,451
Net result IFRS-IASB	5,130	205		5,334		4,010	129	4,140		12,119		7	12,126

ING Group Annual Report 2024 on Form 20-FF -272

Contents	Part I	Part II	Part III	Additional information	Financial statements

Segments
12 month period · 2024 · 2023 · 2022
in EUR million · Retail Nether-lands · Retail Belgium · Retail Germany · Retail Other · Wholesale Banking · Corporate Line · Total · Retail Nether-lands · Retail Belgium · Retail Germany · Retail Other · Wholesale Banking · Corporate Line · Total · Retail Nether-lands · Retail Belgium · Retail Germany · Retail Other 1 · Wholesale Banking · Corporate Line · Total
Income
Net interest income	3,027	1,959	2,647	3,817		3,259	315	15,023		3,096	2,063	2,862	3,437	4,028	489		15,976	2,888	1,668	1,666	2,725	4,260	550	13,756
Net fee and commission income	1,049	603	433	609		1,317	-3	4,008		959	502	357	519	1,259	-1		3,595	892	511	437	535	1,217	-6	3,586
Total investment and other income	835	189	-173	263		2,405	66	3,584		945	117	-67	277	1,771	-38		3,005	417	-32	69	377	849	-460	1,219
– of which share of result from associates and joint ventures		81		8		-36	118	170					7	31	107		144		1		5	18	-125	-101
– of which revaluations and trading income	810	81	-160	253		2,478	-55	3,407		898	61	-57	264	1,730	13		2,910	327	113	57	200	952	-148	1,501
Total income	4,910	2,751	2,906	4,688		6,981	378	22,615		5,001	2,683	3,152	4,233	7,057	450		22,575	4,196	2,147	2,172	3,637	6,325	84	18,561
Expenditure
Operating expenses	2,124	1,811	1,303	2,792		3,558	533	12,121		2,135	1,852	1,243	2,479	3,313	542		11,564	2,115	1,786	1,140	2,509	3,114	535	11,199
– of which Regulatory expenses	114	206	88	261		212	1	882		212	211	96	252	271			1,042	250	244	93	369	293		1,250
Addition to loan loss provisions	-8	134	149	291		627	1	1,194		5	169	119	313	-92	5		520	67	139	131	302	1,220	2	1,861
Total expenses	2,117	1,944	1,452	3,083		4,185	534	13,315		2,140	2,022	1,362	2,792	3,222	547		12,084	2,182	1,924	1,271	2,812	4,334	537	13,060
Result before taxation	2,793	807	1,455	1,605		2,796	-156	9,300		2,861	661	1,790	1,441	3,836	-97		10,492	2,014	223	901	825	1,991	-453	5,502
Taxation	723	210	505	381		693	138	2,650		740	182	631	359	900	158		2,970	540	72	202	254	581	76	1,725
Non-controlling interests	0	0	1	221		35	0	258		0	0	0	174	61	0		235	0	0	3	47	52	1	102
Net result IFRS-EU 2	2,070	597	949	1,002		2,068	-294	6,392		2,121	479	1,159	908	2,875	-255		7,287	1,474	151	696	525	1,358	-530	3,674
Adjustment of the EU 'IAS 39 carve out'			-1,058		-1,058				-3,147		-3,147			8,451		8,451
Net result IFRS-IASB 2	2,070	597	949	1,002		1,010	-294	5,334		2,121	479	1,159	908	-272	-255		4,140	1,474	151	696	525	9,810	-530	12,126

2 Net result reflects the net result attributable to shareholders of the parent.

ING Group Annual Report 2024 on Form 20-FF -273

Contents	Part I	Part II	Part III	Additional information	Financial statements

Geographical split of the segments
12 month period · 2024 · 2023 · 2022
in EUR millionIncome	Nether-lands	Belgium	Ger-many	Other Challengers	Growth markets	Wholesale Banking Rest of World	Other	Total	Nether-lands	Belgium	Ger-many	Other Challengers	Growth markets	Wholesale Banking Rest of World	Other	Total	Nether-lands	Belgium	Ger-many	Other Challengers 1	Growth markets 1	Wholesale Banking Rest of World	Other	Total
Net interest income	3,063	2,478	3,182	2,131	2,409	1,448	312	15,023	3,773	2,712	3,375	2,121	1,961	1,548	486	15,976	3,782	2,065	2,126	1,842	1,462	1,933	546	13,756
Net fee and commission income	1,329	832	484	337	445	585	-3	4,008	1,239	715	400	285	384	573	-1	3,595	1,171	714	494	290	375	548	-6	3,586
Total investment and other income	1,889	207	-188	27	408	1,167	74	3,584	1,627	145	-81	21	487	829	-25	3,005	577	-14	94	182	386	449	-455	1,219
– of which share of result from associates and joint ventures	-45	87			8		120	170	31				7		107	144	16	1			5		-123	-101
– of which revaluations and trading income	1,916	119	-191	2	403	1,217	-58	3,407	1,568	95	-83	4	479	841	6	2,910	453	174	65	3	377	532	-103	1,501
Total income	6,282	3,517	3,478	2,495	3,262	3,200	382	22,615	6,639	3,573	3,694	2,427	2,833	2,950	460	22,575	5,531	2,765	2,714	2,314	2,223	2,930	84	18,561
Expenditure
Operating expenses	3,026	2,170	1,512	1,454	1,759	1,669	531	12,121	3,065	2,195	1,437	1,320	1,495	1,509	544	11,564	3,001	2,120	1,318	1,380	1,426	1,418	536	11,199
– of which Regulatory expenses	159	228	90	61	260	83	1	882	296	243	103	92	207	101		1,042	357	283	99	88	324	98		1,250
Addition to loan loss provisions	42	148	222	188	214	378	1	1,194	-111	139	35	166	189	96	5	520	181	230	460	140	230	618	2	1,861
Total expenses	3,068	2,319	1,734	1,642	1,973	2,047	532	13,315	2,954	2,334	1,472	1,486	1,683	1,605	549	12,084	3,182	2,350	1,778	1,519	1,657	2,036	538	13,060
Result before taxation	3,213	1,198	1,744	853	1,289	1,153	-149	9,300	3,685	1,239	2,222	941	1,149	1,345	-89	10,492	2,349	415	936	795	567	894	-454	5,502
Retail Banking	2,793	807	1,455	534	1,071			6,660	2,861	661	1,790	649	792			6,753	2,014	223	901	547	278			3,964
Wholesale Banking	420	391	289	319	218	1,153	7	2,796	824	577	432	292	357	1,345	8	3,836	335	192	34	248	288	894		1,991
Corporate Line							-156	-156							-97	-97							-453	-453
Result before taxation	3,213	1,198	1,744	853	1,289	1,153	-149	9,300	3,685	1,239	2,222	941	1,149	1,345	-89	10,492	2,349	415	936	795	567	894	-454	5,502
Taxation	847	308	563	272	256	267	137	2,650	909	349	723	282	225	335	148	2,970	658	114	297	258	153	186	60	1,725
Non-controlling interests			1		256			258					234			235			3		98		1	102
Net result IFRS-EU 2	2,367	889	1,179	581	777	886	-286	6,392	2,776	889	1,499	659	690	1,011	-237	7,287	1,691	301	636	537	316	708	-515	3,674
Adjustment of the EU 'IAS 39 carve out'	225	-398	-860	-5		-20		-1,058	-277	-1,012	-1,825	-9		-23		-3,147	2,818	1,570	3,911	15		137		8,451
Net result IFRS-IASB 2	2,591	492	319	576	777	865	-286	5,334	2,499	-123	-326	649	690	988	-237	4,140	4,510	1,871	4,547	552	316	845	-515	12,126

2 Net result reflects the net result attributable to shareholders of the parent.

ING Group Annual Report 2024 on Form 20-FF -274

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