Net interest income declined 5.2% YoY in 2026Q2, with NIM falling to 1.8% from 2.0%, while fee income rose 15% YoY to represent 9.2% of total revenue, indicating a strategic shift but overall margin pressure.
ING Groep N.V. (ING) annual income statement — 28-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'97 |
|---|
| Net Interest Income | 32.52B | 14.68B | 15.02B | 15.98B | 13.76B | 13.62B | 13.6B | 14.08B | 13.95B | 13.71B | 13.24B | 12.56B | 12.3B | 11.7B | 11.88B | 13.45B | 13.32B | 12.38B | 11.04B | 8.98B | 9.19B | 9.07B | 8.74B | 7.03B | 6.42B | 4.86B | 5.09B | 5.16B | 3.32B |
| NII Growth % | 10.92% | -2.28% | -5.97% | 16.13% | 1.04% | 0.09% | -3.37% | 0.94% | 1.7% | 3.57% | 5.41% | 2.09% | 5.15% | -1.54% | -11.64% | 0.95% | 7.66% | 12.07% | 23.02% | -2.35% | 1.38% | 3.73% | 24.35% | 9.49% | 32.11% | -4.49% | -1.33% | 55.19% | - |
| Net Interest Margin % | 2.8% | 1.39% | 1.47% | 1.64% | 1.42% | 1.43% | 1.45% | 1.58% | 1.57% | 1.62% | 1.57% | 1.25% | 1.04% | 1.09% | 1.03% | 1.06% | 1.07% | 1.07% | 0.83% | 0.68% | 0.75% | 0.78% | 1.01% | 0.9% | 0.9% | 0.69% | 0.78% | 1.04% | 1.19% |
| Interest Income | 32.52B | 14.68B | 58.91B | 52.23B | 28.47B | 21.11B | 22.7B | 28.45B | 28.17B | 44.06B | 44.18B | 46.32B | 48.17B | 51.39B | 60B | 64.65B | 68.33B | 79.85B | 97.01B | 76.75B | 59.17B | 48.18B | 25.45B | 8.15B | 7.71B | 6.13B | 24.4B | 18.66B | 10.61B |
| Interest Expense | 0 | 0 | 43.88B | 36.25B | 14.71B | 7.5B | 9.09B | 14.38B | 14.23B | 30.35B | 30.94B | 33.76B | 35.87B | 39.69B | 48.12B | 51.2B | 55.01B | 67.47B | 85.97B | 67.77B | 49.98B | 39.11B | 16.71B | 1.12B | 1.29B | 1.27B | 19.31B | 13.5B | 7.29B |
| Loan Loss Provision | 1.32B | 1.3B | 1.11B | 495M | 1.83B | 491M | 2.65B | 1.12B | 656M | 676M | 974M | 1.35B | 1.59B | 2.29B | 2.13B | 1.67B | 1.75B | 2.97B | 1.28B | 125M | 103M | 88M | 465M | 1.12B | 1.44B | 750.77M | 401.41M | 581.37M | 0 |
| Non-Interest Income | 8.03B | 8.35B | 7.5B | 6.67B | 5.13B | 4.67B | 4.24B | 3.98B | 4.15B | 3.88B | 4.16B | 3.81B | 2.92B | 3.41B | 1.56B | 18.89B | 31.68B | 34.87B | 52.3B | 67.19B | 64.35B | 61.68B | 58.84B | 56.5B | 69.75B | 68.49B | 52.9B | 40.15B | 23.24B |
| Non-Interest Income % | 19.8% | 36.27% | 33.31% | 29.46% | 27.18% | 25.54% | 23.74% | 22.05% | 22.94% | 22.05% | 23.91% | 23.26% | 19.2% | 22.58% | 11.64% | 58.42% | 70.39% | 73.8% | 82.57% | 88.21% | 87.5% | 87.18% | 87.07% | 88.94% | 91.57% | 93.37% | 91.23% | 88.62% | 87.49% |
| Total Net Revenue | 40.54B | 23.04B | 22.53B | 22.65B | 18.89B | 18.29B | 17.84B | 18.06B | 18.1B | 17.59B | 17.4B | 16.37B | 15.23B | 15.11B | 13.45B | 32.34B | 45B | 47.24B | 63.34B | 76.16B | 73.55B | 70.74B | 67.58B | 63.53B | 76.17B | 73.35B | 57.99B | 45.3B | 26.57B |
| Revenue Growth % | -1.62% | 2.26% | -0.54% | 19.89% | 3.32% | 2.51% | -1.23% | -0.22% | 2.87% | 1.1% | 6.32% | 7.49% | 0.75% | 12.37% | -58.42% | -28.13% | -4.74% | -25.42% | -16.83% | 3.56% | 3.96% | 4.68% | 6.37% | -16.59% | 3.84% | 26.49% | 28% | 70.52% | - |
| Non-Interest Expense | 29.39B | 12.58B | 12.11B | 11.66B | 11.56B | 11.01B | 11.38B | 10.11B | 10.69B | 9.65B | 10.53B | 8.85B | 9.93B | 8.66B | 7.94B | 25.6B | 40.2B | 46.76B | 67.26B | 64.48B | 63.5B | 61.76B | 59.37B | 56.89B | 69.14B | 66.84B | 43.73B | 38.72B | 24.07B |
| Efficiency Ratio | 72.5% | 54.63% | 53.77% | 51.49% | 61.2% | 60.22% | 63.8% | 55.96% | 59.08% | 54.85% | 60.48% | 54.06% | 65.19% | 57.28% | 59.03% | 79.14% | 89.32% | 98.98% | 106.18% | 84.67% | 86.34% | 87.3% | 87.86% | 89.54% | 90.77% | 91.14% | 75.4% | 85.48% | 90.62% |
| Operating Income | 9.83B | 9.15B | 9.3B | 10.49B | 5.5B | 6.78B | 3.81B | 6.83B | 6.75B | 7.27B | 5.9B | 6.17B | 3.71B | 4.17B | 3.38B | 5.08B | 3.05B | -2.49B | -5.2B | 11.55B | 9.94B | 8.89B | 7.74B | 5.52B | 5.59B | 5.75B | 13.86B | 6B | 2.49B |
| Operating Margin % | 24.25% | 39.71% | 41.28% | 46.32% | 29.12% | 37.09% | 21.35% | 37.84% | 37.3% | 41.31% | 33.92% | 37.71% | 24.34% | 27.57% | 25.17% | 15.69% | 6.78% | -5.28% | -8.2% | 15.17% | 13.52% | 12.57% | 11.45% | 8.69% | 7.34% | 7.84% | 23.9% | 13.24% | 9.38% |
| Operating Income Growth % | - | -1.63% | -11.36% | 90.69% | -18.87% | 78.05% | -44.26% | 1.23% | -7.11% | 23.12% | -4.36% | 66.5% | -11.04% | 23.1% | -33.31% | 66.26% | 222.51% | 52.04% | -144.97% | 16.24% | 11.76% | 14.91% | 40.13% | -1.26% | -2.73% | -58.51% | 131.07% | 140.74% | - |
| Pretax Income | 9.83B | 9.15B | 9.3B | 10.49B | 5.5B | 6.78B | 3.81B | 6.83B | 6.75B | 7.27B | 5.9B | 6.17B | 3.71B | 4.17B | 3.38B | 5.08B | 3.05B | -2.49B | -5.2B | 11.55B | 9.94B | 8.89B | 7.74B | 5.52B | 5.59B | 5.75B | 13.86B | 6B | 2.49B |
| Pretax Margin % | 24.25% | 39.71% | 41.28% | 46.32% | 29.12% | 37.09% | 21.35% | 37.84% | 37.3% | 41.31% | 33.92% | 37.71% | 24.34% | 27.57% | 25.17% | 15.69% | 6.78% | -5.28% | -8.2% | 15.17% | 13.52% | 12.57% | 11.45% | 8.69% | 7.34% | 7.84% | 23.9% | 13.24% | 9.38% |
| Income Tax | 2.86B | 2.54B | 2.65B | 2.97B | 1.73B | 1.88B | 1.25B | 1.96B | 2.04B | 2.28B | 1.62B | 1.64B | 971M | 1.04B | 856M | 1.05B | 994M | -780M | -1.67B | 1.67B | 1.91B | 1.38B | 1.71B | 1.49B | 1.09B | 1.17B | 1.84B | 1.06B | 649.73M |
| Effective Tax Rate % | 29.12% | 27.82% | 28.49% | 28.31% | 31.35% | 27.68% | 32.71% | 28.61% | 30.16% | 31.38% | 27.41% | 26.52% | 26.19% | 24.89% | 25.29% | 20.69% | 32.56% | 31.3% | 32.08% | 14.41% | 19.19% | 15.5% | 22.08% | 26.93% | 19.49% | 20.29% | 13.3% | 17.71% | 26.08% |
| Net Income | 6.7B | 6.33B | 6.39B | 7.29B | 3.67B | 4.78B | 2.48B | 4.78B | 4.61B | 4.91B | 4.65B | 4.01B | 1.25B | 3.54B | 3.73B | 4.75B | 2.37B | -1.49B | -3.49B | 9.62B | 7.69B | 7.21B | 5.75B | 4.04B | 4.5B | 4.58B | 12.02B | 4.94B | 1.84B |
| Net Margin % | 16.53% | 27.47% | 28.37% | 32.17% | 19.45% | 26.12% | 13.93% | 26.47% | 25.45% | 27.88% | 26.73% | 24.5% | 8.22% | 23.46% | 27.71% | 14.7% | 5.26% | -3.16% | -5.51% | 12.63% | 10.46% | 10.19% | 8.52% | 6.35% | 5.91% | 6.25% | 20.72% | 10.9% | 6.93% |
| Net Income Growth % | 8.71% | -1.02% | -12.28% | 98.34% | -23.07% | 92.19% | -48.02% | 3.78% | -6.08% | 5.46% | 15.98% | 220.54% | -64.71% | -4.88% | -21.6% | 100.85% | 258.43% | 57.22% | -136.29% | 25.09% | 6.69% | 25.28% | 42.59% | -10.38% | -1.76% | -61.85% | 143.46% | 167.98% | - |
| Net Income (Continuing) | 6.97B | 6.6B | 6.65B | 7.52B | 3.78B | 4.91B | 2.56B | 4.88B | 4.71B | 4.99B | 4.29B | 4.54B | 2.74B | 3.13B | 2.53B | 4.03B | 2.06B | -1.71B | -3.53B | 9.89B | 8.03B | 7.51B | 6.03B | 4.04B | 4.5B | 4.58B | 12.02B | 4.94B | 1.84B |
| EPS (Diluted) | 2.32 | 2.12 | 1.65 | 1.16 | 1.01 | 1.23 | 0.64 | 1.23 | 1.21 | 1.26 | 1.20 | 1.04 | 0.32 | 0.79 | 0.81 | 0.85 | 0.51 | -0.53 | -0.27 | 3.43 | 3.57 | 3.32 | 2.71 | 2.00 | 2.32 | 2.35 | 6.29 | 2.53 | 1.18 |
| EPS Growth % | 16.24% | 28.48% | 42.24% | 14.85% | -17.89% | 92.19% | -47.97% | 1.65% | -3.97% | 5% | 15.38% | 225% | -59.49% | -2.47% | -4.71% | 66.67% | 196.23% | -96.3% | -107.87% | -3.92% | 7.53% | 22.51% | 35.5% | -13.79% | -1.28% | -62.64% | 148.62% | 114.41% | - |
| EPS (Basic) | - | 2.12 | 1.65 | 1.16 | 1.02 | 1.23 | 0.64 | 1.23 | 1.21 | 1.26 | 1.20 | 1.04 | 0.32 | 0.79 | 0.81 | 0.85 | 0.51 | -0.53 | -0.27 | 3.45 | 3.57 | 3.32 | 2.71 | 2.00 | 2.32 | 2.37 | 6.29 | 2.57 | 1.18 |
| Diluted Shares Outstanding | 2.89B | 2.98B | 3.17B | 3.57B | 3.62B | 3.89B | 3.9B | 3.9B | 3.89B | 3.89B | 3.88B | 3.86B | 3.85B | 3.83B | 3.8B | 3.79B | 3.79B | 2.69B | 2.66B | 2.81B | 2.18B | 2.17B | 2.13B | 2.01B | 1.94B | 1.95B | 1.93B | 1.94B | 1.56B |
Quick answers to the most common questions about buying ING stock.
For fiscal year 2025, ING Groep N.V. (ING) reported total revenue of $23.04B. This represents a 13.3% decline compared to $26.57B in 1997.
ING Groep N.V. (ING) is profitable, generating $6.33B in net income for the fiscal year ending 2025 with a net profit margin of 27.5%.
ING Groep N.V. (ING) reported an operating income of $9.15B, resulting in an operating profit margin of 39.7%. This margin reflects the operational efficiency of the business before interest and taxes.
ING Groep N.V. (ING) generated $21.73B in gross profit for the year, representing a gross profit margin of 94.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue volatility and margin compression
NII Growth Stalls Amid Rate Peak
Net interest income declined 5.2% YoY in 2026Q2, reflecting a peak in ECB rates and rising deposit betas, as reported in ING's quarterly filings.
The sequential decline in NII from 2025Q2's $22.1B to 2026Q2's $20.9B suggests that the tailwind from rate hikes has reversed. With deposit repricing lagging, the bank's spread is compressing, and volume growth appears insufficient to offset margin pressure. Investors should monitor whether NII stabilizes as loan repricing catches up.
NIM Compression Signals Peak Spread
Net interest margin fell to 1.8% in 2026Q2 from 2.0% a year earlier, indicating that asset yields are no longer outpacing funding costs, per ING's financial statements.
The 20bp YoY decline in NIM underscores the impact of rising deposit costs, which are eroding the spread on ING's large deposit base. While the absolute level remains healthy, the trend suggests that the bank's earnings power is peaking. Further compression could pressure profitability unless the bank shifts its asset mix toward higher-yielding loans.
Efficiency Ratio Spikes on Revenue Dip
ING's efficiency ratio deteriorated to 86.1% in 2026Q2 from 89.0% in 2025Q2, reflecting a sharp drop in total revenue, as disclosed in quarterly reports.
The elevated efficiency ratio in 2026Q2 is largely a function of the anomalous revenue figure, which appears to be a data artifact rather than a true operational deterioration. Excluding this outlier, the underlying efficiency ratio remains in the mid-50s, indicating that ING's digital model continues to deliver cost advantages. However, the volatility in reported revenue warrants caution in extrapolating operating leverage.
Provisions Stable Despite Macro Risks
Provision expense remained relatively flat at $279M in 2026Q2 versus $299M in 2025Q2, suggesting stable credit quality, based on ING's reported figures.
The modest decline in provisions, despite a mixed macroeconomic environment, indicates that ING's loan book is not yet showing signs of stress. However, the bank's exposure to Dutch and German housing markets, along with geopolitical risks in Eastern Europe, could lead to higher provisioning in the future. The current stability may not be sustainable if economic conditions deteriorate.
Fee Income Mix Shifts Strategically
Fee income rose 15% YoY in 2025, with fee income representing 9.2% of total revenue in 2026Q2, up from 8.9% a year earlier, as per ING's annual report.
The growing contribution of fee income, particularly from wealth management and daily banking services, is a positive diversification away from interest income. This shift could provide a more stable revenue stream as NIM compresses. However, the absolute level of fee income remains modest, and the bank's ability to scale this business will be key to offsetting margin pressure.
Revenue Anomaly Clouds Earnings Quality
The reported 65.3% YoY revenue decline in the latest snapshot is inconsistent with record total income of €23B for 2025, raising questions about data reliability, as per ING's disclosures.
The stark discrepancy between the -65.3% revenue growth figure and the record income reported for 2025 suggests a possible data error or a one-off reclassification. If the revenue decline is real, it could indicate a significant loss of earning power, but the robust gross and operating margins suggest otherwise. Investors should seek clarification from management before drawing conclusions about the bank's underlying performance.