Revenue growth has normalized to 3.8% year-over-year as of 2025Q4, with net interest margin compression to 0.4% highlighting significant pressure on core interest-earning capacity.
| Metric | 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 | 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 % | -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 % | 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 | 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 | 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 | 1.3B | 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 | 8.35B | 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 % | 36.27% | 11.3% | 11.33% | 15.28% | 18.11% | 15.72% | 12.28% | 12.84% | 8.09% | 8.61% | 7.59% | 5.72% | 6.23% | 2.54% | 22.62% | 31.67% | 30.39% | 35.03% | 46.68% | 52.1% | 56.15% | 69.81% | 87.39% | 90.05% | 91.78% | 68.44% | 68.27% | 68.65% |
| Total Revenue | 23.04B | 66.41B | 58.9B | 33.61B | 25.78B | 26.93B | 32.44B | 32.33B | 47.94B | 48.34B | 50.13B | 51.09B | 54.81B | 61.57B | 83.54B | 100.01B | 114.72B | 149.31B | 143.94B | 123.52B | 109.85B | 84.29B | 64.65B | 77.45B | 74.62B | 77.3B | 58.8B | 33.86B |
| Revenue Growth % | -65.31% | 12.75% | 75.27% | 30.34% | -4.27% | -16.97% | 0.35% | -32.58% | -0.83% | -3.56% | -1.89% | -6.78% | -10.98% | -26.3% | -16.47% | -12.82% | -23.17% | 3.73% | 16.52% | 12.44% | 30.33% | 30.37% | -16.53% | 3.8% | -3.46% | 31.45% | 73.69% | - |
| Non-Interest Expense | 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 | 54.63% | 18.24% | 19.8% | 34.4% | 42.71% | 42.26% | 31.16% | 33.08% | 20.13% | 21.77% | 17.65% | 19.43% | 15.8% | 12.89% | 30.64% | 40.19% | 40.76% | 45.05% | 44.8% | 51.41% | 56.22% | 70.44% | 87.99% | 89.26% | 89.58% | 56.57% | 65.85% | 71.11% |
| Operating Income | 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 % | 39.71% | 14% | 17.81% | 16.37% | 26.3% | 14.14% | 21.07% | 20.88% | 15.16% | 12.21% | 12.31% | 7.26% | 7.6% | 5.5% | 6.08% | 3.05% | -2.17% | -3.48% | 8.03% | 8.05% | 8.1% | 9.18% | 8.54% | 7.22% | 7.71% | 17.93% | 10.2% | 7.36% |
| 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 | 9.15B | 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 % | 39.71% | 14% | 17.81% | 16.37% | 26.3% | 14.14% | 21.07% | 20.88% | 15.16% | 12.21% | 12.31% | 7.26% | 7.6% | 5.5% | 6.08% | 3.05% | -2.17% | -3.48% | 8.03% | 8.05% | 8.1% | 9.18% | 8.54% | 7.22% | 7.71% | 17.93% | 10.2% | 7.36% |
| Income Tax | 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 % | 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 | 6.33B | 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 % | 27.47% | 9.63% | 12.37% | 10.93% | 18.52% | 9.23% | 14.74% | 14.25% | 10.23% | 9.62% | 8% | 2.45% | 6.47% | 6.05% | 5.69% | 2.37% | -1.3% | -2.34% | 6.68% | 6.23% | 6.56% | 6.83% | 6.24% | 5.81% | 6.14% | 15.55% | 8.39% | 5.44% |
| Net Income Growth % | -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) | 6.6B | 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) | 2.12 | 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 % | 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 | 2.98B | 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 |
Regulatory and margin compression
As reported in recent financial disclosures, ING's net interest income reached 3.8 billion dollars in 2025Q4, reflecting a modest 3.8% year-over-year growth rate that suggests the bank is navigating a transition away from the peak interest rate environment that previously bolstered its core interest-earning capacity.
The stabilization of NII suggests that the tailwinds from rapid central bank rate hikes have largely dissipated, forcing the bank to rely on loan volume growth rather than margin expansion. Investors should monitor whether the bank can maintain these levels as deposit betas continue to adjust upward in the competitive European retail landscape.
Based on the provided quarterly data, ING's net interest margin has fluctuated significantly, with recent figures hovering near 0.4%, a sharp departure from the 2.5% peak observed in 2024Q2, indicating that funding costs are increasingly pressuring the spread between asset yields and deposit interest expenses.
The volatility in reported NIM suggests that the bank's asset-liability management is facing challenges in a shifting rate environment. This compression may imply that the bank is struggling to pass on higher funding costs to its mortgage and corporate loan clients without sacrificing market share.
According to the latest income statement data, ING's efficiency ratio reached 57.6% in 2025Q4, a figure that highlights the ongoing difficulty in maintaining operational leverage as the bank balances digital infrastructure investments against the need to manage non-interest expenses in a high-inflation European economic environment.
The fluctuation in the efficiency ratio, which spiked to nearly 90% in mid-2025, suggests that the bank's cost base remains sensitive to non-recurring items or structural reclassifications. Sustained efficiency improvements appear necessary to justify the bank's digital-first valuation premium compared to its more traditional, branch-heavy regional peers.
Based on reported figures, ING's provision expense for loan losses rose to 365 million dollars in 2025Q4, representing a notable increase from the 86 million dollars recorded in 2023Q4, which may indicate a more cautious outlook on the creditworthiness of the bank's retail and wholesale loan portfolios.
The upward trend in provisions suggests that management is proactively accounting for potential macroeconomic headwinds in the Dutch and German housing markets. While these provisions remain manageable, they warrant further investigation to determine if they reflect actual asset quality deterioration or merely conservative IFRS 9 modeling adjustments.
As indicated in the financial statements, fee income as a percentage of total revenue reached 34.1% in 2025Q4, demonstrating a consistent reliance on non-interest revenue streams to supplement the bank's core interest-based earnings during periods of interest rate volatility and margin pressure across its primary European markets.
The stability of fee income appears to provide a necessary buffer against the inherent cyclicality of net interest income. However, the bank's ability to grow this segment further may be limited by intense competition in wealth management and transaction services, requiring a focus on cross-selling to existing retail customers.
Quick answers to the most common questions about buying ING stock.
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.