ING posts 1Q2025 net result of €1,455 million, with strong growth in customer balances and fee income

Core Insights - ING Group reported a net result of €1,455 million for 1Q2025, with a profit before tax of €2,124 million and a CET1 ratio of 13.6% [1][3] Financial Performance - Total income increased due to strong growth in deposits and higher mortgage volumes, with resilient commercial net interest income and a significant rise in fee income [3][7] - Operating expenses slightly decreased quarter-on-quarter, while year-on-year increases were in line with guidance, reflecting inflation and client acquisition costs [3][7] - Risk costs were €313 million, below the through-the-cycle average, indicating a high-quality loan portfolio [3] Retail Banking Highlights - The mobile primary customer base grew by 174,000, primarily in Germany, the Netherlands, Spain, and Poland [4] - Retail core deposits increased by €17 billion, mainly in Germany, and core lending rose by €9 billion, with €6 billion in residential mortgages [4] - Mortgage applications surged to 125,000, a 20% increase year-on-year, and retail fee income rose by 18% year-on-year [4] Wholesale Banking Insights - Total income remained stable, with strong results in Financial Markets despite muted lending volumes [5] - Fee income in Wholesale Banking increased quarter-on-quarter, driven by higher fees from Global Capital Markets and Trade Finance [5] Sustainability Initiatives - ING mobilized €30 billion in sustainable volume, a 23% increase compared to last year, and launched services to assist customers in reducing their environmental footprint [6][8] Shareholder Returns - The company announced a €2.0 billion share buyback program as part of its strategy to move capital towards target levels [7][8] CEO's Perspective - The CEO emphasized the bank's role in supporting growth amid geopolitical and macroeconomic uncertainties, highlighting the importance of understanding client needs [2][9]