ING posts full-year 2024 net profit of €6,392 million and outstanding commercial growth

Full-year profit before tax of €9,300 million, supported by growing customer base and increase in lending and deposits
•	Mobile primary customer base rises by 1.1 million in 2024 to 14.4 million
•	Net core lending growth of €28 billion, or 4%, and net core deposits growth of €47 billion (7%)
•	Total income of €22.6 billion; double-digit growth in fee income, surpassing €4 billion for the first time
•	Full-year return on equity of 13.0%; proposed final cash dividend of €0.71 per share

4Q2024 profit before tax of €1,771 million with a CET1 ratio of 13.6%
•	Increase of 434,000 mobile primary customers in the fourth quarter, with growth in all markets
•	Total income resilient year-on-year, supported by continuously strong fee income
•	Risk costs remain below our through-the-cycle average, reflecting strong asset quality
•	CET1 ratio decreases to 13.6% following the shareholder distribution announced in October
CEO statement “In 2024, we have made very good progress in the implementation of our strategy. We have accelerated growth, diversified our income, provided superior value to customers and continued to play a leading role in supporting our clients’ sustainable transition,” said ING CEO Steven van Rijswijk. “We’re pleased with our strong results and are on track to make the targets as communicated on our Capital Markets Day in June. We have continued to invest in the growth of our business, resulting in a larger customer base and higher revenues, while continuously executing our plans to drive operational efficiencies. "We have increased the number of our mobile primary customers by 1.1 million, resulting in a total of 14.4 million mobile primary customers, with Germany, the Netherlands, Spain and Poland especially contributing to the growth. Core lending has also grown across all markets, by €28 billion, with particularly strong growth of €19 billion in our mortgage portfolio, especially in Germany and the Netherlands. Our deposit base has risen by €47 billion, again with contributions from all Retail countries and our Wholesale business. In Wholesale Banking, we have seen strong results from Financial Markets and we have continued investing in our front office and building our product foundations. “Total income has increased to a record €22.6 billion and we have posted a net result of €6.4 billion, maintaining a high level after a very strong 2023. Fee income has increased 11% year-on-year, following an increase in both assets under management and in customer trading activity in Retail. Fee income growth in Wholesale Banking was mainly driven by a higher number of capital markets issuance deals for our clients. “Sustainability is a priority for our clients and for ING. We have increased our sustainable volume mobilised to €130 billion, up from €115 billion in 2023, showing strong progress against our 2027 target of €150 billion per annum. During the year, we have engaged with more than 1,600 of our Wholesale Banking clients on their transition plans. In Retail Banking, including in Germany, the Netherlands and Australia, we have supported our customers with sustainable mortgages, renovation loans and digital tools, allowing them to identify possible energy upgrades to their homes and connecting them with accredited home renovators. “For the coming year, we remain vigilant as we foresee ongoing geopolitical volatility and a fragmented economic outlook. We are confident that we have the right strategy to deliver value to all of our stakeholders by growing our customer base, continuing to diversify our income and supporting clients in their sustainable transitions. I would like to take this opportunity to thank our shareholders for their continued support, our clients for their continued trust and our employees for their hard work and collaboration.”

Further information All publications related to ING’s Full year and 4Q 2024 results can be found at the quarterly results page on ING.com. For more on investor information, go to www.ing.com/investors. A short ING ON AIR video with CEO Steven van Rijswijk discussing our FY/4Q2024 results is available on Youtube. For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news feed on X. Photos of ING operations, buildings and its executives are available for download at Flickr.

Investor conference call, Media meeting and webcasts Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the results in an Investor conference call on 6 February 2025 at 9:00 a.m. CET. Members of the investment community can join the conference call at +31 20 708 5074 (NL), or +44 330 551 0202 (UK) (registration required via invitation) and via live audio webcast at www.ing.com. Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will also discuss the results in a media meeting on 6 February 2024 at 11:00 a.m. CET. Journalists are welcome at ING’s Cedar office, Bijlmerdreef 106, Amsterdam. Alternatively, they can dial-in in listen-only mode via +31 20 708 5073 (NL), or +44 330 551 0200 (UK) - quote ING Media Call 4Q2024 when prompted by the operator. The meeting can also be followed via live audio webcast at www.ing.com.

Investor enquiries E: investor.relations@ing.com Press enquiries T: +31 20 576 5000 E: media.relations@ing.com

ING Profile ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries. ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING's ESG rating by MSCI was reconfirmed by MSCI as 'AA' in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Important legal information Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’). ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2023 ING Group consolidated annual accounts. The Financial statements for 2024 are in progress and may be subject to adjustments from subsequent events. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) noncompliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG-related matters, including data gathering and reporting (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. 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