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Segments | 12 Months Ended
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Dec. 31, 2023
Disclosure of operating segments [abstract] |
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, 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. Th e following table specifies the segments by line of business and main sources of income of each of the segments:
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 (Market Leaders) | Income from retail and private banking activities in the Netherlands, including the Business Banking segments. The main products offered are current and savings accounts, business lending, mortgages and other consumer lending.
Retail Belgium (Market Leaders) | Income from retail and private banking activities in Belgium and Luxembourg, including the Business Banking segments. The main products offered are similar to those in the Netherlands.
Retail Germany (Challengers and Growth Markets) | Income from retail and private banking activities in Germany, including the Business Banking segments. The main products offered are similar to those in the Netherlands.
Retail Other (Challengers and Growth Markets) | Income from retail banking activities in the rest of the world, including the Business Banking segments in specific geographies. The main products offered are similar to those in the Netherlands.
Wholesale Banking | Income from wholesale banking activities. 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 1,4 |
Other Challengers 1,2,4 | Australia, Italy, Spain and Portugal
Growth Markets 2,3,4 | Poland, Romania and Türkiye
Wholesale Banking Rest of World 4 | UK, Ireland & Middle East, Americas, Asia and other countries in Europe
Other 3 | Corporate Line
1 Retail Banking Austria (included in Germany) and Retail Banking Czech Republic (included in Other Challengers) up to and including 2021, after which ING left the retail markets. 2 In 2022, ING discontinued its retail activities in France and the Philippines. 3 In 2023, there was a change in the governance over the Asian stakes, which resulted in their transfer from Retail Banking Growth Markets to Other (Corporate Line). Comparatives have been adjusted. 4 As from 2023, Wholesale Banking in France as well as Wholesale Banking in the Philippines are recorded in Wholesale Banking Rest of World. Previously these financials were reported in Other Challengers and Growth Markets respectively. Comparatives have been adjusted. As from 2022, Wholesale Banking Austria as well as Wholesale Banking Czech Republic are recorded in Wholesale Banking Rest of World. Previously these financials were reported in Germany and Other Challengers respectively. 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 reflects 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. 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). F ollowing a change in governance, the Asian stakes (our investments in Bank of Beijing and TMBThanachart Bank (TTB)) are reported in Corporate Line as of 2023 (with a profit before tax of €185 million), whereas previously they were reported in Retail Other. Comparable data have been adjusted accordingly. Furthermore, Corporate Line includes certain other income and expenses that are not allocated to the banking businesses. T otal income for Corporate Line in 2023 amounted to EUR 450 million compared with EUR 84 million in 2022. This included a hyperinflation accounting impact of EUR -179 million in 2023 versus EUR -279 million in 2022. Excluding hyperinflation accounting impact, total income rose by EUR 266 million, mainly attributable to higher income from Treasury activities and because 2022 had included EUR -165 million impact for impairments on our stake in TTB. Operating expenses for Corporate Line were EUR 542 million, 1.3% up from EUR 535 million in 2022. Expenses in 2023 included a hyperinflation impact of EUR 48 million and EUR 51 million that was provisioned, while 2022 had included a hyperinflation impact of EUR 30 million and a EUR 32 million impairment loss related to the goodwill allocated to Türkiye. 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 | 2023 |  |  |  |  | 2022 |  |  |  |  | 2021 |  |  |  |
in EUR million | Income | Expenses | Taxation | Non- controlling interests | Net result 1 | Income | Expenses | Taxation | Non- controlling interests | Net result 1 | Income | Expenses | Taxation | Non- controlling interests | Net result 1
Net result IFRS-IASB attributable to equity holder of the parent | 18,121 | 12,084 | 1,662 | 235 | 4,140 | 30,418 | 13,060 | 5,130 | 102 | 12,126 | 20,093 | 11,708 | 2,306 | 128 | 5,951
Remove impact of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjustment of the EU 'IAS 39 carve out' 2 | 4,455 |  | 1,308 |  | 3,147 | -11,856 |  | -3,405 |  | -8,451 | -1,603 |  | -429 |  | -1,174
Result IFRS-EU 2 | 22,575 | 12,084 | 2,970 | 235 | 7,287 | 18,561 | 13,060 | 1,725 | 102 | 3,674 | 18,490 | 11,708 | 1,877 | 128 | 4,776
1 Net result, after tax and non-controlling interests. 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 IFRS-EU result, the impact of the carve-out is re-instated as this is the measure at which management monitors the business.
ING Group Total |  |  |  |  |  |  |  |
12 month period | 2023 |  |  |  | 2022 |  |  |  | 2021 |  |
| ING Bank | Other | Total ING Group |  | ING Bank | Other | Total ING Group |  | ING Bank | Other | Total ING Group
Income |  |  |  |  |  |  |  |  |  |  |
– Net interest income | 15,809 | 166 | 15,976 |  | 13,745 | 11 | 13,756 |  | 13,615 |  | 13,615
– Net fee and commission income | 3,586 | 9 | 3,595 |  | 3,586 |  | 3,586 |  | 3,517 |  | 3,517
– Total investment and other income | 3,006 | -1 | 3,005 |  | 1,215 | 4 | 1,219 |  | 1,354 | 5 | 1,359
Total income | 22,401 | 174 | 22,575 |  | 18,546 | 16 | 18,561 |  | 18,485 | 5 | 18,490
Expenditure |  |  |  |  |  |  |  |  |  |  |
– Operating expenses | 11,563 | 1 | 11,564 |  | 11,193 | 6 | 11,199 |  | 11,195 | -3 | 11,192
– Addition to loan loss provisions | 520 |  | 520 |  | 1,861 |  | 1,861 |  | 516 |  | 516
Total expenses | 12,083 | 1 | 12,084 |  | 13,053 | 6 | 13,060 |  | 11,711 | -3 | 11,708
Result before taxation | 10,318 | 173 | 10,492 |  | 5,493 | 9 | 5,502 |  | 6,774 | 8 | 6,782
Taxation | 2,926 | 44 | 2,970 |  | 1,723 | 2 | 1,725 |  | 1,876 | 1 | 1,877
Non-controlling interests | 235 |  | 235 |  | 102 |  | 102 |  | 128 |  | 128
Net result IFRS-EU | 7,157 | 129 | 7,287 |  | 3,667 | 7 | 3,674 |  | 4,770 | 7 | 4,776
Adjustment of the EU 'IAS 39 carve out' | -3,147 |  | -3,147 |  | 8,451 |  | 8,451 |  | 1,174 |  | 1,174
Net result IFRS-IASB | 4,010 | 129 | 4,140 |  | 12,119 | 7 | 12,126 |  | 5,944 | 7 | 5,951
Segments by line of business
12 month period | 2023 |  |  |  |  |  |  | 2022 |  |  |  |  |  |  | 2021 |  |  |  |  |  |
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 1,2 | Wholesale Banking | Corporate Line 1 | Total | Retail Nether- lands | Retail Belgium | Retail Germany 3 | Retail Other 1,2,3 | Wholesale Banking | Corporate Line 1 | Total
Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
– Net interest income | 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 | 3,290 | 1,747 | 1,447 | 2,709 | 4,151 | 270 | 13,615
– Net fee and commission income | 959 | 502 | 357 | 519 | 1,259 | -1 | 3,595 | 892 | 511 | 437 | 535 | 1,217 | -6 | 3,586 | 771 | 519 | 497 | 530 | 1,197 | 3 | 3,517
– Total investment and other income | 945 | 117 | -67 | 277 | 1,771 | -38 | 3,005 | 417 | -32 | 69 | 377 | 849 | -460 | 1,219 | 201 | 209 | 65 | 202 | 568 | 114 | 1,359
Total income | 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 | 4,262 | 2,475 | 2,009 | 3,441 | 5,916 | 387 | 18,490
Expenditure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
– Operating expenses | 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 | 2,403 | 1,667 | 1,174 | 2,442 | 2,926 | 580 | 11,192
– Addition to loan loss provisions | 5 | 169 | 119 | 313 | -92 | 5 | 520 | 67 | 139 | 131 | 302 | 1,220 | 2 | 1,861 | -76 | 225 | 49 | 202 | 117 |  | 516
Total expenses | 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 | 2,326 | 1,892 | 1,223 | 2,644 | 3,042 | 580 | 11,708
Result before taxation | 2,861 | 661 | 1,790 | 1,441 | 3,836 | -97 | 10,492 | 2,014 | 223 | 901 | 825 | 1,991 | -453 | 5,502 | 1,936 | 583 | 786 | 797 | 2,874 | -193 | 6,782
Taxation | 740 | 182 | 631 | 359 | 900 | 158 | 2,970 | 540 | 72 | 202 | 254 | 581 | 76 | 1,725 | 499 | 146 | 252 | 209 | 703 | 68 | 1,877
Non-controlling interests | 0 | 0 | 0 | 174 | 61 | 0 | 235 | 0 | 0 | 3 | 47 | 52 | 1 | 102 | 0 | 0 | 4 | 98 | 26 | 0 | 128
Net result IFRS-EU | 2,121 | 479 | 1,159 | 908 | 2,875 | -255 | 7,287 | 1,474 | 151 | 696 | 525 | 1,358 | -530 | 3,674 | 1,437 | 437 | 529 | 490 | 2,144 | -261 | 4,776
Adjustment of the EU 'IAS 39 carve out' |  |  |  |  | -3,147 |  | -3,147 |  |  |  |  | 8,451 |  | 8,451 |  |  |  |  | 1,174 |  | 1,174
Net result IFRS-IASB | 2,121 | 479 | 1,159 | 908 | -272 | -255 | 4,140 | 1,474 | 151 | 696 | 525 | 9,810 | -530 | 12,126 | 1,437 | 437 | 529 | 490 | 3,318 | -261 | 5,951
1 In 2023, there was a change in the governance over the Asian stakes, which resulted in their transfer from Retail Other to Corporate Line. Historical figures have been adjusted. 2 In 2022, ING discontinued its retail activities in France and the Philippines. 3 In 2021, ING exited from the retail banking markets in Austria and the Czech Republic.
Geographical split of the segments
12 month period | 2023 |  |  |  |  |  |  |  | 2022 |  |  |  |  |  |  |  | 2021 |  |  |  |  |  |  |
in EUR million | Nether- lands | Belgium | Ger- many | Other Challen gers | Growth markets | Wholesale Banking Rest of World | Other | Total | Nether- lands | Belgium | Ger- many | Other Challen gers 1,3 | Growth markets 1,2,3 | Wholesale Banking Rest of World 1 | Other 2 | Total | Nether- lands | Belgium | Ger- many 4 | Other Challen gers 1,3,4 | Growth markets 1,2,3 | Wholesale Banking Rest of World 1 | Other 2 | Total
– Net interest income | 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 | 4,068 | 2,109 | 1,938 | 1,679 | 1,528 | 2,021 | 271 | 13,615
– Net fee and commission income | 1,239 | 715 | 400 | 285 | 384 | 573 | -1 | 3,595 | 1,171 | 714 | 494 | 290 | 375 | 548 | -6 | 3,586 | 1,070 | 717 | 523 | 300 | 351 | 553 | 3 | 3,517
– Total investment and other income | 1,627 | 145 | -81 | 21 | 487 | 829 | -25 | 3,005 | 577 | -14 | 94 | 182 | 386 | 449 | -455 | 1,219 | 314 | 265 | 118 | 64 | 289 | 196 | 113 | 1,359
Total income | 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 | 5,452 | 3,092 | 2,578 | 2,043 | 2,168 | 2,770 | 387 | 18,490
Expenditure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
– Operating expenses | 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 | 3,279 | 1,960 | 1,339 | 1,449 | 1,254 | 1,332 | 580 | 11,192
– Addition to loan loss provisions | -111 | 139 | 35 | 166 | 189 | 96 | 5 | 520 | 181 | 230 | 460 | 140 | 230 | 618 | 2 | 1,861 | 28 | 184 | 118 | 84 | 110 | -8 |  | 516
Total expenses | 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 | 3,307 | 2,143 | 1,457 | 1,533 | 1,363 | 1,324 | 580 | 11,708
Result before taxation | 3,685 | 1,239 | 2,222 | 941 | 1,149 | 1,345 | -89 | 10,492 | 2,349 | 415 | 936 | 795 | 567 | 894 | -454 | 5,502 | 2,145 | 948 | 1,121 | 511 | 804 | 1,446 | -193 | 6,782
Retail Banking | 2,861 | 661 | 1,790 | 649 | 792 |  |  | 6,753 | 2,014 | 223 | 901 | 547 | 278 |  |  | 3,964 | 1,936 | 583 | 786 | 206 | 590 |  |  | 4,101
Wholesale Banking | 824 | 577 | 432 | 292 | 357 | 1,345 | 8 | 3,836 | 335 | 192 | 34 | 248 | 288 | 894 |  | 1,991 | 209 | 365 | 336 | 304 | 214 | 1,446 |  | 2,874
Corporate Line |  |  |  |  |  |  | -97 | -97 |  |  |  |  |  |  | -453 | -453 |  |  |  |  |  |  | -193 | -193
Result before taxation | 3,685 | 1,239 | 2,222 | 941 | 1,149 | 1,345 | -89 | 10,492 | 2,349 | 415 | 936 | 795 | 567 | 894 | -454 | 5,502 | 2,145 | 948 | 1,121 | 511 | 804 | 1,446 | -193 | 6,782
Taxation | 909 | 349 | 723 | 282 | 225 | 335 | 148 | 2,970 | 658 | 114 | 297 | 258 | 153 | 186 | 60 | 1,725 | 556 | 240 | 358 | 156 | 174 | 326 | 67 | 1,877
Non-controlling interests |  |  |  |  | 234 |  |  | 235 |  |  | 3 |  | 98 |  | 1 | 102 |  |  | 4 |  | 124 |  |  | 128
Net result IFRS-EU | 2,776 | 889 | 1,499 | 659 | 690 | 1,011 | -237 | 7,287 | 1,691 | 301 | 636 | 537 | 316 | 708 | -515 | 3,674 | 1,589 | 708 | 759 | 355 | 506 | 1,120 | -260 | 4,776
Adjustment of the EU 'IAS 39 carve out' | -277 | -1,012 | -1,825 | -9 |  | -23 |  | -3,147 | 2,818 | 1,570 | 3,911 | 15 |  | 137 |  | 8,451 | 723 | 47 | 390 |  |  | 14 |  | 1,174
Net result IFRS-IASB | 2,499 | -123 | -326 | 649 | 690 | 988 | -237 | 4,140 | 4,510 | 1,871 | 4,547 | 552 | 316 | 845 | -515 | 12,126 | 2,312 | 755 | 1,149 | 355 | 506 | 1,134 | -260 | 5,951
1 As from 2023, Wholesale Banking in France as well as Wholesale Banking in the Philippines are recorded in Wholesale Banking Rest of World. Previously the financials of Wholesale Banking in France and Wholesale Banking in the Philippines were reported in Other Challengers and Growth Markets respectively. Historical figures have been adjusted. 2 In 2023, there was a change in the governance over the Asian stakes, which resulted in their transfer form Growth Markets to Other (Corporate Line). Historical figures have been adjusted. 3 In 2022, ING discontinued its retail activities in France and the Philippines. 4 4 In 2021, ING exited from the retail banking markets in Austria (included in Germany) and the Czech Republic (included in Other Challengers).

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