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Segments
 12 Months Ended
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.
The 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).
Following 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.
Total 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 result1
Income
Expenses
Taxation
Non-
controlling
interests
Net result1
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
1Net result, after tax and non-controlling interests.
2ING 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
1As 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.
2In 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.
3In 2022, ING discontinued its retail activities in France and the Philippines.
44 In 2021, ING exited from the retail banking markets in Austria (included in Germany) and the Czech Republic (included in Other Challengers).