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Segments | 6 Months Ended
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Jun. 30, 2024
Disclosure of operating segments [abstract] |
Segments | 19 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' of the 2023 ING Group Consolidated financial statements. 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 | Income from retail and private banking activities in the Netherlands, including the Business Banking segments. The main products offered are current and savings accounts, investment products, business lending, mortgages and consumer lending.
Retail Belgium | 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 | 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 | 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 |
Other Challengers | Australia, Italy, Spain and Portugal
Growth Markets | Poland, Romania and Türkiye
Wholesale Banking Rest of World | UK, Ireland & Middle East, Americas, Asia and other countries in Europe
Other | Corporate Line
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 includes the impact of applying the IFRS-EU ‘IAS 39 carve out’. The IFRS-EU ‘IAS 39 carve-out’ impact relates to fair value portfolio hedge accounting strategies for the mortgage and savings portfolios in the Benelux, Germany, Wholesale Banking Rest of World 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 interim report on Form 6-K 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, Wholesale Banking Rest of World and Other Challengers. Reference is made to Note 1 'Basis of preparation and significant changes in the current reporting period' 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 is a reflection of 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. Results in Corporate Line are impacted by the application of hyperinflation accounting in the consolidation of our subsidiary in Türkiye (IAS 29). Furthermore, Corporate Line includes certain income and expenses that are not allocated to the banking businesses, and also includes our investments in Bank of Beijing and TMBThanachart Bank (TTB). 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
| 1 January to 30 June | 1 January to 30 June
in EUR million | 2024 | 2023
| 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 | 12,812 |  | 6,439 |  | 1,798 |  | 118 |  | 4,456 |  | 10,555 |  | 5,946 |  | 1,303 |  | 100 |  | 3,206 |
IFRS-EU 'IAS 39 carve out' impact 2 | -1,512 |  |  | -414 |  |  | -1,099 |  | 770 |  |  | 230 |  |  | 540 |
Result IFRS-EU 3 | 11,300 |  | 6,439 |  | 1,385 |  | 118 |  | 3,358 |  | 11,325 |  | 5,946 |  | 1,533 |  | 100 |  | 3,746 |
1 Net result, after tax and non-controlling interests. 2 ING prepares its results filed with SEC in accordance with IFRS-IASB. This information is prepared by reversing the hedge accounting impacts that applied under the IFRS-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. 3 IFRS-EU figures include the impact of applying the IFRS-EU 'IAS 39 carve-out'.
ING Group Total |  |  |
| 1 January to 30 June | 1 January to 30 June
in EUR million | 2024 | 2023
| ING Bank | Other | Total ING Group | ING Bank | Other | Total ING Group
Income |  |  |  |  |  |
– Net interest income | 7,508 |  | 147 |  | 7,655 |  | 8,021 |  | 52 |  | 8,073 |
– Net fee and commission income | 1,995 |  | 3 |  | 1,998 |  | 1,807 |  |  |  | 1,807 |
– Total investment and other income | 1,647 |  |  |  | 1,647 |  | 1,440 |  | 5 |  | 1,445 |
Total income | 11,149 |  | 150 |  | 11,300 |  | 11,268 |  | 58 |  | 11,325 |
Expenditure |  |  |  |  |  |
– Operating expenses | 5,874 |  | 6 |  | 5,880 |  | 5,692 |  | 4 |  | 5,696 |
– Addition to loan loss provisions | 559 |  |  |  | 559 |  | 250 |  |  |  | 250 |
Total expenses | 6,433 |  | 6 |  | 6,439 |  | 5,942 |  | 4 |  | 5,946 |
Result before taxation | 4,716 |  | 144 |  | 4,861 |  | 5,326 |  | 53 |  | 5,379 |
Taxation | 1,347 |  | 38 |  | 1,385 |  | 1,519 |  | 14 |  | 1,533 |
Non-controlling interests | 118 |  |  |  | 118 |  | 100 |  |  |  | 100 |
Net result IFRS-EU | 3,251 |  | 107 |  | 3,358 |  | 3,707 |  | 39 |  | 3,746 |
Reversal of the IFRS-EU 'IAS 39 carve out' impact | 1,099 |  |  | 1,099 |  | -540 |  |  | -540 |
Net result IFRS-IASB | 4,350 |  | 107 |  | 4,456 |  | 3,166 |  | 39 |  | 3,206 |
Segments by line of business
| 1 January to 30 June | 1 January to 30 June
in EUR million | 2024 | 2023
| Retail Netherlands | Retail Belgium | Retail Germany | Retail Other | Wholesale Banking | Corporate Line | Total | Retail Netherlands | Retail Belgium | Retail Germany | Retail Other | Wholesale Banking | Corporate Line | Total
Income |  |  |  |  |  |  |  |  |  |  |  |  |  |
– Net interest income | 1,534 |  | 1,052 |  | 1,337 |  | 1,884 |  | 1,737 |  | 111 |  | 7,655 |  | 1,650 |  | 1,010 |  | 1,401 |  | 1,668 |  | 2,076 |  | 269 |  | 8,073 |
– Net fee and commission income | 513 |  | 306 |  | 212 |  | 293 |  | 676 |  | -3 |  | 1,998 |  | 471 |  | 240 |  | 180 |  | 253 |  | 669 |  | -6 |  | 1,807 |
– Total investment and other income | 376 |  | 43 |  | -51 |  | 120 |  | 1,166 |  | -8 |  | 1,647 |  | 410 |  | 80 |  | -37 |  | 154 |  | 892 |  | -54 |  | 1,445 |
Total income | 2,423 |  | 1,402 |  | 1,498 |  | 2,297 |  | 3,580 |  | 99 |  | 11,300 |  | 2,530 |  | 1,330 |  | 1,543 |  | 2,075 |  | 3,637 |  | 210 |  | 11,325 |
Expenditure |  |  |  |  |  |  |  |  |  |  |  |  |  |
– Operating expenses | 1,023 |  | 980 |  | 628 |  | 1,388 |  | 1,662 |  | 199 |  | 5,880 |  | 1,053 |  | 959 |  | 605 |  | 1,215 |  | 1,630 |  | 233 |  | 5,696 |
– Addition to loan loss provisions | -43 |  | 65 |  | 65 |  | 176 |  | 295 |  |  |  | 559 |  | 42 |  | 91 |  | 49 |  | 174 |  | -105 |  |  |  | 250 |
Total expenses | 980 |  | 1,045 |  | 693 |  | 1,564 |  | 1,957 |  | 199 |  | 6,439 |  | 1,095 |  | 1,050 |  | 654 |  | 1,389 |  | 1,525 |  | 233 |  | 5,946 |
Result before taxation | 1,443 |  | 357 |  | 805 |  | 733 |  | 1,623 |  | -100 |  | 4,861 |  | 1,435 |  | 280 |  | 889 |  | 686 |  | 2,112 |  | -23 |  | 5,379 |
Taxation | 371 |  | 109 |  | 265 |  | 173 |  | 406 |  | 61 |  | 1,385 |  | 372 |  | 95 |  | 289 |  | 176 |  | 495 |  | 107 |  | 1,533 |
Non-controlling interests | 0 |  | 0 |  | 1 |  | 96 |  | 22 |  | 0 |  | 118 |  | 0 |  | 0 |  | 0 |  | 72 |  | 28 |  | 0 |  | 100 |
Net result IFRS-EU | 1,072 |  | 248 |  | 540 |  | 465 |  | 1,194 |  | -161 |  | 3,358 |  | 1,063 |  | 185 |  | 601 |  | 438 |  | 1,589 |  | -130 |  | 3,746 |
Reversal of the IFRS-EU 'IAS 39 carve out' impact |  |  |  |  | 1,099 |  |  | 1,099 |  |  |  |  |  | -540 |  |  | -540 |
Net result IFRS-IASB | 1,072 |  | 248 |  | 540 |  | 465 |  | 2,293 |  | -161 |  | 4,456 |  | 1,063 |  | 185 |  | 601 |  | 438 |  | 1,049 |  | -130 |  | 3,206 |
Geographical split of the segments
| 1 January to 30 June | 1 January to 30 June
in EUR million | 2024 | 2023
| Nether-lands | Belgium | Germany | Other Challengers | Growth markets | Wholesale Banking Rest of World | Other | Total | Nether-lands | Belgium | Germany | Other Challengers | Growth markets | Wholesale Banking Rest of World | Other | Total
Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
– Net interest income | 1,572 |  | 1,327 |  | 1,609 |  | 1,085 |  | 1,168 |  | 785 |  | 109 |  | 7,655 |  | 2,077 |  | 1,343 |  | 1,667 |  | 1,061 |  | 922 |  | 734 |  | 268 |  | 8,073 |
– Net fee and commission income | 649 |  | 441 |  | 236 |  | 166 |  | 212 |  | 297 |  | -3 |  | 1,998 |  | 617 |  | 364 |  | 206 |  | 151 |  | 185 |  | 289 |  | -6 |  | 1,807 |
– Total investment and other income | 877 |  | 49 |  | -46 |  | 14 |  | 199 |  | 556 |  | -3 |  | 1,647 |  | 664 |  | 105 |  | -40 |  | 16 |  | 273 |  | 479 |  | -51 |  | 1,445 |
Total income | 3,099 |  | 1,817 |  | 1,799 |  | 1,265 |  | 1,579 |  | 1,637 |  | 103 |  | 11,300 |  | 3,359 |  | 1,813 |  | 1,832 |  | 1,228 |  | 1,380 |  | 1,502 |  | 211 |  | 11,325 |
Expenditure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
– Operating expenses | 1,423 |  | 1,155 |  | 732 |  | 723 |  | 869 |  | 778 |  | 200 |  | 5,880 |  | 1,502 |  | 1,134 |  | 702 |  | 658 |  | 722 |  | 743 |  | 234 |  | 5,696 |
– Addition to loan loss provisions | -25 |  | 55 |  | 83 |  | 85 |  | 130 |  | 231 |  |  |  | 559 |  | -21 |  | 91 |  | -39 |  | 98 |  | 111 |  | 11 |  |  |  | 250 |
Total expenses | 1,398 |  | 1,210 |  | 815 |  | 809 |  | 998 |  | 1,009 |  | 200 |  | 6,439 |  | 1,481 |  | 1,225 |  | 662 |  | 755 |  | 834 |  | 755 |  | 234 |  | 5,946 |
Result before taxation | 1,701 |  | 608 |  | 984 |  | 456 |  | 581 |  | 628 |  | -97 |  | 4,861 |  | 1,878 |  | 588 |  | 1,170 |  | 472 |  | 546 |  | 748 |  | -23 |  | 5,379 |
Retail Banking | 1,443 |  | 357 |  | 805 |  | 282 |  | 451 |  |  |  |  |  | 3,338 |  | 1,435 |  | 280 |  | 889 |  | 334 |  | 351 |  |  |  |  |  | 3,290 |
Wholesale Banking | 258 |  | 251 |  | 179 |  | 174 |  | 130 |  | 628 |  | 3 |  | 1,623 |  | 442 |  | 308 |  | 280 |  | 138 |  | 195 |  | 748 |  | 1 |  | 2,112 |
Corporate Line |  |  |  |  |  |  |  |  |  |  |  |  | -100 |  | -100 |  |  |  |  |  |  |  |  |  |  |  |  |  | -23 |  | -23 |
Result before taxation | 1,701 |  | 608 |  | 984 |  | 456 |  | 581 |  | 628 |  | -97 |  | 4,861 |  | 1,878 |  | 588 |  | 1,170 |  | 472 |  | 546 |  | 748 |  | -23 |  | 5,379 |
Taxation | 451 |  | 180 |  | 321 |  | 141 |  | 109 |  | 132 |  | 52 |  | 1,385 |  | 453 |  | 179 |  | 381 |  | 123 |  | 115 |  | 188 |  | 94 |  | 1,533 |
Non-controlling interests |  |  |  |  | 1 |  |  |  | 118 |  |  |  |  |  | 118 |  |  |  |  |  |  |  |  |  | 100 |  |  |  |  |  | 100 |
Net result IFRS-EU | 1,250 |  | 428 |  | 663 |  | 315 |  | 354 |  | 497 |  | -149 |  | 3,358 |  | 1,425 |  | 408 |  | 789 |  | 350 |  | 331 |  | 560 |  | -117 |  | 3,746 |
Reversal of the IFRS-EU 'IAS 39 carve out' impact | 479 |  | 337 |  | 289 |  | 4 |  |  | -11 |  |  | 1,099 |  | -65 |  | -113 |  | -350 |  | -2 |  |  | -12 |  |  | -540 |
Net result IFRS-IASB | 1,730 |  | 764 |  | 952 |  | 320 |  | 354 |  | 486 |  | -149 |  | 4,456 |  | 1,360 |  | 296 |  | 439 |  | 348 |  | 331 |  | 548 |  | -117 |  | 3,206 |

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