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Derivatives and hedge accounting (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure of risk management strategy related to hedge accounting [abstract] |
Disclosure of gross carrying value of derivatives designated under fair value hedge accounting |
Notional amounts of hedging instruments (*)
| 31 December 2024 | 31 December 2023
in € million | Nominal value | Nominal value
By benchmark rate |  |
WIBOR | 99,663 |  | 89,338 |
ING uses the following derivative financial instruments in a fair value hedge accounting relationship:
Gross carrying value of derivatives designated under fair value hedge accounting
| Assets | Liabilities | Assets | Liabilities
in EUR million | 2024 | 2024 | 2023 | 2023
As at 31 December |  |  |  |
Hedging instrument on interest rate risk |  |  |  |
– Interest rate swaps | 3,080 |  | 5,673 |  | 3,011 |  | 6,410 |
– Other interest derivatives | 207 |  | 23 |  | 284 |  | 34 |
Hedging instrument on FX rate risk |  |  |  |
– Cross currency swaps | 12 |  | 3 |  |  |
Gross carrying value of derivatives used for cash flow hedge accounting
| Assets | Liabilities | Assets | Liabilities
in EUR million | 2024 | 2024 | 2023 | 2023
As at 31 December |  |  |  |
Hedging instrument on interest rate risk |  |  |  |
– Interest rate swaps | 10,635 |  | 12,814 |  | 11,839 |  | 14,051 |
Hedging instrument on FX rate risk |  |  |  |
– Cross currency swaps | 472 |  | 339 |  | 324 |  | 39 |
Hedging instrument on combined interest and FX rate risk |  |  |  |
– Cross currency interest rate swaps |  |  | 10 |  | 57 |  |  |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows | The following table shows the net notional amount of derivatives designated in fair value hedging, split into the maturity of the instruments. The net notional amounts presented in the table are a combination of payer (-) and receiver (+) swaps.
Maturity derivatives designated in fair value hedging
in EUR million | Less than 1 month | 1 to 3 months | 3 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | >5 years | Total
As at 31 December 2024 |  |  |  |  |  |  |  |  |
Hedging instrument on interest rate risk |  |  |  |  |  |  |  |  |
– Interest rate swaps | 43 |  | 1,224 |  | 7,341 |  | 14,134 |  | 6,313 |  | 12,050 |  | 7,688 |  | 1,564 |  | 50,358 |
– Other interest derivatives | -4 |  | -47 |  | -218 |  | -317 |  | -389 |  | -347 |  | -287 |  | -932 |  | -2,540 |
Hedging instrument on FX rate risk |  |  |  |  |  |  |  |  |
– Cross currency swaps | -142 |  | -60 |  | -98 |  |  |  |  |  |  |  |  |  |  |  | -299 |
As at 31 December 2023 |  |  |  |  |  |  |  |  |
Hedging instrument on interest rate risk |  |  |  |  |  |  |  |  |
- Interest rate swaps | -670 |  | 623 |  | 4,648 |  | 9,482 |  | 13,201 |  | 7,224 |  | 10,164 |  | 1,798 |  | 46,471 |
– Other interest derivatives |  |  | -42 |  | -183 |  | -361 |  | -263 |  | -230 |  | -277 |  | -442 |  | -1,797 |
The following table shows the net notional amount of derivatives designated in cash flow hedging split into the maturity of the instruments. The net notional amounts presented in the table are a combination of payer (+) and receiver (-) swaps.
Maturity derivatives designated in cash flow hedging
in EUR million | Less than 1 month | 1 to 3 months | 3 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | >5 years | Total
As at 31 December 2024 |  |  |  |  |  |  |  |  |
Hedging instrument on interest rate risk |  |  |  |  |  |  |  |  |
– Interest rate swaps | -1,805 |  | -768 |  | -10,590 |  | -13,389 |  | -10,551 |  | -6,040 |  | -4,522 |  | -3,222 |  | -50,886 |
Hedging instrument on FX rate risk |  |  |  |  |  |  |  |  |
– Cross currency swaps |  |  | -241 |  | -972 |  | 122 |  | -1,029 |  | -262 |  | -238 |  | -999 |  | -3,619 |
Hedging instrument on combined interest and FX rate risk |  |  |  |  |  |  |  |  |
– Cross currency interest rate swaps |  |  |  |  | -25 |  |  |  | -1,283 |  | -1,578 |  |  |  |  |  | -2,887 |
As at 31 December 2023 |  |  |  |  |  |  |  |  |
Hedging instrument on interest rate risk |  |  |  |  |  |  |  |  |
– Interest rate swaps | -214 |  | 184 |  | -8,557 |  | -18,551 |  | -6,636 |  | -7,246 |  | -4,896 |  | -3,384 |  | -49,300 |
Hedging instrument on FX rate risk |  |  |  |  |  |  |  |  |
– Cross currency swaps |  |  | 249 |  | 1,029 |  | -932 |  | 503 |  | -683 |  | 167 |  | -693 |  | -362 |
Hedging instrument on combined interest and FX rate risk |  |  |  |  |  |  |  |  |
– Cross currency interest rate swaps |  |  |  |  |  |  | -24 |  | -1,232 |  | -1,479 |  |  |  |  |  | -2,736 |
Maturity derivatives designated in net investment hedging
in EUR million | Less than 1 month | 1 to 3 months | 3 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | >5 years | Total
As at 31 December 2024 |  |  |  |  |  |  |  |  |
– FX forwards and cross currency swaps | -8,681 |  | -4,158 |  | -76 |  |  |  |  |  |  |  |  |  |  |  | -12,916 |
As at 31 December 2023 |  |  |  |  |  |  |  |  |
– FX forwards and Cross currency swaps | -6,009 |  | -4,576 |  | -87 |  |  |  |  |  |  |  |  |  |  |  | -10,672 |
Disclosure of movement in cash flow hedge reserve |
Changes in issued share capital
| Ordinary shares (par value EUR 0.01)
| Number x 1,000 | In EUR million
Issued share capital as at 31 December 2021 | 3,904,065 | 39 |
Issue of shares | 2,935 |  |
Cancellation of shares | -180,461 | -2 |
Issued share capital as at 31 December 2022 | 3,726,539 | 37 |
Issue of shares | 5 |  |
Cancellation of shares | -228,350 | -2 |
Issued share capital as at 31 December 2023 | 3,498,194 | 35 |
Cancellation of shares | -350,803 | -4 |
Issued share capital as at 31 December 2024 | 3,147,391 | 31 |
Share premium
In EUR million | 2024 | 2023 | 2022
Opening balance | 17,116 |  | 17,116 |  | 17,105 |
Issue of shares | 0 |  | 0 |  | 12 |
Closing balance | 17,116 |  | 17,116 |  | 17,116 |
Changes in revaluation reserve: Equity securities and Debt instruments at FVOCI
| Equity securities at FVOCI | Debt instruments at FVOCI
In EUR million | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Opening balance | 1,152 |  | 1,187 |  | 1,282 |  | -280 |  | -341 |  | 96 |
Unrealised revaluations | 664 |  | -35 |  | -118 |  | -261 |  | 53 |  | -412 |
Realised gains/losses transferred to the statement of profit or loss |  |  |  | 62 |  | 9 |  | -25 |
Realised revaluations transferred to retained earnings | 0 |  | 1 |  | 23 |  |  |  |
Closing balance | 1,816 |  | 1,152 |  | 1,187 |  | -479 |  | -280 |  | -341 |
Changes in cash flow hedge and credit liability reserve
| Cash flow hedge | Credit liability
In EUR million | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Opening balance | -2,058 |  | -3,055 |  | -153 |  | 31 |  | 70 |  | -80 |
Changes in credit liability reserve |  |  |  |  |  |  | -46 |  | -39 |  | 165 |
Unrealised revaluations | 365 |  | 997 |  | -2,901 |  |  |  |  |  |  |
Realised revaluations transferred to retained earnings |  |  |  |  |  |  |  |  |  | -15 |
Closing balance | -1,693 |  | -2,058 |  | -3,055 |  | -15 |  | 31 |  | 70 |
Changes in Property in own use reserve |  |
In EUR million | 2024 | 2023 | 2022
Opening balance | 178 |  | 176 |  | 208 |
Impact of IAS 29 on opening balance 1 |  |  |  | -20 |
Unrealised revaluations | 3 |  | 10 |  | 15 |
Realised revaluations transferred to retained earnings | -20 |  | -8 |  | -26 |
Closing balance | 161 |  | 178 |  | 176 |
1 Impact of application of hyperinflation accounting under IAS 29.
Changes in currency translation reserve
In EUR million | 2024 | 2023 | 2022
Opening balance | -2,527 |  | -2,395 |  | -3,483 |
Impact of IAS 29 on opening balance 1 |  |  |  | 647 |
Unrealised revaluations | -222 |  | 183 |  | -7 |
Realised gains/losses transferred to the statement of profit or loss | 1 |  |  |  | 4 |
Exchange rate differences | 763 |  | -316 |  | 444 |
Closing balance | -1,986 |  | -2,527 |  | -2,395 |
1 Impact of application of hyperinflation accounting under IAS 29.
Changes in share of associates, joint ventures and other reserves
In EUR million | 2024 | 2023 | 2022
Opening balance | 3,047 |  | 3,603 |  | 3,416 |
Result for the year | 125 |  | 336 |  | 161 |
Transfer to/from retained earnings | -565 |  | -892 |  | 26 |
Closing balance | 2,607 |  | 3,047 |  | 3,603 |
Changes in treasury shares
| In EUR million | Number x 1,000
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Opening balance | -1,994 |  | -1,205 |  | -1,612 |  | 154,571 |  | 107,395 |  | 128,301 |
Purchased/sold for trading purposes | 2 |  | -7 |  | 4 |  | -211 |  | 464 |  | -312 |
Purchased under staff share plans | -43 |  | -42 |  |  |  | 3,319 |  | 3,156 |  |
Distributed under staff share plans | 43 |  | 41 |  |  |  | -3,343 |  | -3,106 |  |
Purchased under Share buyback programme | -3,774 |  | -3,482 |  | -1,721 |  | 247,584 |  | 275,013 |  | 159,866 |
Cancelled Share buyback programme | 5,000 |  | 2,701 |  | 2,124 |  | -350,803 |  | -228,350 |  | -180,461 |
Closing balance | -765 |  | -1,994 |  | -1,205 |  | 51,117 |  | 154,571 |  | 107,395 |
Changes in retained earnings
In EUR million | 2024 | 2023 | 2022
Opening balance | 40,299 |  | 41,538 |  | 35,462 |
Impact on opening balance 1 |  |  | -45 |  | -563 |
Transfer to/from other reserves | 585 |  | 899 |  | -8 |
Result for the year | 5,209 |  | 3,804 |  | 11,965 |
Dividend and other distributions | -4,124 |  | -2,668 |  | -3,349 |
Employee share plans | 1 |  | -7 |  | 15 |
Share buybacks and other changes | -5,728 |  | -3,222 |  | -1,984 |
Closing balance | 36,243 |  | 40,299 |  | 41,538 |
1 In 2023, changes in policy following the adoption of IFRS 17 and change in policy for non-financial guarantees. 2022: impact of application of hyperinflation accounting under IAS 29.
Non-distributable reserves
In EUR million | 2024 | 2023 | 2022
ING Bank | 5,672 |  | 6,727 |  | 8,408 |
Other | 0 |  | 0 |  | 0 |
Non-distributable reserves | 5,672 |  | 6,727 |  | 8,408 |
The following table shows the movement of the cash flow hedge reserve:
Movement cash flow hedge reserve
in EUR million | 2024 | 2023
Opening balance | -2,058 |  | -3,055 |
Value changes recognised in OCI | 743 |  | 1,922 |
Amounts recycled to profit or loss | -209 |  | -325 |
Income tax | -140 |  | -381 |
Exchange rate and other changes | -14 |  | -103 |
Adjustment for non controlling interest | -14 |  | -116 |
Movement for the year | 365 |  | 997 |
Ending balance | -1,693 |  | -2,058 |
Disclosure of detailed information about hedged items |
Hedged items included in a fair value hedging relationship
| Carrying amount of the hedged items | Accumulated amount of fair value hedge adjustment on the hedged item included in the carrying amount of the hedged item | Change in fair value of the hedged item for measuring ineffectiveness for the period | Change in fair value hedging instruments for the period | Hedge ineffectiveness recognised in the statement of profit or loss gain (+) / loss (-)
in EUR million | Assets | Liabilities | Assets | Liabilities |  |  |
As at 31 December 2024 |  |  |  |  |  |  |
Interest rate risk and FX rate risk |  |  |  |  |  |  |
– Debt securities at fair value through other comprehensive income | 35,119 |  |  | n/a |  | 269 |  |  |
– Loans at FVOCI |  |  |  | n/a |  |  |  |  |
– Loans and advances to customers | 1,149 |  |  | -6 |  |  | -35 |  |  |
– Debt instruments at amortised cost | 13,802 |  |  | -179 |  |  | 49 |  |  |
– Debt securities in issue |  | 83,669 |  |  | -2,234 |  | -1,139 |  |  |
– Subordinated loans |  | 17,131 |  |  | -665 |  | -188 |  |  |
– Customer deposits and other funds on deposit |  | 28 |  |  | -1 |  | 1 |  |  |
– Discontinued hedges |  |  | 58 |  | -5 |  |  |  |
Total | 50,070 |  | 100,827 |  | -126 |  | -2,906 |  | -1,043 |  | 1,016 |  | -27 |
As at 31 December 2023 |  |  |  |  |  |  |
Interest rate risk and FX rate risk |  |  |  |  |  |  |
– Debt securities at fair value through other comprehensive income | 31,224 |  |  | n/a |  | 1,224 |  |  |
– Loans at FVOCI |  |  |  | n/a |  |  |  |  |
– Loans and advances to customers | 898 |  |  |  |  |  | 15 |  |  |
– Debt instruments at amortised cost | 8,272 |  |  | -205 |  |  | 234 |  |  |
– Debt securities in issue |  | 70,280 |  |  | -3,383 |  | -2,680 |  |  |
– Subordinated loans |  | 14,643 |  |  | -834 |  | -473 |  |  |
– Customer deposits and other funds on deposit |  | 44 |  |  | -1 |  |  |  |  |
– Discontinued hedges |  |  | 91 |  | -4 |  |  |  |
Total | 40,394 |  | 84,967 |  | -113 |  | -4,221 |  | -1,679 |  | 1,606 |  | -73 |
Gross carrying value of derivatives used for net investment hedging
| Assets | Liabilities | Assets | Liabilities
in EUR million | 2024 | 2024 | 2023 | 2023
As at 31 December |  |  |  |
– FX forwards and Cross currency swaps | 82 |  | 117 |  | 100 |  | 92 |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting | The following table shows the cash flow hedge accounting impact on profit or loss and comprehensive income:
Cash flow hedging – impact of hedging instruments on the statement of profit or loss and other comprehensive income
in EUR million | Change in value of hedged item used for calculating hedge ineffectiveness for the period | Carrying amount cash flow hedge reserve at the end of the reporting period 1 | Amount reclassified from CFH reserve to profit or loss 2 |  | Change in value of hedging instrument recognised in OCI for the period | Hedge ineffectiveness recognised in the statement of profit or loss, gain (+) / loss (-)
As at 31 December 2024 |  |  |  |  |  |
Interest rate risk on: |  |  |  |  |  |
– Floating rate lending | -668 |  | -2,850 |  | 496 |  |  |  |
– Floating rate borrowing | 114 |  | 125 |  | -425 |  |  |  |
– Other | 1 |  | 1 |  |  |  |  |  |
– Discontinued hedges |  | 89 |  | -51 |  |  |  |
Total interest rate risk | -553 |  | -2,635 |  | 20 |  |  | 526 |  | 39 |
FX rate risk on: |  |  |  |  |  |
– Floating rate lending | -79 |  | -55 |  | -121 |  |  |  |
– Floating rate borrowing | 12 |  | 5 |  | -37 |  |  |  |
– Other |  |  |  |  |  |  |  |  |
– Discontinued hedges |  |  |  | -4 |  |  |  |
Total FX risk | -67 |  | -51 |  | -162 |  |  | 220 |  | -3 |
Combined interest and FX rate risk on: |  |  |  |  |  |
– Floating rate lending | 70 |  | 72 |  | -68 |  |  |  |
– Floating rate borrowing |  |  |  |  |  |  |  |  |
– Other |  |  |  |  |  |  |  |  |
– Discontinued hedges |  |  |  |  |  |  |  |
Total combined interest and FX risk | 70 |  | 72 |  | -68 |  |  | -3 |  | -2 |
Total cash flow hedge | -550 |  | -2,614 |  | -209 |  |  | 743 |  | 35 |
Cash flow hedging – impact of hedging instruments on the statement of profit or loss and other comprehensive income
in EUR million | Change in value of hedged item used for calculating hedge ineffectiveness for the period | Carrying amount cash flow hedge reserve at the end of the reporting period 1 | Amount reclassified from CFH reserve to profit or loss 2 |  | Change in value of hedging instrument recognised in OCI for the period | Hedge ineffectiveness recognised in the statement of profit or loss, gain (+) / loss (-)
As at 31 December 2023 |  |  |  |  |  |
Interest rate risk on: |  |  |  |  |  |
– Floating rate lending | -2,694 |  | -3,545 |  | 590 |  |  |  |
– Floating rate borrowing | 933 |  | 151 |  | -497 |  |  |  |
– Other |  |  |  |  |  |  |  |  |
– Discontinued hedges |  | 194 |  | -150 |  |  |  |
Total interest rate risk | -1,760 |  | -3,200 |  | -57 |  |  | 1,654 |  | 58 |
FX rate risk on: |  |  |  |  |  |
– Floating rate lending | 27 |  | -42 |  | -185 |  |  |  |
– Floating rate borrowing | -25 |  | 1 |  | -33 |  |  |  |
– Other |  |  |  |  |  |  |  |  |
– Discontinued hedges |  | 7 |  | -5 |  |  |  |
Total FX risk | 2 |  | -35 |  | -223 |  |  | 200 |  | -12 |
Combined interest and FX rate risk on: |  |  |  |  |  |
– Floating rate lending | -20 |  | 78 |  | -46 |  |  |  |
– Floating rate borrowing |  |  |  |  | 1 |  |  |  |
– Other |  |  |  |  |  |  |  |  |
– Discontinued hedges |  |  |  | -1 |  |  |  |
Total combined interest and FX risk | -20 |  | 78 |  | -46 |  |  | 68 |  | 2 |
Total cash flow hedge | -1,778 |  | -3,157 |  | -325 |  |  | 1,922 |  | 48 |
1 The carrying amount is the gross amount, excluding tax adjustments. 2 The amounts are reclassified to Net interest income - interest income and/or expense on non-trading derivatives (hedge accounting). In 2024 and 2023 there are no amounts reclassified from CFH reserve to profit or loss for cash flows that are no longer expected to occur.
Net investment hedge accounting – Impact on statement of profit or loss and other comprehensive income
in EUR million | Change in value of hedged item used for calculating hedge ineffectiveness for the period | Carrying amount net investment hedge reserve at the end of the reporting period 1 | Hedged item affected statement of profit or loss | Change in value of hedging instrument recognised in OCI | Hedge ineffectiveness recognised in the statement of profit or loss, gain(+) / Loss(-)
As at 31 December 2024 |  |  |  |  |
Investment in foreign operations | 295 |  | -95 |  |  |  | -295 |  |  |
Discontinued hedges |  | 302 |  |  |  |  |
As at 31 December 2023 |  |  |  |  |
Investment in foreign operations | -183 |  | 123 |  |  |  | 183 |  |  |
Discontinued hedges |  | 263 |  |  |  |  |
1 The carrying amount is the gross amount, excluding tax adjustments.

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