Full-year profit before tax of €9,148 million and full-year return on equity of 13.2%
Mobile primary customer base rises by over 1.0 million in 2025 to 15.4 million
Net core lending growth of €57 billion, or 8%, and net core deposits growth of €38 billion, or 6%
Total income rises to €23.0 billion; fee income increases 15% to €4.6 billion- CET1 ratio of 13.1%; proposed final dividend of €0.736 per share
4Q2025 profit before tax of €2,095 million, up 18% year-on-year
Increase of 352,000 mobile primary customers in the fourth quarter, with growth in all markets
Total income increases 7% year-on-year, fuelled by higher commercial net interest income and fee income across both Retail and Wholesale Banking
Operating expenses remain stable year-on-year, reflecting cost discipline while we continue to invest in growth
Strong outlook for 2026 and upgraded outlook for 2027
Our 2025 performance lays the foundation for a strong outlook for 2026 and upgraded financial outlook for 2027
Return on tangible equity (ROTE) outlook of >14% for 2026 and an outlook of >15% for 2027
CEO statement
“In 2025, amid ongoing geopolitical uncertainty, we have consistently executed our strategy of accelerating growth, increasing impact and further diversifying our income by doing more business with more customers and clients,” said Steven van Rijswijk. “We have delivered strong commercial growth while achieving €23.0 billion in total income. This was supported by growth in our customer base and a 15% rise in fee income to €4.6 billion. Commercial net interest income came in at €15.3 billion. We also achieved strong volume growth, including €56.9 billion in lending growth, more than double the amount of the previous year. Our net result was broadly stable at €6.3 billion. Supported by strong commercial momentum and disciplined cost management, we present a strong outlook for 2026 and have upgraded our outlook for 2027.
“In Retail Banking, our mobile primary customer base has increased by over one million, fully in line with our target, bringing us to more than 15 million mobile primary customers out of nearly 41 million total customers. Lending has risen by €38.6 billion, mainly driven by €28.5 billion of mortgage growth and €6.6 billion in Business Banking, as we remain committed to supporting small and mid-sized enterprises across our markets. Deposits have increased by €30.1 billion, reflecting the trust our customers place in us. Fee income has grown by 18%, largely fuelled by strong demand for investment products as more customers opened investment accounts and increased their trading activity. Assets under management and e-brokerage volumes have risen to €278 billion, a 16% increase year-on-year, demonstrating our success in broadening and deepening customer relationships.
“In Wholesale Banking, lending volumes have grown by €18.3 billion following sustained demand in corporate lending and Working Capital Solutions. Deposits have increased by €8.0 billion, mainly in our cash pooling business and in Financial Markets. Fee income has increased by 9% as we supported client activity in Lending and Global Capital Markets, reflecting the ongoing investment in Wholesale Banking to expand our capabilities and support long-term profitability.
“Expenses were 4% higher year-on-year but at the lower end of the outlook we gave in the third quarter, as we continue to invest in growth while increasing scalability and efficiency in our operations. Full-year risk costs have remained below the through-the-cycle average. Full-year return on equity was 13.2% and CET1 ratio was 13.1%, which includes the favourable impact of the successful completion of two significant risk-transfer transactions in our Wholesale Banking business.
“We remain committed to supporting our clients in their sustainability transitions. Our sustainable volume mobilised reached €166 billion for the full year, a 28% increase year-on-year.
“Looking ahead, amid ongoing macroeconomic and geopolitical uncertainty, we remain confident that our strategy positions us to create value for all our stakeholders by supporting more customers and clients, and by diversifying income streams. I want to express my appreciation to our shareholders for their continued support, to our customers and clients for their trust, and to our employees for their dedication and teamwork.”
