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    Hari Sivakumaran • Keefe, Bruyette & Woods

    Hari Sivakumaran's questions to ING Groep NV (ING) leadership

    Hari Sivakumaran's questions to ING Groep NV (ING) leadership • Q2 2025

    Question

    Hari Sivakumaran of Keefe, Bruyette & Woods (KBW) asked why ING's fee guidance wasn't raised above the 5-10% range given the strong year-to-date performance. He also questioned what more could be done to improve the Return on Equity (ROE) in the wholesale business, which has been stagnant.

    Answer

    CEO Steven van Rijswijk expressed confidence in meeting the 2025 and 2027 ROE targets, citing diversification, improved capital velocity, and upcoming Synthetic Risk Transfers (SRTs) as key levers for the wholesale bank. On fee guidance, he acknowledged the strong 12% growth but stated the company is sticking to its 5-10% long-term guidance for now, albeit specifying it would be at the higher end for the current year.

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    Hari Sivakumaran's questions to ING Groep NV (ING) leadership • Q1 2025

    Question

    Hari Sivakumaran from KBW questioned the stickiness of the 2027 NII forecast given the steeper yield curve and asked for the reason behind the increase in full-time employees (FTEs) in Wholesale Banking despite a reduction in risk-weighted assets (RWAs).

    Answer

    CEO Steven van Rijswijk explained that Wholesale Banking FTEs are increasing to support fee-generating businesses and expand sales capabilities. CFO Tanate Phutrakul added that ING has extended its replication duration to stabilize income in 2026-27 and remains confident in its liability growth and ability to manage margins.

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