ING Group N.V.
Business Model Analysis
How ING Makes Money
Annual Revenue: ~$26B
ING generates revenue primarily through Banking and financial services, with roughly ~$26B in annual revenue.
Core Growth Engine: ING's strategy, branded "accelerating growth", focuses on adding more than 1 million mobile primary customers a year, growing Retail lending (mortgage growth of ~$32.2 billion (€28.5 billion) in 2025), diversifying into ...
Revenue Model & Pricing
ING runs two business lines on one shared digital platform. Retail Banking serves consumers and small businesses with current accounts, savings, mortgages, consumer loans, investment products and Business Banking; it is a full-service market leader in the Netherlands and Belgium and a branch-light challenger in Germany, Spain, Italy, Australia and other markets, with Poland, Romania and Türkiye as growth markets. Wholesale Banking provides corporate lending, Working Capital Solutions, trade finance, cash management and Financial Markets services to large companies and institutions. Cheap, stable retail deposits fund the lending book, and ING is growing fee income from investment products and private banking to depend less on interest rates.
Core Revenue Streams
Commercial Net Interest Income
~66%~$17.3 billion (€15.3 billion) in 2025 from mortgages, consumer and business loans and wholesale lending, funded by customer deposits.
Fee and Commission Income
~20%~$5.2 billion (€4.6 billion) in 2025, up 15%, from payments, investment products, lending and capital markets.
Other Income
~14%Treasury, Financial Markets and other income included in 2025 total income of ~$26 billion (€23.0 billion).
Growth Strategy
ING's strategy, branded "accelerating growth", focuses on adding more than 1 million mobile primary customers a year, growing Retail lending (mortgage growth of ~$32.2 billion (€28.5 billion) in 2025), diversifying into fees through investment products and private banking, and using capital more efficiently in Wholesale Banking through significant risk-transfer deals. It also mobilised ~$188 billion (€166 billion) of sustainable finance volume in 2025.
How ING Makes Money: FAQ
How does ING Group generate corporate revenues?
ING generates revenue primarily through Net Interest Income (NII), earning the spread between interest earned on residential mortgages, consumer credit, and wholesale corporate loans and interest paid on customer savings deposits, alongside fee income from investment funds, payment transactions, trade finance, and insurance commissions.
What is ING's 'Digital-First, Mobile-Led' retail banking business model?
Most ING customer interactions happen in its mobile app. A branch-light model in markets such as Germany, Spain and Australia keeps costs down, and ING had 15.4 million mobile primary customers at end-2025.
How does ING Wholesale Banking create high-margin corporate value?
Wholesale Banking provides multinational corporations and institutional clients with specialized sector lending, syndicated corporate loans, working capital solutions, foreign exchange hedging, and debt capital markets underwriting.
What is the business model of ING in Germany (ING-DiBa)?
ING Deutschland is a branchless direct bank with around 10 million customers, earning interest on mortgages and consumer loans and fees from a fast-growing brokerage and investment business.
How does ING monetize Sustainable and Green Transition Finance?
As a pioneer of Sustainability-Linked Loans (where a borrower's loan interest rate is tied to hitting verified ESG performance targets), ING structures and underwrites billions in green bonds and transition loans, earning lucrative structuring and advisory fees.
What role do transaction services and working capital solutions play for corporate clients?
ING provides multi-currency cash management, automated cross-border liquidity pooling, supply chain financing, and trade letters of credit, holding vast corporate operational deposits that lower ING's overall cost of funding.
How does ING expand fee-based income in Wealth Management and Private Banking?
ING sells investment products, brokerage and private banking. Assets under management reached ~$364 billion (€322 billion) in 2Q2026, up 27% year on year, and it plans an investment in Spanish wealth manager Singular Bank.
How does ING manage credit underwriting risk through algorithmic models?
ING utilizes automated machine learning credit scoring algorithms and real-time transaction analytics to deliver instant, digital consumer loan decisions and pre-approved mortgage certificates within minutes on mobile devices.
How does ING make money?
After being forced to sell off their insurance division, ING operates as a massive commercial bank. They make massive money heavily relying on Net Interest Income. Because ING pioneered digital-first banking, they operate with very few physical branches. This incredibly low overhead allows them to offer highly competitive loan rates to millions of European consumers.
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