Document and entity information
Document and entity information | 6 Months Ended |
Jun. 30, 2021 | |
Document And Entity Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2021 |
Entity Registrant Name | ING GROEP NV |
Entity Central Index Key | 0001039765 |
Current Fiscal Year End Date | --12-31 |
Entity Address Address Line1 | Bijlmerdreef 106 |
Entity Address City Or Town | Amsterdam |
Entity address country | NL |
Entity Address Postal Zip Code | 1102 CT |
Entity File Number | 001-14642 |
Condensed consolidated statemen
Condensed consolidated statement of financial position - EUR (€) € in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and balances with central banks | € 121,331 | € 111,087 |
Loans and advances to banks | 26,198 | 25,364 |
Financial assets at fair value through profit or loss | 121,402 | 103,370 |
Financial assets at fair value through other comprehensive income | 33,016 | 35,895 |
Securities at amortised cost | 49,467 | 50,587 |
Loans and advances to customers | 607,777 | 593,970 |
Investments in associates and joint ventures | 1,461 | 1,475 |
Property and equipment | 2,631 | 2,841 |
Intangible assets | 1,315 | 1,394 |
Current tax assets | 679 | 419 |
Deferred tax assets | 1,352 | 1,596 |
Other assets | 7,743 | 5,893 |
Assets held for sale | 1,278 | |
Total assets | 975,650 | 933,891 |
Liabilities | ||
Deposits from banks | 89,134 | 78,098 |
Customer deposits | 620,564 | 609,517 |
Financial liabilities at fair value through profit or loss | 87,141 | 82,781 |
Current tax liabilities | 290 | 342 |
Deferred tax liabilities | 356 | 343 |
Provisions | 756 | 691 |
Other liabilities | 13,652 | 11,609 |
Liabilities held for sale | 2,243 | |
Debt securities in issue | 91,840 | 82,065 |
Subordinated loans | 14,791 | 15,805 |
Total liabilities | 920,767 | 881,250 |
Equity 12 | ||
Share capital and share premium | 17,144 | 17,128 |
Other reserves | 1,870 | 2,342 |
Retained earnings | 34,882 | 32,149 |
Shareholders' equity (parent) | 53,896 | 51,619 |
Non-controlling interests | 987 | 1,022 |
Total equity | 54,883 | 52,640 |
Total liabilities and equity | € 975,650 | € 933,891 |
Condensed consolidated statem_2
Condensed consolidated statement of profit or loss - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Continuing operations | ||
Interest income using effective interest rate method | € 9,313 | € 10,935 |
Other interest income | 1,368 | 1,026 |
Total interest income | 10,680 | 11,962 |
Interest expense using effective interest rate method | (2,534) | (4,160) |
Other interest expense | (1,125) | (925) |
Total interest expense | (3,659) | (5,085) |
Net interest income | 7,021 | 6,877 |
Net fee and commission income | 1,710 | 1,506 |
Valuation results and net trading income | 1,212 | (4) |
Investment income | 49 | 40 |
Other income | 184 | 269 |
Total income | 10,175 | 8,688 |
Addition to loan loss provisions | 131 | 1,998 |
Staff expenses | 2,938 | 2,923 |
Other operating expenses | 2,621 | 2,703 |
Total expenses | 5,691 | 7,623 |
Result before tax from continuing operations | 4,484 | 1,065 |
Taxation | 1,265 | 438 |
Net result from continuing operations | 3,219 | 626 |
Net result (before non-controlling interests) | 3,219 | 626 |
Net result attributable to Non-controlling interests | 59 | 36 |
Net result attributable to shareholders of the parent | € 3,161 | € 591 |
Earnings per ordinary share | ||
Basic earnings per ordinary share | € 0.81 | € 0.15 |
Diluted earnings per ordinary share | 0.81 | 0.15 |
Earnings per ordinary share from continuing operations | ||
Basic earnings per ordinary share from continuing operations | 0.81 | 0.15 |
Diluted earnings per ordinary share from continuing operations | € 0.81 | € 0.15 |
Condensed consolidated statem_3
Condensed consolidated statement of comprehensive income - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Consolidated statement of comprehensive income [abstract] | ||
Net result (before non-controlling interests) | € 3,219 | € 626 |
Items that will not be reclassified to the statement of profit or loss: | ||
Realised and unrealised revaluations property in own use | (3) | 11 |
Remeasurement of the net defined benefit asset/liability | 29 | 84 |
Net change in fair value of equity instruments at FVOCI | 90 | (311) |
Change in fair value of own credit risk of financial liabilities at FVPL | 17 | 11 |
Items that may subsequently be reclassified to the statement of profit or loss: | ||
Net change in fair value of debt instruments at FVOCI | (108) | (81) |
Realised gains/losses on debt instruments at FOVCI reclassified to the statement of profit or loss | (30) | (27) |
Changes in cash flow hedge reserve | (673) | 644 |
Exchange rate differences | 158 | (691) |
Share of other comprehensive income of associates and joint ventures and other income | (2) | 2 |
Total comprehensive income | 2,698 | 268 |
Comprehensive income attributable to: | ||
Non-controlling interests | (31) | 134 |
Equity holders of the parent | 2,730 | 135 |
Total comprehensive income | € 2,698 | € 268 |
Condensed consolidated statem_4
Condensed consolidated statement of changes in equity - EUR (€) € in Millions | Total | Share capital and share premium [Member] | Other reserves [Member] | Retained earnings [Member] | Shareholders' equity (parent) [Member] | Non-controlling interests [Member] |
Balance at Dec. 31, 2019 | € 51,889 | € 17,117 | € 4,013 | € 29,866 | € 50,996 | € 893 |
Net change in fair value of equity instruments at fair value through other comprehensive income | (311) | (310) | (2) | (312) | 0 | |
Net change in fair value of debt instruments at fair value through other comprehensive income | (81) | (76) | (76) | (5) | ||
Realised gains/losses on debt instruments at fair value through other comprehensive income reclassified to the statement of profit or loss | (27) | (27) | (27) | (1) | ||
Changes in cash flow hedge reserve | 644 | 501 | 501 | 144 | ||
Realised and unrealised revaluations property in own use | 11 | 9 | 2 | 11 | 0 | |
Remeasurement of the net defined benefit asset/liability | 84 | 84 | 84 | |||
Exchange rate differences and other | (691) | (650) | (650) | (41) | ||
Share of other comprehensive income of associates and joint ventures and other income | 2 | 54 | (52) | 2 | ||
Change in fair value of own credit risk of financial liabilities at fair value through profit or loss | 11 | 11 | 11 | |||
Total amount recognised directly in other comprehensive income net of tax | (358) | (404) | (52) | (456) | 98 | |
Net result | 626 | 591 | 591 | 36 | ||
Total comprehensive income net of tax | 268 | (404) | 539 | 135 | 134 | |
Dividends | (3) | (3) | ||||
Changes in treasury shares | 6 | 6 | 6 | |||
Employee stock option and share plans | 12 | 11 | 1 | 12 | 0 | |
Changes in the composition of the group and other changes | (1) | (1) | ||||
Balance at Jun. 30, 2020 | 52,171 | 17,128 | 3,616 | 30,406 | 51,149 | 1,022 |
Balance at Dec. 31, 2020 | 52,640 | 17,128 | 2,342 | 32,149 | 51,619 | 1,022 |
Net change in fair value of equity instruments at fair value through other comprehensive income | 90 | 89 | 0 | 89 | 1 | |
Net change in fair value of debt instruments at fair value through other comprehensive income | (108) | (106) | (106) | (1) | ||
Realised gains/losses on debt instruments at fair value through other comprehensive income reclassified to the statement of profit or loss | (30) | (30) | (30) | 0 | ||
Changes in cash flow hedge reserve | (673) | (577) | (577) | (96) | ||
Realised and unrealised revaluations property in own use | (3) | (6) | 3 | (3) | 0 | |
Remeasurement of the net defined benefit asset/liability | 29 | 29 | 29 | |||
Exchange rate differences and other | 158 | 151 | 151 | 6 | ||
Share of other comprehensive income of associates and joint ventures and other income | (2) | (37) | 35 | (2) | ||
Change in fair value of own credit risk of financial liabilities at fair value through profit or loss | 17 | 17 | 17 | |||
Total amount recognised directly in other comprehensive income net of tax | (521) | (469) | 38 | (431) | (90) | |
Net result | 3,219 | 3,161 | 3,161 | 59 | ||
Total comprehensive income net of tax | 2,698 | (469) | 3,198 | 2,730 | (31) | |
Dividends | (472) | (468) | (468) | (4) | ||
Changes in treasury shares | (4) | (4) | (4) | |||
Employee stock option and share plans | 19 | 16 | 3 | 19 | 0 | |
Balance at Jun. 30, 2021 | € 54,883 | € 17,144 | € 1,870 | € 34,882 | € 53,896 | € 987 |
Condensed consolidated statem_5
Condensed consolidated statement of cash flows - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Result before tax | € 4,484 | € 1,065 |
Adjusted for: - Depreciation and amortisation | 418 | 402 |
- Addition to loan loss provisions | 131 | 1,998 |
- Other non-cash items in Result before tax | (624) | 1,285 |
Taxation paid | (1,107) | (1,149) |
Changes in: - Net change in Loans and advances to/from banks, not available/payable on demand | 7,944 | 51,912 |
- Net change in Trading assets and Trading liabilities | (5,159) | 3,208 |
- Loans and advances to customers | (13,380) | (9,865) |
- Customer deposits | 13,128 | 34,416 |
- Other | (9,028) | (5,849) |
Net cash flow from/(used in) operating activities | (3,193) | 77,422 |
Cash flows from investing activities | ||
- Associates and joint ventures | (31) | (10) |
- Financial assets at fair value through other comprehensive income | (9,381) | (13,095) |
- Securities at amortised cost | (25,190) | (16,306) |
- Property and equipment | (84) | (144) |
- Other investments | (94) | (165) |
- Associates and joint ventures | 37 | 12 |
- Financial assets at fair value through other comprehensive income | 11,802 | 8,523 |
- Securities at amortised cost | 26,185 | 11,547 |
- Property and equipment | 9 | 4 |
- Other investments | 0 | 8 |
Net cash flow from/(used in) investing activities | 3,253 | (9,627) |
Cash flows from financing activities | ||
Proceeds from debt securities | 42,208 | 48,565 |
Repayments of debt securities | (32,233) | (46,335) |
Proceeds from issuance of subordinated loans | 491 | 2,165 |
Repayments of subordinated loans | (1,455) | (2,608) |
Repayments of principal portion of lease liabilities | (144) | (132) |
Purchase/sale of treasury shares | (4) | 6 |
Dividends paid | (472) | (3) |
Other financing | 2 | 0 |
Net cash flow from/(used in) financing activities | 8,395 | 1,658 |
Net cash flow | 8,455 | 69,453 |
Cash and cash equivalents at beginning of year | 111,566 | 54,031 |
Effect of exchange rate changes on cash and cash equivalents | (357) | (192) |
Cash and cash equivalents at end of the reporting period | € 119,663 | € 123,292 |
Condensed consolidated statem_6
Condensed consolidated statement of cash flows (Parenthetical) - EUR (€) € in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Statement of Cash Flows [Line Items] | |||
Treasury bills and other eligible bills | € 39 | € 170 | |
Deposits from banks/Loans and advances to banks | (1,706) | 4,151 | |
Cash and balances with central banks | 121,331 | 118,971 | |
Cash and cash equivalents at end of the reporting period | 119,663 | 123,292 | |
Interest received | 10,766 | 12,287 | |
Interest paid | (4,674) | (5,504) | |
Interest received (paid) | 6,093 | 6,784 | |
Dividend received | [1] | 63 | 23 |
Dividend paid | € (472) | € (3) | |
[1] | Includes dividends received as recognized within Investment Income, from equity securities included in the Financial assets at fair value through profit or loss, Financial assets at fair value through OCI, and from Investments in associates and joint ventures. Dividend paid and received from trading positions have been included. |
Basis of preparation and accoun
Basis of preparation and accounting policies | 6 Months Ended |
Jun. 30, 2021 | |
Basis of preparation and accounting policies [abstract] | |
Basis for preparation of accounting policies | 1 1.1 Reporting entity and authorisation of the Condensed consolidated interim financial statements ING Groep N.V. Amsterdam, the Netherlands . Commercial Register of Amsterdam, number 33231073. These Condensed consolidated interim financial period ended 30 June 2021, comprise ING Groep N.V. (the Parent referred to as ING Group. ING Group is a global financial institution with a strong European base, offering a wide range of retail and wholesale banking services to customers in over 40 The ING Group Condensed consolidated interim financial statements, as at and for the six month period ended 30 June 2021, were authorised for issue in accordance with a resolution of 2021. 1.2 Basis of preparation of the Condensed consolidated interim financial statements The ING Group Condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 ‘ Interim Financial Reporting’. The accounting policies used to prepare the Condensed consolidated interim financial statements are consistent with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS-IASB) and are consistent with those set out in the notes to the 2020 Consolidated financial statements as included in the 20-F of ING Group except for the adoption of a number of amendments effective in 2021 as set out in ‘Changes to accounting policies’. The Condensed consolidated interim financial statements should be read in conjunction with Consolidated financial statements as included in the Form 20-F. The ING Group Condensed consolidated interim financial statements have been prepared on a going concern basis. The Condensed consolidated interim financial statements are presented in euros and rounded to the nearest million, unless stated otherwise. Amounts may not add up due to rounding. 1.2.1 Presentation of Risk management disclosures Certain disclosures of the nature and extent of risks related to financial instruments as disclosed in the 2020 ING Group Consolidated financial statements and included in the 2020 ING Group Annual are updated and take into account Covid-19 developments in the first six months of 2021. Although these disclosures are included in the ‘Risk management’ Group Condensed consolidated interim financial statements. The disclosures are indicated by the symbol (*). Chapters, paragraphs, graphs or tables within the risk management section that are indicated with this symbol in the respective headings or table header are considered to be an integral part of the Condensed interim financial statements. 1.2.2 Reconciliation between IFRS-EU and IFRS-IASB The 2020 ING Group Consolidated financial statements and the 2021 ING Group Condensed interim financial statements are prepared in accordance with IFRS-EU. IFRS-EU refers to International Financial Reporting Standards (‘IFRS’) as adopted by the European Union (EU), including the decisions with regard to the options available under IFRS as adopted by the EU. IFRS-EU differs from IFRS-IASB in respect of certain paragraphs in IAS 39 ‘Financial Instruments: Recognition and Measurement’ accounting for portfolio hedges of interest rate risk. Under IFRS-EU, ING Group applies fair value hedge accounting for portfolio hedges of interest rate risk (fair value macro hedges) in accordance with the EU carve-out version of IAS 39. Under hedge accounting may be applied, in respect of fair value macro hedges, to core deposits and hedge ineffectiveness is only recognised when the revised estimate of the amount of cash flows in scheduled time buckets falls below the original designated amount of that bucket and is not recognised when the revised amount of cash flows in scheduled time buckets is more than the original designated hedge accounting for fair value macro hedges cannot be applied to core deposits and ineffectiveness arises whenever the revised estimate of the amount of cash flows in scheduled time buckets is either more or less than the original designated amount of that bucket. This information is prepared by reversing the hedge accounting impacts that are applied under the EU ‘carve- out’ version of IAS 39. Financial information under IFRS-IASB accordingly possibility that had ING Group applied IFRS-IASB as its primary alternative hedge strategies where those alternative hedge strategies could have qualified for IFRS-IASB compliant hedge accounting. These decisions could have resulted in different shareholders’ equity and net result amounts compared to those indicated in this Condensed consolidated interim financial Form 6-K. In the first six months of 2021, interest yield increased resulting in a positive EU IAS39 carve out (EUR 956 (EUR -493 trading income’ in the statement of profit or loss. between IFRS-EU and IFRS-IASB is included below. Reconciliation net result under IFRS-EU and IFRS-IASB 1 January to 30 June in EUR million 2021 2020 In accordance with IFRS-EU (attributable to the shareholders of 2,464 969 Adjustment of the EU IAS 39 carve-out 956 -493 Tax effect 1 -260 115 Effect of adjustment after tax 697 -379 In accordance with IFRS-IASB (attributable to the shareholders of the parent) 3,161 591 Non-controlling interests 59 36 In accordance with IFRS-IASB Total 3,219 626 1 includes the effect of changes in tax rate. Reconciliation shareholders’ equity under IFRS-EU and IFRS-IASB in EUR million 30 June 2021 31 December 2020 In accordance with IFRS-EU (attributable to the shareholders of 56,222 54,637 Adjustment of the EU IAS 39 carve-out -3,132 -4,081 Tax effect 805 1,063 Effect of adjustment after tax -2,327 -3,018 Shareholders’ equity 53,896 51,619 Non-controlling interests 987 1,022 In accordance with IFRS-IASB Total 54,883 52,640 1.3 Impact of Covid-19 After the outbreak of the Covid-19 pandemic in 2020, schemes for borrowers impacted by Covid-19. As at 30 June 2021 ING Group had approximately EUR 2.0 of loans outstanding under these programs (31 December 2020: EUR 1.5 In Wholesale Banking the main schemes are being Scheme (“GO-C”)), in France (state-guarantee scheme Bpifrance) and Germany (guaranteed by KfW). In Retail Banking these facilities include in the Netherlands the SME Credit the small credit facility (“Klein Krediet Corona” or KKC) for self-employed individuals. In 2020 ING Group started an initiative with European Investment Bank to lend nearly EUR 800 favorable terms to Dutch small and medium-sized enterprises that are affected by the economic impact of Covid-19 and loans under this program have been recognized on the balance sheet of ING as from 2021. Similar facilities are also offered by ING Group in other countries, mainly in Belgium and provided in 2020 loans under the state guarantee scheme GS1 which establishes risk sharing and the government. It applies to new loans to non-financial companies, SME certain conditions. ING Bank Poland signed an agreement with BGK support clients with individual guarantee schemes, provided by BGK as a collateral (equivalent to a state guarantee). Loans that have been originated under the above programs have been recognized on the consolidated statement of financial position of ING Group. Depending on the scheme, integral or non-integral to the origination of these loans. Following this, the guarantees are either reflected in the expected credit losses (ECL) associated with these loans or as separate reimbursement asset, respectively. In either case, such guarantees have a similar impact on the statement of profit or loss and both reduce amount presented as ‘addition to loan loss provisions’. In 2020 governments in almost all countries where ING Retail bank is active adopted measures providing for payment holidays to private individuals and small business loans. In the six month period most of these payment holiday programs expired. As at 30 June 2021, approximately 159 were granted payment holidays in the context of the Covid-19 pandemic (down from 196 December 2020 due to reimbursements and prepayments). The total exposure of loans for which a payment holiday is granted amounts to EUR 17.5 19.4 which 96 % has expired. The modification of contractual terms of loans subject to payment holiday arrangements does not automatically result in derecognition of the financial assets. Where applicable, financial asset has been recalculated as the present value of the renegotiated or modified contractual cash flows, discounted at the original effective interest rate and a gain or loss was recognized. This did not have a material impact on the profit or loss statement of ING Group. As a result of the economic effects of Covid-19 estimation uncertainty and level of management judgement increased compared to before the Covid-19 pandemic in certain areas, such as the impairment assessment loan loss provisions (including the need for management adjustments). Please ‘Significant judgements and critical accounting estimates and assumptions’. 1.4 Changes to accounting policies and presentation ING Group has consistently applied its accounting policies to all periods presented in consolidated interim financial statements, 1.4.1 Changes in IFRS effective in 2021 The following amended standards became effective in the current reporting period: ● Amendments to IFRS 9 ‘Financial Instruments’, IAS 39 ‘Financial Instruments: Recognition and Measurement’, IFRS 16 ‘Leases’, Disclosures’: ‘IBOR Reform and its Effects on Financial Reporting – Phase 2’ (issued in August 2020); ● Amendments to IFRS 16 ‘Leases’: ‘Covid-19-Related Rent Concessions’ (issued in May 2020). The IBOR Reform – Phase 2 amendments relate mainly to accounting for changes in the basis for determining the contractual cash flows of financial assets and liabilities due to the IBOR accounting when an existing benchmark rate is reformed or replaced with an alternative risk free rate. Specifically, Phase 2 amendments require that the effective interest rate adjusted, and hedge accounting will continue on transition to risk free rates, but only to the extent that the modifications made to financial instruments are those necessary new basis for calculating cash flows is ‘economically equivalent’ to the previous basis. By applying these mandatory amendments, ING Group avoids recognising modification gains and losses on would otherwise be required in the absence of Phase 2 amendments. accounting discontinuations when modifying both hedged items and hedging the IBOR reform that would otherwise be required in the absence of Phase 2 amendments. Management’ section – ‘Market Risk’ for more details. The amendments to IFRS 16 ‘Leases’ provide lessees with an related rent concession is a lease modification. As ING Group did not receive rent concessions as a lessee, these amendments had no impact on the accounting policies ING Group has not early adopted any standard, interpretation or amendment which has been issued, but is yet effective. For further information, reference is made to Note 1 ‘Basis of preparation and accounting policies’, paragraph 1.4.2 ‘Upcoming changes in IFRS after 2020’ in the 2020 ING Group Consolidated 1.5 Significant judgements and critical accounting estimates and assumptions The preparation of the Condensed consolidated interim financial statements requires management to make judgements in the process of applying its accounting policies estimates and assumptions affect the reported amounts of the assets and liabilities and contingent assets and contingent liabilities at the balance sheet date, as well as reported income and expenses for the period. The actual outcome may differ from these estimates. The process of setting assumptions is subject to internal control procedures and approvals. Consistent with Note 1.5 ‘Significant judgements and critical accounting estimates and assumptions’ of 2020 ING Group Consolidated financial statements, the following areas continue to require management to make significant judgements and use critical accounting estimates and assumptions based on the and financial data that may change in future periods: ● Loan loss provisions (financial assets); ● The determination of the fair values of financial assets and liabilities; ● Impairment assessment of non-financial assets; ● Impairment assessment of an investment in associate; ● Provisions; and ● Accounting for Targeted Of particular note to the six month period ended 30 June areas of Loan loss provisions and TLTRO. For Loan loss provisions this resulted in Covid-19 related management adjustment to the model-based Expected Credit Losses. The Covid-19 management adjustment amounts to EUR 595 June 2021 and relates to Payment Holidays and other government support measures (EUR 260 time lag in defaults materialising (EUR 296 39 million). This is a decrease of EUR 68 Under the TLTRO III program, it is ING Group’s policy to recognise the conditional interest receivable only when ING has a reasonable expectation that the lending growth targets will be met. ING Group interprets reasonable expectations as highly probable, i.e. the probability of meeting the lending the probability that it will not. As a result, if interest income is recognised during the expectation of meeting the targets, there should be only a limited possibility that the reversed in future periods. For details on the conditions of the TLTRO III programme and amount of interest income recognised in the reporting period, refer to Note 7 ‘Deposits from banks’ and Note 12 ‘Net interest income’ respectively. |
Financial assets at fair value
Financial assets at fair value through profit or loss | 6 Months Ended |
Jun. 30, 2021 | |
Financial assets at fair value through profit or loss [abstract] | |
Financial assets at fair value through profit or loss | 2 Financial assets at fair value through profit or loss in EUR million 30 June 2021 31 December 2020 Trading assets 50,652 51,356 Non-trading derivatives 2,112 3,583 Designated at fair value through profit or loss 5,421 4,126 Mandatorily measured at fair value through profit or loss 63,217 44,305 121,402 103,370 Trading assets include assets that are classified under IFRS as Trading, but are closely related to servicing the needs of the clients of ING Group. ING offers institutional clients, corporate clients, and governments, products that are traded on the financial markets. A significant part of the derivatives in the trading portfolio is related to servicing corporate clients in their risk management to hedge for example currency or interest rate exposures. In addition, ING provides its customers access to equity and debt markets for issuing their own equity or debt securities (securities underwriting). (Reverse) repurchase transactions Financial assets at fair value through profit or loss include securities lending transactions which were not derecognised, because ING Group continues to be exposed to substantially all risks and rewards of the transferred financial asset. For repurchase agreements the gross amount of trading assets must be considered together with the gross amount of related trading liabilities, which are presented separately on the statement of financial position since IFRS does not always allow netting of these positions in the statement of financial position. ING Group’s exposure to (reverse) repurchase transactions is included in the following lines in the statement of financial position: Exposure to (reverse) repurchase agreements in EUR million 30 June 2021 31 December 2020 Reverse repurchase transactions Loans and advances to banks 4,463 4,869 Loans and advances to customers 1 624 Trading assets, loans and receivables 9,939 10,947 Loans and receivables measured at mandatorily fair value through 60,124 41,735 74,526 58,175 Repurchase transactions Deposits from banks 4,666 1,971 Trading liabilities, funds on deposit 6,658 5,787 Funds entrusted measured at designated at fair value through 51,457 41,177 62,781 48,935 |
Financial assets at fair valu_2
Financial assets at fair value through other comprehensive income | 6 Months Ended |
Jun. 30, 2021 | |
Financial assets at fair value through other comprehensive income [Abstract] | |
Financial assets at fair value through other comprehensive income | 3 Financial assets at fair value through other comprehensive income by type in EUR million 30 June 2021 31 December 2020 Equity securities 2,434 1,862 Debt securities 1 29,693 32,977 Loans and advances 1 889 1,056 33,016 35,895 1 Debt securities include an amount of EUR -12 -12 -1 million (31 December 2020: EUR -2 Exposure to equity securities Equity securities designated as at fair value through other comprehensive Carrying value Dividend income 30 June 2021 31 December 2020 1 January to 30 June in EUR million 2021 2020 Investment in Bank of Beijing 1,748 1,662 Other Investments 686 200 15 2 2,434 1,862 15 2 For strategic equity securities, ING decided to apply the option to irrevocably designate these investments at fair value through other comprehensive income, instead of the IFRS 9 default measurement of fair value through profit or loss. As at 30 June 2021 ING holds approximately 13 % (31 December 2020: 13 %) bank listed on the stock exchange of Shanghai. As per regulatory requirements set by China Banking and Insurance Regulatory Commission, ING, as a shareholder holding more than 5 % or more of the shares, is required to supply additional capital when necessary. No six months of 2021 (2020: nil ). Changes in fair value through other comprehensive income The following table presents changes in financial assets at fair value through other comprehensive income. Changes in fair value through other comprehensive income financial assets FVOCI equity securities FVOCI debt instruments 1 Total in EUR million 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 Opening balance as at 1 January 1,862 2,306 34,033 32,163 35,895 34,468 Additions 504 13 8,877 16,936 9,381 16,949 Amortisation -7 -9 -7 -9 Transfers -16 -107 0 -16 -107 Changes in unrealised revaluations 2 9 -283 -694 520 -685 237 Impairments -1 -2 -1 -2 Reversals of impairments 1 -4 1 -4 Disposals and redemptions -1 -13 -11,800 -14,557 -11,802 -14,571 Exchange rate differences 76 -53 171 -1,017 247 -1,070 Changes in the composition of the group and other changes 0 -0 2 2 2 2 Closing balance 2,434 1,862 30,582 34,033 33,016 35,895 1 Fair value through other comprehensive income debt instruments includes both debt securities and loans and advances. 2 Changes in unrealised revaluations of FVOCI debt instruments include changes on hedged items which are recognised in the statement of profit or loss. Reference is made to Note 11 ‘Equity’ for details on the changes in revaluation reserve. In the first six months of 2021, changes in unrealised revaluations of debt securities decreased by 694 million as a result of increased interest rates (2020: EUR 520 In 2020, changes in unrealised revaluations of equity securities decreased mainly revaluation of the stake in Bank of Bejing following a decline in share price (EUR -339 |
Loans and advances to customers
Loans and advances to customers | 6 Months Ended |
Jun. 30, 2021 | |
Loans and advances to customers [abstract] | |
Loans and advances to customers | 4 Loans and advances to customers by type in EUR million 30 June 2021 31 December 2020 Loans to, or guaranteed by, 41,936 41,502 Loans secured by mortgages 356,786 352,130 Loans guaranteed by credit institutions 5,810 5,201 Personal lending 27,138 27,794 Corporate loans 181,453 173,121 613,123 599,749 Loan loss provisions -5,347 -5,779 607,777 593,970 For details on credit quality and loan loss provisioning, refer to ‘Risk management – Loan loss paragraph. |
Investment in associates and jo
Investment in associates and joint ventures | 6 Months Ended |
Jun. 30, 2021 | |
Investment in associates and joint ventures [Abstract] | |
Investment in associates and joint ventures | 5 Investments in associates and joint ventures in EUR million 30 June 2021 Interest held (%) Fair value of listed invest- ments Balance sheet value Total assets Total liabilities Total income Total expenses TMBThanachart Bank Public Company Limited 23 652 1,166 47,077 41,631 442 352 Other investments in associates and joint ventures 295 1,461 Investments in associates and joint ventures in EUR million 31 December 2020 Interest held (%) Fair value of listed invest- ments Balance sheet value Total assets Total liabilities Total income Total expenses TMBThanachart Bank Public Company Limited 23 653 1,202 50,123 44,597 1,388 1,093 Other investments in associates and joint ventures 273 1,475 The reporting dates of certain associates and joint ventures can differ from the reporting date of the Group, but by no more than three months. TMBThanachart Bank Public Company Limited ING Group has a 23 % investment in TMBThanachart Bank Public Company Limited (hereafter: TTB), a bank listed on the Stock Exchange of Thailand. TTB is providing products and services Medium Enterprise (SME), and Retail customers. TTB is accounted for as an investment in associate based on the size of ING shareholding and representation on the Board. IFRS requires to test its investment in TTB for impairment when there is an indication that impairment might exist. Impairment testing In the first half of 2021, the fair value of ING’s investment in TTB shows a significant and prolonged decline below purchase cost. This indicator triggered ING to perform an impairment test on the recoverability of the investment of TTB. The impairment test performed at 30 June 2021 did no t result in an impairment. Methodology The recoverable amount is determined as the higher of the fair value less costs of disposal and Value in Use (‘VIU’). Fair value less costs of disposal is based on observable cash flow projections based on management’s best estimates. VIU is derived using a Dividend Discount Model (DDM) where distributable equity, i.e. future earnings available to ordinary shareholders, is used as a proxy for future cash flows. The valuation looks at expected cash flows into perpetuity resulting in two main components to the VIU calculation: i) the estimation of future earnings over a 5 year forecast period; and ii) the terminal value being the extrapolation of earnings into perpetuity applying a rate. The earnings that are used for extrapolation represent the stable long term financial results and position of TMB, i.e. a steady state. The terminal value comprises the majority of the Key assumptions used in the VIU calculation as at 30 June 2021 The value in use is determined using a valuation model which is The key assumptions, i.e. those to which the overall result is most sensitive to, are the following: ● Expected future earnings of TTB: based on forecasts derived from broker consensus over the short to medium term and TTB observable targets for steady state earnings into perpetuity. A capital maintenance charge is applied, which is management’s forecast of the earnings that need to be withheld in order for TTB to meet target regulatory requirements over the forecast period; ● Terminal growth rate: 2.15 % (2020: 1.6 %), consistent with current long term government bond yield in Thailand as a proxy for a risk-free rate; ● Discount rate (cost of equity): 9.36 % (2020: 8.49 %), based on the capital asset pricing model (CAPM) calculated for TTB, using current market data. At 30 June 2021 the model was tested for reasonably possible changes to key assumptions in the model. This reflects the sensitivity of the VIU to each key assumption on its own and it is favourable and/or unfavourable change may occur at the same time. Holding the other key assumptions constant, a reduction in all of the forecasted annual cash flows, including terminal value, of 15.4 % would reduce the recoverable amount to the carrying amount. A 525 bps decrease in long term growth rate or a 143 bps increase in the discount rate would cause the VIU to equal the carrying amount. Other investments in associates and joint ventures Included in Other investments in associates and joint ventures are mainly financial services technology funds or vehicles operating predominantly in Europe. Other investments in associates and joint ventures represents a number of associates and joint ventures that are individually not significant to ING Group. Changes in Investments in associates and joint ventures in EUR million 30 June 2021 31 December 2020 Opening balance as at 1 January 1,475 1,790 Additions 31 24 Revaluations 4 -3 Share of results 23 66 Dividends received -31 -12 Disposals -6 -12 Impairments -3 -235 Exchange rate differences -45 -144 Other 13 0 Closing balance 1,461 1,475 Share of results from associates and joint ventures of EUR 23 66 table above is mainly attributable to results of TTB of EUR 32 70 |
Assets and liabilities held for
Assets and liabilities held for sale | 6 Months Ended |
Jun. 30, 2021 | |
Assets and liabilities held for sale [Abstract] | |
Assets and liabilities held for sale | 6 Assets and liabilities held for sale includes disposal groups whose through a sale transaction rather than through continuing operations. This relates to businesses for which a sale is agreed upon but for which the transaction has not yet closed or a sheet date but for which no sale has yet been agreed. As at 30 June 2021 the assets and liabilities held Wholesale Banking activities in Austria will be continued part of the business line Retail Germany (Challengers and Growth Markets). At 12 July 2021, ING announced that it has reached an agreement to transfer ING’s Retail Banking operations in Austria to bank99, which is expected to be completed in 2021. The agreement is subject to approval by relevant regulators. ING intends to sell Customer lending portfolios (EUR 1,273 877 lending (EUR 396 5 Customer deposits (EUR 2,243 On 18 February 2021 ING announced the intention to withdraw from the retail banking market in the Czech Republic. and the sale of assets comprising the related government bond portfolio. ING’s retail customers in the Czech Republic have received a welcome offer from Raiffeisenbank Czech Republic. ING’s departure from the Czech retail banking market is proceeding well with EUR 2.1 Raiffeisenbank and the government bond portfolio with a carrying amount of EUR 0.5 second quarter of 2021. The remaining retail assets and liabilities are not presented as liabilities. |
Deposits from banks
Deposits from banks | 6 Months Ended |
Jun. 30, 2021 | |
Deposits from banks [Abstract] | |
Deposits from banks | 7 Deposits from banks includes non-subordinated debt from banks, except for amounts in the form of debt securities. Deposits from banks by type in EUR million 30 June 2021 31 December 2020 Non-interest bearing 784 792 Interest bearing 88,350 77,306 89,134 78,098 Deposits from banks includes ING’s participation in the Targeted Longer-Term 65.5 59.5 Refinancing Operations (TLTRO III) for EUR 6.0 The TLTRO III funding is granted for a period of three years one year the earliest date of September 2021. The three new participation windows introduced in December 2020, can be repaid quarterly from June 2022. Interest under TLTRO III will be settled on maturity of each TLTRO III operation or on early repayment. The interest rate on TLTRO volumes granted to corporates (excluding financial institutions) and households (excluding mortgages). Under the conditions of the program, interest rates can be as favorable as 50 interest rate on the Deposit Facility rate, but in any case not lower than -1 %. Such a rate would apply to all TLTRO III operations outstanding over the discrete periods between 24 June 2020 and 23 June 2021 (special interest period 1), and between 24 June 2021 and 23 June 2022 (special growth in lending volumes equal to or above 0% between 1 March 2020 and period 1) and 1 October 2020 and 31 December growth targets are not met, the interest rate during the special interest periods can in a worst case scenario be at 50 preceding and following the special interest periods the interest will be in a corridor between the Deposit Facility and Main Refinancing Operations rates, depending on to what extent ING meets the lending growth conditions of the TLTRO III program. Special interest period 2 was announced by the ECB in its press release in December 2020 and confirmed in February 2021. For details on programme refer to Note 1 ‘Basis of preparation and accounting policies’ of the 2020 Annual Report and for the amount of interest income recognised in the reporting period, refer to Note 12 ‘Net interest income’. |
Financial liabilities at fair v
Financial liabilities at fair value through profit or loss | 6 Months Ended |
Jun. 30, 2021 | |
Financial liabilities at fair value through profit or loss [abstract] | |
Financial liabilities at fair value through profit or loss | 8 Financial liabilities at fair value through profit or loss in EUR million 30 June 2021 31 December 2020 Trading liabilities 26,845 32,709 Non-trading derivatives 1,925 1,629 Designated at fair value through profit or loss 58,370 48,444 87,141 82,781 Reference is made to Note 2 ‘Financial assets at fair value through profit or loss’ for information on repurchase transactions. |
Debt securities in issue
Debt securities in issue | 6 Months Ended |
Jun. 30, 2021 | |
Debt securities in issue [Abstract] | |
Debt securities in issue | 9 Debt securities in issue relate to debentures and other issued debt securities interest rates based on floating interest rate levels, such as certificates of deposit and accepted bills issued by ING Group, except for subordinated items. Debt securities in issue do not include debt securities Financial liabilities at fair value through profit or loss. ING Group does not have debt securities on terms other than those available in the normal course of business. Changes in debt securities in issue in EUR million 30 June 2021 31 December 2020 Opening balance as at 1 January 82,065 118,528 Additions 42,208 65,308 Redemptions / Disposals -32,233 -99,212 Exchange rate differences 955 -3,403 Other movements -1,156 844 Closing balance 91,840 82,065 In the first six months of 2021, Debt securities in issue increased 9.8 funding needs as well as favourable market conditions. This is mainly explained by net increases of commercial paper of EUR 9.4 3.1 trades. This increase is partly offset by matured covered bonds of EUR 1.0 EUR 0.6 1.1 |
Subordinated loans
Subordinated loans | 6 Months Ended |
Jun. 30, 2021 | |
Subordinated loans [abstract] | |
Subordinated loans | 10 Subordinated loans by group companies in EUR million 30 June 2021 31 December 2020 ING Groep N.V. 13,795 13,150 ING Group companies 996 2,654 14,791 15,805 Subordinated loans issued by ING Groep N.V. capital for ING Bank N.V. are considered capital. Subordinated loans issued by ING Group companies comprise, for the most part, subordinated loans which are subordinated to all current and future liabilities of ING Bank N.V. Changes in subordinated loans in EUR million 30 June 2021 31 December 2020 Opening balance as at 1 January 15,805 16,588 New issuances 491 2,165 Repayments -1,455 -2,786 Exchange rate differences and other -49 -163 Closing balance 14,791 15,805 ING Groep N.V. 500 0.875 ING Bank N.V. 1.5 3.625 % Fixed Rate Subordinated Tier 2 notes on the first call date. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [abstract] | |
Equity | 11 Total equity in EUR million 30 June 2021 31 December 2020 Share capital and share premium 39 39 17,105 17,089 17,144 17,128 Other reserves 1,270 1,181 173 309 873 1,450 -100 -117 215 221 -278 -307 -3,485 -3,636 3,209 3,246 -8 -4 1,870 2,342 Retained earnings 34,882 32,149 Shareholders’ equity (parent) 53,896 51,619 Non-controlling interests 987 1,022 Total equity 54,883 52,640 Cash flow hedge ING mainly hedges floating rate lending with interest rate swaps. Due to an increase in interest rate yield curves in 2021 (decrease in 2020) the interest rate swaps had a negative revaluation of EUR 577 EUR 242 hedge reserve. Currency translation reserve The increase of Currency translation reserve of EUR 151 related to several currencies including USD (EUR 208 -136 63 Retained earnings ING paid in February 2021 a cash-only interim dividend of EUR 468 0.12 equal to 15 % of adjusted net profit for 2020, in line with the ECB recommendation of 15 December which included a definition of adjusted net profit. No dividend recommendation. Refer to Note 21 ‘Capital Management’ for more information about ING’s dividend policy and the ECB recommendations regarding dividend payments. |
Net interest income
Net interest income | 6 Months Ended |
Jun. 30, 2021 | |
Net interest income [abstract] | |
Net interest income | 12 Net interest income 1 January to 30 June 1 January to 30 June in EUR million 2021 2020 2021 2020 Interest income on loans 6,999 8,333 Interest expense on deposits from banks 71 113 Interest income on financial assets at fair value through OCI 189 283 Interest expense on customer deposits 479 823 Interest income on debt securities at amortised cost 223 263 Interest expense on debt securities in issue 621 1,005 Interest income on non-trading derivatives (hedge accounting) 1,131 1,769 Interest expense on subordinated loans 271 323 Negative interest on liabilities 770 288 Negative interest on assets 276 117 Total interest 9,313 10,935 Interest expense on non-trading derivatives (hedge accounting) 817 1,779 Total interest 2,534 4,160 Interest income on financial assets at fair value through profit 220 450 Interest income on non-trading derivatives (no hedge accounting) 1,140 556 Interest expense on financial liabilities at fair value through profit 158 348 Interest income other 8 21 Interest expense on non-trading derivatives (no hedge accounting) 934 540 Total other interest 1,368 1,026 Interest expense on lease liabilities 7 11 Total interest 10,680 11,962 Interest expense other 26 25 Total other interest 1,125 925 Total interest 3,659 5,085 Net interest income 7,021 6,877 Total 7,021 6,877 liabilities, amounting to EUR 770 288 the first special reference period of the TLTRO III programme. As at 31 December 2020, ING did not have a reasonable expectation of meeting the lending growth targets and did not accrue for the conditional benefit. the first quarter of 2021, ING Group met the lending growth targets for the special reference period (1 March 2020 to 31 March 2021) and therefore the interest rate applicable under TLTRO III during the period of 24 June 2020 to 23 June 2021 changed from -50 bps to -100 bps. Given that the rate is negative, it represents income for ING. The effect of the revised interest rate has been recognised in the statement of profit or loss (interest income) of EUR 309 158 the year 2020. In addition, the unconditional interest of EUR period ended 30 June 2021. For details on the accounting policy to Note 1 ‘Basis of preparation and accounting policies’ Excluding the TLTRO III benefit, net interest income decreased, mainly driven by lower margins on liabilities, while average liability volumes increased as the Covid-19 pandemic reduced customer spending. |
Net fee and commission income
Net fee and commission income | 6 Months Ended |
Jun. 30, 2021 | |
Net fee and commission income [abstract] | |
Net fee and commission income | 13 Fee and commission income 1 January to 30 June in EUR million 2021 2020 Funds transfer 727 686 Securities business 487 439 Insurance broking 117 101 Asset management fees 146 115 Brokerage and advisory fees 374 321 Other 588 644 2,439 2,307 Other fee and commission income mainly consists of commission 90 million (first six months of 2020: EUR 98 11 (first six months of 2020: EUR 10 37 of 2020: EUR 42 92 million (first six months of 2020: EUR 112 Fee and commission expenses 1 January to 30 June in EUR million 2021 2020 Funds transfer 259 301 Securities business 84 80 Insurance broking 1 0 Asset management fees 5 3 Brokerage and advisory fees 185 157 Other 195 260 729 801 Reference is made to Note 17 ‘Segments’ which includes net fee and commission income, as reported to the Executive Board and the Management Board Banking, disaggregated by line of business segment. |
Other income
Other income | 6 Months Ended |
Jun. 30, 2021 | |
Other income [abstract] | |
Other income | 14 Other income 1 January to 30 June in EUR million 2021 2020 Share of result associates and joint ventures 20 34 Net result derecognition of financial assets measured -3 187 Other 166 48 184 269 In 2021, Other income other includes the recognition of 72 recovery of the insolvency of a financial institution in the Netherlands, Raiffeisenbank due to the withdraw from the retail banking market in the Czech Republic and the positive recovery of defaulted receivables of EUR 16 18 of financial assets measured at amortised cost included a result of 186 certain securities at amortised cost driven by exceptional market conditions due to Covid-19, which was considered to be infrequent, but more than insignificant in value. |
Other operating expenses
Other operating expenses | 6 Months Ended |
Jun. 30, 2021 | |
Other operating expenses [Abstract] | |
Other operating expenses | 15 Other operating expenses 1 January to 30 June in EUR million 2021 2020 Regulatory costs 759 663 Audit and non-audit services 16 14 IT related expenses 387 388 Advertising and public relations 149 166 External advisory fees 147 186 Office expenses 141 163 Travel and accommodation 24 43 Contributions and subscriptions 59 56 Postal charges 20 21 Depreciation of property and equipment 285 281 Amortisation of intangible assets 133 121 Impairments and reversals of impairments of tangible and intangible assets 23 333 Addition to / (unused amounts reversed of) provision for reorganisations 88 -2 Addition to / (unused amounts reversed of) other provisions 49 -14 Other 341 284 2,621 2,703 Regulatory costs Regulatory costs represent contributions to the Deposit Guarantee Schemes (DGS), The Single Resolution Fund (SRF), local bank taxes and local resolution funds. Included in Regulatory costs for 2021, are contributions to DGS of EUR 260 203 Belgium, Poland, and Spain and contributions to the SRF and 308 months of 2020: EUR 277 In 2021 local bank taxes increased by EUR 8 183 191 Impairments and reversals of impairments on tangible and intangible assets Impairments on tangible and intangible assets in the first six months of 2021 mainly capitalised software. Impairments on tangible and intangible assets in the first six months of 2020 included 310 impairment in the cash generating units Retail Belgium and Wholesale Banking. |
Earnings per ordinary share
Earnings per ordinary share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings per ordinary share [abstract] | |
Earnings per ordinary share | 16 Earnings per ordinary share Weighted average number of ordinary Amount during the period Per ordinary share (in EUR million) (in millions) (in EUR) 1 January to 30 June 1 January to 30 June 1 January to 30 June 2021 2020 2021 2020 2021 2020 Basic earnings 3,161 591 3,901.9 3,897.9 0.81 0.15 Basic earnings from continuing operations 3,161 591 0.81 0.15 Effect of dilutive instruments: Stock option and share plans 1.6 0.5 1.6 0.5 Diluted earnings 3,161 591 3,903.5 3,898.5 0.81 0.15 Diluted earnings from continuing operations 3,161 591 0.81 0.15 |
Segments
Segments | 6 Months Ended |
Jun. 30, 2021 | |
Segments [abstract] | |
Segments | Additional notes to the Condensed consolidated interim financial statements 17 ING Group’s segments are based on the internal reporting structures by lines of business. The Executive Board of ING Group and the Management Board Banking set the performance and monitor the budgets prepared by the business lines. Business financial plans in conformity with the strategy and performance targets set by the Executive Board of ING Group and the Management Board Banking. The following table specifies the segments by line of business and 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 (Market Leaders) Income from retail and private banking activities in the Netherlands, including the SME and mid-corporate segments, and the Real Estate Dutch domestic mid-corporates. The main products offered accounts, business lending, mortgages and other consumer lending in the Netherlands. Retail Belgium (Market Leaders) Income from retail and private banking activities in Belgium (including Luxembourg), including the SME and mid-corporate segments. The main products offered are similar to those in the Netherlands. Retail Germany (Challengers and Growth Markets) Income from retail and private banking activities in Germany (including Austria). The main products offered are current and savings accounts, customer lending. Retail Other (Challengers and Growth Markets) Income from retail banking activities in the rest of the world, including the SME and mid-corporate segments in specific countries. The main products offered to those in the Netherlands. Wholesale Banking Income from wholesale banking activities. The main products are: lending, debt capital markets, working capital solutions, export finance, daily banking solutions, treasury and risk solutions, and corporate finance. Specification of geographical split of the segments Geographical segments Main countries The Netherlands Belgium Including Luxembourg Germany Including Austria Other Challengers Australia, Czech Republic, France, Italy, Growth Markets Poland, Romania, Turkey, Wholesale Banking Rest of World UK, Americas, Asia and other countries in Central and Eastern Europe Other Corporate Line and the run-off portfolio of Real Estate ING Group monitors and evaluates the performance of ING Group at a consolidated level and by segment using results based on figures according to IFRS as adopted by the European Union (IFRS-EU). The Executive Board and the Management Board Banking consider this measure 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 operations and the profitability of the segment businesses. IFRS-EU result is derived by including the IFRS-EU ‘IAS 39 carve out’ adjustment. The IFRS-EU ‘IAS 39 carve-out’ adjustment relates to fair value portfolio hedge accounting strategies for the mortgage and savings portfolios in the Benelux, Germany and Other Challengers that are not eligible IASB. As no hedge accounting is applied to these mortgage and savings portfolios under changes of the derivatives are not offset by fair value changes of the hedge items (mortgages and savings). The segment reporting in the Form 6-K 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, Challengers. Reference is made to Note 1 ‘Basis of preparation and accounting policies’ 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 and certain income and expenses that are not banking businesses, including the recognition of under expenses). Furthermore, the Corporate Line includes the isolated legacy costs (mainly negative interest results) caused by the replacement of short-term funding with long-term funding 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 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 revenue specified to each product or service internally and is therefore not readily available. Reconciliation between IFRS-IASB and IFRS-EU income, expense and net result 2021 2020 in EUR million 6 month period 1 January to 30 June 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 10,175 5,691 1,265 59 3,161 8,688 7,623 438 36 591 Remove impact of: Adjustment of the EU 'IAS 39 carve out' 2 -956 -260 -697 493 115 379 Result IFRS-EU 3 9,219 5,691 1,005 59 2,464 9,182 7,623 553 36 969 1. Net result, after tax and non-controlling interests. 2. ING prepares the Form 6-K in accordance with IFRS-IASB. This information is prepared by reversing the hedge accounting impacts that applied under the 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 are derived from figures according to IFRS-IASB by excluding the impact of adjustment of the EU 'IAS 39 carve-out'. ING Group Total 2021 2020 in EUR million 6 month period 1 January to 30 June ING Bank N.V. Other Total ING Group ING Bank N.V. Other Total ING Group Income – Net interest income 6,852 0 6,853 6,931 0 6,931 – Net fee and commission income 1,710 -0 1,710 1,507 -1 1,506 – Total investment 653 4 656 760 -16 745 Total income 9,215 4 9,219 9,198 -16 9,182 Expenditure – Operating expenses 5,553 6 5,560 5,625 1 5,626 – Addition to loan loss provisions 131 -0 131 1,997 0 1,998 Total expenses 5,685 6 5,691 7,623 1 7,623 Result before taxation 3,530 -2 3,528 1,575 -17 1,558 Taxation 1,005 0 1,005 519 34 553 Non-controlling interests 59 0 59 36 36 Net result IFRS-EU 2,467 -2 2,464 1,021 -51 969 Adjustment of the EU 'IAS 39 carve out' 697 697 -379 -379 Net result IFRS-IASB attributable to equity holder of the parent 3,163 -2 3,161 642 -51 591 Segments by line of business 2021 2020 in EUR million 6 month period 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 1 January to 30 June Income – 1,651 894 734 1,354 2,044 174 6,853 1,763 937 801 1,392 1,864 173 6,931 – 368 248 257 253 580 4 1,710 332 207 215 193 561 -2 1,506 – 119 99 45 122 267 5 656 175 71 59 134 354 -48 745 Total income 2,138 1,241 1,036 1,729 2,891 184 9,219 2,269 1,215 1,075 1,720 2,780 123 9,182 Expenditure – 1,181 912 604 1,174 1,452 237 5,560 1,088 969 567 1,120 1,728 154 5,626 – -65 194 19 102 -119 -0 131 139 282 14 304 1,256 3 1,998 Total exp 1,116 1,107 623 1,276 1,333 237 5,691 1,227 1,251 581 1,424 2,984 156 7,623 Result before taxation 1,022 134 413 454 1,558 -53 3,528 1,043 -36 494 295 -204 -34 1,558 Taxation 267 41 135 117 355 89 1,005 262 9 188 85 23 -14 553 Non-controlling interests 0 2 46 10 -0 59 -1 0 2 27 8 -0 36 Net result IFRS-EU 754 94 275 291 1,192 -142 2,464 781 -44 304 183 -235 -19 969 Adjustment of the EU 'IAS 39 carve out' 697 697 -379 -379 Net result IFRS-IASB 754 94 275 291 1,889 -142 3,161 781 -44 304 183 -614 -19 591 Geographical split of the segments 2021 2020 in EUR million 6 month period 1 January to 30 June Netherlands Belgium Germany Other Challengers Growth Markets Wholesale Banking Rest of World Other Total Netherlands Belgium Germany Other Challengers Growth Markets Wholesale Banking Rest of World Other Total Income – 2,023 1,072 1,010 974 749 850 175 6,853 2,097 1,090 1,059 893 799 823 169 6,931 – Net fee and commission income 518 356 263 161 163 246 4 1,710 494 302 228 136 131 217 -3 1,506 – other income 148 127 78 45 154 101 5 656 197 98 80 14 203 197 -44 745 Total income 2,688 1,554 1,350 1,179 1,066 1,197 184 9,219 2,788 1,491 1,367 1,043 1,133 1,237 123 9,182 Expenditure – 1,577 1,065 691 724 636 629 237 5,560 1,736 1,126 652 669 644 644 155 5,626 – provision -51 139 43 55 45 -101 -0 131 320 338 241 212 205 678 3 1,998 Total expenses 1,526 1,205 734 779 681 529 237 5,691 2,056 1,465 893 882 849 1,322 158 7,623 Result before taxation 1,162 349 616 400 384 669 -53 3,528 732 26 474 162 284 -85 -35 1,558 Retail Banking 1,022 134 413 160 294 2,023 1,043 -36 494 74 222 1,796 Wholesale Banking 140 215 203 240 91 669 0 1,558 -310 62 -20 88 62 -85 -2 -204 Corporate Line -53 -53 -34 -34 Result before taxation 1,162 349 616 400 384 669 -53 3,528 732 26 474 162 284 -85 -35 1,558 Taxati 298 92 186 121 83 137 87 1,005 252 25 170 56 71 -10 -10 553 Non-controlling interests 0 2 57 -0 59 -1 0 2 35 -0 36 Net result IFRS-EU 864 257 428 279 245 531 -140 2,464 481 2 302 106 178 -74 -25 969 Adjustment of the EU 'IAS 39 carve out' 477 35 185 -1 697 -338 3 -97 53 -379 Net result IFRS-IASB 1,341 292 613 279 245 531 -140 3,161 143 5 205 159 178 -74 -25 591 |
Fair value of assets and liabil
Fair value of assets and liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Fair value of assets and liabilities [abstract] | |
Fair value of assets and liabilities | 18 Fair value of assets and liabilities Valuation Methods The estimated fair values represent the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is a market-based measurement, which is based on assumptions that market participants would use and takes into account the characteristics of the asset or liability that market participants would take into account when pricing the asset or liability. Fair values of financial assets and liabilities are based on quoted prices in active market where available. When such quoted prices are not available, the fair value is determined by using valuation techniques. The fair value hierarchy consists of three levels, depending upon whether fair values were determined based on (unadjusted) quoted prices in an active market (Level 1), valuation techniques with observable inputs (Level 2) or valuation techniques that incorporate inputs which are unobservable and which have a more than insignificant impact on the fair value of the instrument (Level 3). A comprehensive description of ING’s valuation methods and framework is reported in Note 38 ‘Fair value of assets and liabilities’ of the 2020 Annual Report on Form report should be read in conjunction with the 2020 Annual Valuation Adjustments Valuation adjustments are an integral part of the fair value. They are included as part of the fair value to provide better estimation of market exit value on measurement date. ING considers various valuation adjustments to arrive at the fair value including Bid-Offer adjustments, Model Risk adjustments, Credit Valuation Adjustments (CVA), Debt valuation Adjustments (DVA), Valuation Adjustment (CollVA) and Funding Valuation Adjustment (FVA). The following table presents the models reserves for financial assets and liabilities: Valuation adjustment on financial assets and liabilities in EUR million 30 June 2021 31 December 2020 Bid/Offer -111 -121 Model Risk -17 -25 CVA -180 -238 DVA -92 -124 CollVA -14 -16 FVA -91 -111 Total Valuation -505 -634 All financial assets and liabilities are recognised initially at fair value. The fair value of a initial recognition is generally its transaction price. fair value of financial instruments whose fair value is based on a valuation technique using unobservable the entire day one difference is deferred. ING defers the Day One profit or loss relating to financial instruments reported with significant unobservable valuation parameters, including positions classified as Level 3 and related to CVA with material unobservable input but not necessarily classified as Level 3. The deferred Day One profit or loss is recognised in the statement of profit or loss over the life of the transaction until the transaction matures or until the observability changes. The impact on the statement of profit and loss of 2021 is deemed to be immaterial. Financial instruments at fair value The fair values of the financial instruments Methods applied in determining fair values of financial assets and liabilities (carried at fair value) Level 1 Level 2 Level 3 Total in EUR million 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 Financial Assets Financial assets at fair value through profit or loss 13,976 7,897 2 2 144 138 14,123 8,037 3,755 3,378 6,556 4,867 1,250 1,269 11,561 9,514 9 1 22,761 30,623 129 197 22,898 30,821 70,971 53,733 1,849 1,265 72,820 54,998 17,740 11,276 100,290 89,225 3,372 2,870 121,402 103,370 Financial assets at fair value through other comprehensive income 2,266 1,687 168 176 2,434 1,862 28,522 31,592 1,171 1,385 29,693 32,977 889 1,056 889 1,056 30,788 33,279 1,171 1,385 1,057 1,231 33,016 35,895 Financial liabilities Financial liabilities at fair value through profit or loss – 862 1,124 5,047 5,231 168 180 6,077 6,534 – 1 59,319 48,111 4 2 59,323 48,114 – 735 699 69 70 804 768 – 62 55 20,715 27,094 160 217 20,937 27,365 1,658 1,879 85,151 80,505 331 398 87,141 82,781 The following methods and assumptions were used by ING Group to estimate the fair value of the financial instruments: Equity securities Instrument description: investments. Valuation: on quoted market prices. In absence of active markets, fair values are estimated by analysing the investee’s financial position, result, risk profile, prospect, price, earnings reference is made to valuations of peer entities where quoted prices in active markets are available. For equity securities best market practice will be applied using the most relevant valuation method. investments, including investments in private equity funds, are subject to a standard review framework which ensures that valuations reflect the fair values. Fair value hierarchy: regularly available. active markets mainly include corporate investments, fund investments and other equity securities and are classified as Level 3. Debt securities Instrument description: securities (ABS). Valuation: market prices are obtained from an exchange market, dealer, regulatory service. The quoted prices from non-exchange sources are reviewed on their tradability of market prices. If quoted prices in an active market are not available, fair value is based on an analysis of available market inputs, which includes consensus prices obtained from one determined by valuation techniques referenced credit spreads, maturity of the investment, and estimated prepayment rates where applicable. Fair value hierarchy: where quoted prices are readily and regularly available and are hence, classified as positions are classified as Level 2 or Level 3. wide discrepancy in quoted prices exists, are classified as Level 3. Derivatives Instrument description: Derivatives include interest rate derivatives, FX derivatives, Credit derivatives, Equity derivatives and commodity derivatives. Valuation: market and are classified as Level 1 of the fair value hierarchy. For values are estimated based on valuation techniques. OTC derivatives and derivatives trading in an inactive market are valued using valuation techniques. The valuation techniques and inputs depend on derivatives instruments are based on (amongst others) discounted cash flows option pricing models simulations. These valuation models calculate the present value of expected future cash flows, based on arbitrage’ principles. The models are commonly used in the financial are determined from observable market data where possible. Certain inputs may not be observable in the market, but can be determined from observable prices via valuation model calibration procedures. These inputs include prices available from exchanges, dealers, brokers or providers of pricing, yield curves, credit spreads, default rates, recovery rates, dividend rates, volatility of underlying interest rates, currency exchange quotes and consensus data, where available. For uncollateralised OTC derivatives, ING applies Credit Valuation Adjustment to correctly reflect the counterparty credit risk in the valuation. See section DVA/BVA in section b) Valuation Adjustments for more details regarding the calculation. Fair value hierarchy: cannot be implied from observable market data are classified as Level 3. Loans and receivables Instrument description: payments that are not quoted in an active market. Loans and receivables carried at fair value includes trading loans, being securities lending and similar loans expected to be sold and receivables with regards to reverse repurchase transactions. Valuation: other loans is estimated by discounting expected future cash flows using a discount rate that reflects credit risk, liquidity, and other current market conditions. The fair value of mortgage loans is estimated by taking into account prepayment behaviour. Fair value hierarchy: which current market information about similar assets to use as observable, corroborated data for all significant inputs into a valuation model is not available are classified as Level 3 and are expected to be sold as Level 3. Financial liabilities at fair value through profit and loss Instrument description: instruments, primarily comprised of structured notes, which are held at fair value under the Besides that, it includes derivative contracts and repurchase agreements. Valuation: loss are based on quoted market prices, where available. For those securities not actively traded, fair values are estimated based on internal discounted cash flow valuation techniques using interest rates and credit spreads that apply to similar instruments. Fair value hierarchy: cannot be derived from observable market data are classified as Level 3. Transfers No recorded in the reporting period 2021. Level 3: Valuation techniques and inputs used Financial assets and liabilities in Level 3 include both using (i) valuation techniques that incorporate unobservable inputs as well as adjusted to reflect that the market was not actively trading at or around the balance sheet date. Unobservable inputs are inputs which are based on ING’s own assumptions about the factors that market participants would use in pricing an asset or liability, developed based on the best information available in the circumstances. Unobservable inputs may include volatility, correlation, spreads to discount rates, default rates and recovery rates, prepayment rates, and certain credit spreads. Valuation techniques that incorporate unobservable inputs are sensitive to the inputs used. Of the total amount of financial assets classified as Level 3 as at 30 June 4.4 2020: EUR 4.1 1.5 34.6 %) (31 December 2020: EUR 2.1 52.3 %) is based on unadjusted quoted prices in inactive markets. As ING does not generally adjust quoted own inputs, there is no significant sensitivity to ING’s own unobservable inputs. Furthermore, Level 3 financial assets includes approximately EUR 1.6 0.9 which relates to financial assets that are part of structures that are designed to be fully neutral in terms of market risk. Such structures include various financial assets and liabilities for which the overall sensitivity market risk is insignificant. Whereas the fair value of individual components of these structures may be determined using different techniques and the fair value of each of the components of these structures may be sensitive to unobservable inputs, the overall sensitivity is by design not significant. The remaining EUR 1.3 1.1 assets is established using valuation techniques that incorporates certain inputs that are unobservable. Of the total amount of financial liabilities classified as Level 0.3 2020: EUR 0.4 0.2 52.4 %) (31 December 2020: EUR 0.1 34.6 %) is based on unadjusted quoted prices in inactive markets. As ING does not generally adjust quoted prices own inputs, there is no significant sensitivity to ING’s own unobservable inputs. Furthermore, Level 3 financial liabilities includes approximately EUR 0.1 0.1 billion) which relates to financial liabilities that are part of structures that are designed to be fully terms of market risk. As explained above, the fair value of each of the components of these structures may be sensitive to unobservable inputs, but the overall sensitivity is by design not The remaining EUR 0.1 0.2 liabilities is established using valuation techniques that incorporates certain inputs that are unobservable. The table below provides a summary of the valuation techniques, key unobservable inputs upper range of such unobservable inputs, by type of Level 3 asset/liability. The lower and upper range mentioned in the overview represent the lowest and highest variance of the respective valuation input as actually used in the valuation of the different financial instruments. Amounts and percentages stated are unweighted. The range can vary from period to period subject to market movements and change in Level 3 position. Lower and upper bounds reflect the variability of Level 3 positions and their underlying adequately reflect their level of valuation uncertainty. For valuation uncertainty assessment, reference is made to section Sensitivity analysis of unobservable inputs (Level Valuation techniques and range of unobservable Assets Liabilities Valuation techniques Significant unobservable inputs Lower range Upper range in EUR million 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 At fair value through profit or loss Debt securities 1,250 1,269 Price based Price (%) 0 % 0 % 104 % 107 % Equity securities 144 137 1 Price based Price (EUR) 0 0 5475 5475 Loans and advances 1,363 1,090 4 2 Price based Price (%) 0 % 0 % 101 % 101 % Present value techniques Credit spread (bps) 0 0 250 250 (Reverse) repo's 486 176 Present value techniques Interest rate (%) 3 % 3 % 4 % 4 % Structured notes 168 180 Price based Price (%) 84 % 74 % 118 % 109 % Option pricing model Equity volatility (%) 14 % 14 % 25 % 25 % Equity/Equity correlation n.a. 0.6 n.a. 0.9 Equity/FX correlation -0.3 -0.7 -0.3 0.3 Dividend yield (%) 2 % 0 % 5 % 5 % Derivatives – 4 2 35 38 Option pricing model Interest rate volatility (bps) 15 12 74 70 Present value techniques Reset spread (%) 2 % 2 % 2 % 2 % – 1 Option pricing model FX volatility (bps) n.a. 6 n.a. 10 – 93 168 96 154 Present value techniques Credit spread (bps) 2 2 599 1,403 Price based Price (%) 99 % 99 % 100 % 107 % – 30 24 26 20 Option pricing model Equity volatility (%) 5 % 5 % 83 % 64 % Equity/Equity correlation 0.5 0.5 0.8 0.9 Equity/FX correlation -0.5 -0.6 0.1 0.1 Dividend yield (%) 0 % 0 % 20 % 34 % Price based Price (%) 3 % 3 % 3 % 3 % – 1 3 2 3 Option pricing model Commodity volatility (%) 15 % 18 % 79 % 55 % Com/FX correlation n.a. -0.5 n.a. -0.3 At fair value through other comprehensive income – 889 1,056 Present value techniques Prepayment rate (%) 9 % 9 % 9 % 9 % Price based Price (%) 99 % 99 % 100 % 99 % – 168 176 Present value techniques Credit spread (bps) 1 2 1 2 Interest rate (%) 3 % 3 % 3 % 3 % Price based Price n.a. n.a. n.a. n.a. Other - 63 80 80 Total 4,429 4,101 331 398 Price For securities, where market prices are not available, fair value is measured by comparing the value of these securities with observable pricing data of similar instruments. 0 % are distressed to the point that no recovery is expected, while prices significantly in excess of 100 % or par are expected to pay a yield above current market rates. Credit spreads Credit spread is the premium above a benchmark interest rate, typically LIBOR or relevant treasury instrument, required by the market participant to accept a lower credit quality. Higher credit spreads indicate lower credit quality and a lower value of an asset. Volatility Volatility is a measure for variation of the price of a financial instrument or other valuation input over time. Volatility is one of the key inputs in option pricing models. Typically, the higher the volatility, of the option. Volatility varies by the underlying reference (equity, commodity, rates), by strike, and maturity of the option. The minimum level of volatility is 0 % and there is no theoretical maximum. Correlation Correlation is a measure of dependence between two underlying derivatives and other instruments having more than one underlying reference. High positive correlation (close to 1) indicates strong positive (statistical) relationship, where underliers move, everything else equal, into the same direction. The opposite holds for a high negative correlation. Reset spread Reset spreads are key inputs to mortgage linked prepayment swaps valuation. Reset spread is the future spread at which mortgages will re-price at interest rate reset dates. Inflation rate Inflation rate is a key input to inflation linked instruments. Inflation linked instruments protect against price inflation and are denominated and indexed to investment units. Interest payments would be based on the inflation index and nominal rate in order to receive/pay the real rate of return. A rise in nominal coupon payments is a result of an increase in inflation expectations, real rates, or both. As markets for these inflation linked derivatives are illiquid, the valuation parameters become unobservable. Dividend yield Dividend yield is an important input for equity option pricing expected to pay out each year relative to its share price. Dividend yields are generally expressed as an annualised percentage of share price. Jump rate Jump rates simulate abrupt changes in valuation models. The rate is an added component to the discount rate in the model to include default risks. Prepayment rate Prepayment rate is a key input to mortgage and loan valuation. Prepayment rate is the estimated rate mortgage borrowers will repay their mortgages early, e.g. 5 % per year. Prepayment inputs to mortgage linked prepayment swaps valuation Level 3: Changes during the period Changes in Level 3 Financial assets Trading assets Non-trading derivatives Financial assets mandatorily at FVPL Financial assets designated at FVPL Financial assets at FVOCI Total in EUR million 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 Opening balance 882 174 1 8 1,191 1,381 796 1,244 1,231 1,961 4,101 4,768 Realised gain/loss 5 -61 0 -1 12 -104 -0 -198 -8 -19 10 -383 Revaluation recognised in other comprehensive income during the period -8 -46 -8 -46 Purchase of assets 14 453 3 3 834 1,180 489 212 54 39 1,393 1,887 Sale of assets -32 -73 -3 -8 -265 -973 -25 -270 -147 -419 -472 -1,743 Maturity/settlement -8 -39 -1 -21 -83 -12 -57 -53 -175 -94 -354 Reclassifications -16 330 -13 -105 -29 224 Transfers 14 517 6 1 -3 -1 11 523 Transfers -496 -90 0 -528 -138 -496 -755 Exchange rate differences 0 0 7 -24 3 -4 10 -27 Changes in the composition of the group and other changes 1 5 0 1 1 6 Closing balance 379 882 2 1 1,743 1,191 1,248 796 1,057 1,231 4,429 4,101 1 includes EUR 35 312 2 through other comprehensive income’. Financial assets transfers into and transfers out of fair value hierarchy levels are end of the reporting period. In the first six months of 2021, financial assets transfers out of Level 3 is mainly related to debt securities due to the valuation no longer being significantly impacted by unobservable inputs instruments. Changes in Level 3 Financial liabilities Trading liabilities Non-trading derivatives Financial liabilities designated as at fair value through profit or loss Total in EUR million 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 Opening balance 180 195 39 110 180 184 398 490 Realised gain/loss recognised in the statement of profit or loss during the period 1 57 -2 -2 20 22 -22 77 -4 Additions 16 55 3 19 62 662 81 736 Redemptions -2 -116 -3 -45 -159 -90 -164 -250 Maturity/settlement -39 -11 -0 -52 -0 -83 -40 -146 Transfers 14 170 8 228 267 242 445 Transfers -96 -111 -3 -23 -165 -738 -264 -873 Closing balance 130 180 33 39 168 180 331 398 1 EUR 77 -4 Financial liabilities transfers into and transfers out of fair value hierarchy the end of the reporting period. In the first six months of 2021, financial liabilities transfers into and out of level 3 mainly consisted of structured notes, measured as designated at fair value through profit or loss. The structured notes were transferred out of Level 3 due to the valuation being significantly respectively no longer significantly impacted by unobservable inputs Recognition of unrealised gains and losses in Level 3 Amounts recognised in the statement of profit or loss relating to unrealised gains and losses during the year that relates to Level 3 assets and liabilities are included in the line item ‘Valuation results and net trading income’ in the statement of profit or loss. In 2020 and the first half of 2021, unrealised gains and losses that relate to ‘Financial assets other comprehensive income’ are included in the Revaluation reserve – Equity securities at fair value through other comprehensive income or Debt Level 3: Sensitivity analysis of unobservable inputs Where the fair value of a financial instrument is determined using inputs which a more than insignificant impact on the fair value of the instrument, the actual value balance date may be drawn from a range of reasonably possible alternatives. In line with market practice the upper and lower bounds of the range of alternative input values reflect a 90 % level of valuation certainty. The actual levels chosen for the unobservable inputs in preparing the financial valuation methodology used for fair valued financial instruments. In practice valuation uncertainty is measured and managed per exposure to individual valuation inputs (i.e. risk factors) at portfolio level across different product categories. Where the disclosure looks at individual Level 3 inputs the actual valuation adjustments may also reflect the benefits of portfolio offsets. This disclosure does not attempt to indicate or predict future fair value movement. The numbers in isolation give limited information as in most cases these Level 3 assets and liabilities should be instruments (for example as a hedge) that are classified as Level 2. The valuation uncertainty in the table below is broken down by related risk class rather than by product. The possible impact of a change of unobservable inputs in unobservable inputs are significant to the valuation is as follows: Sensitivity analysis of Level 3 instruments Positive fair value movements from using reasonable possible alternatives Negative fair value movements from using reasonable possible alternatives in EUR million 30 June 2021 31 December 2020 30 June 2021 31 December 2020 Equity (equity derivatives, structured notes) 3 33 -21 -14 Interest rates (Rates derivatives, 15 20 -1 -1 Credit (Debt securities, Loans, structured notes, credit derivatives) 68 43 -27 -27 86 96 -49 –42 i) Financial instruments not measured at fair value The following table presents the estimated fair values of the financial instruments not measured at fair value in the statement of financial position. The aggregation of the fair values presented below does not represent, and should not be construed as representing, the underlying value of ING Methods applied in determining fair values of financial assets and liabilities (carried at amortised cost) Carrying Amount Carrying amount approximates fair value Level 1 Level 2 Level 3 Total fair in EUR million 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 Financial Assets Loans and advances to banks 26,198 25,364 2,548 2,165 0 0 7,714 7,763 15,990 15,611 26,252 25,539 Loans and advances to customers 607,777 593,970 19,007 17,486 0 0 17,828 14,595 583,268 576,659 620,103 608,740 Securities at amortised cost 49,467 50,587 0 0 47,444 49,109 2,433 2,550 586 622 50,462 52,281 683,442 669,921 21,555 19,651 47,444 49,109 27,975 24,908 599,844 592,892 696,817 686,560 Financial liabilities Deposits from banks 89,134 78,098 6,306 3,918 0 77,571 68,473 5,870 6,014 89,748 78,405 Customer deposits 620,564 609,517 590,870 580,262 0 17,081 14,007 12,730 15,704 620,682 609,972 Debt securities in issue 91,840 82,065 -0 51,051 51,906 22,879 24,005 18,283 6,449 92,213 82,360 Subordinated loans 14,791 15,805 -0 -0 14,263 15,013 1,167 1,161 15,429 16,174 816,329 785,484 597,176 584,180 65,314 66,919 118,698 107,645 36,883 28,167 818,072 786,911 |
Legal proceedings
Legal proceedings | 6 Months Ended |
Jun. 30, 2021 | |
Legal proceedings [Abstract] | |
Legal proceedings | 19 ING Group and its consolidated subsidiaries are involved in governmental, regulatory, arbitration and legal proceedings and investigations in the Netherlands and in a number of foreign jurisdictions, involving claims by and against them which arise in the ordinary course of their businesses, connection with their activities as lenders, broker-dealers, underwriters, issuers of securities and investors and their position as employers and taxpayers. In certain of such proceedings, very large or indeterminate amounts are sought, including punitive and other damages. This note should 2020 consolidated financial statements of ING Group, which included further details on While it is not feasible to predict or determine the ultimate outcome of all pending or regulatory, arbitration and legal proceedings and investigations, ING is of the opinion that some of the proceedings and investigations set out below may have or have in the recent past had a significant effect on the financial position, profitability or reputation of ING and/or ING and its consolidated subsidiaries. Settlement agreement: with the Dutch Public Prosecution Service relating to previously disclosed requirements for client on-boarding and the prevention of money laundering and corrupt practices. Following the entry into the settlement agreement, ING has experienced heightened scrutiny from authorities in countries. ING is also aware, including as a result of media reports, that other parties seek to commence legal proceedings against ING in connection with the subject matter of filed or may file requests for disciplinary proceedings against ING employees based on the Certain parties filed requests with the Court of Appeal in to enter into the settlement agreement with ING and not to prosecute ING or (former) ING employees. In December 2020, the Court of Appeal issued the settlement agreement with ING was upheld, making the settlement final. However, in a separate ruling, the Court ordered the prosecution of ING’s former CEO. Findings regarding AML processes: authorities concerning anti-money laundering matters, and in the context of significantly increased attention on the prevention of financial economic crime, ING has experienced heightened scrutiny by authorities countries. The interactions with such regulatory and judicial authorities have included, continue to include, onsite visits, information requests, investigations and other enquiries. Such interactions, as well as ING’s internal assessments in connection with its global enhancement programme, have in some cases resulted in satisfactory outcomes, and also have resulted in, and may continue to result in, findings, or other conclusions which may require appropriate remedial actions by ING, or may have other consequences. ING intends to continue to work in close cooperation with authorities as it seeks to improve its management of non- financial risks in terms of policies, tooling, monitoring, ING continues to take steps to enhance its management of compliance risks and embed stronger awareness across the whole organisation. These steps are part of the global KYC programme and set of initiatives, which includes enhancing KYC files and working on various structural improvements in compliance policies, monitoring, governance, knowledge and behaviour. SIBOR – SOR litigation: filed a U.S. class action complaint in the New York District Court alleging that several banks, including ING, conspired to rig the prices of derivatives tied to SIBOR and the Singapore Swap Offer Rate (“SOR”). The lawsuit refers to investigations by the Monetary Authority of Singapore (“MAS”) and other regulators, including the U.S. Commodity Futures Trading Commission (“CFTC”), in relation to rigging prices of SIBOR- derivatives. In October 2018, the New York District Court issued a decision dismissing all claims against ING Group and ING Capital Markets LLC, but leaving ING Bank, together with several other banks, in the case, and directing plaintiffs to file an amended complaint consistent with the Court's rulings. In filed such amended complaint, which asserts claims (or any other ING entity), effectively dismissing ING Bank from the case. In December permission from the Court to file a further amended complaint the New York District Court granted the defendants’ motion to dismiss and denied leave to further amend the complaint, effectively dismissing all remaining claims against ING Bank. In March 2021, the Second Circuit court vacated the District Court’s ruling. The case was remanded to the District Court to reconsider the amended complaint that would add ING Bank N.V. defendants’ petition for rehearing with the Second Circuit court. Interest rate derivatives claims: interest rate derivatives that were sold to clients in connection with floating interest rate loans in order to hedge the interest rate risk of the loans. These proceedings are based on several legal grounds, depending on the facts and circumstances of each specific case, inter alia alleged breach of duty of care, insufficient information provided to the clients on the product and its risks and other elements related to the interest rate derivatives that were sold to clients. In some cases, the court has ruled in favour of the claimants and annulled the interest rate derivative or ordered repayment of certain amounts to the claimants. The total amounts that need to be repaid or compensated in some cases still need to be determined. appeal against adverse rulings. Although the outcome of the pending litigation and similar brought in the future is uncertain, it is possible that the courts may ultimately rule in some or all of such cases. Where appropriate a provision has been taken. The aggregate financial impact of current and future litigation could become material. Mortgage expenses claims: regarding reimbursement of expenses associated with the formalisation of mortgages. In most court proceedings in first instance the expense clause of the relevant mortgage contract has been declared null and ING Spain has been ordered to reimburse all or part of the applicable expenses. Since 2018, European Court of Justice have issued rulings setting out which party should and stamp duty costs. In January 2021, the Spanish Supreme Court signed prior to 16 June 2019, the date the new mortgage law entered into force, should be borne by the bank. Media attention for the statute of limitations applicable to the right to claim reimbursement of costs resulted in an increased number of claims at the beginning of release informing of its decision to ask ECJ for a preliminary ruling regarding the criteria that should be applied determine the date from which the action for claiming the reimbursement of mortgage expenses is considered to be expired. ING Spain has also been included, together with other customer associations. In one of the class actions an agreement class action ING filed an appeal asking the Spanish first instance is only applicable to the consumers that were part of the case. A provision has been established in the past and has been adjusted where appropriate. Claims regarding mortgage loans in Swiss franc in Poland: retail customers who took out mortgage loans indexed to the Swiss franc. Such customers have alleged that the mortgage loan contract contains abusive clauses. One element that the court is expected to consider in determining whether such contracts contain abusive clauses is whether the rules to determine used for the conversion of the loan from Polish zloty to Swiss franc are unambiguous and verifiable. In December 2020, the Polish Financial Supervision Authority court settlements on foreign-currency mortgage disputes, with mortgages indexed to Swiss franc serving as a reference point. In February 2021, ING Poland announced its support for this initiative. ING has recorded a portfolio provision with respect to the claims and the PFSA proposal. The Polish Supreme Court is expected to provide further clarity on this topic in a ruling scheduled |
Related parties
Related parties | 6 Months Ended |
Jun. 30, 2021 | |
Related parties [abstract] | |
Related parties | 20 In the normal course of business, ING Group enters into various transactions with related parties. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions. Related parties of ING subsidiaries, associates, joint ventures, key management personnel, and various defined benefit and contribution plans. Transactions between related parties include rendering or receiving of services, leases, transfers under finance arrangements and provisions of guarantees or collateral. Related party transactions in the six month period ended 30 June in the 2020 consolidated financial statements of ING Group. No related party transactions that have taken place in the six month period ended 30 June 2021 have materially affected the financial position ING during this period. |
Capital management
Capital management | 6 Months Ended |
Jun. 30, 2021 | |
Capital management [Abstract] | |
Capital management | 21 ING Group’s Common Equity Tier 1 capital (CET1) ratio increased to 15.7 % as at 30 June 2021 (31 December 2020: 15.5 %), mainly due to capital generation. ING’s CET1 ambition level is around 12.5 %. This ambition level is comfortably above the current Maximum Distributable Amount (MDA) level of 10.51 %, implying a management buffer of ~ 200 Dividend ING has reserved EUR 1,232 outside of CET1 capital, reflecting our distribution policy of a 50 % pay-out ratio on resilient net profit. Resilient net profit (which is defined as net profit on IFRS-EU basis, adjusted for significant items not linked to the normal course of business) is equal to IFRS-EU net profit. At 30 June 2021, ING reserved EUR 4,031 amount originally reserved for the final 2019 dividend, the remaining dividend, as well as the amount reserved for interim dividend from the first half year of 2021 net On 23 July 2021, the ECB confirmed its recommendation to limit or refrain from dividends in pandemic, and return to a bank-by-bank assessment of capital and distribution plans September 2021. ING will pay an amount of EUR 0.48 (EUR 0.21 one third remaining amount originally reserved for the 2020 distribution (EUR 0.27 ING intends to make an additional distribution after 30 September 2021 of the amount will be in the form of cash and/or a share buyback, Ratings The ratings from S&P, on ING Groep N.V. Main credit ratings of ING at 30 June 2021 Standard & Poor’s Moody’s Fitch Rating Outlook Rating Outlook Rating Outlook ING Groep N.V. Long-term A- Stable Baa1 Stable A+ Negative ING Bank N.V. Long-term A+ Stable Aa3 Stable AA- Negative Short-term A-1 P-1 F1+ ING’s key credit ratings and outlook are shown in the table above. Each of these ratings reflects only the view of the applicable rating agency at the time the rating was issued, and any explanation of the significance of may be obtained only from the rating agency. A security rating is not a recommendation to buy, sell or hold securities and each rating should be evaluated independently of other ratings. There is no assurance that any credit rating will remain in effect for any given period of time or that a rating will not be lowered, suspended or the rating agency’s judgment, circumstances so warrant. ING accepts no responsibility for the accuracy or reliability of the ratings. |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent events [abstract] | |
Subsequent events | 22 There are no subsequent events to report other than those disclosed in Note 6 ‘Assets and liabilities held for sale’ and Note 21 ‘Capital management’. |
Risk management
Risk management | 6 Months Ended |
Jun. 30, 2021 | |
Risk management [abstract] | |
Risk management | Credit risk management practices (*) Globally, in the first half of 2021 the roll-out of the vaccine programmes has gained momentum. However, in the last months an increasing number of Covid-19 infections, mainly due to the spread of observed. In many countries, governments have continued their economic support programs (such as tax advantages, unemployment regulations or guarantees) that we believe will assist ING clients in potential financial difficulty to manage through these extraordinary times. Governments in almost all Retail Banking countries have adopted measures providing for payment holidays. As of end of June 2021, approximately 159,000 for which a payment holiday is granted amounts to € 17.5 56 % were for customers located in the Netherlands and Belgium. At the end of June 2021, 96 % of granted payment holidays had expired. In 2020, various measures were introduced by governments and ING to alleviate the impact of Covid-19, including European Banking Authority (EBA) guidelines. payment holidays did not lead to forbearance classifications. Therefore, it did not automatically trigger recognition of lifetime Expected Credit Loss (ECL) either. Until 30 September 2020, ING followed these guidelines and when a payment holiday was provided to a customer as part of a “general payment moratorium”, ING did not classify the exposure as forborne. The EBA further extended these guidelines from 1 October 2020 until 31 March conditions. ING decided not to make use of the extension of these guidelines treat all payment holiday requests under new or extended schemes (after September 2020) as stage 2 or stage 3 exposures. Portfolio quality and concentration Lending to businesses is diversified over various sectors and countries. The total gross carrying amounts is composed of approximately 65 % business lending and 35 % consumer lending. For a detailed breakdown of ING’s credit risk portfolio by Sector and Geographical area, refer to the section “Credit Risk portfolio” reported in the ‘Risk management’ section of the ING’s total gross carrying amounts increased compared to year-end 2020 partly as a result of the TLTRO III participation through deposits to central banks. This is visible in the next table as investment grade with AAA rating. Covid-19 sensitive sectors (*) The following sectors are most impacted (directly or indirectly) by the Covid-19 pandemic and lockdown measures and restrictions. Aviation (Transportation & Logistics): 4.3 0.47 % of total portfolio) from € 4.6 0.52 % of total portfolio) in 2020. In terms of rating, the distribution of outstanding improved compared to 2020, with outstanding remaining stable in Investment grade, whereas the Speculative grade outstanding decreased. Both, the Substandard grade and Non-performing grade improved to 0.0 Hospitality & Leisure (Services and Food, Beverages & Personal Care): 5.4 billion outstanding ( 0.59 % of total portfolio) from € 5.9 0.67 % of total portfolio). Rating distribution worsened compared to 2020, with outstanding reduction in BBB and BB ratings, whereas an increase is noticeable in CCC rating classes. Substandard grade slightly increased to 9.9 % from 9.7 % in 2020, and the NPL grade deteriorated to 7.2 % from 6.2 % in 2020. Non-food retail (Retail): 11.0 1.21 % of total portfolio) from € 10.8 1.22 % of total portfolio) in 2020. Rating distribution improved with concentrations increasing in Investment grade and reducing in Speculative grade. The NPL grade improved to 3.0 % from 3.3 % in 2020, while Substandard grade increased to 1.2 % from 0.7 %. Real estate: 53.1 5.81 % of total portfolio) from € 54.4 6.13 % of total portfolio) in 2020. Rating distribution improved with concentrations increasing in Investment grade and slightly reducing in Speculative grade. The NPL grade increased to 1.5 % from 1.2 % in 2020, while Substandard grade improved to 0.8 % from 1.2 %. Loan Loss Provisioning (*) Since 1 January 2018, ING has recognised loss allowances which is designed to be forward-looking. The IFRS 9 impairment requirements are applicable to on-balance financial assets measured at amortised cost or fair value through other comprehensive income loans, debt securities and lease receivables, as well as off-balance sheet items such as commitments, certain financial guarantees, and undrawn committed revolving credit facilities. The table below describes the portfolio composition over the different IFRS 9 stages and rating classes. The Stage 1 portfolio represents 92.7 % (31 December 2020: 91.8 %) of the total gross carrying amounts, mainly composed of investment grade, while Stage 2 makes up 6.0 % (31 December 2020: 6.8 %) and Stage 3 makes up 1.4 % (31 December 2020: 1.5 %) of the total gross carrying amounts, respectively. Gross carrying amount per IFRS 9 stage in EUR million 12-month ECL (Stage 1) Lifetime ECL not credit impaired (Stage 2) Lifetime ECL credit impaired (Stage 3) Total 30 June 2021 Rating class Gross Carrying Amount Provisions Gross Carrying Amount Provisions Gross Carrying Amount Provisions Gross Carrying Amount Provisions Investment grade 1 (AAA) 118,799 3 47 0 118,846 3 2-4 (AA) 109,118 4 301 0 109,419 4 5-7 (A) 151,056 17 935 1 151,992 17 8-10 (BBB) 307,902 69 9,591 15 317,493 84 Non-Investment grade 11-13 (BB) 160,025 211 15,436 106 175,461 317 14-16 (B) 28,468 192 19,930 475 48,397 667 17 (CCC) 4,277 9 5,334 291 9,611 301 Substandard grade 18 (CC) 2,888 189 2,888 189 19 (C) 2,293 229 2,293 229 NPL grade 20-22 (D) 12,827 3,616 12,827 3,616 Total 879,645 505 56,755 1,306 12,827 3,616 949,228 5,427 ¹IAS 37 provisions are established for non-credit replacement guarantees not in the scope of IFRS 9. Total 85 Gross carrying amount per IFRS 9 stage in EUR million 12-month ECL (Stage 1) Lifetime ECL not credit impaired (Stage 2) Lifetime ECL credit impaired (Stage 3) Total 31 December 2020 Rating class Gross Carrying Amount Provisions Gross Carrying Amount Provisions Gross Carrying Amount Provisions Gross Carrying Amount Provisions Investment grade 1 (AAA) 109,734 3 46 0 109,780 3 2-4 (AA) 108,776 6 646 0 109,422 6 5-7 (A) 137,901 27 797 1 138,698 28 8-10 (BBB) 294,923 88 7,418 12 302,341 100 Non-Investment grade 11-13 (BB) 159,076 239 18,513 133 177,588 372 14-16 (B) 28,335 208 23,742 570 52,077 777 17 (CCC) 2,817 9 5,113 259 7,930 269 Substandard grade 18 (CC) 3,384 248 3,384 248 19 (C) 2,323 254 2,323 254 NPL grade 20-22 (D) 13,398 3,797 13,398 3,797 Total 841,562 581 61,981 1,476 13,398 3,797 916,942 5,854 ¹IAS 37 provisions are established for non-credit replacement guarantees not in the scope of IFRS 9. Total 75 Changes in gross carrying amounts and loan loss provisions (*) The table below provides a reconciliation by stage of the gross carrying/nominal amount loans and advances to banks and customers, including loan commitments and financial of financial instruments represents the impact of stage transfers upon the gross carrying/nominal amount and associated allowance for ECL. This includes the net remeasurement of ECL arising from stage transfers, for example, moving from a 12-month (stage 1) to a lifetime (stage 2) ECL measurement basis. The net remeasurement line represents the changes in provisions for facilities that remain in the same stage. Please note the following comments with respect to the movements observed in the table below half-year 2021: ● Stage 2 gross carrying amount decreased by € 5.2 62 mainly caused by the significant lifetime PD trigger (€ -5.4 -3.3 billion), partly offset by an increase in other triggers of which Forbearance is the 2.0 billion). ● Transportation & Logistics, Real Estate, Services and Food, Beverages & Personal Care are still the sectors with the highest Stage 2 gross carrying amounts, which represent 11 %, 10 %, 9 % and 8 %, respectively of the total, however apart from Transportation & Logistics that stayed Stage 2 amounts of € 0.8 1.3 0.8 ● Stage 3 gross carrying amount decreased by € 0.6 13.4 related to repayments and write-offs for certain large individual files. Consequently, in the first 6 months of 2021 relatively low stage 3 individual risk costs were recognized. ● The net remeasurement of loan loss provisions in Stage 1 and Stage 2 of € -114 -62 respectively were significantly impacted by the improved macroeconomic outlook resulting in lower management adjustments to address for the delay in observed defaults . Additional information on macroeconomic scenarios is included in sensitivity analysis of key sources of estimation uncertainty”. Changes in gross carrying amounts and 1,2,3 in EUR million 12-month ECL (Stage 1) Lifetime ECL not credit impaired (Stage 2) Lifetime ECL credit impaired (Stage 3) Total Gross carrying amount Provisions Gross carrying amount Provisions Gross carrying amount Provisions Gross carrying amount Provisions Opening balance at 1 January 2021 841,562 581 61,981 1,476 13,398 3,797 916,942 5,854 Transfer into 13,305 16 -12,830 -202 -475 -19 -204 Transfer into -15,575 -23 16,345 185 -771 -79 83 Transfer into -1,228 -3 -1,208 -64 2,436 426 359 Net remeasurement of loan loss provisions -114 -62 89 -87 New financial assets originated or purchased 77,861 80 77,861 80 Financial assets that have been derecognised -33,762 -31 -5,765 -46 -1,539 -87 -41,066 -163 Net drawdowns and repayments -2,518 -1,768 -222 -4,509 Changes in models/risk parameters 4 16 33 53 Decrease/Increase in loan loss provisions -70 -171 362 121 Write-offs -472 -472 Recoveries of amounts previously written off 21 21 Foreign exchange and other movements -6 1 -92 -97 Closing balance at 30 June 2021 879,645 505 56,755 1,306 12,827 3,616 949,228 5,427 1 At the end of June 2021, the gross carrying amounts included loans and advances to central banks (€ 119.6 26.2 30.6 49.5 613.1 billion), assets held for sale (€ 1.3 126.9 -6.5 -6.1 adjustment hedged items (€ -0.8 -2.2 -2.5 0.1 2 Stage 3 Lifetime credit impaired includes € 3 3 At the end of June 2021, the stock of provisions included provisions for loans and advances to central banks (€ 4 20 12 securities at amortised cost (€ 22 5,347 23 Changes in gross carrying amounts and 1,2,3 in EUR million 12-month ECL (Stage 1) Lifetime ECL not credit impaired (Stage 2) Lifetime ECL credit impaired (Stage 3) Total Gross carrying amount Provisions Gross carrying amount Provisions Gross carrying amount Provisions Gross carrying amount Provisions Opening balance at 1 January 2020 817,247 490 41,082 881 10,955 3,275 869,284 4,646 Transfer into 9,139 24 -8,899 -200 -240 -18 0 -194 Transfer into -39,093 -76 39,601 651 -509 -57 0 518 Transfer into -3,592 -30 -1,879 -163 5,471 1,518 0 1,325 Net remeasurement of loan loss provisions 0 109 0 450 0 700 0 1,259 New financial assets originated or purchased 161,333 178 0 0 161,333 178 Financial assets that have been derecognised -116,035 -85 -6,987 -107 -897 -236 -123,919 -428 Net drawdowns and repayments 12,563 -938 -181 11,444 Changes in models/risk parameters 7 7 Increase in loan loss provisions 119 638 1,908 2,666 Write-offs -1,200 -1,200 -1,200 -1,200 Recoveries of amounts previously written off 39 39 Foreign exchange and other movements -28 -42 -226 -297 Closing balance at 31 December 2020 841,562 581 61,981 1,476 13,398 3,797 916,942 5,854 1 At the end of December 2020, the gross carrying amounts included loans and advances to central banks (€ 109.2 25.4 34.0 50.6 (€ 599.7 118.4 -6.4 -8.3 -1.0 billion), a receivable that is offset by a liquidity facility (€ -2.2 -2.2 -0.3 2 Stage 3 Lifetime credit impaired includes € 3 3 At the end of December 2020, the stock of provisions included provisions for loans and advances to central banks (€ 3 23 14 17 customers (€ 5,779 17 Macroeconomic scenarios and sensitivity analysis of key sources of estimation uncertainty Methodology (*) Our methodology in relation to the adoption and generation of macroeconomic scenarios section. We continue to follow this methodology in generating our probability-weighted ECL, with consideration of alternative scenarios and management adjustments supplementing this the consensus forecast does not fully capture the extent of recent credit or economic events. The macroeconomic scenarios are applicable to the whole ING portfolio in the scope Under IFRS 9, ING’s reportable ECL numbers are most sensitive to the forward-looking macroeconomic forecasts used as model inputs, the probability-weights applied to each identifying a significant increase in credit risk. As such, these crucial management judgement, and are subject to extensive governance. Management adjustments can be applied where the impact of the updated macroeconomic under-estimated by the IFRS 9 models. As a result of the economic effects related to Covid-19, estimation uncertainty and level of management judgement increased resulting in the need for additional adjustments. Baseline scenario (*) As a baseline for IFRS 9, ING has adopted a market neutral view combining consensus forecasts for economic variables (GDP, Oxford Economics’ Global Economic Model (OEGEM) is used to complement the consensus with consistent projections for variables for which there are no consensus estimates available (most notably house prices and – for some countries - unemployment), to generate alternative scenarios, to convert annual consensus information to a quarterly frequency and to ensure general consistency of the scenarios. As the baseline with the consensus view it can be considered as free from any bias. The relevance and selection of macroeconomic variables is defined by the ECL models governance. The scenarios are reviewed and challenged by two panels. The first panel consists of economic experts from Global Markets Research and Risk and Modelling specialists, while the second relevant senior managers. Alternative scenarios and probability weights (*) Two alternative scenarios are taken into account; an upside and a downside scenario. The alternative scenarios have to a large extent a technical character as these are based on the forecast errors of the OEGEM. To understand forecast errors of the past 20 years. The distribution of forecast errors for GDP, share prices is applied to the baseline forecast creating a broad range of alternative outcomes. In addition, to understand the balance of risks facing the economy in an unbiased way, Oxford Economics runs a survey with respondents from around the world and across a broad range of industries. In this survey the respondents put forward their views of key risks. Following the survey results, the distribution of forecast errors (that is being used for determining the scenarios) may be skewed. For the downside scenario, ING has chosen for the 90th percentile of that distribution because with how within risk management earnings at risk is defined represented by the 10th percentile of the distribution. The applicable percentiles of the distribution probability for each alternative scenario. Consequently, the baseline scenario has a 60% probability weighting. Please note that, given their technical nature, the downside and upside scenarios specific narrative. Macroeconomic scenarios applied (*) The provisions are based on the June 2021 consensus forecasts. Baseline assumptions (*) The June 2021 consensus anticipates global output (based relevant economies), after declining sharply in 2020 by 3.2 %, to bounce back to 6.0 % expected growth in 2021 and 4.3 % in 2022. For the years thereafter a levelling off to a below 3 % growth rate is being expected. The consensus reflects that vaccination has picked up strongly in most developed economies allowing most governments to (further) re-open their economies. For Europe in particular the corner in Q2 2021 as the speed of vaccination has picked up decisively and social or lessened, thus broadening the global economic recovery. The recovery of economies in Asia-Pacific, in which countries like China, Japan and Australia were already back at pre-crisis levels in 2020, is expected to continue. In the US, a stimulus-fuelled economic boom, that already brought back the is expected to continue with growth rates of 6.6 % in 2021 and 4.3 % in 2022. The eurozone may reach pre-crisis levels only by Q2 2022. For most countries unemployment is expected to peak in 2020/21 and to gradually decline in thereafter. remain low (albeit increasing), house prices can be assumed When compared to the December 2020 consensus forecast, used for the 2020 Annual forecast assumes a stronger economic recovery. Global GDP is expected to increase by 6.0 % in 2021 (compared to 5.0 % assumed before) and 4.3 % in 2022 ( 3.8 % assumed before). This upward adjustment follows on from a more effective than expected roll-out of vaccination programs and generally better than expected realizations. Alternative scenarios and risks (*) Although vaccination against Covid-19 progresses swiftly in many countries, uncertainty surrounding the forecasts remain larger than usual, reflecting continued uncertainty around the development and impact of the pandemic. In 2020, the dispersion of the alternative scenarios has of uncertainty. Specifically, the forecast bandwidths projected for the end of the forecast horizon has been applied to the near term as well. As the forecast-error distributions widen over time, this means that the distributions became in the near-term and thus allowed for a wider range of possible outcomes. Meanwhile, horizon they remained unchanged and hence comparable to scenarios generated prior to the pandemic. However, experience from 2020 shows that the economic harm from lockdowns has diminished over time. Economies have become better at operating with lockdown restrictions in place (measures became more tailored and businesses more prepared). Oxford Economics’ research shows that the harm from lockdowns has halved from what it was in the first half of 2020. Following on from this, in the current scenarios the overlay to the near-term dispersion has been halved while the downward skew following on from the outcomes of Oxford Economics’ Global Risk Survey has been maintained. As a result from this adjustment, the dispersion of the forward-looking distributions (from which the alternative scenarios are being derived) larger than in normal times, but it now also reflects the adaptability of The upside scenario – though technical in nature – for most countries implies a quick coronavirus baseline forecast and more positive medium-term prospects than envisaged in the baseline scenario. In this scenario unemployment rates quickly fall back from their peaks. The downside scenario, while being equally technical in term. The downside scenario reflects the risk of the coronavirus pandemic not only risks to the near-term outlook but also of leaving longer-lasting scars on the supply private sector de-leveraging, austerity measures from governments to reduce overall debt, weaker productivity growth). Management adjustments applied (*) In times of volatility and uncertainty where portfolio quality and the economic models alone may not be able to accurately predict losses. In these cases management adjustments applied to appropriately reflect ECL. Management adjustments can also be applied where the impact of updated macroeconomic scenarios is over- An overlay of € 296 394 defaults occurring in this crisis, as a result of support programmes, while GDP growth as more favourable 2021 GDP growth forecasts (and subsequent years) are now being taken into account in the models. As it is expected that additional defaults as a result of the crisis 296 was calculated using a scenario with a time lag between GDP growth forecasts deteriorating and defaults occurring. Looking forward, it is expected that the phasing out of the Covid-19 related government support as Payment Holidays, tax deferrals or subsidies, in the course of 2021 could lead to more business insolvencies and unemployment. This could lead to more clients that have currently taken payment holidays or benefited from other support measures getting into financial difficulties and to higher levels of defaults. To the extent the IFRS 9 models, a management adjustment has been recognised. This management recognised for SME and mid-corporate portfolios as these portfolios are considered to be most at risk as having the highest percentage of customers that requested for payment holidays or include the sectors most dependent on the government support measures compared to other portfolios. As at 30 June 2021 ING has management adjustment of € 99 85 146 Belgium (31 December 2020: € 131 by macroeconomic forecasts updates. Furthermore, a management adjustment of € 17 2020: € 28 relative many payment holidays are granted and which is considered at risk. Given positive developments among upstream oil book of € 25 however a new € 39 higher risk in the book due to the leveraged nature of the book. Analysis on sensitivity (*) The table below presents the analysis on the sensitivity of key forward-looking macroeconomic inputs used in ECL collective-assessment modelling process and the probability-weights applied to each of the three scenarios. The countries included in the analysis are the most significant geographic regions, in terms of both contribution to reportable ECL, and sensitivity of ECL to forward-looking macroeconomics. Accordingly, ING considers these portfolios to present the most significant risk of a material change to the carrying amount financial assets within the next financial year. ING also observes that, in general, the Wholesale Banking business is more sensitive to the impact of forward-looking macroeconomic scenarios. The purpose of the sensitivity analysis is to enable the based reportable ECL from the upside and downside scenario. The table does not adjustments, except for the overlay for time lag in defaults of € 296 In the table below the Real GDP is presented in percentage year-on-year change, the unemployment in percentage of total labour force and the house price index (HPI) in percentage year-on year change. While the table does give a high-level indication of the sensitivity of not provide insight into the interdependencies and correlations between different macroeconomic variable inputs. On total ING level, the unweighted ECL for all collective provisioned clients in the upside scenario was € 2,757 2,933 3,307 € 2,973 management adjustments). When compared to the sensitivity analysis of 2020 the macroeconomic inputs forecasts have improved since December 2020. Furthermore the dispersion of the up- around the baseline scenario has been reduced, reflecting the decreased uncertainty Covid-19. The following table shows the sensitivity of the ECL figures to a change in macroeconomic also the unweighted ECL as calculated before applying the scenario probabilities. Sensitivity analysis as at 30 June 2021 2021 2022 2023 Un-weighted ECL (Eur mln) Probability- weighting Reportable ECL (Eur mln) 1 Netherlands Upside scenario Real GDP 3.3 4.5 3.2 341 20 % 382 Unemployment 4.0 4.0 3.2 HPI 11.0 16.3 4.6 Baseline Scenario Real GDP 2.6 3.2 1.9 374 60 % Unemployment 4.8 4.8 4.7 HPI 7.9 2.6 2.5 Downside scenario Real GDP 0.1 0.6 1.0 448 20 % Unemployment 6.1 7.1 7.7 HPI 4.6 -12.6 -0.4 Belgium Real GDP 4.9 4.8 2.6 486 20 % 511 Unemployment 6.4 6.0 5.5 HPI 2.7 2.6 3.5 Baseline Scenario Real GDP 4.2 3.5 2.2 507 60 % Unemployment 7.0 6.4 6.2 HPI 1.9 1.6 2.6 Downside scenario Real GDP 2.6 1.4 1.7 550 20 % Unemployment 8.2 8.5 8.5 HPI 1.1 -0.1 1.7 Germany Upside scenario Real GDP 4.5 5.9 1.9 517 20 % 543 Unemployment 3.3 2.7 2.0 HPI 10.6 6.8 4.0 Baseline Scenario Real GDP 3.3 4.1 1.5 540 60 % Unemployment 4.2 3.8 3.6 HPI 9.4 3.1 0.7 Downside scenario Real GDP 1.3 1.0 0.2 580 20 % Unemployment 5.3 5.4 5.5 HPI 7.9 -1.5 -2.9 United States Upside scenario Real GDP 8.2 5.3 3.0 86 20 % 115 Unemployment 4.3 2.8 2.0 HPI 11.6 8.7 9.9 Baseline Scenario Real GDP 6.6 4.3 2.3 107 60 % Unemployment 4.7 3.8 3.6 HPI 11.1 4.9 4.1 Downside scenario Real GDP 4.4 1.2 0.7 167 20 % Unemployment 6.7 6.7 7.5 HPI 10.2 -0.1 -2.3 1 Sensitivity does only include the effect of time lag overlay, other management adjustments are Sensitivity analysis as at 31 December 2020 2021 2022 2023 Un-weighted ECL (Eur mln) Probability- weighting Reportable ECL (Eur mln) 1 Netherlands Upside scenario Real GDP 5.3 3.3 2.8 383 20 % 468 Unemployment 5.1 3.9 3.0 HPI 8.1 6.3 4.7 Baseline Scenario Real GDP 2.8 2.9 1.9 441 60 % Unemployment 5.8 5.2 4.7 HPI -1.9 -1.6 4.5 Downside scenario Real GDP -4.9 4.8 1.4 636 20 % Unemployment 7.7 7.8 7.9 HPI -12.3 -11.0 4.3 Belgium Real GDP 6.9 3.3 2.4 494 20 % 559 Unemployment 7.3 6.2 5.8 HPI -0.2 4.2 4.8 Baseline Scenario Real GDP 4.5 3.3 2.3 540 60 % Unemployment 7.5 6.3 6.3 HPI -1.7 3.5 3.8 Downside scenario Real GDP -0.4 4.0 2.2 681 20 % Unemployment 9.4 9.1 8.8 HPI -3.6 2.5 2.9 Germany Upside scenario Real GDP 7.6 3.3 1.5 504 20 % 558 Unemployment 3.0 2.2 1.8 HPI 3.5 8.3 6.6 Baseline Scenario Real GDP 3.9 3.4 1.6 541 60 % Unemployment 4.1 3.5 3.5 HPI 0.4 4.8 3.1 Downside scenario Real GDP -2.4 3.5 1.3 662 20 % Unemployment 5.6 5.3 5.6 HPI -3.5 0.8 -0.9 United States Upside scenario Real GDP 5.6 4.1 3.8 93 20 % 189 Unemployment 5.0 3.0 1.9 HPI 6.2 9.4 9.3 Baseline Scenario Real GDP 4.0 3.2 2.5 134 60 % Unemployment 6.0 4.7 4.1 HPI 4.3 4.1 4.0 Downside scenario Real GDP -6.3 6.8 1.9 448 20 % Unemployment 8.5 7.9 7.6 HPI 1.2 -1.9 -2.3 1 Sensitivity does only include the effect of time lag overlay, other management adjustments are Criteria for identifying a significant increase in credit risk (*) All assets and off-balance sheet items that are in scope of IFRS 9 impairment ECL assessment are allocated a 12-month ECL if deemed to belong in stage 1, or a lifetime ECL if deemed to belong in stages 2 and 3. An asset belongs in stage 2 if it is considered to have experienced a significant increase in credit risk since initial origination or purchase. The stage allocation process involves an asset’s derived scenario weighted average PD being assessed against a set of PD threshold bandings, which determines the appropriate staging and ECL. Stage 2 is triggered when either a threshold for absolute change in lifetime PD or relative change in lifetime PD is hit. The thresholds for the absolute change in lifetime PD vary between 75 bps for Retail portfolios, 100 bps for Wholesale and 250 bps for SMEs, based on the characteristics of the specific portfolio. We are however in a transition phase to determine this on a portfolio level, which has been implemented for a Turkish and Polish models which already have deviating lifetime PD thresholds. The threshold for the relative change in lifetime PD is inversely correlated with the PD at origination; the higher the PD at origination, the lower the threshold. Despite this, the relative threshold is sensitive for investment grade assets while the absolute threshold primarily affects speculative grade assets. On ING Group level, the total ECL collective-assessment for performing assets is € 1,418 1,678 time lag overlay into account). The setting of PD threshold bandings requires management judgement, and is a key source of estimation uncertainty. To collectively-assessed assets, which assumed all assets (stage 1 and 2) were below the threshold, and a 12-month ECL. On the same asset base, analysis was run threshold, and apportioned a lifetime ECL. This gave rise to hypothetical collective-assessment ECLs of € 989 million (2020: € 1,242 2,665 3,552 analysis all other ECL risk parameters (except for the stage) were kept equal. It should be noted that the lifetime PD thresholds are not the only drivers of stage allocation. An asset can change stages as a result of being in arrears, being on a Watch List or being forborne, among other triggers. Refer to section 1.7.8 of Note 1 ‘Basis of preparation and accounting policies’ in the year ended December 31, 2020 for an exhaustive list. Furthermore, this analysis is parameters would change when an asset changes stages. Market risk in banking books (*) IBOR transition (*) Interbank offered rates, such as EURIBOR and LIBOR, are widely used benchmarks to set interest rates across a broad range of financial products and contracts. In line with the recommendations from the Financial Stability Board, a fundamental review of the major interest rates benchmarks has been undertaken. For the eurozone, this led to a reform of the EURIBOR benchmark rate and the development of €STR as the recommended risk-free-rate (RFR) to replace EONIA. For LIBOR benchmarks, the reform will include replacing current LIBOR rates with alternative, nearly risk-free rates. SONIA as the replacement rates for USD and GBP LIBOR respectively. This transition process is at different stages and progressing at different speeds, across several major currencies. The reform of EURIBOR was completed in 2019 and consisted of a change to the underlying calculation methodology. The Belgian Financial Services and Markets Authority has granted authorisation with respect to EURIBOR under the EU Benchmarks Regulation. This allows market participants to continue to use EURIBOR both existing and new contracts. its work on developing recommended fallbacks for EURIBOR contracts based on €STR. recommendations will be used by the industry to improve fallback language for both new and existing EURIBOR contracts. EONIA will cease to be published on 3 January 2022 and at that time. The transition of existing contracts and products that rely on EONIA is ongoing. EONIA and €STR are both overnight rates and the spread between them was established and fixed in 2019 so this transition is considered less complex than that for LIBOR. ING has transitioned a large number of accounts in the course of 2021. Clearing houses transitioned EUR cleared derivatives to €STR discounting 2020, leaving the task of processing similar changes to our bilateral arrangements. A key challenge to complete this transition is obtaining active engagement from our clients, which is also noted by other and hence subject to discussion, to identify possible The administrator of LIBOR confirmed on 5 March 2021 its plans for the cessation of most LIBOR of 2021, with an 18 month extended period of publication for the most commonly extended timeline for USD LIBOR is only intended to support existing USD products, as the expectation from U.S. and other key non-U.S. Regulatory Agencies is that USD LIBOR should not be used after the contracts. other LIBOR rates in 2021. alternative rates and transitioning existing GBP/CHF/JPY and derivatives. This aligns with our increasing ability to offer RFR products and for example we have already started participating/arranging SONIA based loans. The financial sector has issued a number of interim key components of this transition. For example significant progress has been made to address deficiencies in derivative fallback clauses. ISDA has issued an IBOR fallback supplement to help ensure clear apply on the discontinuation of certain key IBORs. From the effective date of 25 January 2021, all new derivatives that reference these ISDA definitions parties have also adhered to a protocol to implement these fallbacks into derivative contracts that were entered into before the effective date. If both counterparties adhere to the protocol, these updated fallbacks are automatically incorporated into existing derivative contracts. For loans, various recommendations have been made to help drive consistent inclusion of robust fallbacks and/or rate switch mechanisms for new contracts. These industry recommendations are incorporated into our contract templates used for new lending. Public authorities have also recognised that certain LIBOR contracts do not contain provisions for any alternatives, contain inappropriate alternatives, or cannot be renegotiated or amended prior to the expected cessation of LIBOR. In response, the European Commission Commission the power to replace critical benchmarks if their termination would significantly affect the functioning of the financial markets in the EU. In addition, the UK government has granted additional powers to the FCA to enable the temporary publication of a ‘’synthetic’’ LIBOR using a different methodology and inputs, that could be used to reduce the disruption to any holders of tough legacy contracts. However, there is no certainty as to the conditions the FCA will apply when exercising these powers and the FCA has consequently encouraged users of LIBOR to renegotiate or amend as many contracts as possible before cessation of the relevant LIBOR. ING Group has significant exposures to IBORs on its financial instruments that will be market-wide initiative. The potential discontinuation of intere |
Basis of preparation and acco_2
Basis of preparation and accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Basis of preparation and accounting policies [abstract] | |
Reporting entity and authorisation of the Condensed consolidated interim financial statements | 1.1 Reporting entity and authorisation of the Condensed consolidated interim financial statements ING Groep N.V. Amsterdam, the Netherlands . Commercial Register of Amsterdam, number 33231073. These Condensed consolidated interim financial period ended 30 June 2021, comprise ING Groep N.V. (the Parent referred to as ING Group. ING Group is a global financial institution with a strong European base, offering a wide range of retail and wholesale banking services to customers in over 40 The ING Group Condensed consolidated interim financial statements, as at and for the six month period ended 30 June 2021, were authorised for issue in accordance with a resolution of 2021. 1.2 Basis of preparation of the Condensed consolidated interim financial statements The ING Group Condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 ‘ Interim Financial Reporting’. The accounting policies used to prepare the Condensed consolidated interim financial statements are consistent with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS-IASB) and are consistent with those set out in the notes to the 2020 Consolidated financial statements as included in the 20-F of ING Group except for the adoption of a number of amendments effective in 2021 as set out in ‘Changes to accounting policies’. The Condensed consolidated interim financial statements should be read in conjunction with Consolidated financial statements as included in the Form 20-F. The ING Group Condensed consolidated interim financial statements have been prepared on a going concern basis. |
Basis of preparation of the Condensed consolidated interim financial statements | 1.2 Basis of preparation of the Condensed consolidated interim financial statements The ING Group Condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 ‘ Interim Financial Reporting’. The accounting policies used to prepare the Condensed consolidated interim financial statements are consistent with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS-IASB) and are consistent with those set out in the notes to the 2020 Consolidated financial statements as included in the 20-F of ING Group except for the adoption of a number of amendments effective in 2021 as set out in ‘Changes to accounting policies’. The Condensed consolidated interim financial statements should be read in conjunction with Consolidated financial statements as included in the Form 20-F. The ING Group Condensed consolidated interim financial statements have been prepared on a going concern basis. The Condensed consolidated interim financial statements are presented in euros and rounded to the nearest million, unless stated otherwise. Amounts may not add up due to rounding. 1.2.1 Presentation of Risk management disclosures Certain disclosures of the nature and extent of risks related to financial instruments as disclosed in the 2020 ING Group Consolidated financial statements and included in the 2020 ING Group Annual are updated and take into account Covid-19 developments in the first six months of 2021. Although these disclosures are included in the ‘Risk management’ Group Condensed consolidated interim financial statements. The disclosures are indicated by the symbol (*). Chapters, paragraphs, graphs or tables within the risk management section that are indicated with this symbol in the respective headings or table header are considered to be an integral part of the Condensed interim financial statements. 1.2.2 Reconciliation between IFRS-EU and IFRS-IASB The 2020 ING Group Consolidated financial statements and the 2021 ING Group Condensed interim financial statements are prepared in accordance with IFRS-EU. IFRS-EU refers to International Financial Reporting Standards (‘IFRS’) as adopted by the European Union (EU), including the decisions with regard to the options available under IFRS as adopted by the EU. IFRS-EU differs from IFRS-IASB in respect of certain paragraphs in IAS 39 ‘Financial Instruments: Recognition and Measurement’ accounting for portfolio hedges of interest rate risk. |
Presentation of Risk management disclosures | 1.2.1 Presentation of Risk management disclosures Certain disclosures of the nature and extent of risks related to financial instruments as disclosed in the 2020 ING Group Consolidated financial statements and included in the 2020 ING Group Annual are updated and take into account Covid-19 developments in the first six months of 2021. Although these disclosures are included in the ‘Risk management’ Group Condensed consolidated interim financial statements. The disclosures are indicated by the symbol (*). Chapters, paragraphs, graphs or tables within the risk management section that are indicated with this symbol in the respective headings or table header are considered to be an integral part of the Condensed interim financial statements. |
Reconciliation between IFRS-EU and IFRS-IASB | 1.2.2 Reconciliation between IFRS-EU and IFRS-IASB The 2020 ING Group Consolidated financial statements and the 2021 ING Group Condensed interim financial statements are prepared in accordance with IFRS-EU. IFRS-EU refers to International Financial Reporting Standards (‘IFRS’) as adopted by the European Union (EU), including the decisions with regard to the options available under IFRS as adopted by the EU. IFRS-EU differs from IFRS-IASB in respect of certain paragraphs in IAS 39 ‘Financial Instruments: Recognition and Measurement’ accounting for portfolio hedges of interest rate risk. Under IFRS-EU, ING Group applies fair value hedge accounting for portfolio hedges of interest rate risk (fair value macro hedges) in accordance with the EU carve-out version of IAS 39. Under hedge accounting may be applied, in respect of fair value macro hedges, to core deposits and hedge ineffectiveness is only recognised when the revised estimate of the amount of cash flows in scheduled time buckets falls below the original designated amount of that bucket and is not recognised when the revised amount of cash flows in scheduled time buckets is more than the original designated hedge accounting for fair value macro hedges cannot be applied to core deposits and ineffectiveness arises whenever the revised estimate of the amount of cash flows in scheduled time buckets is either more or less than the original designated amount of that bucket. This information is prepared by reversing the hedge accounting impacts that are applied under the EU ‘carve- out’ version of IAS 39. Financial information under IFRS-IASB accordingly possibility that had ING Group applied IFRS-IASB as its primary alternative hedge strategies where those alternative hedge strategies could have qualified for IFRS-IASB compliant hedge accounting. These decisions could have resulted in different shareholders’ equity and net result amounts compared to those indicated in this Condensed consolidated interim financial Form 6-K. In the first six months of 2021, interest yield increased resulting in a positive EU IAS39 carve out (EUR 956 (EUR -493 trading income’ in the statement of profit or loss. between IFRS-EU and IFRS-IASB is included below. Reconciliation net result under IFRS-EU and IFRS-IASB 1 January to 30 June in EUR million 2021 2020 In accordance with IFRS-EU (attributable to the shareholders of 2,464 969 Adjustment of the EU IAS 39 carve-out 956 -493 Tax effect 1 -260 115 Effect of adjustment after tax 697 -379 In accordance with IFRS-IASB (attributable to the shareholders of the parent) 3,161 591 Non-controlling interests 59 36 In accordance with IFRS-IASB Total 3,219 626 1 includes the effect of changes in tax rate. Reconciliation shareholders’ equity under IFRS-EU and IFRS-IASB in EUR million 30 June 2021 31 December 2020 In accordance with IFRS-EU (attributable to the shareholders of 56,222 54,637 Adjustment of the EU IAS 39 carve-out -3,132 -4,081 Tax effect 805 1,063 Effect of adjustment after tax -2,327 -3,018 Shareholders’ equity 53,896 51,619 Non-controlling interests 987 1,022 In accordance with IFRS-IASB Total 54,883 52,640 |
Impact of Covid 19 | 1.3 Impact of Covid-19 After the outbreak of the Covid-19 pandemic in 2020, schemes for borrowers impacted by Covid-19. As at 30 June 2021 ING Group had approximately EUR 2.0 of loans outstanding under these programs (31 December 2020: EUR 1.5 In Wholesale Banking the main schemes are being Scheme (“GO-C”)), in France (state-guarantee scheme Bpifrance) and Germany (guaranteed by KfW). In Retail Banking these facilities include in the Netherlands the SME Credit the small credit facility (“Klein Krediet Corona” or KKC) for self-employed individuals. In 2020 ING Group started an initiative with European Investment Bank to lend nearly EUR 800 favorable terms to Dutch small and medium-sized enterprises that are affected by the economic impact of Covid-19 and loans under this program have been recognized on the balance sheet of ING as from 2021. Similar facilities are also offered by ING Group in other countries, mainly in Belgium and provided in 2020 loans under the state guarantee scheme GS1 which establishes risk sharing and the government. It applies to new loans to non-financial companies, SME certain conditions. ING Bank Poland signed an agreement with BGK support clients with individual guarantee schemes, provided by BGK as a collateral (equivalent to a state guarantee). Loans that have been originated under the above programs have been recognized on the consolidated statement of financial position of ING Group. Depending on the scheme, integral or non-integral to the origination of these loans. Following this, the guarantees are either reflected in the expected credit losses (ECL) associated with these loans or as separate reimbursement asset, respectively. In either case, such guarantees have a similar impact on the statement of profit or loss and both reduce amount presented as ‘addition to loan loss provisions’. In 2020 governments in almost all countries where ING Retail bank is active adopted measures providing for payment holidays to private individuals and small business loans. In the six month period most of these payment holiday programs expired. As at 30 June 2021, approximately 159 were granted payment holidays in the context of the Covid-19 pandemic (down from 196 December 2020 due to reimbursements and prepayments). The total exposure of loans for which a payment holiday is granted amounts to EUR 17.5 19.4 which 96 % has expired. The modification of contractual terms of loans subject to payment holiday arrangements does not automatically result in derecognition of the financial assets. Where applicable, financial asset has been recalculated as the present value of the renegotiated or modified contractual cash flows, discounted at the original effective interest rate and a gain or loss was recognized. This did not have a material impact on the profit or loss statement of ING Group. As a result of the economic effects of Covid-19 estimation uncertainty and level of management judgement increased compared to before the Covid-19 pandemic in certain areas, such as the impairment assessment loan loss provisions (including the need for management adjustments). Please ‘Significant judgements and critical accounting estimates and assumptions’. |
Changes in IFRS Effective in 2021 | 1.4.1 Changes in IFRS effective in 2021 The following amended standards became effective in the current reporting period: ● Amendments to IFRS 9 ‘Financial Instruments’, IAS 39 ‘Financial Instruments: Recognition and Measurement’, IFRS 16 ‘Leases’, Disclosures’: ‘IBOR Reform and its Effects on Financial Reporting – Phase 2’ (issued in August 2020); ● Amendments to IFRS 16 ‘Leases’: ‘Covid-19-Related Rent Concessions’ (issued in May 2020). The IBOR Reform – Phase 2 amendments relate mainly to accounting for changes in the basis for determining the contractual cash flows of financial assets and liabilities due to the IBOR accounting when an existing benchmark rate is reformed or replaced with an alternative risk free rate. Specifically, Phase 2 amendments require that the effective interest rate adjusted, and hedge accounting will continue on transition to risk free rates, but only to the extent that the modifications made to financial instruments are those necessary new basis for calculating cash flows is ‘economically equivalent’ to the previous basis. By applying these mandatory amendments, ING Group avoids recognising modification gains and losses on would otherwise be required in the absence of Phase 2 amendments. accounting discontinuations when modifying both hedged items and hedging the IBOR reform that would otherwise be required in the absence of Phase 2 amendments. Management’ section – ‘Market Risk’ for more details. The amendments to IFRS 16 ‘Leases’ provide lessees with an related rent concession is a lease modification. As ING Group did not receive rent concessions as a lessee, these amendments had no impact on the accounting policies ING Group has not early adopted any standard, interpretation or amendment which has been issued, but is yet effective. For further information, reference is made to Note 1 ‘Basis of preparation and accounting policies’, paragraph 1.4.2 ‘Upcoming changes in IFRS after 2020’ in the 2020 ING Group Consolidated |
Significant judgements and critical accounting estimates and assumptions | 1.5 Significant judgements and critical accounting estimates and assumptions The preparation of the Condensed consolidated interim financial statements requires management to make judgements in the process of applying its accounting policies estimates and assumptions affect the reported amounts of the assets and liabilities and contingent assets and contingent liabilities at the balance sheet date, as well as reported income and expenses for the period. The actual outcome may differ from these estimates. The process of setting assumptions is subject to internal control procedures and approvals. Consistent with Note 1.5 ‘Significant judgements and critical accounting estimates and assumptions’ of 2020 ING Group Consolidated financial statements, the following areas continue to require management to make significant judgements and use critical accounting estimates and assumptions based on the and financial data that may change in future periods: ● Loan loss provisions (financial assets); ● The determination of the fair values of financial assets and liabilities; ● Impairment assessment of non-financial assets; ● Impairment assessment of an investment in associate; ● Provisions; and ● Accounting for Targeted Of particular note to the six month period ended 30 June areas of Loan loss provisions and TLTRO. For Loan loss provisions this resulted in Covid-19 related management adjustment to the model-based Expected Credit Losses. The Covid-19 management adjustment amounts to EUR 595 June 2021 and relates to Payment Holidays and other government support measures (EUR 260 time lag in defaults materialising (EUR 296 39 million). This is a decrease of EUR 68 Under the TLTRO III program, it is ING Group’s policy to recognise the conditional interest receivable only when ING has a reasonable expectation that the lending growth targets will be met. ING Group interprets reasonable expectations as highly probable, i.e. the probability of meeting the lending the probability that it will not. As a result, if interest income is recognised during the expectation of meeting the targets, there should be only a limited possibility that the reversed in future periods. For details on the conditions of the TLTRO III programme and amount of interest income recognised in the reporting period, refer to Note 7 ‘Deposits from banks’ and Note 12 ‘Net interest income’ respectively. |
Basis of preparation and acco_3
Basis of preparation and accounting policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Basis of preparation and accounting policies [abstract] | |
Reconciliation net result under IFRS-EU and IFRS-IASB | Reconciliation net result under IFRS-EU and IFRS-IASB 1 January to 30 June in EUR million 2021 2020 In accordance with IFRS-EU (attributable to the shareholders of 2,464 969 Adjustment of the EU IAS 39 carve-out 956 -493 Tax effect 1 -260 115 Effect of adjustment after tax 697 -379 In accordance with IFRS-IASB (attributable to the shareholders of the parent) 3,161 591 Non-controlling interests 59 36 In accordance with IFRS-IASB Total 3,219 626 1 includes the effect of changes in tax rate. |
Reconciliation shareholders' equity under IFRS-EU and IFRS-IASB | Reconciliation shareholders’ equity under IFRS-EU and IFRS-IASB in EUR million 30 June 2021 31 December 2020 In accordance with IFRS-EU (attributable to the shareholders of 56,222 54,637 Adjustment of the EU IAS 39 carve-out -3,132 -4,081 Tax effect 805 1,063 Effect of adjustment after tax -2,327 -3,018 Shareholders’ equity 53,896 51,619 Non-controlling interests 987 1,022 In accordance with IFRS-IASB Total 54,883 52,640 |
Financial assets at fair valu_3
Financial assets at fair value through profit or loss (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Financial Assets [Line Items] | |
Summary of financial assets at fair value through profit or loss | Financial assets at fair value through profit or loss in EUR million 30 June 2021 31 December 2020 Trading assets 50,652 51,356 Non-trading derivatives 2,112 3,583 Designated at fair value through profit or loss 5,421 4,126 Mandatorily measured at fair value through profit or loss 63,217 44,305 121,402 103,370 |
Summary of exposure to (reverse) repurchase agreements | Exposure to (reverse) repurchase agreements in EUR million 30 June 2021 31 December 2020 Reverse repurchase transactions Loans and advances to banks 4,463 4,869 Loans and advances to customers 1 624 Trading assets, loans and receivables 9,939 10,947 Loans and receivables measured at mandatorily fair value through 60,124 41,735 74,526 58,175 Repurchase transactions Deposits from banks 4,666 1,971 Trading liabilities, funds on deposit 6,658 5,787 Funds entrusted measured at designated at fair value through 51,457 41,177 62,781 48,935 |
Financial assets at fair valu_4
Financial assets at fair value through other comprehensive income (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Financial assets at fair value through other comprehensive income [Abstract] | |
Summary of financial assets at fair value through other comprehensive income | Financial assets at fair value through other comprehensive income by type in EUR million 30 June 2021 31 December 2020 Equity securities 2,434 1,862 Debt securities 1 29,693 32,977 Loans and advances 1 889 1,056 33,016 35,895 1 Debt securities include an amount of EUR -12 -12 -1 million (31 December 2020: EUR -2 |
Summary of equity securities designated as at fair value through other comprehensive income | Exposure to equity securities Equity securities designated as at fair value through other comprehensive Carrying value Dividend income 30 June 2021 31 December 2020 1 January to 30 June in EUR million 2021 2020 Investment in Bank of Beijing 1,748 1,662 Other Investments 686 200 15 2 2,434 1,862 15 2 |
Summary of changes in fair value through other comprehensive income financial assets | Changes in fair value through other comprehensive income financial assets FVOCI equity securities FVOCI debt instruments 1 Total in EUR million 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 Opening balance as at 1 January 1,862 2,306 34,033 32,163 35,895 34,468 Additions 504 13 8,877 16,936 9,381 16,949 Amortisation -7 -9 -7 -9 Transfers -16 -107 0 -16 -107 Changes in unrealised revaluations 2 9 -283 -694 520 -685 237 Impairments -1 -2 -1 -2 Reversals of impairments 1 -4 1 -4 Disposals and redemptions -1 -13 -11,800 -14,557 -11,802 -14,571 Exchange rate differences 76 -53 171 -1,017 247 -1,070 Changes in the composition of the group and other changes 0 -0 2 2 2 2 Closing balance 2,434 1,862 30,582 34,033 33,016 35,895 1 Fair value through other comprehensive income debt instruments includes both debt securities and loans and advances. 2 Changes in unrealised revaluations of FVOCI debt instruments include changes on hedged items which are recognised in the statement of profit or loss. Reference is made to Note 11 ‘Equity’ for details on the changes in revaluation reserve. |
Loans and advances to custome_2
Loans and advances to customers (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Loans and advances to customers [abstract] | |
Summary of loans and advances to customers | Loans and advances to customers by type in EUR million 30 June 2021 31 December 2020 Loans to, or guaranteed by, 41,936 41,502 Loans secured by mortgages 356,786 352,130 Loans guaranteed by credit institutions 5,810 5,201 Personal lending 27,138 27,794 Corporate loans 181,453 173,121 613,123 599,749 Loan loss provisions -5,347 -5,779 607,777 593,970 |
Investment in associates and _2
Investment in associates and joint ventures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investment in associates and joint ventures [Abstract] | |
Summary of investments in associates and joint ventures | Investments in associates and joint ventures in EUR million 30 June 2021 Interest held (%) Fair value of listed invest- ments Balance sheet value Total assets Total liabilities Total income Total expenses TMBThanachart Bank Public Company Limited 23 652 1,166 47,077 41,631 442 352 Other investments in associates and joint ventures 295 1,461 Investments in associates and joint ventures in EUR million 31 December 2020 Interest held (%) Fair value of listed invest- ments Balance sheet value Total assets Total liabilities Total income Total expenses TMBThanachart Bank Public Company Limited 23 653 1,202 50,123 44,597 1,388 1,093 Other investments in associates and joint ventures 273 1,475 |
Summary of changes in investments in associates and joint ventures | Changes in Investments in associates and joint ventures in EUR million 30 June 2021 31 December 2020 Opening balance as at 1 January 1,475 1,790 Additions 31 24 Revaluations 4 -3 Share of results 23 66 Dividends received -31 -12 Disposals -6 -12 Impairments -3 -235 Exchange rate differences -45 -144 Other 13 0 Closing balance 1,461 1,475 |
Deposits from banks (Tables)
Deposits from banks (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deposits from Banks [abstract] | |
Schedule of deposits from banks by type | Deposits from banks by type in EUR million 30 June 2021 31 December 2020 Non-interest bearing 784 792 Interest bearing 88,350 77,306 89,134 78,098 |
Financial liabilities at fair_2
Financial liabilities at fair value through profit or loss (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Financial liabilities at fair value through profit or loss [abstract] | |
Summary of financial liabilities at fair value through profit or loss | Financial liabilities at fair value through profit or loss in EUR million 30 June 2021 31 December 2020 Trading liabilities 26,845 32,709 Non-trading derivatives 1,925 1,629 Designated at fair value through profit or loss 58,370 48,444 87,141 82,781 |
Debt securities in issue (Table
Debt securities in issue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt securities in issue [Abstract] | |
Changes in debt securities in issue | Changes in debt securities in issue in EUR million 30 June 2021 31 December 2020 Opening balance as at 1 January 82,065 118,528 Additions 42,208 65,308 Redemptions / Disposals -32,233 -99,212 Exchange rate differences 955 -3,403 Other movements -1,156 844 Closing balance 91,840 82,065 |
Subordinated loans (Tables)
Subordinated loans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Subordinated loans [abstract] | |
Schedule of subordinated loans by group companies | Subordinated loans by group companies in EUR million 30 June 2021 31 December 2020 ING Groep N.V. 13,795 13,150 ING Group companies 996 2,654 14,791 15,805 |
Schedule of changes in subordinated loans | Changes in subordinated loans in EUR million 30 June 2021 31 December 2020 Opening balance as at 1 January 15,805 16,588 New issuances 491 2,165 Repayments -1,455 -2,786 Exchange rate differences and other -49 -163 Closing balance 14,791 15,805 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Summary of equity | Total equity in EUR million 30 June 2021 31 December 2020 Share capital and share premium 39 39 17,105 17,089 17,144 17,128 Other reserves 1,270 1,181 173 309 873 1,450 -100 -117 215 221 -278 -307 -3,485 -3,636 3,209 3,246 -8 -4 1,870 2,342 Retained earnings 34,882 32,149 Shareholders’ equity (parent) 53,896 51,619 Non-controlling interests 987 1,022 Total equity 54,883 52,640 |
Net interest income (Tables)
Net interest income (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Net interest income [abstract] | |
Summary of net interest income | Net interest income 1 January to 30 June 1 January to 30 June in EUR million 2021 2020 2021 2020 Interest income on loans 6,999 8,333 Interest expense on deposits from banks 71 113 Interest income on financial assets at fair value through OCI 189 283 Interest expense on customer deposits 479 823 Interest income on debt securities at amortised cost 223 263 Interest expense on debt securities in issue 621 1,005 Interest income on non-trading derivatives (hedge accounting) 1,131 1,769 Interest expense on subordinated loans 271 323 Negative interest on liabilities 770 288 Negative interest on assets 276 117 Total interest 9,313 10,935 Interest expense on non-trading derivatives (hedge accounting) 817 1,779 Total interest 2,534 4,160 Interest income on financial assets at fair value through profit 220 450 Interest income on non-trading derivatives (no hedge accounting) 1,140 556 Interest expense on financial liabilities at fair value through profit 158 348 Interest income other 8 21 Interest expense on non-trading derivatives (no hedge accounting) 934 540 Total other interest 1,368 1,026 Interest expense on lease liabilities 7 11 Total interest 10,680 11,962 Interest expense other 26 25 Total other interest 1,125 925 Total interest 3,659 5,085 Net interest income 7,021 6,877 |
Net fee and commission income (
Net fee and commission income (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Net fee and commission income [abstract] | |
Schedule of fee and commission income | Fee and commission income 1 January to 30 June in EUR million 2021 2020 Funds transfer 727 686 Securities business 487 439 Insurance broking 117 101 Asset management fees 146 115 Brokerage and advisory fees 374 321 Other 588 644 2,439 2,307 |
Schedule of fee and commission expense | Fee and commission expenses 1 January to 30 June in EUR million 2021 2020 Funds transfer 259 301 Securities business 84 80 Insurance broking 1 0 Asset management fees 5 3 Brokerage and advisory fees 185 157 Other 195 260 729 801 |
Other income (Tables)
Other income (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other income [abstract] | |
Details Of Other Income [Text Block] | Other income 1 January to 30 June in EUR million 2021 2020 Share of result associates and joint ventures 20 34 Net result derecognition of financial assets measured -3 187 Other 166 48 184 269 |
Other operating expenses (Table
Other operating expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other operating expenses [Abstract] | |
Summary of other operating expenses | Other operating expenses 1 January to 30 June in EUR million 2021 2020 Regulatory costs 759 663 Audit and non-audit services 16 14 IT related expenses 387 388 Advertising and public relations 149 166 External advisory fees 147 186 Office expenses 141 163 Travel and accommodation 24 43 Contributions and subscriptions 59 56 Postal charges 20 21 Depreciation of property and equipment 285 281 Amortisation of intangible assets 133 121 Impairments and reversals of impairments of tangible and intangible assets 23 333 Addition to / (unused amounts reversed of) provision for reorganisations 88 -2 Addition to / (unused amounts reversed of) other provisions 49 -14 Other 341 284 2,621 2,703 |
Earnings per ordinary share (Ta
Earnings per ordinary share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings per ordinary share [abstract] | |
Summary of earnings per ordinary share | Earnings per ordinary share Weighted average number of ordinary Amount during the period Per ordinary share (in EUR million) (in millions) (in EUR) 1 January to 30 June 1 January to 30 June 1 January to 30 June 2021 2020 2021 2020 2021 2020 Basic earnings 3,161 591 3,901.9 3,897.9 0.81 0.15 Basic earnings from continuing operations 3,161 591 0.81 0.15 Effect of dilutive instruments: Stock option and share plans 1.6 0.5 1.6 0.5 Diluted earnings 3,161 591 3,903.5 3,898.5 0.81 0.15 Diluted earnings from continuing operations 3,161 591 0.81 0.15 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segments [abstract] | |
Summary of reconciliation between IFRS and underlying income, expenses and net result | Reconciliation between IFRS-IASB and IFRS-EU income, expense and net result 2021 2020 in EUR million 6 month period 1 January to 30 June 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 10,175 5,691 1,265 59 3,161 8,688 7,623 438 36 591 Remove impact of: Adjustment of the EU 'IAS 39 carve out' 2 -956 -260 -697 493 115 379 Result IFRS-EU 3 9,219 5,691 1,005 59 2,464 9,182 7,623 553 36 969 1. Net result, after tax and non-controlling interests. 2. ING prepares the Form 6-K in accordance with IFRS-IASB. This information is prepared by reversing the hedge accounting impacts that applied under the 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 are derived from figures according to IFRS-IASB by excluding the impact of adjustment of the EU 'IAS 39 carve-out'. |
Schedule of ING Group total | ING Group Total 2021 2020 in EUR million 6 month period 1 January to 30 June ING Bank N.V. Other Total ING Group ING Bank N.V. Other Total ING Group Income – Net interest income 6,852 0 6,853 6,931 0 6,931 – Net fee and commission income 1,710 -0 1,710 1,507 -1 1,506 – Total investment 653 4 656 760 -16 745 Total income 9,215 4 9,219 9,198 -16 9,182 Expenditure – Operating expenses 5,553 6 5,560 5,625 1 5,626 – Addition to loan loss provisions 131 -0 131 1,997 0 1,998 Total expenses 5,685 6 5,691 7,623 1 7,623 Result before taxation 3,530 -2 3,528 1,575 -17 1,558 Taxation 1,005 0 1,005 519 34 553 Non-controlling interests 59 0 59 36 36 Net result IFRS-EU 2,467 -2 2,464 1,021 -51 969 Adjustment of the EU 'IAS 39 carve out' 697 697 -379 -379 Net result IFRS-IASB attributable to equity holder of the parent 3,163 -2 3,161 642 -51 591 |
Summary of segments banking by line of business | Segments by line of business 2021 2020 in EUR million 6 month period 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 1 January to 30 June Income – 1,651 894 734 1,354 2,044 174 6,853 1,763 937 801 1,392 1,864 173 6,931 – 368 248 257 253 580 4 1,710 332 207 215 193 561 -2 1,506 – 119 99 45 122 267 5 656 175 71 59 134 354 -48 745 Total income 2,138 1,241 1,036 1,729 2,891 184 9,219 2,269 1,215 1,075 1,720 2,780 123 9,182 Expenditure – 1,181 912 604 1,174 1,452 237 5,560 1,088 969 567 1,120 1,728 154 5,626 – -65 194 19 102 -119 -0 131 139 282 14 304 1,256 3 1,998 Total exp 1,116 1,107 623 1,276 1,333 237 5,691 1,227 1,251 581 1,424 2,984 156 7,623 Result before taxation 1,022 134 413 454 1,558 -53 3,528 1,043 -36 494 295 -204 -34 1,558 Taxation 267 41 135 117 355 89 1,005 262 9 188 85 23 -14 553 Non-controlling interests 0 2 46 10 -0 59 -1 0 2 27 8 -0 36 Net result IFRS-EU 754 94 275 291 1,192 -142 2,464 781 -44 304 183 -235 -19 969 Adjustment of the EU 'IAS 39 carve out' 697 697 -379 -379 Net result IFRS-IASB 754 94 275 291 1,889 -142 3,161 781 -44 304 183 -614 -19 591 |
Summary of geographical segments banking | Geographical split of the segments 2021 2020 in EUR million 6 month period 1 January to 30 June Netherlands Belgium Germany Other Challengers Growth Markets Wholesale Banking Rest of World Other Total Netherlands Belgium Germany Other Challengers Growth Markets Wholesale Banking Rest of World Other Total Income – 2,023 1,072 1,010 974 749 850 175 6,853 2,097 1,090 1,059 893 799 823 169 6,931 – Net fee and commission income 518 356 263 161 163 246 4 1,710 494 302 228 136 131 217 -3 1,506 – other income 148 127 78 45 154 101 5 656 197 98 80 14 203 197 -44 745 Total income 2,688 1,554 1,350 1,179 1,066 1,197 184 9,219 2,788 1,491 1,367 1,043 1,133 1,237 123 9,182 Expenditure – 1,577 1,065 691 724 636 629 237 5,560 1,736 1,126 652 669 644 644 155 5,626 – provision -51 139 43 55 45 -101 -0 131 320 338 241 212 205 678 3 1,998 Total expenses 1,526 1,205 734 779 681 529 237 5,691 2,056 1,465 893 882 849 1,322 158 7,623 Result before taxation 1,162 349 616 400 384 669 -53 3,528 732 26 474 162 284 -85 -35 1,558 Retail Banking 1,022 134 413 160 294 2,023 1,043 -36 494 74 222 1,796 Wholesale Banking 140 215 203 240 91 669 0 1,558 -310 62 -20 88 62 -85 -2 -204 Corporate Line -53 -53 -34 -34 Result before taxation 1,162 349 616 400 384 669 -53 3,528 732 26 474 162 284 -85 -35 1,558 Taxati 298 92 186 121 83 137 87 1,005 252 25 170 56 71 -10 -10 553 Non-controlling interests 0 2 57 -0 59 -1 0 2 35 -0 36 Net result IFRS-EU 864 257 428 279 245 531 -140 2,464 481 2 302 106 178 -74 -25 969 Adjustment of the EU 'IAS 39 carve out' 477 35 185 -1 697 -338 3 -97 53 -379 Net result IFRS-IASB 1,341 292 613 279 245 531 -140 3,161 143 5 205 159 178 -74 -25 591 |
Fair value of assets and liab_2
Fair value of assets and liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair value of assets and liabilities [abstract] | |
Summary of valuation adjustment | Valuation adjustment on financial assets and liabilities in EUR million 30 June 2021 31 December 2020 Bid/Offer -111 -121 Model Risk -17 -25 CVA -180 -238 DVA -92 -124 CollVA -14 -16 FVA -91 -111 Total Valuation -505 -634 |
Methods applied in determining fair values of financial assets and liabilities | Methods applied in determining fair values of financial assets and liabilities (carried at fair value) Level 1 Level 2 Level 3 Total in EUR million 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 Financial Assets Financial assets at fair value through profit or loss 13,976 7,897 2 2 144 138 14,123 8,037 3,755 3,378 6,556 4,867 1,250 1,269 11,561 9,514 9 1 22,761 30,623 129 197 22,898 30,821 70,971 53,733 1,849 1,265 72,820 54,998 17,740 11,276 100,290 89,225 3,372 2,870 121,402 103,370 Financial assets at fair value through other comprehensive income 2,266 1,687 168 176 2,434 1,862 28,522 31,592 1,171 1,385 29,693 32,977 889 1,056 889 1,056 30,788 33,279 1,171 1,385 1,057 1,231 33,016 35,895 Financial liabilities Financial liabilities at fair value through profit or loss – 862 1,124 5,047 5,231 168 180 6,077 6,534 – 1 59,319 48,111 4 2 59,323 48,114 – 735 699 69 70 804 768 – 62 55 20,715 27,094 160 217 20,937 27,365 1,658 1,879 85,151 80,505 331 398 87,141 82,781 |
Valuation techniques and range of unobservable inputs | Valuation techniques and range of unobservable Assets Liabilities Valuation techniques Significant unobservable inputs Lower range Upper range in EUR million 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 At fair value through profit or loss Debt securities 1,250 1,269 Price based Price (%) 0 % 0 % 104 % 107 % Equity securities 144 137 1 Price based Price (EUR) 0 0 5475 5475 Loans and advances 1,363 1,090 4 2 Price based Price (%) 0 % 0 % 101 % 101 % Present value techniques Credit spread (bps) 0 0 250 250 (Reverse) repo's 486 176 Present value techniques Interest rate (%) 3 % 3 % 4 % 4 % Structured notes 168 180 Price based Price (%) 84 % 74 % 118 % 109 % Option pricing model Equity volatility (%) 14 % 14 % 25 % 25 % Equity/Equity correlation n.a. 0.6 n.a. 0.9 Equity/FX correlation -0.3 -0.7 -0.3 0.3 Dividend yield (%) 2 % 0 % 5 % 5 % Derivatives – 4 2 35 38 Option pricing model Interest rate volatility (bps) 15 12 74 70 Present value techniques Reset spread (%) 2 % 2 % 2 % 2 % – 1 Option pricing model FX volatility (bps) n.a. 6 n.a. 10 – 93 168 96 154 Present value techniques Credit spread (bps) 2 2 599 1,403 Price based Price (%) 99 % 99 % 100 % 107 % – 30 24 26 20 Option pricing model Equity volatility (%) 5 % 5 % 83 % 64 % Equity/Equity correlation 0.5 0.5 0.8 0.9 Equity/FX correlation -0.5 -0.6 0.1 0.1 Dividend yield (%) 0 % 0 % 20 % 34 % Price based Price (%) 3 % 3 % 3 % 3 % – 1 3 2 3 Option pricing model Commodity volatility (%) 15 % 18 % 79 % 55 % Com/FX correlation n.a. -0.5 n.a. -0.3 At fair value through other comprehensive income – 889 1,056 Present value techniques Prepayment rate (%) 9 % 9 % 9 % 9 % Price based Price (%) 99 % 99 % 100 % 99 % – 168 176 Present value techniques Credit spread (bps) 1 2 1 2 Interest rate (%) 3 % 3 % 3 % 3 % Price based Price n.a. n.a. n.a. n.a. Other - 63 80 80 Total 4,429 4,101 331 398 |
Changes in level 3 financial assets | Changes in Level 3 Financial assets Trading assets Non-trading derivatives Financial assets mandatorily at FVPL Financial assets designated at FVPL Financial assets at FVOCI Total in EUR million 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 Opening balance 882 174 1 8 1,191 1,381 796 1,244 1,231 1,961 4,101 4,768 Realised gain/loss 5 -61 0 -1 12 -104 -0 -198 -8 -19 10 -383 Revaluation recognised in other comprehensive income during the period -8 -46 -8 -46 Purchase of assets 14 453 3 3 834 1,180 489 212 54 39 1,393 1,887 Sale of assets -32 -73 -3 -8 -265 -973 -25 -270 -147 -419 -472 -1,743 Maturity/settlement -8 -39 -1 -21 -83 -12 -57 -53 -175 -94 -354 Reclassifications -16 330 -13 -105 -29 224 Transfers 14 517 6 1 -3 -1 11 523 Transfers -496 -90 0 -528 -138 -496 -755 Exchange rate differences 0 0 7 -24 3 -4 10 -27 Changes in the composition of the group and other changes 1 5 0 1 1 6 Closing balance 379 882 2 1 1,743 1,191 1,248 796 1,057 1,231 4,429 4,101 1 includes EUR 35 312 2 through other comprehensive income’. |
Changes in level 3 financial liabilities | Changes in Level 3 Financial liabilities Trading liabilities Non-trading derivatives Financial liabilities designated as at fair value through profit or loss Total in EUR million 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 Opening balance 180 195 39 110 180 184 398 490 Realised gain/loss recognised in the statement of profit or loss during the period 1 57 -2 -2 20 22 -22 77 -4 Additions 16 55 3 19 62 662 81 736 Redemptions -2 -116 -3 -45 -159 -90 -164 -250 Maturity/settlement -39 -11 -0 -52 -0 -83 -40 -146 Transfers 14 170 8 228 267 242 445 Transfers -96 -111 -3 -23 -165 -738 -264 -873 Closing balance 130 180 33 39 168 180 331 398 1 EUR 77 -4 |
Sensitivity analysis of level 3 instruments | Sensitivity analysis of Level 3 instruments Positive fair value movements from using reasonable possible alternatives Negative fair value movements from using reasonable possible alternatives in EUR million 30 June 2021 31 December 2020 30 June 2021 31 December 2020 Equity (equity derivatives, structured notes) 3 33 -21 -14 Interest rates (Rates derivatives, 15 20 -1 -1 Credit (Debt securities, Loans, structured notes, credit derivatives) 68 43 -27 -27 86 96 -49 –42 |
Fair value of assets and liabilities at amortised cost | Methods applied in determining fair values of financial assets and liabilities (carried at amortised cost) Carrying Amount Carrying amount approximates fair value Level 1 Level 2 Level 3 Total fair in EUR million 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 30 June 2021 31 December 2020 Financial Assets Loans and advances to banks 26,198 25,364 2,548 2,165 0 0 7,714 7,763 15,990 15,611 26,252 25,539 Loans and advances to customers 607,777 593,970 19,007 17,486 0 0 17,828 14,595 583,268 576,659 620,103 608,740 Securities at amortised cost 49,467 50,587 0 0 47,444 49,109 2,433 2,550 586 622 50,462 52,281 683,442 669,921 21,555 19,651 47,444 49,109 27,975 24,908 599,844 592,892 696,817 686,560 Financial liabilities Deposits from banks 89,134 78,098 6,306 3,918 0 77,571 68,473 5,870 6,014 89,748 78,405 Customer deposits 620,564 609,517 590,870 580,262 0 17,081 14,007 12,730 15,704 620,682 609,972 Debt securities in issue 91,840 82,065 -0 51,051 51,906 22,879 24,005 18,283 6,449 92,213 82,360 Subordinated loans 14,791 15,805 -0 -0 14,263 15,013 1,167 1,161 15,429 16,174 816,329 785,484 597,176 584,180 65,314 66,919 118,698 107,645 36,883 28,167 818,072 786,911 |
Capital management (Tables)
Capital management (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Capital management [Abstract] | |
Main credit ratings | Main credit ratings of ING at 30 June 2021 Standard & Poor’s Moody’s Fitch Rating Outlook Rating Outlook Rating Outlook ING Groep N.V. Long-term A- Stable Baa1 Stable A+ Negative ING Bank N.V. Long-term A+ Stable Aa3 Stable AA- Negative Short-term A-1 P-1 F1+ |
Risk management (Tables)
Risk management (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Risk management [abstract] | |
Gross carrying amount per IFRS 9 stage and rating class | Gross carrying amount per IFRS 9 stage in EUR million 12-month ECL (Stage 1) Lifetime ECL not credit impaired (Stage 2) Lifetime ECL credit impaired (Stage 3) Total 30 June 2021 Rating class Gross Carrying Amount Provisions Gross Carrying Amount Provisions Gross Carrying Amount Provisions Gross Carrying Amount Provisions Investment grade 1 (AAA) 118,799 3 47 0 118,846 3 2-4 (AA) 109,118 4 301 0 109,419 4 5-7 (A) 151,056 17 935 1 151,992 17 8-10 (BBB) 307,902 69 9,591 15 317,493 84 Non-Investment grade 11-13 (BB) 160,025 211 15,436 106 175,461 317 14-16 (B) 28,468 192 19,930 475 48,397 667 17 (CCC) 4,277 9 5,334 291 9,611 301 Substandard grade 18 (CC) 2,888 189 2,888 189 19 (C) 2,293 229 2,293 229 NPL grade 20-22 (D) 12,827 3,616 12,827 3,616 Total 879,645 505 56,755 1,306 12,827 3,616 949,228 5,427 ¹IAS 37 provisions are established for non-credit replacement guarantees not in the scope of IFRS 9. Total 85 Gross carrying amount per IFRS 9 stage in EUR million 12-month ECL (Stage 1) Lifetime ECL not credit impaired (Stage 2) Lifetime ECL credit impaired (Stage 3) Total 31 December 2020 Rating class Gross Carrying Amount Provisions Gross Carrying Amount Provisions Gross Carrying Amount Provisions Gross Carrying Amount Provisions Investment grade 1 (AAA) 109,734 3 46 0 109,780 3 2-4 (AA) 108,776 6 646 0 109,422 6 5-7 (A) 137,901 27 797 1 138,698 28 8-10 (BBB) 294,923 88 7,418 12 302,341 100 Non-Investment grade 11-13 (BB) 159,076 239 18,513 133 177,588 372 14-16 (B) 28,335 208 23,742 570 52,077 777 17 (CCC) 2,817 9 5,113 259 7,930 269 Substandard grade 18 (CC) 3,384 248 3,384 248 19 (C) 2,323 254 2,323 254 NPL grade 20-22 (D) 13,398 3,797 13,398 3,797 Total 841,562 581 61,981 1,476 13,398 3,797 916,942 5,854 ¹IAS 37 provisions are established for non-credit replacement guarantees not in the scope of IFRS 9. Total 75 |
Changes in loan loss provisions and gross carrying amounts | Changes in gross carrying amounts and 1,2,3 in EUR million 12-month ECL (Stage 1) Lifetime ECL not credit impaired (Stage 2) Lifetime ECL credit impaired (Stage 3) Total Gross carrying amount Provisions Gross carrying amount Provisions Gross carrying amount Provisions Gross carrying amount Provisions Opening balance at 1 January 2021 841,562 581 61,981 1,476 13,398 3,797 916,942 5,854 Transfer into 13,305 16 -12,830 -202 -475 -19 -204 Transfer into -15,575 -23 16,345 185 -771 -79 83 Transfer into -1,228 -3 -1,208 -64 2,436 426 359 Net remeasurement of loan loss provisions -114 -62 89 -87 New financial assets originated or purchased 77,861 80 77,861 80 Financial assets that have been derecognised -33,762 -31 -5,765 -46 -1,539 -87 -41,066 -163 Net drawdowns and repayments -2,518 -1,768 -222 -4,509 Changes in models/risk parameters 4 16 33 53 Decrease/Increase in loan loss provisions -70 -171 362 121 Write-offs -472 -472 Recoveries of amounts previously written off 21 21 Foreign exchange and other movements -6 1 -92 -97 Closing balance at 30 June 2021 879,645 505 56,755 1,306 12,827 3,616 949,228 5,427 1 At the end of June 2021, the gross carrying amounts included loans and advances to central banks (€ 119.6 26.2 30.6 49.5 613.1 billion), assets held for sale (€ 1.3 126.9 -6.5 -6.1 adjustment hedged items (€ -0.8 -2.2 -2.5 0.1 2 Stage 3 Lifetime credit impaired includes € 3 3 At the end of June 2021, the stock of provisions included provisions for loans and advances to central banks (€ 4 20 12 securities at amortised cost (€ 22 5,347 23 Changes in gross carrying amounts and 1,2,3 in EUR million 12-month ECL (Stage 1) Lifetime ECL not credit impaired (Stage 2) Lifetime ECL credit impaired (Stage 3) Total Gross carrying amount Provisions Gross carrying amount Provisions Gross carrying amount Provisions Gross carrying amount Provisions Opening balance at 1 January 2020 817,247 490 41,082 881 10,955 3,275 869,284 4,646 Transfer into 9,139 24 -8,899 -200 -240 -18 0 -194 Transfer into -39,093 -76 39,601 651 -509 -57 0 518 Transfer into -3,592 -30 -1,879 -163 5,471 1,518 0 1,325 Net remeasurement of loan loss provisions 0 109 0 450 0 700 0 1,259 New financial assets originated or purchased 161,333 178 0 0 161,333 178 Financial assets that have been derecognised -116,035 -85 -6,987 -107 -897 -236 -123,919 -428 Net drawdowns and repayments 12,563 -938 -181 11,444 Changes in models/risk parameters 7 7 Increase in loan loss provisions 119 638 1,908 2,666 Write-offs -1,200 -1,200 -1,200 -1,200 Recoveries of amounts previously written off 39 39 Foreign exchange and other movements -28 -42 -226 -297 Closing balance at 31 December 2020 841,562 581 61,981 1,476 13,398 3,797 916,942 5,854 1 At the end of December 2020, the gross carrying amounts included loans and advances to central banks (€ 109.2 25.4 34.0 50.6 (€ 599.7 118.4 -6.4 -8.3 -1.0 billion), a receivable that is offset by a liquidity facility (€ -2.2 -2.2 -0.3 2 Stage 3 Lifetime credit impaired includes € 3 3 At the end of December 2020, the stock of provisions included provisions for loans and advances to central banks (€ 3 23 14 17 customers (€ 5,779 17 |
Sensitivity Analysis | Sensitivity analysis as at 30 June 2021 2021 2022 2023 Un-weighted ECL (Eur mln) Probability- weighting Reportable ECL (Eur mln) 1 Netherlands Upside scenario Real GDP 3.3 4.5 3.2 341 20 % 382 Unemployment 4.0 4.0 3.2 HPI 11.0 16.3 4.6 Baseline Scenario Real GDP 2.6 3.2 1.9 374 60 % Unemployment 4.8 4.8 4.7 HPI 7.9 2.6 2.5 Downside scenario Real GDP 0.1 0.6 1.0 448 20 % Unemployment 6.1 7.1 7.7 HPI 4.6 -12.6 -0.4 Belgium Real GDP 4.9 4.8 2.6 486 20 % 511 Unemployment 6.4 6.0 5.5 HPI 2.7 2.6 3.5 Baseline Scenario Real GDP 4.2 3.5 2.2 507 60 % Unemployment 7.0 6.4 6.2 HPI 1.9 1.6 2.6 Downside scenario Real GDP 2.6 1.4 1.7 550 20 % Unemployment 8.2 8.5 8.5 HPI 1.1 -0.1 1.7 Germany Upside scenario Real GDP 4.5 5.9 1.9 517 20 % 543 Unemployment 3.3 2.7 2.0 HPI 10.6 6.8 4.0 Baseline Scenario Real GDP 3.3 4.1 1.5 540 60 % Unemployment 4.2 3.8 3.6 HPI 9.4 3.1 0.7 Downside scenario Real GDP 1.3 1.0 0.2 580 20 % Unemployment 5.3 5.4 5.5 HPI 7.9 -1.5 -2.9 United States Upside scenario Real GDP 8.2 5.3 3.0 86 20 % 115 Unemployment 4.3 2.8 2.0 HPI 11.6 8.7 9.9 Baseline Scenario Real GDP 6.6 4.3 2.3 107 60 % Unemployment 4.7 3.8 3.6 HPI 11.1 4.9 4.1 Downside scenario Real GDP 4.4 1.2 0.7 167 20 % Unemployment 6.7 6.7 7.5 HPI 10.2 -0.1 -2.3 1 Sensitivity does only include the effect of time lag overlay, other management adjustments are Sensitivity analysis as at 31 December 2020 2021 2022 2023 Un-weighted ECL (Eur mln) Probability- weighting Reportable ECL (Eur mln) 1 Netherlands Upside scenario Real GDP 5.3 3.3 2.8 383 20 % 468 Unemployment 5.1 3.9 3.0 HPI 8.1 6.3 4.7 Baseline Scenario Real GDP 2.8 2.9 1.9 441 60 % Unemployment 5.8 5.2 4.7 HPI -1.9 -1.6 4.5 Downside scenario Real GDP -4.9 4.8 1.4 636 20 % Unemployment 7.7 7.8 7.9 HPI -12.3 -11.0 4.3 Belgium Real GDP 6.9 3.3 2.4 494 20 % 559 Unemployment 7.3 6.2 5.8 HPI -0.2 4.2 4.8 Baseline Scenario Real GDP 4.5 3.3 2.3 540 60 % Unemployment 7.5 6.3 6.3 HPI -1.7 3.5 3.8 Downside scenario Real GDP -0.4 4.0 2.2 681 20 % Unemployment 9.4 9.1 8.8 HPI -3.6 2.5 2.9 Germany Upside scenario Real GDP 7.6 3.3 1.5 504 20 % 558 Unemployment 3.0 2.2 1.8 HPI 3.5 8.3 6.6 Baseline Scenario Real GDP 3.9 3.4 1.6 541 60 % Unemployment 4.1 3.5 3.5 HPI 0.4 4.8 3.1 Downside scenario Real GDP -2.4 3.5 1.3 662 20 % Unemployment 5.6 5.3 5.6 HPI -3.5 0.8 -0.9 United States Upside scenario Real GDP 5.6 4.1 3.8 93 20 % 189 Unemployment 5.0 3.0 1.9 HPI 6.2 9.4 9.3 Baseline Scenario Real GDP 4.0 3.2 2.5 134 60 % Unemployment 6.0 4.7 4.1 HPI 4.3 4.1 4.0 Downside scenario Real GDP -6.3 6.8 1.9 448 20 % Unemployment 8.5 7.9 7.6 HPI 1.2 -1.9 -2.3 1 Sensitivity does only include the effect of time lag overlay, other management adjustments are |
Non-derivative financial instruments to transition to alternative benchmarks | Non derivative Financial instruments 30 June 2021 in EUR million Financial Assets non- derivative Financial Liabilities derivative Off balance sheet commitments Carrying value (in EUR mln) Carrying value (in EUR mln) Nominal value (in EUR mln) By benchmark rate GBP LIBOR 6,825 424 3,798 USD LIBOR 33,703 1,459 12,445 CHF LIBOR 243 50 404 JPY LIBOR 225 33 136 EUR LIBOR 200 2,808 EONIA 344 39 Total 41,196 2,310 19,630 Non derivative Financial instruments 31 December 2020 in EUR million Financial Assets non- derivative Financial Liabilities derivative Off balance sheet commitments Carrying value (in EUR mln) Carrying value (in EUR mln) Nominal value (in EUR mln) By benchmark rate GBP LIBOR 6,912 259 3,732 USD LIBOR 30,959 3,796 9,376 CHF LIBOR 345 42 321 JPY LIBOR 225 41 79 EUR LIBOR 422 8 2,564 EONIA 100 728 39 Total 38,963 4,873 16,111 |
Derivative financial instruments to transition to alternative benchmarks | Derivative Financial instruments 30 June 2021 31 December 2020 in EUR million Nominal value (in EUR mln) Nominal value By benchmark rate 1 GBP LIBOR 31,045 27,031 USD LIBOR 369,056 355,066 CHF LIBOR 12,308 9,710 JPY LIBOR 92,874 87,057 EONIA 32,730 29,593 Total 538,013 508,457 1 For cross currency swaps all legs of the swap are included that are linked to a main IBOR that is significant to ING Group. |
Basis of preparation and acco_4
Basis of preparation and accounting policies - Reconciliation net result under IFRS-EU and IFRS-IASB (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Reconciliation Net Result Eu Ifrs And Iasb Ifrs [abstract] | ||
In accordance with IFRS-EU (attributable to shareholders of parent) | € 2,464 | € 969 |
Adjustment of the EU IAS 39 carve-out | 956 | (493) |
Tax effect of the adjustment | (260) | 115 |
Effect of adjustment after tax | 697 | (379) |
In accordance with IFRS-IASB (attributable to the shareholders of the parent) | 3,161 | 591 |
Non-controlling interests | 59 | 36 |
In accordance with IFRS-IASB Total net result | € 3,219 | € 626 |
Basis of preparation and acco_5
Basis of preparation and accounting policies - Reconciliation shareholders' equity under IFRS-EU and IFRS-IASB (Details) - EUR (€) € in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of reconciliation shareholder equity eu ifrs and iasb ifrs [abstract] | ||||
In accordance with IFRS-EU (attributable to shareholders of parent) | € 56,222 | € 54,637 | ||
Adjustment of the EU IAS 39 carve-out | (3,132) | (4,081) | ||
Tax effect of the adjustment | 805 | 1,063 | ||
Effect of adjustment after tax | (2,327) | (3,018) | ||
Shareholders' equity | 53,896 | 51,619 | ||
Non-controlling interests | 987 | 1,022 | ||
In accordance with IFRS-IASB Total Equity | € 54,883 | € 52,640 | € 52,171 | € 51,889 |
Basis of preparation and acco_6
Basis of preparation and accounting policies - Additional information (Details) NumberOfCustomers in Thousands, € in Millions | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021EUR (€)NumberOfCustomersCountry | Jun. 30, 2020EUR (€) | Jun. 23, 2021 | Dec. 31, 2020EUR (€)NumberOfCustomers | Nov. 30, 2020EUR (€) | |
Disclosure of significant accounting policies [line items] | |||||
Name of reporting entity | ING Groep N.V. | ||||
Domicile of entity | Amsterdam, the Netherlands | ||||
Borrowings | € 17,500 | € 19,400 | |||
Covid loan | € 2,000 | € 1,500 | € 800 | ||
Number of customers that have been granted payment holidays | NumberOfCustomers | 159 | 196 | |||
Percentage expired | 96.00% | ||||
Adjustment of the EU IAS 39 carve-out | € 956 | € (493) | |||
COVID 19, management adjustment | 595 | ||||
COVID 19, payment holidays and other government support measures | 260 | ||||
COVID 19, time lag in defaults materialising | 296 | ||||
COVID 19, structured acquisition portfolio | 39 | ||||
Increase (decrease) in COVID 19 adjustment | € (68) | ||||
Minimum [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Number of countries in which entity operates | Country | 40 | ||||
Minimum [member] | TLTRO III [Member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Change in interest in basis points | (1.00%) | ||||
Maximum [member] | TLTRO III [Member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Change in interest in basis points | (0.50%) |
Financial assets at fair valu_5
Financial assets at fair value through profit or loss - Summary of financial assets at fair value through profit or loss (Details) - EUR (€) € in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets at fair value through profit or loss [abstract] | ||
Trading assets | € 50,652 | € 51,356 |
Non-trading derivatives | 2,112 | 3,583 |
Designated at fair value through profit or loss | 5,421 | 4,126 |
Mandatorily measured at fair value through profit or loss | 63,217 | 44,305 |
Financial assets at fair value through profit or loss | € 121,402 | € 103,370 |
Financial assets at fair valu_6
Financial assets at fair value through profit or loss - Summary of exposure to (reverse) repurchase agreements (Details) - EUR (€) € in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | € 121,402 | € 103,370 |
Financial liabilities at fair value through profit or loss | 87,141 | 82,781 |
Reverse repurchase transactions [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 74,526 | 58,175 |
Repurchase transactions [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities at fair value through profit or loss | 62,781 | 48,935 |
Deposits from banks [member] | Repurchase transactions [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities at fair value through profit or loss | 4,666 | 1,971 |
Trading liabilities, funds on deposits [member] | Repurchase transactions [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities at fair value through profit or loss | 6,658 | 5,787 |
Funds entrusted measured at designated at fair value through profit or loss [member] | Repurchase transactions [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities at fair value through profit or loss | 51,457 | 41,177 |
Loans and advances to banks [member] | Reverse repurchase transactions [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 4,463 | 4,869 |
Loans And Advances To Customers [Member] | Reverse repurchase transactions [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 1 | 624 |
Trading assets, loans and receivables [member] | Reverse repurchase transactions [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 9,939 | 10,947 |
Loans and receivables measured mandatorily at fair value through profit or loss [member] | Reverse repurchase transactions [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | € 60,124 | € 41,735 |
Financial assets at fair valu_7
Financial assets at fair value through other comprehensive income - Summary of financial assets at fair value through other comprehensive income (Details) - EUR (€) € in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure Of Financial Assets [Line Items] | ||
Financial assets at fair value through other comprehensive income | € 33,016 | € 35,895 |
Loan loss on provisions | 5,347 | 5,779 |
Equity securities [member] | ||
Disclosure Of Financial Assets [Line Items] | ||
Financial assets at fair value through other comprehensive income | 2,434 | 1,862 |
Debt Securities [member] | ||
Disclosure Of Financial Assets [Line Items] | ||
Financial assets at fair value through other comprehensive income | 29,693 | 32,977 |
Loan loss on provisions | 12 | 12 |
Loans and advances [member] | ||
Disclosure Of Financial Assets [Line Items] | ||
Financial assets at fair value through other comprehensive income | 889 | 1,056 |
Loan loss on provisions | € 1 | € 2 |
Financial assets at fair valu_8
Financial assets at fair value through other comprehensive income- Summary of equity securities designated as at fair value through other comprehensive income (Details) - EUR (€) € in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | |||
Carrying value | € 2,434 | € 1,862 | |
Dividend income | 15 | € 2 | |
Investment in Bank of Beijing [member] | |||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | |||
Carrying value | 1,748 | 1,662 | |
Other Investments [member] | |||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | |||
Carrying value | 686 | € 200 | |
Dividend income | € 15 | € 2 |
Financial assets at fair valu_9
Financial assets at fair value through other comprehensive income - Summary of changes in fair value through other comprehensive income financial assets (Details) - Financial Assets At Fair Value Through Other Comprehensive Income Category [Member] - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Disclosure Of Financial Assets [Line Items] | |||
Financial assets | € 35,895 | € 34,468 | € 34,468 |
Additions | 9,381 | 16,949 | |
Amortisation | (7) | (9) | |
Transfers and reclassifications | (16) | (107) | |
Changes in unrealised revaluations | (685) | 237 | |
Impairments | (1) | (2) | |
Reversals of impairments | 1 | (4) | |
Disposals and redemptions | (11,802) | (14,571) | |
Exchange rate differences | 247 | (1,070) | |
Changes in the composition of the group and other changes | 2 | 2 | |
Financial assets | 33,016 | 35,895 | |
Equity securities [member] | |||
Disclosure Of Financial Assets [Line Items] | |||
Financial assets | 1,862 | 2,306 | 2,306 |
Additions | 504 | 13 | |
Transfers and reclassifications | (16) | (107) | |
Changes in unrealised revaluations | 9 | (283) | |
Disposals and redemptions | (1) | (13) | |
Exchange rate differences | 76 | (53) | |
Changes in the composition of the group and other changes | 0 | 0 | |
Financial assets | 2,434 | 1,862 | |
Debt instruments [member] | |||
Disclosure Of Financial Assets [Line Items] | |||
Financial assets | 34,033 | 32,163 | 32,163 |
Additions | 8,877 | 16,936 | |
Amortisation | (7) | (9) | |
Changes in unrealised revaluations | (694) | 520 | |
Impairments | (1) | (2) | |
Reversals of impairments | 1 | (4) | |
Disposals and redemptions | (11,800) | (14,557) | |
Exchange rate differences | 171 | (1,017) | |
Changes in the composition of the group and other changes | 2 | € 2 | |
Financial assets | € 30,582 | € 34,033 |
Financial assets at fair val_10
Financial assets at fair value through other comprehensive income - Additional information (Details) - EUR (€) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Debt Securities [member] | |||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | |||
Unrealized Change in securities | € (694,000,000) | € 520,000,000 | |
Investment in Bank of Beijing [member] | |||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | |||
Ownership interest held in equity based investments | 13.00% | 13.00% | |
Minimum percentage of equity ownership required to supply additional capital | 5.00% | ||
Decrease in revaluations of equity securities | 339,000,000 | ||
Requests for capital | € 0 |
Loans and advances to custome_3
Loans and advances to customers - Summary of loans and advances to customers (Details) - EUR (€) € in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Loans and advances to customers before provisions | € 613,123 | € 599,749 |
Loan loss provisions | (5,347) | (5,779) |
Loans and advances to customers | 607,777 | 593,970 |
Loans to, or guaranteed by, public authorities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and advances to customers before provisions | 41,936 | 41,502 |
Loans secured by mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and advances to customers before provisions | 356,786 | 352,130 |
Loans guaranteed by credit institutions [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and advances to customers before provisions | 5,810 | 5,201 |
Personal lending [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and advances to customers before provisions | 27,138 | 27,794 |
Corporate loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and advances to customers before provisions | € 181,453 | € 173,121 |
Investment in associates and _3
Investment in associates and joint ventures - Summary of investments in associates and joint ventures (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||
Balance sheet value | € 1,461 | € 1,475 |
Total assets | 975,650 | 933,891 |
Total liabilities | € 920,767 | € 881,250 |
TTB [member] | ||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||
Interest held | 23.00% | 23.00% |
Fair value of listed investment | € 652 | € 653 |
Balance sheet value | 1,166 | 1,202 |
Total assets | 47,077 | 50,123 |
Total liabilities | 41,631 | 44,597 |
Total income | 442 | 1,388 |
Total expenses | 352 | 1,093 |
Other investments in associates and joint ventures [member] | ||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||
Balance sheet value | € 295 | € 273 |
Investment in associates and _4
Investment in associates and joint ventures - Summary of changes in investments in associates and joint ventures (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Disclosure of Investments in Associates and Joint Ventures [Line Items] | |||
Opening balance | € 1,475 | ||
Share of results | 20 | € 34 | |
Closing balance | 1,461 | € 1,475 | |
Associates and joint ventures [member] | |||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | |||
Opening balance | 1,475 | € 1,790 | 1,790 |
Additions | 31 | 24 | |
Revaluations | 4 | (3) | |
Share of results | 23 | 66 | |
Dividends received | (31) | (12) | |
Disposals | (6) | (12) | |
Impairments | (3) | (235) | |
Exchange rate differences | (45) | (144) | |
Other | 13 | 0 | |
Closing balance | € 1,461 | € 1,475 |
Investment in associates and _5
Investment in associates and joint ventures - Additional information (Details) - EUR (€) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Disclosure of Investments in Associates and Joint Ventures [Line Items] | |||
Share of result from associates and joint ventures | € 20,000,000 | € 34,000,000 | |
TTB [member] | |||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | |||
Proportion of ownership interest in associate | 23.00% | 23.00% | |
Impairment losses | € 0 | ||
Share of result from associates and joint ventures | € 32,000,000 | € 70,000,000 | |
Terminal growth rate | 2.15% | 1.60% | |
Discount rate (cost of equity) | 9.36% | 8.49% | |
Decrease (change) in long term growth rate | 5.25% | ||
Change in discount rate | 1.43% | ||
Decrease in forecasted cash flow projections that would reduce recoverable amount to carrying amount | 15.40% | ||
Associates and joint ventures [member] | |||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | |||
Share of result from associates and joint ventures | € 23,000,000 | € 66,000,000 |
Assets held for sale - Addition
Assets held for sale - Additional information (Details) € in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021EUR (€) | Jun. 30, 2021EUR (€) | |
Assets held for sale [Line Items] | ||
Assets held for sale | € 1,278 | € 1,278 |
Liabilities held for sale | 2,243 | 2,243 |
Customer deposits [Member] | ||
Assets held for sale [Line Items] | ||
Liabilities held for sale | 2,243 | 2,243 |
Customer lending [Member] | ||
Assets held for sale [Line Items] | ||
Assets held for sale | 1,273 | 1,273 |
Mortgages [member] | ||
Assets held for sale [Line Items] | ||
Assets held for sale | 877 | 877 |
Other personal lending [Member] | ||
Assets held for sale [Line Items] | ||
Assets held for sale | 396 | 396 |
Non-financial [Member] | ||
Assets held for sale [Line Items] | ||
Assets held for sale | 5 | 5 |
Government bonds [member] | ||
Assets held for sale [Line Items] | ||
Assets transferred or sold in disposal | € 500 | |
Savings accounts [Member] | ||
Assets held for sale [Line Items] | ||
Assets transferred or sold in disposal | € 2,100 |
Deposits from banks - Schedule
Deposits from banks - Schedule of deposits from banks by type (Details) - EUR (€) € in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure Of Deposits From Bank [Line Items] | ||
Non-interest bearing | € 784 | € 792 |
Interest bearing | 88,350 | 77,306 |
Deposits from banks | € 89,134 | € 78,098 |
Deposits from banks - Additiona
Deposits from banks - Additional information (Details) - EUR (€) € in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Deposits From Bank [Line Items] | |||
Deposits from banks | € 89,134 | € 78,098 | |
TLTRO [Member] | |||
Disclosure Of Deposits From Bank [Line Items] | |||
Deposits from banks | € 65,500 | € 59,500 | |
TLTRO III [Member] | |||
Disclosure Of Deposits From Bank [Line Items] | |||
Deposits from banks | € 6,000 | ||
Repayment period | 3 years | ||
Early repayment waiting period | 1 year | ||
Growth in lending volumes at least 0% [member] | Maximum [member] | Deposit Facility Rate [Member] | |||
Disclosure Of Deposits From Bank [Line Items] | |||
Borrowings, interest rate | (1.00%) | ||
Spread on variable interest rate | 0.50% | ||
Not meeting volume growth criteria [member] | Maximum [member] | Main Refinancing Operations Rate [Member] | |||
Disclosure Of Deposits From Bank [Line Items] | |||
Spread on variable interest rate | 0.50% |
Financial liabilities at fair_3
Financial liabilities at fair value through profit or loss - Summary of financial liabilities at fair value through profit or loss (Details) - EUR (€) € in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure of fair value measurement of liabilities [abstract] | ||
Trading liabilities | € 26,845 | € 32,709 |
Non-trading derivatives | 1,925 | 1,629 |
Designated at fair value through profit or loss | 58,370 | 48,444 |
Financial liabilities | € 87,141 | € 82,781 |
Debt securities in issue - Chan
Debt securities in issue - Changes in debt securities in issue (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt securities in issue [Abstract] | ||
Opening balance | € 82,065 | € 118,528 |
Additions | 42,208 | 65,308 |
Redemptions / Disposals | (32,233) | (99,212) |
Exchange rate differences | 955 | (3,403) |
Other movements | (1,156) | 844 |
Closing balance | € 91,840 | € 82,065 |
Debt securities in issue - Addi
Debt securities in issue - Additional information (Details) € in Billions | 6 Months Ended |
Jun. 30, 2021EUR (€) | |
Disclosure of financial liabilities [line items] | |
Increase (decrease) in debt securities | € 9.8 |
Commercial paper [member] | |
Disclosure of financial liabilities [line items] | |
Increase (decrease) in debt securities | 9.4 |
Matured long term bonds [member] | |
Disclosure of financial liabilities [line items] | |
Increase (decrease) in debt securities | (0.6) |
Certificates of deposits [Member] | |
Disclosure of financial liabilities [line items] | |
Increase (decrease) in debt securities | 3.1 |
Matured Covered Bonds [member] | |
Disclosure of financial liabilities [line items] | |
Increase (decrease) in debt securities | (1) |
Other debt securities [member] | |
Disclosure of financial liabilities [line items] | |
Increase (decrease) in debt securities | € (1.1) |
Subordinated loans - Schedule o
Subordinated loans - Schedule of subordinated loans by group companies (Details) - EUR (€) € in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | |||
Subordinated loans | € 14,791 | € 15,805 | € 16,588 |
ING Groep N.V. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Subordinated loans | 13,795 | 13,150 | |
ING Group Companies [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Subordinated loans | € 996 | € 2,654 |
Subordinated loans - Schedule_2
Subordinated loans - Schedule of changes in subordinated loans (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Subordinated loans [abstract] | |||
Opening balance | € 15,805 | € 16,588 | € 16,588 |
New issuances | 491 | 2,165 | 2,165 |
Repayments | (1,455) | € (2,608) | (2,786) |
Exchange rate differences and other | (49) | (163) | |
Closing balance | € 14,791 | € 15,805 |
Subordinated loans - Additional
Subordinated loans - Additional information (Details) - EUR (€) € in Millions | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about borrowings [line items] | ||||
Subordinated liabilities | € 14,791 | € 15,805 | € 16,588 | |
Redemption of subordinated loans | € 32,233 | € 46,335 | ||
Subordinated Tier 2 Notes [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 3.625% | |||
Redemption of subordinated loans | € 1,500 | |||
Fixed rate subordinated tier 2 green notes [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Subordinated liabilities | € 500 | |||
Borrowings, interest rate | 0.875% |
Equity - Summary of equity (Det
Equity - Summary of equity (Details) - EUR (€) € in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure Of Financial Assets [Line Items] | ||||
Share capital | € 39 | € 39 | ||
Share premium | 17,105 | 17,089 | ||
Total share capital and share premium | 17,144 | 17,128 | ||
Revaluation reserve: Cash flow hedge | 873 | 1,450 | ||
Revaluation reserves: Credit liability | (100) | (117) | ||
Revaluation reserve: Property in own use | 215 | 221 | ||
Net defined benefit asset/liability remeasurement reserve | (278) | (307) | ||
Currency translation reserve | (3,485) | (3,636) | ||
Share of associates and joint ventures and other reserves | 3,209 | 3,246 | ||
Treasury shares | (8) | (4) | ||
Total other reserves | 1,870 | 2,342 | ||
Retained earnings | 34,882 | 32,149 | ||
Shareholders' equity (parent) | 53,896 | 51,619 | ||
Non-controlling interests | 987 | 1,022 | ||
Equity | 54,883 | 52,640 | € 52,171 | € 51,889 |
Debt Securities [member] | ||||
Disclosure Of Financial Assets [Line Items] | ||||
Revaluation reserves: financial assets | 173 | 309 | ||
Equity securities [member] | ||||
Disclosure Of Financial Assets [Line Items] | ||||
Revaluation reserves: financial assets | € 1,270 | € 1,181 |
Equity - Additional information
Equity - Additional information (Details) - EUR (€) € / shares in Units, € in Millions | 1 Months Ended | 6 Months Ended | |
Feb. 28, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of equity [Line Items] | |||
Net decrease in currency translation reserve | € 151 | ||
Cash dividend paid | 472 | € 3 | |
TRY [member] | |||
Disclosure of equity [Line Items] | |||
Net decrease in currency translation reserve | (136) | ||
USD [member] | |||
Disclosure of equity [Line Items] | |||
Net decrease in currency translation reserve | 208 | ||
GBP [member] | |||
Disclosure of equity [Line Items] | |||
Net decrease in currency translation reserve | 63 | ||
Reserve of cash flow hedges [member] | |||
Disclosure of equity [Line Items] | |||
Changes in unrealised revaluations | 577 | € 242 | |
Retained earnings [Member] | |||
Disclosure of equity [Line Items] | |||
Cash dividend paid | € 468 | € 468 | |
Dividend per ordinary share paid | € 0.12 | ||
Dividends paid as percentage of adjusted net profits | 15.00% |
Net interest income - Summary o
Net interest income - Summary of net interest income (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Net Interest Income [Abstract] | ||
Interest income on loans | € 6,999 | € 8,333 |
Interest income on financial assets at fair value through OCI | 189 | 283 |
Interest income on debt securities at amortised cost | 223 | 263 |
Interest income on non-trading derivatives (hedge accounting) | 1,131 | 1,769 |
Negative interest on liabilities | 770 | 288 |
Total interest income using effective interest rate method | 9,313 | 10,935 |
Interest income on financial assets at fair value through profit or loss | 220 | 450 |
Interest income on non-trading derivatives (no hedge accounting) | 1,140 | 556 |
Interest income other | 8 | 21 |
Total other interest income | 1,368 | 1,026 |
Total interest income | 10,680 | 11,962 |
Interest expense on deposits from banks | 71 | 113 |
Interest expense on customer deposits | 479 | 823 |
Interest expense on debt securities in issue | 621 | 1,005 |
Interest expense on subordinated loans | 271 | 323 |
Negative interest on assets | 276 | 117 |
Interest expense on non-trading derivatives (hedge accounting) | 817 | 1,779 |
Total interest expense using effective interest rate method | 2,534 | 4,160 |
Interest expense on financial liabilities at fair value through profit or loss | 158 | 348 |
Interest expense on non-trading derivatives (no hedge accounting) | 934 | 540 |
Interest expense on lease liabilities | 7 | 11 |
Interest expense other | 26 | 25 |
Total other interest expense | 1,125 | 925 |
Total interest expense | 3,659 | 5,085 |
Net interest income | € 7,021 | € 6,877 |
Net interest income - Additiona
Net interest income - Additional information (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 23, 2021 | Dec. 31, 2020 | |
Net Interest Income Disclosure [Line Items] | ||||
Net interest income | € 7,021 | € 6,877 | ||
Negative interest on liabilities | 770 | € 288 | ||
TLTRO III [Member] | ||||
Net Interest Income Disclosure [Line Items] | ||||
Interest income on loans and receivables | € 309 | € 158 | ||
Interest income unconditional | € 158 | |||
TLTRO III [Member] | Top of range [member] | ||||
Net Interest Income Disclosure [Line Items] | ||||
Change in interest in basis points | (0.50%) | |||
TLTRO III [Member] | Bottom of range [member] | ||||
Net Interest Income Disclosure [Line Items] | ||||
Change in interest in basis points | (1.00%) |
Net fee and commission income -
Net fee and commission income - Schedule of fee and commission income (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Fee and commission income (expense) [abstract] | ||
Funds transfer | € 727 | € 686 |
Securities business | 487 | 439 |
Insurance broking | 117 | 101 |
Asset management fees | 146 | 115 |
Brokerage and advisory fees | 374 | 321 |
Other | 588 | 644 |
Total Fee and commission income | € 2,439 | € 2,307 |
Net fee and commission income_2
Net fee and commission income - Schedule of fee and commission expense (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Fee and commission expense [abstract] | ||
Funds transfer | € 259 | € 301 |
Securities business | 84 | 80 |
Insurance broking | 1 | 0 |
Asset management fees | 5 | 3 |
Brokerage and advisory fees | 185 | 157 |
Other | 195 | 260 |
Total fee and commission expenses | € 729 | € 801 |
Net fee and commission income_3
Net fee and commission income - Additional information (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Fee and commission income (expense) [abstract] | ||
Bank guarantees fee and commission income | € 90 | € 98 |
Underwriting syndication loans fee and commission income | 11 | 10 |
Structured finance fee and commission income | 37 | 42 |
Collective instruments distribution fee and commission income | € 92 | € 112 |
Other income - Additional infor
Other income - Additional information (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Other income [abstract] | ||
Other income | € 184 | € 269 |
Receivable related to the insolvency of a financial institution | 72 | |
Other income from sale of certain securities at amortised cost | 186 | |
Income from positive recovery of defaulted receivables | 16 | 18 |
Share of result from associates and joint ventures | € 20 | € 34 |
Other income - Summary of Other
Other income - Summary of Other Income (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Analysis Of Other Comprehensive Income By Item [Abstract] | ||
Share of result from associates and joint ventures | € 20 | € 34 |
Net result derecognition of financial assets measured at amortised cost | (3) | 187 |
Other | 166 | 48 |
Other income | € 184 | € 269 |
Other operating expenses - Summ
Other operating expenses - Summary of other operating expenses (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Summary of Other Operating Expenses [abstract] | ||
Regulatory costs | € 759 | € 663 |
Audit and non-audit services | 16 | 14 |
IT related expenses | 387 | 388 |
Advertising and public relations | 149 | 166 |
External advisory fees | 147 | 186 |
Office expenses | 141 | 163 |
Travel and accommodation expenses | 24 | 43 |
Contributions and subscriptions | 59 | 56 |
Postal charges | 20 | 21 |
Depreciation of property and equipment | 285 | 281 |
Amortisation of intangible assets | 133 | 121 |
Impairments and reversals on property and equipment and intangibles | (23) | (333) |
Addition/(unused amounts reversed) of provision for reorganisations and relocations | 88 | (2) |
Addition/(unused amounts reversed) of other provisions | 49 | (14) |
Other | 341 | 284 |
Other operating expense | € 2,621 | € 2,703 |
Other operating expenses - Addi
Other operating expenses - Additional information (Details) - EUR (€) € in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Disclosure of other operating expenses [line items] | |||
Contributions to the Single Resolution Fund | € 308 | € 277 | |
Increase in local bank taxes | 8 | ||
Local bank taxes | 191 | € 183 | |
Goodwill [member] | |||
Disclosure of other operating expenses [line items] | |||
Impairment of an intangible asset | 310 | ||
Netherlands, Germany, Belgium, Poland, and Spain [Member] | |||
Disclosure of other operating expenses [line items] | |||
Contributions to the Deposit Guarantee Schemes | € 260 | € 203 |
Earnings per ordinary share - S
Earnings per ordinary share - Summary of earnings per ordinary share (Details) - EUR (€) € / shares in Units, € in Millions, shares in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Amount | ||
Basic earnings | € 3,161 | € 591 |
Basic earnings from continuing operations, amount | 3,161 | 591 |
Diluted earnings, amount | 3,161 | 591 |
Diluted earnings from continuing operations, amount | € 3,161 | € 591 |
Weighted average number of ordinary shares outstanding during the period | ||
Basic earnings | 3,901.9 | 3,897.9 |
Stock option and share plans | 1.6 | 0.5 |
Total effect of dilutive instruments | 1.6 | 0.5 |
Diluted earnings | 3,903.5 | 3,898.5 |
Per ordinary share | ||
Basic earnings | € 0.81 | € 0.15 |
Basic earnings from continuing operations | 0.81 | 0.15 |
Diluted earnings | 0.81 | 0.15 |
Diluted earnings from continuing operations | € 0.81 | € 0.15 |
Segments - Summary of reconcili
Segments - Summary of reconciliation between IFRS and underlying income, expenses and net result (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of operating segments [line items] | ||
Taxation | € 1,265 | € 438 |
Non-controlling interests | 59 | 36 |
Basic earnings | 3,161 | 591 |
Adjustment of the EU IAS 39 carve out [Member] | ||
Disclosure of operating segments [line items] | ||
Income | (956) | 493 |
Taxation | (260) | 115 |
Basic earnings | (697) | 379 |
Results IFRS-EU [member] | ||
Disclosure of operating segments [line items] | ||
Income | 9,219 | 9,182 |
Expenses | 5,691 | 7,623 |
Taxation | 1,005 | 553 |
Non-controlling interests | 59 | 36 |
Basic earnings | 2,464 | 969 |
Net Result IFRS Attributable to Equity Holder of Parent | ||
Disclosure of operating segments [line items] | ||
Income | 10,175 | 8,688 |
Expenses | 5,691 | 7,623 |
Taxation | 1,265 | 438 |
Non-controlling interests | 59 | 36 |
Basic earnings | € 3,161 | € 591 |
Segments - Schedule of ING Grou
Segments - Schedule of ING Group total (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of operating segments [line items] | ||
- Net interest income | € 7,021 | € 6,877 |
- Net fee and commission income | 1,710 | 1,506 |
- Additions to loan loss provision | 131 | 1,998 |
Total expenses | 5,691 | 7,623 |
Result before taxation | 4,484 | 1,065 |
Taxation | 1,265 | 438 |
Non-controlling interests | 59 | 36 |
Net result | 3,161 | 591 |
Adjustment of the EU IAS 39 carve out [Member] | ||
Disclosure of operating segments [line items] | ||
Total income | (956) | 493 |
Taxation | (260) | 115 |
Net result | (697) | 379 |
Results IFRS-EU [member] | ||
Disclosure of operating segments [line items] | ||
Total income | 9,219 | 9,182 |
- Operating expenses | 5,691 | 7,623 |
Taxation | 1,005 | 553 |
Non-controlling interests | 59 | 36 |
Net result | 2,464 | 969 |
ING Group [member] | ||
Disclosure of operating segments [line items] | ||
Net result | 3,161 | 591 |
ING Group [member] | Adjustment of the EU IAS 39 carve out [Member] | ||
Disclosure of operating segments [line items] | ||
Net result | 697 | (379) |
ING Group [member] | Results IFRS-EU [member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 6,853 | 6,931 |
- Net fee and commission income | 1,710 | 1,506 |
- Total investment and other income | 656 | 745 |
Total income | 9,219 | 9,182 |
- Operating expenses | 5,560 | 5,626 |
- Additions to loan loss provision | 131 | 1,998 |
Total expenses | 5,691 | 7,623 |
Result before taxation | 3,528 | 1,558 |
Taxation | 1,005 | 553 |
Non-controlling interests | 59 | 36 |
Net result | 2,464 | 969 |
ING Group [member] | ING Bank N.V. [member] | ||
Disclosure of operating segments [line items] | ||
Net result | 3,163 | 642 |
ING Group [member] | ING Bank N.V. [member] | Adjustment of the EU IAS 39 carve out [Member] | ||
Disclosure of operating segments [line items] | ||
Net result | 697 | (379) |
ING Group [member] | ING Bank N.V. [member] | Results IFRS-EU [member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 6,852 | 6,931 |
- Net fee and commission income | 1,710 | 1,507 |
- Total investment and other income | 653 | 760 |
Total income | 9,215 | 9,198 |
- Operating expenses | 5,553 | 5,625 |
- Additions to loan loss provision | 131 | 1,997 |
Total expenses | 5,685 | 7,623 |
Result before taxation | 3,530 | 1,575 |
Taxation | 1,005 | 519 |
Non-controlling interests | 59 | 36 |
Net result | 2,467 | 1,021 |
ING Group [member] | Other banking [member] | ||
Disclosure of operating segments [line items] | ||
Net result | (2) | (51) |
ING Group [member] | Other banking [member] | Results IFRS-EU [member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 0 | 0 |
- Net fee and commission income | 0 | (1) |
- Total investment and other income | 4 | (16) |
Total income | 4 | (16) |
- Operating expenses | 6 | 1 |
- Additions to loan loss provision | 0 | 0 |
Total expenses | 6 | 1 |
Result before taxation | (2) | (17) |
Taxation | 0 | 34 |
Non-controlling interests | 0 | |
Net result | € (2) | € (51) |
Segments - Summary of segments
Segments - Summary of segments banking by line of business (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of operating segments [line items] | ||
- Net interest income | € 7,021 | € 6,877 |
- Net fee and commission income | 1,710 | 1,506 |
- Additions to loan loss provision | 131 | 1,998 |
Total expenses | 5,691 | 7,623 |
Result before taxation | 4,484 | 1,065 |
Taxation | 1,265 | 438 |
Non-controlling interests | 59 | 36 |
Basic earnings | 3,161 | 591 |
Adjustment of the EU IAS 39 carve out [Member] | ||
Disclosure of operating segments [line items] | ||
Total income | (956) | 493 |
Taxation | (260) | 115 |
Basic earnings | (697) | 379 |
Results IFRS-EU [member] | ||
Disclosure of operating segments [line items] | ||
Total income | 9,219 | 9,182 |
- Operating expenses | 5,691 | 7,623 |
Taxation | 1,005 | 553 |
Non-controlling interests | 59 | 36 |
Basic earnings | 2,464 | 969 |
Segments Banking Activities [Member] | ||
Disclosure of operating segments [line items] | ||
Basic earnings | 3,161 | 591 |
Segments Banking Activities [Member] | Net Results IFRS-EU [Member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 6,853 | 6,931 |
- Net fee and commission income | 1,710 | 1,506 |
- Total investment and other income | 656 | 745 |
Total income | 9,219 | 9,182 |
- Operating expenses | 5,560 | 5,626 |
- Additions to loan loss provision | 131 | 1,998 |
Total expenses | 5,691 | 7,623 |
Result before taxation | 3,528 | 1,558 |
Taxation | 1,005 | 553 |
Non-controlling interests | 59 | 36 |
Basic earnings | 2,464 | 969 |
Segments Banking Activities [Member] | Adjustment of the EU IAS 39 carve out [Member] | ||
Disclosure of operating segments [line items] | ||
Basic earnings | 697 | (379) |
Retail Netherlands [member] | Segments Banking Activities [Member] | ||
Disclosure of operating segments [line items] | ||
Basic earnings | 754 | 781 |
Retail Netherlands [member] | Segments Banking Activities [Member] | Net Results IFRS-EU [Member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 1,651 | 1,763 |
- Net fee and commission income | 368 | 332 |
- Total investment and other income | 119 | 175 |
Total income | 2,138 | 2,269 |
- Operating expenses | 1,181 | 1,088 |
- Additions to loan loss provision | (65) | 139 |
Total expenses | 1,116 | 1,227 |
Result before taxation | 1,022 | 1,043 |
Taxation | 267 | 262 |
Non-controlling interests | (1) | |
Basic earnings | 754 | 781 |
Retail Belgium [member] | Segments Banking Activities [Member] | ||
Disclosure of operating segments [line items] | ||
Basic earnings | 94 | (44) |
Retail Belgium [member] | Segments Banking Activities [Member] | Net Results IFRS-EU [Member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 894 | 937 |
- Net fee and commission income | 248 | 207 |
- Total investment and other income | 99 | 71 |
Total income | 1,241 | 1,215 |
- Operating expenses | 912 | 969 |
- Additions to loan loss provision | 194 | 282 |
Total expenses | 1,107 | 1,251 |
Result before taxation | 134 | (36) |
Taxation | 41 | 9 |
Non-controlling interests | 0 | 0 |
Basic earnings | 94 | (44) |
Retail Germany [member] | Segments Banking Activities [Member] | ||
Disclosure of operating segments [line items] | ||
Basic earnings | 275 | 304 |
Retail Germany [member] | Segments Banking Activities [Member] | Net Results IFRS-EU [Member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 734 | 801 |
- Net fee and commission income | 257 | 215 |
- Total investment and other income | 45 | 59 |
Total income | 1,036 | 1,075 |
- Operating expenses | 604 | 567 |
- Additions to loan loss provision | 19 | 14 |
Total expenses | 623 | 581 |
Result before taxation | 413 | 494 |
Taxation | 135 | 188 |
Non-controlling interests | 2 | 2 |
Basic earnings | 275 | 304 |
Retail Other [member] | Segments Banking Activities [Member] | ||
Disclosure of operating segments [line items] | ||
Basic earnings | 291 | 183 |
Retail Other [member] | Segments Banking Activities [Member] | Net Results IFRS-EU [Member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 1,354 | 1,392 |
- Net fee and commission income | 253 | 193 |
- Total investment and other income | 122 | 134 |
Total income | 1,729 | 1,720 |
- Operating expenses | 1,174 | 1,120 |
- Additions to loan loss provision | 102 | 304 |
Total expenses | 1,276 | 1,424 |
Result before taxation | 454 | 295 |
Taxation | 117 | 85 |
Non-controlling interests | 46 | 27 |
Basic earnings | 291 | 183 |
Wholesale Banking [Member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 1,558 | (204) |
Wholesale Banking [Member] | Segments Banking Activities [Member] | ||
Disclosure of operating segments [line items] | ||
Basic earnings | 1,889 | (614) |
Wholesale Banking [Member] | Segments Banking Activities [Member] | Net Results IFRS-EU [Member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 2,044 | 1,864 |
- Net fee and commission income | 580 | 561 |
- Total investment and other income | 267 | 354 |
Total income | 2,891 | 2,780 |
- Operating expenses | 1,452 | 1,728 |
- Additions to loan loss provision | (119) | 1,256 |
Total expenses | 1,333 | 2,984 |
Result before taxation | 1,558 | (204) |
Taxation | 355 | 23 |
Non-controlling interests | 10 | 8 |
Basic earnings | 1,192 | (235) |
Wholesale Banking [Member] | Segments Banking Activities [Member] | Adjustment of the EU IAS 39 carve out [Member] | ||
Disclosure of operating segments [line items] | ||
Basic earnings | 697 | (379) |
Corporate Line Banking [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | (53) | (34) |
Corporate Line Banking [member] | Segments Banking Activities [Member] | ||
Disclosure of operating segments [line items] | ||
Basic earnings | (142) | (19) |
Corporate Line Banking [member] | Segments Banking Activities [Member] | Net Results IFRS-EU [Member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 174 | 173 |
- Net fee and commission income | 4 | (2) |
- Total investment and other income | 5 | (48) |
Total income | 184 | 123 |
- Operating expenses | 237 | 154 |
- Additions to loan loss provision | 0 | 3 |
Total expenses | 237 | 156 |
Result before taxation | (53) | (34) |
Taxation | 89 | (14) |
Non-controlling interests | 0 | 0 |
Basic earnings | € (142) | € (19) |
Segments - Summary of geographi
Segments - Summary of geographical segments banking (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of operating segments [line items] | ||
- Net interest income | € 7,021 | € 6,877 |
- Net fee and commission income | 1,710 | 1,506 |
- Additions to loan loss provision | 131 | 1,998 |
Total expenses | 5,691 | 7,623 |
Result before taxation | 4,484 | 1,065 |
Taxation | 1,265 | 438 |
Non-controlling interests | 59 | 36 |
Basic earnings | 3,161 | 591 |
Adjustment of the EU IAS 39 carve out [Member] | ||
Disclosure of operating segments [line items] | ||
Total income | (956) | 493 |
Taxation | (260) | 115 |
Basic earnings | (697) | 379 |
Geographical Segments Banking [Member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 3,528 | 1,558 |
Basic earnings | 3,161 | 591 |
Geographical Segments Banking [Member] | Net Results IFRS-EU [Member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 6,853 | 6,931 |
- Net fee and commission income | 1,710 | 1,506 |
- Total investment and other income | 656 | 745 |
Total income | 9,219 | 9,182 |
- Operating expenses | 5,560 | 5,626 |
- Additions to loan loss provision | 131 | 1,998 |
Total expenses | 5,691 | 7,623 |
Result before taxation | 3,528 | 1,558 |
Taxation | 1,005 | 553 |
Non-controlling interests | 59 | 36 |
Basic earnings | 2,464 | 969 |
Geographical Segments Banking [Member] | Adjustment of the EU IAS 39 carve out [Member] | ||
Disclosure of operating segments [line items] | ||
Basic earnings | 697 | (379) |
Geographical Segments Banking [Member] | Netherlands [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 1,162 | 732 |
Basic earnings | 1,341 | 143 |
Geographical Segments Banking [Member] | Netherlands [member] | Net Results IFRS-EU [Member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 2,023 | 2,097 |
- Net fee and commission income | 518 | 494 |
- Total investment and other income | 148 | 197 |
Total income | 2,688 | 2,788 |
- Operating expenses | 1,577 | 1,736 |
- Additions to loan loss provision | (51) | 320 |
Total expenses | 1,526 | 2,056 |
Result before taxation | 1,162 | 732 |
Taxation | 298 | 252 |
Non-controlling interests | (1) | |
Basic earnings | 864 | 481 |
Geographical Segments Banking [Member] | Netherlands [member] | Adjustment of the EU IAS 39 carve out [Member] | ||
Disclosure of operating segments [line items] | ||
Basic earnings | 477 | (338) |
Geographical Segments Banking [Member] | Belgium [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 349 | 26 |
Basic earnings | 292 | 5 |
Geographical Segments Banking [Member] | Belgium [member] | Net Results IFRS-EU [Member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 1,072 | 1,090 |
- Net fee and commission income | 356 | 302 |
- Total investment and other income | 127 | 98 |
Total income | 1,554 | 1,491 |
- Operating expenses | 1,065 | 1,126 |
- Additions to loan loss provision | 139 | 338 |
Total expenses | 1,205 | 1,465 |
Result before taxation | 349 | 26 |
Taxation | 92 | 25 |
Non-controlling interests | 0 | 0 |
Basic earnings | 257 | 2 |
Geographical Segments Banking [Member] | Belgium [member] | Adjustment of the EU IAS 39 carve out [Member] | ||
Disclosure of operating segments [line items] | ||
Basic earnings | 35 | 3 |
Geographical Segments Banking [Member] | Germany [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 616 | 474 |
Basic earnings | 613 | 205 |
Geographical Segments Banking [Member] | Germany [member] | Net Results IFRS-EU [Member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 1,010 | 1,059 |
- Net fee and commission income | 263 | 228 |
- Total investment and other income | 78 | 80 |
Total income | 1,350 | 1,367 |
- Operating expenses | 691 | 652 |
- Additions to loan loss provision | 43 | 241 |
Total expenses | 734 | 893 |
Result before taxation | 616 | 474 |
Taxation | 186 | 170 |
Non-controlling interests | 2 | 2 |
Basic earnings | 428 | 302 |
Geographical Segments Banking [Member] | Germany [member] | Adjustment of the EU IAS 39 carve out [Member] | ||
Disclosure of operating segments [line items] | ||
Basic earnings | 185 | (97) |
Geographical Segments Banking [Member] | Other Challengers [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 400 | 162 |
Basic earnings | 279 | 159 |
Geographical Segments Banking [Member] | Other Challengers [member] | Net Results IFRS-EU [Member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 974 | 893 |
- Net fee and commission income | 161 | 136 |
- Total investment and other income | 45 | 14 |
Total income | 1,179 | 1,043 |
- Operating expenses | 724 | 669 |
- Additions to loan loss provision | 55 | 212 |
Total expenses | 779 | 882 |
Result before taxation | 400 | 162 |
Taxation | 121 | 56 |
Basic earnings | 279 | 106 |
Geographical Segments Banking [Member] | Other Challengers [member] | Adjustment of the EU IAS 39 carve out [Member] | ||
Disclosure of operating segments [line items] | ||
Basic earnings | (1) | 53 |
Geographical Segments Banking [Member] | Growth Markets [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 384 | 284 |
Basic earnings | 245 | 178 |
Geographical Segments Banking [Member] | Growth Markets [member] | Net Results IFRS-EU [Member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 749 | 799 |
- Net fee and commission income | 163 | 131 |
- Total investment and other income | 154 | 203 |
Total income | 1,066 | 1,133 |
- Operating expenses | 636 | 644 |
- Additions to loan loss provision | 45 | 205 |
Total expenses | 681 | 849 |
Result before taxation | 384 | 284 |
Taxation | 83 | 71 |
Non-controlling interests | 57 | 35 |
Basic earnings | 245 | 178 |
Geographical Segments Banking [Member] | Wholesale Banking Rest Of World [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 669 | (85) |
Basic earnings | 531 | (74) |
Geographical Segments Banking [Member] | Wholesale Banking Rest Of World [member] | Net Results IFRS-EU [Member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 850 | 823 |
- Net fee and commission income | 246 | 217 |
- Total investment and other income | 101 | 197 |
Total income | 1,197 | 1,237 |
- Operating expenses | 629 | 644 |
- Additions to loan loss provision | (101) | 678 |
Total expenses | 529 | 1,322 |
Result before taxation | 669 | (85) |
Taxation | 137 | (10) |
Basic earnings | 531 | (74) |
Geographical Segments Banking [Member] | Other [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | (53) | (35) |
Basic earnings | (140) | (25) |
Geographical Segments Banking [Member] | Other [member] | Net Results IFRS-EU [Member] | ||
Disclosure of operating segments [line items] | ||
- Net interest income | 175 | 169 |
- Net fee and commission income | 4 | (3) |
- Total investment and other income | 5 | (44) |
Total income | 184 | 123 |
- Operating expenses | 237 | 155 |
- Additions to loan loss provision | 0 | 3 |
Total expenses | 237 | 158 |
Result before taxation | (53) | (35) |
Taxation | 87 | (10) |
Non-controlling interests | 0 | 0 |
Basic earnings | (140) | (25) |
Retail [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 2,023 | 1,796 |
Retail [member] | Netherlands [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 1,022 | 1,043 |
Retail [member] | Belgium [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 134 | (36) |
Retail [member] | Germany [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 413 | 494 |
Retail [member] | Other Challengers [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 160 | 74 |
Retail [member] | Growth Markets [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 294 | 222 |
Wholesale Banking [Member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 1,558 | (204) |
Wholesale Banking [Member] | Netherlands [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 140 | (310) |
Wholesale Banking [Member] | Belgium [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 215 | 62 |
Wholesale Banking [Member] | Germany [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 203 | (20) |
Wholesale Banking [Member] | Other Challengers [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 240 | 88 |
Wholesale Banking [Member] | Growth Markets [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 91 | 62 |
Wholesale Banking [Member] | Wholesale Banking Rest Of World [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 669 | (85) |
Wholesale Banking [Member] | Other [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | 0 | (2) |
Corporate Line Banking [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | (53) | (34) |
Corporate Line Banking [member] | Other [member] | ||
Disclosure of operating segments [line items] | ||
Result before taxation | € (53) | € (34) |
Fair value of assets and liab_3
Fair value of assets and liabilities - Summary of valuation adjustment (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Total Valuation Adjustments | € (505) | € (634) |
Bid/Offer [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Total Valuation Adjustments | (111) | (121) |
Model Risk [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Total Valuation Adjustments | (17) | (25) |
CVA [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Total Valuation Adjustments | (180) | (238) |
DVA [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Total Valuation Adjustments | (92) | (124) |
CollVA [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Total Valuation Adjustments | (14) | (16) |
FVA [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Total Valuation Adjustments | € (91) | € (111) |
Fair value of assets and liab_4
Fair value of assets and liabilities - Methods applied in determining fair values of financial assets and liabilities) (Details) - EUR (€) € in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Financial Assets | ||
Financial assets at fair value through profit or loss | € 121,402 | € 103,370 |
Financial assets at fair value through other comprehensive income | 33,016 | 35,895 |
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 87,141 | 82,781 |
Debt Securities [Member] | ||
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 6,077 | 6,534 |
Deposits [Member] | ||
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 59,323 | 48,114 |
Derivatives [member] | ||
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 20,937 | 27,365 |
Trading securities [member] | ||
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 804 | 768 |
Loans and receivables [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 72,820 | 54,998 |
Financial assets at fair value through other comprehensive income | 889 | 1,056 |
Equity securities [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 14,123 | 8,037 |
Financial assets at fair value through other comprehensive income | 2,434 | 1,862 |
Debt Securities [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 11,561 | 9,514 |
Financial assets at fair value through other comprehensive income | 29,693 | 32,977 |
Derivatives [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 22,898 | 30,821 |
Level 1 [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 17,740 | 11,276 |
Financial assets at fair value through other comprehensive income | 30,788 | 33,279 |
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 1,658 | 1,879 |
Level 1 [member] | Debt Securities [Member] | ||
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 862 | 1,124 |
Level 1 [member] | Deposits [Member] | ||
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 1 | |
Level 1 [member] | Derivatives [member] | ||
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 62 | 55 |
Level 1 [member] | Trading securities [member] | ||
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 735 | 699 |
Level 1 [member] | Equity securities [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 13,976 | 7,897 |
Financial assets at fair value through other comprehensive income | 2,266 | 1,687 |
Level 1 [member] | Debt Securities [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 3,755 | 3,378 |
Financial assets at fair value through other comprehensive income | 28,522 | 31,592 |
Level 1 [member] | Derivatives [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 9 | 1 |
Level 2 [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 100,290 | 89,225 |
Financial assets at fair value through other comprehensive income | 1,171 | 1,385 |
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 85,151 | 80,505 |
Level 2 [member] | Debt Securities [Member] | ||
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 5,047 | 5,231 |
Level 2 [member] | Deposits [Member] | ||
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 59,319 | 48,111 |
Level 2 [member] | Derivatives [member] | ||
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 20,715 | 27,094 |
Level 2 [member] | Trading securities [member] | ||
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 69 | 70 |
Level 2 [member] | Loans and receivables [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 70,971 | 53,733 |
Level 2 [member] | Equity securities [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 2 | 2 |
Level 2 [member] | Debt Securities [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 6,556 | 4,867 |
Financial assets at fair value through other comprehensive income | 1,171 | 1,385 |
Level 2 [member] | Derivatives [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 22,761 | 30,623 |
Level 3 [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 3,372 | 2,870 |
Financial assets at fair value through other comprehensive income | 1,057 | 1,231 |
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 331 | 398 |
Level 3 [member] | Debt Securities [Member] | ||
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 168 | 180 |
Level 3 [member] | Deposits [Member] | ||
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 4 | 2 |
Level 3 [member] | Derivatives [member] | ||
Financial Liabilities | ||
Financial liabilities at fair value through profit or loss | 160 | 217 |
Level 3 [member] | Loans and receivables [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 1,849 | 1,265 |
Financial assets at fair value through other comprehensive income | 889 | 1,056 |
Level 3 [member] | Equity securities [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 144 | 138 |
Financial assets at fair value through other comprehensive income | 168 | 176 |
Level 3 [member] | Debt Securities [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | 1,250 | 1,269 |
Level 3 [member] | Derivatives [member] | ||
Financial Assets | ||
Financial assets at fair value through profit or loss | € 129 | € 197 |
Fair value of assets and liab_5
Fair value of assets and liabilities - Valuation techniques and range of unobservable inputs (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Assets, at fair value through profit or loss | € 121,402 | € 103,370 | |
Assets, at fair value through other comprehensive income | 33,016 | 35,895 | |
Liabilities, at fair value through profit or loss | 87,141 | 82,781 | |
Debt Securities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Assets, at fair value through profit or loss | 11,561 | 9,514 | |
Assets, at fair value through other comprehensive income | 29,693 | 32,977 | |
Level 3 [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Assets, at fair value through profit or loss | 3,372 | 2,870 | |
Assets, at fair value through other comprehensive income | 1,057 | 1,231 | |
Assets | 4,429 | 4,101 | € 4,768 |
Liabilities, at fair value through profit or loss | 331 | 398 | |
Financial liabilities at fair value | 331 | 398 | € 490 |
Level 3 [member] | Loans and advances [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Assets, at fair value through profit or loss | 1,363 | 1,090 | |
Liabilities, at fair value through profit or loss | 4 | 2 | |
Level 3 [member] | Reverse (Repos) [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Assets, at fair value through profit or loss | 486 | 176 | |
Level 3 [member] | Structured notes [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Liabilities, at fair value through profit or loss | 168 | 180 | |
Level 3 [member] | Derivatives at rates [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Assets, at fair value through profit or loss | 4 | 2 | |
Liabilities, at fair value through profit or loss | 35 | 38 | |
Level 3 [member] | Derivatives at foreign exchange [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Assets, at fair value through profit or loss | 1 | ||
Level 3 [member] | Derivative at credit [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Assets, at fair value through profit or loss | 93 | 168 | |
Liabilities, at fair value through profit or loss | 96 | 154 | |
Level 3 [member] | Derivatives at equity [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Assets, at fair value through profit or loss | 30 | 24 | |
Liabilities, at fair value through profit or loss | 26 | 20 | |
Level 3 [member] | Other derivatives [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Assets, at fair value through profit or loss | 1 | 3 | |
Liabilities, at fair value through profit or loss | 2 | 3 | |
Level 3 [member] | Loan and advances at fair value through other comprehensive income [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Assets, at fair value through other comprehensive income | 889 | 1,056 | |
Level 3 [member] | Equity, at fair value through other comprehensive income [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Assets, at fair value through other comprehensive income | 168 | 176 | |
Level 3 [member] | Debt Securities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Assets, at fair value through profit or loss | 1,250 | 1,269 | |
Level 3 [member] | Equity securities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Assets, at fair value through profit or loss | € 144 | 137 | |
Liabilities, at fair value through profit or loss | € 1 | ||
Level 3 [member] | Minimum [member] | Price [member] | Loans and advances [member] | Price based [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 0.00% | 0.00% | |
Level 3 [member] | Minimum [member] | Price [member] | Structured notes [member] | Price based [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 84.00% | 74.00% | |
Level 3 [member] | Minimum [member] | Price [member] | Derivative at credit [member] | Price based [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 99.00% | 99.00% | |
Level 3 [member] | Minimum [member] | Price [member] | Derivatives at equity [member] | Price based [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 3.00% | 3.00% | |
Level 3 [member] | Minimum [member] | Price [member] | Loan and advances at fair value through other comprehensive income [Member] | Price based [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 99.00% | 99.00% | |
Level 3 [member] | Minimum [member] | Credit spread (CS01) [member] | Loans and advances [member] | Present value techniques [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, basis point spread | 0 | 0 | |
Level 3 [member] | Minimum [member] | Credit spread (CS01) [member] | Derivative at credit [member] | Present value techniques [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, basis point spread | 0.0002 | 0.0002 | |
Level 3 [member] | Minimum [member] | Credit spread (CS01) [member] | Equity, at fair value through other comprehensive income [Member] | Present value techniques [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, basis point spread | 0.0001 | 0.0002 | |
Level 3 [member] | Minimum [member] | Equity volatility (%) [member] | Structured notes [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 14.00% | 14.00% | |
Level 3 [member] | Minimum [member] | Equity volatility (%) [member] | Derivatives at equity [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 5.00% | 5.00% | |
Level 3 [member] | Minimum [member] | Equity/FX correlation [member] | Structured notes [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs,correlation | (0.3) | (0.7) | |
Level 3 [member] | Minimum [member] | Equity/FX correlation [member] | Derivatives at equity [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs,correlation | (0.5) | (0.6) | |
Level 3 [member] | Minimum [member] | Dividend yield (%) [member] | Structured notes [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 2.00% | 0.00% | |
Level 3 [member] | Minimum [member] | Dividend yield (%) [member] | Derivatives at equity [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 0.00% | 0.00% | |
Level 3 [member] | Minimum [member] | Interest rate volatility (%) [member] | Reverse (Repos) [Member] | Present value techniques [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 3.00% | 3.00% | |
Level 3 [member] | Minimum [member] | Interest rate volatility (%) [member] | Derivatives at rates [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, basis point spread | 0.0015 | 0.0012 | |
Level 3 [member] | Minimum [member] | Interest rate volatility (%) [member] | Equity, at fair value through other comprehensive income [Member] | Present value techniques [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 3.00% | 3.00% | |
Level 3 [member] | Minimum [member] | Reset spread (%) [member] | Derivatives at rates [member] | Present value techniques [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 2.00% | 2.00% | |
Level 3 [member] | Minimum [member] | Prepayment rate (%) [member] | Loans and advances [member] | Present value techniques [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 9.00% | 9.00% | |
Level 3 [member] | Minimum [member] | FX volatility (bps ) [member] | Derivatives at foreign exchange [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, basis point spread | 0.0006 | ||
Level 3 [member] | Minimum [member] | Equity/equity correlation [member] | Structured notes [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs,correlation | 0.6 | ||
Level 3 [member] | Minimum [member] | Equity/equity correlation [member] | Derivatives at equity [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs,correlation | 0.5 | 0.5 | |
Level 3 [member] | Minimum [member] | Commodity volatility [member] | Other derivatives [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 15.00% | 18.00% | |
Level 3 [member] | Minimum [member] | Com/FX correlation [member] | Other derivatives [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs,correlation | (0.5) | ||
Level 3 [member] | Minimum [member] | Other [member] | Equity, at fair value through other comprehensive income [Member] | Price based [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, other | 0 | 63 | |
Level 3 [member] | Minimum [member] | Debt Securities [member] | Price [member] | Price based [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 0.00% | 0.00% | |
Level 3 [member] | Minimum [member] | Equity securities [member] | Price, Non-Percent [Member] | Price based [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, price | 0 | 0 | |
Level 3 [member] | Maximum [member] | Price [member] | Loans and advances [member] | Price based [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 101.00% | 101.00% | |
Level 3 [member] | Maximum [member] | Price [member] | Structured notes [member] | Price based [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 118.00% | 109.00% | |
Level 3 [member] | Maximum [member] | Price [member] | Derivative at credit [member] | Price based [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 100.00% | 107.00% | |
Level 3 [member] | Maximum [member] | Price [member] | Derivatives at equity [member] | Price based [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 3.00% | 3.00% | |
Level 3 [member] | Maximum [member] | Price [member] | Loan and advances at fair value through other comprehensive income [Member] | Price based [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 100.00% | 99.00% | |
Level 3 [member] | Maximum [member] | Credit spread (CS01) [member] | Loans and advances [member] | Present value techniques [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, basis point spread | 0.0250 | 0.0250 | |
Level 3 [member] | Maximum [member] | Credit spread (CS01) [member] | Derivative at credit [member] | Present value techniques [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, basis point spread | 0.0599 | 0.1403 | |
Level 3 [member] | Maximum [member] | Credit spread (CS01) [member] | Equity, at fair value through other comprehensive income [Member] | Present value techniques [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, basis point spread | 0.0001 | 0.0002 | |
Level 3 [member] | Maximum [member] | Equity volatility (%) [member] | Structured notes [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 25.00% | 25.00% | |
Level 3 [member] | Maximum [member] | Equity volatility (%) [member] | Derivatives at equity [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 83.00% | 64.00% | |
Level 3 [member] | Maximum [member] | Equity/FX correlation [member] | Structured notes [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs,correlation | (0.3) | 0.3 | |
Level 3 [member] | Maximum [member] | Equity/FX correlation [member] | Derivatives at equity [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs,correlation | 0.1 | 0.1 | |
Level 3 [member] | Maximum [member] | Dividend yield (%) [member] | Structured notes [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 5.00% | 5.00% | |
Level 3 [member] | Maximum [member] | Dividend yield (%) [member] | Derivatives at equity [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 20.00% | 34.00% | |
Level 3 [member] | Maximum [member] | Interest rate volatility (%) [member] | Reverse (Repos) [Member] | Present value techniques [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 4.00% | 4.00% | |
Level 3 [member] | Maximum [member] | Interest rate volatility (%) [member] | Derivatives at rates [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, basis point spread | 0.0074 | 0.0070 | |
Level 3 [member] | Maximum [member] | Interest rate volatility (%) [member] | Equity, at fair value through other comprehensive income [Member] | Present value techniques [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 3.00% | 3.00% | |
Level 3 [member] | Maximum [member] | Reset spread (%) [member] | Derivatives at rates [member] | Present value techniques [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 2.00% | 2.00% | |
Level 3 [member] | Maximum [member] | Prepayment rate (%) [member] | Loans and advances [member] | Present value techniques [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 9.00% | 9.00% | |
Level 3 [member] | Maximum [member] | FX volatility (bps ) [member] | Derivatives at foreign exchange [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, basis point spread | 0.0010 | ||
Level 3 [member] | Maximum [member] | Equity/equity correlation [member] | Structured notes [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs,correlation | 0.9 | ||
Level 3 [member] | Maximum [member] | Equity/equity correlation [member] | Derivatives at equity [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs,correlation | 0.8 | 0.9 | |
Level 3 [member] | Maximum [member] | Commodity volatility [member] | Other derivatives [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 79.00% | 55.00% | |
Level 3 [member] | Maximum [member] | Com/FX correlation [member] | Other derivatives [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs,correlation | (0.3) | ||
Level 3 [member] | Maximum [member] | Other [member] | Equity, at fair value through other comprehensive income [Member] | Price based [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, other | 80 | 80 | |
Level 3 [member] | Maximum [member] | Debt Securities [member] | Price [member] | Price based [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, percentage | 104.00% | 107.00% | |
Level 3 [member] | Maximum [member] | Equity securities [member] | Price, Non-Percent [Member] | Price based [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Significant unobservable inputs, price | 5,475 | 5,475 |
Fair value of assets and liab_6
Fair value of assets and liabilities - Changes in level 3 financial assets (Details) - Level 3 [member] - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of fair value measurement of assets [line items] | ||
Opening balance | € 4,101 | € 4,768 |
Realised gain/loss recognised in the statement of profit or loss during the period | 10 | (383) |
Revaluation recognised in other comprehensive income during the period | (8) | (46) |
Purchase of assets | 1,393 | 1,887 |
Sale of assets | (472) | (1,743) |
Maturity/settlement | (94) | (354) |
Reclassifications | (29) | 224 |
Transfers into Level 3 | 11 | 523 |
Transfers out of Level 3 | (496) | (755) |
Exchange rate differences | 10 | (27) |
Changes in the composition of the group and other changes | 1 | 6 |
Closing balance | 4,429 | 4,101 |
Financial asset mandatorily at FVPL [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Opening balance | 1,191 | 1,381 |
Realised gain/loss recognised in the statement of profit or loss during the period | 12 | (104) |
Purchase of assets | 834 | 1,180 |
Sale of assets | (265) | (973) |
Maturity/settlement | (21) | (83) |
Reclassifications | (16) | 330 |
Transfers into Level 3 | 6 | |
Transfers out of Level 3 | (528) | |
Exchange rate differences | 7 | (24) |
Changes in the composition of the group and other changes | 1 | 5 |
Closing balance | 1,743 | 1,191 |
Financial assets designated at FVPL [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Opening balance | 796 | 1,244 |
Realised gain/loss recognised in the statement of profit or loss during the period | 0 | (198) |
Purchase of assets | 489 | 212 |
Sale of assets | (25) | (270) |
Maturity/settlement | (12) | (57) |
Transfers into Level 3 | 1 | |
Transfers out of Level 3 | (138) | |
Closing balance | 1,248 | 796 |
Financial assets at FVOCI [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Opening balance | 1,231 | 1,961 |
Realised gain/loss recognised in the statement of profit or loss during the period | (8) | (19) |
Revaluation recognised in other comprehensive income during the period | (8) | (46) |
Purchase of assets | 54 | 39 |
Sale of assets | (147) | (419) |
Maturity/settlement | (53) | (175) |
Reclassifications | (13) | (105) |
Transfers into Level 3 | (3) | (1) |
Exchange rate differences | 3 | (4) |
Changes in the composition of the group and other changes | 0 | 1 |
Closing balance | 1,057 | 1,231 |
Trading assets [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Opening balance | 882 | 174 |
Realised gain/loss recognised in the statement of profit or loss during the period | 5 | (61) |
Purchase of assets | 14 | 453 |
Sale of assets | (32) | (73) |
Maturity/settlement | (8) | (39) |
Transfers into Level 3 | 14 | 517 |
Transfers out of Level 3 | (496) | (90) |
Exchange rate differences | 0 | 0 |
Closing balance | 379 | 882 |
Non-trading derivatives [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Opening balance | 1 | 8 |
Realised gain/loss recognised in the statement of profit or loss during the period | 0 | (1) |
Purchase of assets | 3 | 3 |
Sale of assets | (3) | (8) |
Maturity/settlement | (1) | |
Transfers out of Level 3 | 0 | |
Closing balance | € 2 | € 1 |
Fair value of assets and liab_7
Fair value of assets and liabilities - Changes in level 3 financial liabilities (Details) - Level 3 [member] - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of fair value measurement of liabilities [line items] | ||
Opening balance | € 398 | € 490 |
Realised gain/loss recognised in the statement of profit or loss during the period | 77 | (4) |
Additions | 81 | 736 |
Redemptions | (164) | (250) |
Maturity/settlement | (40) | (146) |
Transfers into Level 3 | 242 | 445 |
Transfers out of Level 3 | (264) | (873) |
Closing balance | 331 | 398 |
Trading liabilities [Member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Opening balance | 180 | 195 |
Realised gain/loss recognised in the statement of profit or loss during the period | 57 | (2) |
Additions | 16 | 55 |
Redemptions | (2) | (116) |
Maturity/settlement | (39) | (11) |
Transfers into Level 3 | 14 | 170 |
Transfers out of Level 3 | (96) | (111) |
Closing balance | 130 | 180 |
Non-trading derivatives liabilities [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Opening balance | 39 | 110 |
Realised gain/loss recognised in the statement of profit or loss during the period | (2) | 20 |
Additions | 3 | 19 |
Redemptions | (3) | (45) |
Maturity/settlement | 0 | (52) |
Transfers into Level 3 | 8 | |
Transfers out of Level 3 | (3) | (23) |
Closing balance | 33 | 39 |
Financial liabilities designated as at fair value through profit or loss [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Opening balance | 180 | 184 |
Realised gain/loss recognised in the statement of profit or loss during the period | 22 | (22) |
Additions | 62 | 662 |
Redemptions | (159) | (90) |
Maturity/settlement | 0 | (83) |
Transfers into Level 3 | 228 | 267 |
Transfers out of Level 3 | (165) | (738) |
Closing balance | € 168 | € 180 |
Fair value of assets and liab_8
Fair value of assets and liabilities - Sensitivity analysis of level 3 instruments (Details) - Level 3 [member] - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of fair value measurement of assets [line items] | ||
Positive fair value movements from using reasonable possible alternatives | € 86 | € 96 |
Negative fair value movements from using reasonable possible alternatives | (49) | (42) |
Financial assets at fair value through profit or loss [member] | Equity (equity derivatives, structured notes) [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Positive fair value movements from using reasonable possible alternatives | 3 | 33 |
Negative fair value movements from using reasonable possible alternatives | (21) | (14) |
Financial assets at fair value through profit or loss [member] | Interest rates (Rates derivatives, FX derivatives) [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Positive fair value movements from using reasonable possible alternatives | 15 | 20 |
Negative fair value movements from using reasonable possible alternatives | (1) | (1) |
Financial assets at fair value through profit or loss [member] | Credit (Debt securities, Loans, structured notes, credit derivatives) [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Positive fair value movements from using reasonable possible alternatives | 68 | 43 |
Negative fair value movements from using reasonable possible alternatives | € (27) | € (27) |
Fair value of assets and liab_9
Fair value of assets and liabilities - Methods applied in determining fair values of financial assets and liabilities (carried at amortised cost) (Detail) - EUR (€) € in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Assets | |||
Loans and advances to banks | € 26,198 | € 25,364 | |
Loans and advances to customers | 607,777 | 593,970 | |
Financial Liabilities | |||
Deposits from banks | 89,134 | 78,098 | |
Customer deposits | 620,564 | 609,517 | |
Debt securities in issue | 91,840 | 82,065 | € 118,528 |
Subordinated loans | 14,791 | 15,805 | € 16,588 |
Financial assets [member] | |||
Financial Assets | |||
Loans and advances to banks | 26,252 | 25,539 | |
Loans and advances to customers | 620,103 | 608,740 | |
Securities at amortised cost | 50,462 | 52,281 | |
Financial assets | 696,817 | 686,560 | |
Financial assets [member] | Carrying amount approximates fair value [member] | |||
Financial Assets | |||
Loans and advances to banks | 2,548 | 2,165 | |
Loans and advances to customers | 19,007 | 17,486 | |
Securities at amortised cost | 0 | 0 | |
Financial assets | 21,555 | 19,651 | |
Financial assets [member] | Carrying amount [member] | |||
Financial Assets | |||
Loans and advances to banks | 26,198 | 25,364 | |
Loans and advances to customers | 607,777 | 593,970 | |
Securities at amortised cost | 49,467 | 50,587 | |
Financial assets | 683,442 | 669,921 | |
Financial liabilities [member] | |||
Financial Liabilities | |||
Deposits from banks | 89,748 | 78,405 | |
Customer deposits | 620,682 | 609,972 | |
Debt securities in issue | 92,213 | 82,360 | |
Subordinated loans | 15,429 | 16,174 | |
Financial liabilities | 818,072 | 786,911 | |
Financial liabilities [member] | Carrying amount approximates fair value [member] | |||
Financial Liabilities | |||
Deposits from banks | 6,306 | 3,918 | |
Customer deposits | 590,870 | 580,262 | |
Debt securities in issue | 0 | ||
Subordinated loans | 0 | 0 | |
Financial liabilities | 597,176 | 584,180 | |
Financial liabilities [member] | Carrying amount [member] | |||
Financial Liabilities | |||
Deposits from banks | 89,134 | 78,098 | |
Customer deposits | 620,564 | 609,517 | |
Debt securities in issue | 91,840 | 82,065 | |
Subordinated loans | 14,791 | 15,805 | |
Financial liabilities | 816,329 | 785,484 | |
Level 1 [member] | Financial assets [member] | |||
Financial Assets | |||
Loans and advances to banks | 0 | 0 | |
Loans and advances to customers | 0 | 0 | |
Securities at amortised cost | 47,444 | 49,109 | |
Financial assets | 47,444 | 49,109 | |
Level 1 [member] | Financial liabilities [member] | |||
Financial Liabilities | |||
Deposits from banks | 0 | ||
Customer deposits | 0 | ||
Debt securities in issue | 51,051 | 51,906 | |
Subordinated loans | 14,263 | 15,013 | |
Financial liabilities | 65,314 | 66,919 | |
Level 2 [member] | Financial assets [member] | |||
Financial Assets | |||
Loans and advances to banks | 7,714 | 7,763 | |
Loans and advances to customers | 17,828 | 14,595 | |
Securities at amortised cost | 2,433 | 2,550 | |
Financial assets | 27,975 | 24,908 | |
Level 2 [member] | Financial liabilities [member] | |||
Financial Liabilities | |||
Deposits from banks | 77,571 | 68,473 | |
Customer deposits | 17,081 | 14,007 | |
Debt securities in issue | 22,879 | 24,005 | |
Subordinated loans | 1,167 | 1,161 | |
Financial liabilities | 118,698 | 107,645 | |
Level 3 [member] | Financial assets [member] | |||
Financial Assets | |||
Loans and advances to banks | 15,990 | 15,611 | |
Loans and advances to customers | 583,268 | 576,659 | |
Securities at amortised cost | 586 | 622 | |
Financial assets | 599,844 | 592,892 | |
Level 3 [member] | Financial liabilities [member] | |||
Financial Liabilities | |||
Deposits from banks | 5,870 | 6,014 | |
Customer deposits | 12,730 | 15,704 | |
Debt securities in issue | 18,283 | 6,449 | |
Financial liabilities | € 36,883 | € 28,167 |
Fair value of assets and lia_10
Fair value of assets and liabilities - Additional information (Details) - EUR (€) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Description of valuation methods | The estimated fair values represent the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is a market-based measurement, which is based on assumptions that market participants would use and takes into account the characteristics of the asset or liability that market participants would take into account when pricing the asset or liability. Fair values of financial assets and liabilities are based on quoted prices in active market where available. When such quoted prices are not available, the fair value is determined by using valuation techniques. The fair value hierarchy consists of three levels, depending upon whether fair values were determined based on (unadjusted) quoted prices in an active market (Level 1), valuation techniques with observable inputs (Level 2) or valuation techniques that incorporate inputs which are unobservable and which have a more than insignificant impact on the fair value of the instrument (Level 3). | ||
Financial assets measured at fair value | € 63,217,000,000 | € 44,305,000,000 | |
Financial liabilities measured at fair value | 87,141,000,000 | 82,781,000,000 | |
Transfers between Level 1 and Level 2 | 0 | ||
Financial assets classified as Level 3 based on quoted price | € 1,500,000,000 | € 2,100,000,000 | |
Percentage on financial asset based on unadjusted quoted price | 34.60% | 52.30% | |
Amount of risk neutral designed financial assets | € 1,600,000,000 | € 900,000,000 | |
Remaining financial assets classified as level 3 using valuation techniques | 1,300,000,000 | 1,100,000,000 | |
Financial Liabilities classified as Level 3 based on unadjusted quoted price | 200,000,000 | 100,000,000 | |
Financial Liabilities designed to be fully neutral in terms of market risk | € 100,000,000 | 100,000,000 | |
Comparative price percentage for securities without quoted prices and without expected price recovery | 0.00% | ||
Comparative price percentage for securities without quoted prices and with expected price recovery | 100.00% | ||
Minimum level of volatility | 0.00% | ||
Description of interest rate | Reset spreads are key inputs to mortgage linked prepayment swaps valuation. Reset spread is the future spread at which mortgages will re-price at interest rate reset dates. | ||
Mortgage prepayment rate | 5.00% | ||
Financial liabilities, class [member] | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Unrealised gains on (losses) recognised in the statement of profit or loss | € 77,000,000 | (4,000,000) | |
Financial assets at fair value | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Unrealised gains on (losses) recognised in the statement of profit or loss | 35,000,000 | 312,000,000 | |
Level 3 [member] | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Financial assets, at fair value | 4,429,000,000 | 4,101,000,000 | € 4,768,000,000 |
Financial liabilities measured at fair value | € 331,000,000 | € 398,000,000 | |
Percentage on financial asset based on unadjusted quoted price | 52.40% | 34.60% | |
Remaining financial liabilities classified as level 3 using valuation techniques | € 100,000,000 | € 200,000,000 | |
Percentage of valuation certainty | 90.00% |
Capital management - Main credi
Capital management - Main credit ratings of ING (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Standard & Poor [Member] | |
Disclosure Of Capital Management [Line Items] | |
Credit rating status long term | A- |
Outlook | Stable |
Moody's [Member] | |
Disclosure Of Capital Management [Line Items] | |
Credit rating status long term | Baa1 |
Outlook | Stable |
Fitch [Member] | |
Disclosure Of Capital Management [Line Items] | |
Credit rating status long term | A+ |
Outlook | Negative |
ING Bank N.V. [member] | Standard & Poor [Member] | |
Disclosure Of Capital Management [Line Items] | |
Credit rating status long term | A+ |
Credit rating status short term | A-1 |
Outlook | Stable |
ING Bank N.V. [member] | Moody's [Member] | |
Disclosure Of Capital Management [Line Items] | |
Credit rating status long term | Aa3 |
Credit rating status short term | P-1 |
Outlook | Stable |
ING Bank N.V. [member] | Fitch [Member] | |
Disclosure Of Capital Management [Line Items] | |
Credit rating status long term | AA- |
Credit rating status short term | F1+ |
Outlook | Negative |
Capital management - Additional
Capital management - Additional information (Details) - EUR (€) € / shares in Units, € in Millions | Jul. 23, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Departure From Requirement Of IFRS [Member] | |||
Disclosure Of Capital Management [Line Items] | |||
Common equity Tier 1 required | 15.70% | 15.50% | |
CET1, ambition | 12.50% | ||
Resilient net profit reserved for distribution outside CET 1 capital | € 1,232 | ||
MDA Trigger, CET1 | 10.51% | ||
Maximum distributable amount, management basis points buffer | 2.00% | ||
Dividends payable | € 4,031 | ||
Dividend pay-out ratio | 50.00% | ||
Events After Reporting Period [Member] | Departure From Requirement Of IFRS [Member] | |||
Disclosure Of Capital Management [Line Items] | |||
Proposed cash dividend, per ordinary share | € 0.48 | ||
Percentage of resilient net profit distributed | 33.33% | ||
Events After Reporting Period [Member] | Results IFRS-EU [member] | Dividends 2020 [Member] | |||
Disclosure Of Capital Management [Line Items] | |||
Proposed cash dividend, per ordinary share | € 0.27 | ||
Events After Reporting Period [Member] | Results IFRS-EU [member] | Dividends 2021 [Member] | |||
Disclosure Of Capital Management [Line Items] | |||
Proposed cash dividend, per ordinary share | € 0.21 |
Risk management - Gross carryin
Risk management - Gross carrying amount per IFRS 9 stage and rating class (Details) - EUR (€) € in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure Of Credit Risk Exposure [Line Items] | ||
Provision for non-credit replacement guarantees | € 85 | € 75 |
Gross Carrying Amount [Member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 126,900 | 118,400 |
Gross Carrying Amount [Member] | Lifetime expected credit losses [member] | Credit impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 3 | |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 949,228 | 916,942 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 12-month expected credit losses [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 879,645 | 841,562 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 56,755 | 61,981 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | Lifetime expected credit losses [member] | Credit impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 12,827 | 13,398 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 1 (AAA) [Member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 118,846 | 109,780 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 1 (AAA) [Member] | 12-month expected credit losses [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 118,799 | 109,734 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 1 (AAA) [Member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 47 | 46 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 2-4 (AA) [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 109,419 | 109,422 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 2-4 (AA) [member] | 12-month expected credit losses [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 109,118 | 108,776 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 2-4 (AA) [member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 301 | 646 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 5 - 7 (A) [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 151,992 | 138,698 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 5 - 7 (A) [member] | 12-month expected credit losses [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 151,056 | 137,901 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 5 - 7 (A) [member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 935 | 797 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 8 - 10 (BBB) [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 317,493 | 302,341 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 8 - 10 (BBB) [member] | 12-month expected credit losses [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 307,902 | 294,923 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 8 - 10 (BBB) [member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 9,591 | 7,418 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 11 - 13 (BB) [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 175,461 | 177,588 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 11 - 13 (BB) [member] | 12-month expected credit losses [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 160,025 | 159,076 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 11 - 13 (BB) [member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 15,436 | 18,513 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 14 - 16 (B) [Member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 48,397 | 52,077 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 14 - 16 (B) [Member] | 12-month expected credit losses [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 28,468 | 28,335 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 14 - 16 (B) [Member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 19,930 | 23,742 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 17 (CCC) [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 9,611 | 7,930 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 17 (CCC) [member] | 12-month expected credit losses [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 4,277 | 2,817 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 17 (CCC) [member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 5,334 | 5,113 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 18 (CC) [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 2,888 | 3,384 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 18 (CC) [member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 2,888 | 3,384 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 19 (C) [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 2,293 | 2,323 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 19 (C) [member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 2,293 | 2,323 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 20 - 22 (D) [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 12,827 | 13,398 |
Gross Carrying Amount [Member] | In accordance with IFRS 9 [member] | 20 - 22 (D) [member] | Lifetime expected credit losses [member] | Credit impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 12,827 | 13,398 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 5,427 | 5,854 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 12-month expected credit losses [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 505 | 581 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 1,306 | 1,476 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | Lifetime expected credit losses [member] | Credit impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 3,616 | 3,797 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 1 (AAA) [Member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 3 | 3 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 1 (AAA) [Member] | 12-month expected credit losses [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 3 | 3 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 1 (AAA) [Member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 0 | 0 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 2-4 (AA) [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 4 | 6 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 2-4 (AA) [member] | 12-month expected credit losses [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 4 | 6 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 2-4 (AA) [member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 0 | 0 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 5 - 7 (A) [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 17 | 28 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 5 - 7 (A) [member] | 12-month expected credit losses [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 17 | 27 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 5 - 7 (A) [member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 1 | 1 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 8 - 10 (BBB) [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 84 | 100 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 8 - 10 (BBB) [member] | 12-month expected credit losses [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 69 | 88 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 8 - 10 (BBB) [member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 15 | 12 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 11 - 13 (BB) [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 317 | 372 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 11 - 13 (BB) [member] | 12-month expected credit losses [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 211 | 239 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 11 - 13 (BB) [member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 106 | 133 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 14 - 16 (B) [Member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 667 | 777 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 14 - 16 (B) [Member] | 12-month expected credit losses [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 192 | 208 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 14 - 16 (B) [Member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 475 | 570 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 17 (CCC) [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 301 | 269 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 17 (CCC) [member] | 12-month expected credit losses [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 9 | 9 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 17 (CCC) [member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 291 | 259 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 18 (CC) [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 189 | 248 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 18 (CC) [member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 189 | 248 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 19 (C) [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 229 | 254 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 19 (C) [member] | Lifetime expected credit losses [member] | Not credit-impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 229 | 254 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 20 - 22 (D) [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | 3,616 | 3,797 |
Accumulated Impairment [Member] | In accordance with IFRS 9 [member] | 20 - 22 (D) [member] | Lifetime expected credit losses [member] | Credit impaired [member] | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Financial Assets, Carrying Value | € 3,616 | € 3,797 |
Risk management - Changes in gr
Risk management - Changes in gross carrying amounts and loan loss provisions (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Disclosure Of Credit Risk Exposure [Line Items] | |||
Increase in loan loss provisions | € 131 | € 1,998 | |
De-netting of cash pool balances | (2,500) | € (2,200) | |
Liquidity facility | (2,200) | (2,200) | |
Other items not included in receivables | 100 | (300) | |
Value adjustment hedged items in respect of portfolio hedges | (800) | (1,000) | |
Securities at amortised cost [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Repurchase agreements and cash collateral on securities lent | (6,500) | (6,400) | |
Derivatives [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Repurchase agreements and cash collateral on securities lent | (6,100) | (8,300) | |
12-month expected credit losses [member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Net remeasurement of loan loss provision | (114) | ||
Credit impaired [member] | Lifetime expected credit losses [member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 13,400 | ||
Financial assets | 13,400 | ||
Not credit-impaired [member] | Lifetime expected credit losses [member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 62,000 | ||
Net remeasurement of loan loss provision | (62) | ||
Financial assets | 62,000 | ||
Gross Carrying Amount [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 118,400 | ||
Financial assets | 126,900 | 118,400 | |
Gross Carrying Amount [Member] | Loans and advances to central banks [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 109,200 | ||
Financial assets | 119,600 | 109,200 | |
Gross Carrying Amount [Member] | Loans and advances to banks [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 25,400 | ||
Financial assets | 26,200 | 25,400 | |
Gross Carrying Amount [Member] | Financial assets at FVOCI [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 34,000 | ||
Financial assets | 30,600 | 34,000 | |
Gross Carrying Amount [Member] | Securities at amortised cost [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 50,600 | ||
Financial assets | 49,500 | 50,600 | |
Gross Carrying Amount [Member] | Loans And Advances To Customers [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 599,700 | ||
Financial assets | 613,100 | 599,700 | |
Gross Carrying Amount [Member] | Assets held for sale [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 1,300 | ||
Gross Carrying Amount [Member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 916,942 | 869,284 | 869,284 |
Transfer into 12-month ECL (Stage 1) | 0 | ||
Transfer into lifetime ECL not credit impaired (Stage 2) | 0 | ||
Transfer into lifetime ECL credit impaired (Stage 3) | 0 | ||
Net remeasurement of loan loss provision | 0 | ||
New financial assets originated or purchased | 77,861 | 161,333 | |
Financial assets that have been derecognised | (41,066) | (123,919) | |
Net drawdowns and repayments | (4,509) | 11,444 | |
Write-offs | (1,200) | ||
Financial assets | 949,228 | 916,942 | |
Gross Carrying Amount [Member] | 12-month expected credit losses [member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 841,562 | 817,247 | 817,247 |
Transfer into 12-month ECL (Stage 1) | 13,305 | 9,139 | |
Transfer into lifetime ECL not credit impaired (Stage 2) | (15,575) | (39,093) | |
Transfer into lifetime ECL credit impaired (Stage 3) | (1,228) | (3,592) | |
Net remeasurement of loan loss provision | 0 | ||
New financial assets originated or purchased | 77,861 | 161,333 | |
Financial assets that have been derecognised | (33,762) | (116,035) | |
Net drawdowns and repayments | (2,518) | 12,563 | |
Financial assets | 879,645 | 841,562 | |
Gross Carrying Amount [Member] | Credit impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 3 | ||
Gross Carrying Amount [Member] | Credit impaired [member] | Lifetime expected credit losses [member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 13,398 | 10,955 | 10,955 |
Transfer into 12-month ECL (Stage 1) | (475) | (240) | |
Transfer into lifetime ECL not credit impaired (Stage 2) | (771) | (509) | |
Transfer into lifetime ECL credit impaired (Stage 3) | 2,436 | 5,471 | |
Net remeasurement of loan loss provision | 0 | ||
New financial assets originated or purchased | 0 | ||
Financial assets that have been derecognised | (1,539) | (897) | |
Net drawdowns and repayments | (222) | (181) | |
Write-offs | (1,200) | ||
Financial assets | 12,827 | 13,398 | |
Gross Carrying Amount [Member] | Purchased credit impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 3 | ||
Financial assets | 3 | ||
Gross Carrying Amount [Member] | Not credit-impaired [member] | Lifetime expected credit losses [member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 61,981 | 41,082 | 41,082 |
Transfer into 12-month ECL (Stage 1) | (12,830) | (8,899) | |
Transfer into lifetime ECL not credit impaired (Stage 2) | 16,345 | 39,601 | |
Transfer into lifetime ECL credit impaired (Stage 3) | (1,208) | (1,879) | |
Net remeasurement of loan loss provision | 0 | ||
New financial assets originated or purchased | 0 | ||
Financial assets that have been derecognised | (5,765) | (6,987) | |
Net drawdowns and repayments | (1,768) | (938) | |
Financial assets | 56,755 | 61,981 | |
Accumulated Impairment [Member] | Contingent liabilities (credit replacements) [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 17 | ||
Financial assets | 23 | 17 | |
Accumulated Impairment [Member] | Loans and advances to central banks [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 3 | ||
Financial assets | 4 | 3 | |
Accumulated Impairment [Member] | Loans and advances to banks [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 23 | ||
Financial assets | 20 | 23 | |
Accumulated Impairment [Member] | Financial assets at FVOCI [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 14 | ||
Financial assets | 12 | 14 | |
Accumulated Impairment [Member] | Securities at amortised cost [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 17 | ||
Financial assets | 22 | 17 | |
Accumulated Impairment [Member] | Loans And Advances To Customers [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 5,779 | ||
Financial assets | 5,347 | 5,779 | |
Accumulated Impairment [Member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 5,854 | 4,646 | 4,646 |
Transfer into 12-month ECL (Stage 1) | (204) | (194) | |
Transfer into lifetime ECL not credit impaired (Stage 2) | 83 | 518 | |
Transfer into lifetime ECL credit impaired (Stage 3) | 359 | 1,325 | |
Net remeasurement of loan loss provision | (87) | 1,259 | |
New financial assets originated or purchased | 80 | 178 | |
Financial assets that have been derecognised | (163) | (428) | |
Changes in models/risk parameters | 53 | 7 | |
Increase in loan loss provisions | 121 | 2,666 | |
Write-offs | (472) | (1,200) | |
Recoveries of amounts previously written off | 21 | 39 | |
Foreign exchange and other movements | (97) | (297) | |
Financial assets | 5,427 | 5,854 | |
Accumulated Impairment [Member] | 12-month expected credit losses [member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 581 | 490 | 490 |
Transfer into 12-month ECL (Stage 1) | 16 | 24 | |
Transfer into lifetime ECL not credit impaired (Stage 2) | (23) | (76) | |
Transfer into lifetime ECL credit impaired (Stage 3) | (3) | (30) | |
Net remeasurement of loan loss provision | (114) | 109 | |
New financial assets originated or purchased | 80 | 178 | |
Financial assets that have been derecognised | (31) | (85) | |
Changes in models/risk parameters | 4 | ||
Increase in loan loss provisions | (70) | 119 | |
Foreign exchange and other movements | (6) | (28) | |
Financial assets | 505 | 581 | |
Accumulated Impairment [Member] | Credit impaired [member] | Lifetime expected credit losses [member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 3,797 | 3,275 | 3,275 |
Transfer into 12-month ECL (Stage 1) | (19) | (18) | |
Transfer into lifetime ECL not credit impaired (Stage 2) | (79) | (57) | |
Transfer into lifetime ECL credit impaired (Stage 3) | 426 | 1,518 | |
Net remeasurement of loan loss provision | 89 | 700 | |
Financial assets that have been derecognised | (87) | (236) | |
Changes in models/risk parameters | 33 | ||
Increase in loan loss provisions | 362 | 1,908 | |
Write-offs | (472) | (1,200) | |
Recoveries of amounts previously written off | 21 | 39 | |
Foreign exchange and other movements | (92) | (226) | |
Financial assets | 3,616 | 3,797 | |
Accumulated Impairment [Member] | Not credit-impaired [member] | Lifetime expected credit losses [member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 1,476 | € 881 | 881 |
Transfer into 12-month ECL (Stage 1) | (202) | (200) | |
Transfer into lifetime ECL not credit impaired (Stage 2) | 185 | 651 | |
Transfer into lifetime ECL credit impaired (Stage 3) | (64) | (163) | |
Net remeasurement of loan loss provision | (62) | 450 | |
Financial assets that have been derecognised | (46) | (107) | |
Changes in models/risk parameters | 16 | 7 | |
Increase in loan loss provisions | (171) | 638 | |
Foreign exchange and other movements | 1 | (42) | |
Financial assets | € 1,306 | € 1,476 |
Risk management - Sensitivity a
Risk management - Sensitivity analysis (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Netherlands [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reportable ECL | € 382 | € 468 |
Netherlands [member] | Upside scenario [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Un-weighted ECL | € 341 | € 383 |
Probability weighting | 20.00% | 20.00% |
Netherlands [member] | Upside scenario [Member] | Real GDP [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 3.30% | 5.30% |
2022 | 4.50% | 3.30% |
2023 | 3.20% | 2.80% |
Netherlands [member] | Upside scenario [Member] | Unemployment [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 4.00% | 5.10% |
2022 | 4.00% | 3.90% |
2023 | 3.20% | 3.00% |
Netherlands [member] | Upside scenario [Member] | HPI [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 11.00% | 8.10% |
2022 | 16.30% | 6.30% |
2023 | 4.60% | 4.70% |
Netherlands [member] | Baseline Scenario [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Un-weighted ECL | € 374 | € 441 |
Probability weighting | 60.00% | 60.00% |
Netherlands [member] | Baseline Scenario [Member] | Real GDP [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 2.60% | 2.80% |
2022 | 3.20% | 2.90% |
2023 | 1.90% | 1.90% |
Netherlands [member] | Baseline Scenario [Member] | Unemployment [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 4.80% | 5.80% |
2022 | 4.80% | 5.20% |
2023 | 4.70% | 4.70% |
Netherlands [member] | Baseline Scenario [Member] | HPI [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 7.90% | (1.90%) |
2022 | 2.60% | (1.60%) |
2023 | 2.50% | 4.50% |
Netherlands [member] | Downside scenario [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Un-weighted ECL | € 448 | € 636 |
Probability weighting | 20.00% | 20.00% |
Netherlands [member] | Downside scenario [Member] | Real GDP [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 0.10% | (4.90%) |
2022 | 0.60% | 4.80% |
2023 | 1.00% | 1.40% |
Netherlands [member] | Downside scenario [Member] | Unemployment [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 6.10% | 7.70% |
2022 | 7.10% | 7.80% |
2023 | 7.70% | 7.90% |
Netherlands [member] | Downside scenario [Member] | HPI [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 4.60% | (12.30%) |
2022 | (12.60%) | (11.00%) |
2023 | (0.40%) | 4.30% |
Germany [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reportable ECL | € 511 | € 559 |
Germany [member] | Upside scenario [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Un-weighted ECL | € 486 | € 494 |
Probability weighting | 20.00% | 20.00% |
Germany [member] | Upside scenario [Member] | Real GDP [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 4.90% | 6.90% |
2022 | 4.80% | 3.30% |
2023 | 2.60% | 2.40% |
Germany [member] | Upside scenario [Member] | Unemployment [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 6.40% | 7.30% |
2022 | 6.00% | 6.20% |
2023 | 5.50% | 5.80% |
Germany [member] | Upside scenario [Member] | HPI [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 2.70% | (0.20%) |
2022 | 2.60% | 4.20% |
2023 | 3.50% | 4.80% |
Germany [member] | Baseline Scenario [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Un-weighted ECL | € 507 | € 540 |
Probability weighting | 60.00% | 60.00% |
Germany [member] | Baseline Scenario [Member] | Real GDP [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 4.20% | 4.50% |
2022 | 3.50% | 3.30% |
2023 | 2.20% | 2.30% |
Germany [member] | Baseline Scenario [Member] | Unemployment [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 7.00% | 7.50% |
2022 | 6.40% | 6.30% |
2023 | 6.20% | 6.30% |
Germany [member] | Baseline Scenario [Member] | HPI [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 1.90% | (1.70%) |
2022 | 1.60% | 3.50% |
2023 | 2.60% | 3.80% |
Germany [member] | Downside scenario [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Un-weighted ECL | € 550 | € 681 |
Probability weighting | 20.00% | 20.00% |
Germany [member] | Downside scenario [Member] | Real GDP [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 2.60% | (0.40%) |
2022 | 1.40% | 4.00% |
2023 | 1.70% | 2.20% |
Germany [member] | Downside scenario [Member] | Unemployment [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 8.20% | 9.40% |
2022 | 8.50% | 9.10% |
2023 | 8.50% | 8.80% |
Germany [member] | Downside scenario [Member] | HPI [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 1.10% | (3.60%) |
2022 | (0.10%) | 2.50% |
2023 | 1.70% | 2.90% |
Belgium [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reportable ECL | € 543 | € 558 |
Belgium [member] | Upside scenario [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Un-weighted ECL | € 517 | € 504 |
Probability weighting | 20.00% | 20.00% |
Belgium [member] | Upside scenario [Member] | Real GDP [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 4.50% | 7.60% |
2022 | 5.90% | 3.30% |
2023 | 1.90% | 1.50% |
Belgium [member] | Upside scenario [Member] | Unemployment [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 3.30% | 3.00% |
2022 | 2.70% | 2.20% |
2023 | 2.00% | 1.80% |
Belgium [member] | Upside scenario [Member] | HPI [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 10.60% | 3.50% |
2022 | 6.80% | 8.30% |
2023 | 4.00% | 6.60% |
Belgium [member] | Baseline Scenario [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Un-weighted ECL | € 540 | € 541 |
Probability weighting | 60.00% | 60.00% |
Belgium [member] | Baseline Scenario [Member] | Real GDP [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 3.30% | 3.90% |
2022 | 4.10% | 3.40% |
2023 | 1.50% | 1.60% |
Belgium [member] | Baseline Scenario [Member] | Unemployment [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 4.20% | 4.10% |
2022 | 3.80% | 3.50% |
2023 | 3.60% | 3.50% |
Belgium [member] | Baseline Scenario [Member] | HPI [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 9.40% | 0.40% |
2022 | 3.10% | 4.80% |
2023 | 0.70% | 3.10% |
Belgium [member] | Downside scenario [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Un-weighted ECL | € 580 | € 662 |
Probability weighting | 20.00% | 20.00% |
Belgium [member] | Downside scenario [Member] | Real GDP [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 1.30% | (2.40%) |
2022 | 1.00% | 3.50% |
2023 | 0.20% | 1.30% |
Belgium [member] | Downside scenario [Member] | Unemployment [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 5.30% | 5.60% |
2022 | 5.40% | 5.30% |
2023 | 5.50% | 5.60% |
Belgium [member] | Downside scenario [Member] | HPI [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 7.90% | (3.50%) |
2022 | (1.50%) | 0.80% |
2023 | (2.90%) | (0.90%) |
USA [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reportable ECL | € 115 | € 189 |
USA [member] | Upside scenario [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Un-weighted ECL | € 86 | € 93 |
Probability weighting | 20.00% | 20.00% |
USA [member] | Upside scenario [Member] | Real GDP [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 8.20% | 5.60% |
2022 | 5.30% | 4.10% |
2023 | 3.00% | 3.80% |
USA [member] | Upside scenario [Member] | Unemployment [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 4.30% | 5.00% |
2022 | 2.80% | 3.00% |
2023 | 2.00% | 1.90% |
USA [member] | Upside scenario [Member] | HPI [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 11.60% | 6.20% |
2022 | 8.70% | 9.40% |
2023 | 9.90% | 9.30% |
USA [member] | Baseline Scenario [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Un-weighted ECL | € 107 | € 134 |
Probability weighting | 60.00% | 60.00% |
USA [member] | Baseline Scenario [Member] | Real GDP [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 6.60% | 4.00% |
2022 | 4.30% | 3.20% |
2023 | 2.30% | 2.50% |
USA [member] | Baseline Scenario [Member] | Unemployment [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 4.70% | 6.00% |
2022 | 3.80% | 4.70% |
2023 | 3.60% | 4.10% |
USA [member] | Baseline Scenario [Member] | HPI [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 11.10% | 4.30% |
2022 | 4.90% | 4.10% |
2023 | 4.10% | 4.00% |
USA [member] | Downside scenario [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Un-weighted ECL | € 167 | € 448 |
Probability weighting | 20.00% | 20.00% |
USA [member] | Downside scenario [Member] | Real GDP [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 4.40% | (6.30%) |
2022 | 1.20% | 6.80% |
2023 | 0.70% | 1.90% |
USA [member] | Downside scenario [Member] | Unemployment [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 6.70% | 8.50% |
2022 | 6.70% | 7.90% |
2023 | 7.50% | 7.60% |
USA [member] | Downside scenario [Member] | HPI [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
2021 | 10.20% | 1.20% |
2022 | (0.10%) | (1.90%) |
2023 | (2.30%) | (2.30%) |
Risk management - Non-derivativ
Risk management - Non-derivative financial instruments to transition to alternative benchmarks (Details) - Non-Derivative Financial Instruments To Transition To Alternative Benchmarks [Member] - EUR (€) € in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure Of Financial Instrument Exposure [Line Items] | ||
Financial Assets, Carrying Value | € 41,196 | € 38,963 |
Financial Liabilities, Carrying Value | 2,310 | 4,873 |
Off balance sheet commitments | 19,630 | 16,111 |
GBP LIBOR [Member] | ||
Disclosure Of Financial Instrument Exposure [Line Items] | ||
Financial Assets, Carrying Value | 6,825 | 6,912 |
Financial Liabilities, Carrying Value | 424 | 259 |
Off balance sheet commitments | 3,798 | 3,732 |
USD LIBOR [Member] | ||
Disclosure Of Financial Instrument Exposure [Line Items] | ||
Financial Assets, Carrying Value | 33,703 | 30,959 |
Financial Liabilities, Carrying Value | 1,459 | 3,796 |
Off balance sheet commitments | 12,445 | 9,376 |
CHF LIBOR [Member] | ||
Disclosure Of Financial Instrument Exposure [Line Items] | ||
Financial Assets, Carrying Value | 243 | 345 |
Financial Liabilities, Carrying Value | 50 | 42 |
Off balance sheet commitments | 404 | 321 |
JPY LIBOR [Member] | ||
Disclosure Of Financial Instrument Exposure [Line Items] | ||
Financial Assets, Carrying Value | 225 | 225 |
Financial Liabilities, Carrying Value | 33 | 41 |
Off balance sheet commitments | 136 | 79 |
EUR LIBOR [Member] | ||
Disclosure Of Financial Instrument Exposure [Line Items] | ||
Financial Assets, Carrying Value | 200 | 422 |
Financial Liabilities, Carrying Value | 8 | |
Off balance sheet commitments | 2,808 | 2,564 |
EONIA [Member] | ||
Disclosure Of Financial Instrument Exposure [Line Items] | ||
Financial Assets, Carrying Value | 100 | |
Financial Liabilities, Carrying Value | 344 | 728 |
Off balance sheet commitments | € 39 | € 39 |
Risk management - Derivative fi
Risk management - Derivative financial instruments to transition to alternative benchmarks (Details) - Derivative Financial Instruments To Transition To Alternative Benchmarks [Member] - Derivatives By Benchmark Rate [Member] - EUR (€) € in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure Of Financial Instrument Exposure [Line Items] | ||
Nominal value | 538,013 | 508,457 |
GBP LIBOR [Member] | ||
Disclosure Of Financial Instrument Exposure [Line Items] | ||
Nominal value | 31,045 | 27,031 |
USD LIBOR [Member] | ||
Disclosure Of Financial Instrument Exposure [Line Items] | ||
Nominal value | 369,056 | 355,066 |
CHF LIBOR [Member] | ||
Disclosure Of Financial Instrument Exposure [Line Items] | ||
Nominal value | 12,308 | 9,710 |
JPY LIBOR [Member] | ||
Disclosure Of Financial Instrument Exposure [Line Items] | ||
Nominal value | 92,874 | 87,057 |
EONIA [Member] | ||
Disclosure Of Financial Instrument Exposure [Line Items] | ||
Nominal value | 32,730 | 29,593 |
Risk management - Credit risk m
Risk management - Credit risk management, portfolio quality and concentration and loans loss provisions - Additional information (Details) € in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021EUR (€)NumberOfCustomers | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Disclosure Of Credit Risk Exposure [Line Items] | |||
Number of payment holidays granted to customers related to COVID-19 pandemic | NumberOfCustomers | 159,000 | ||
Percent of granted payment holidays expired | 96.00% | ||
Business Lending [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of total outstandings | 65.00% | ||
Consumer Lending [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of total outstandings | 35.00% | ||
Loans [Member] | Accumulated Impairment [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | € 5,427 | € 5,854 | € 4,646 |
Net remeasurement of loan loss provision | (87) | 1,259 | |
Transfer into lifetime ECL not credit impaired (Stage 2) | 83 | 518 | |
In accordance with IFRS 9 [member] | Accumulated Impairment [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | € 5,427 | € 5,854 | |
12-month expected credit losses [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of gross carrying amount of portfolio | 92.70% | 91.80% | |
12-month expected credit losses [member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Net remeasurement of loan loss provision | € (114) | ||
12-month expected credit losses [member] | Loans [Member] | Accumulated Impairment [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 505 | € 581 | 490 |
Net remeasurement of loan loss provision | (114) | 109 | |
Transfer into lifetime ECL not credit impaired (Stage 2) | (23) | (76) | |
12-month expected credit losses [member] | In accordance with IFRS 9 [member] | Accumulated Impairment [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | € 505 | € 581 | |
Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of gross carrying amount of portfolio | 6.00% | 6.80% | |
Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Increase (decrease) in financial assets | € (5,200) | ||
Financial assets | € 62,000 | ||
Net remeasurement of loan loss provision | (62) | ||
Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | Loans [Member] | Accumulated Impairment [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 1,306 | 1,476 | 881 |
Net remeasurement of loan loss provision | (62) | 450 | |
Transfer into lifetime ECL not credit impaired (Stage 2) | 185 | 651 | |
Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | Loans [Member] | Significant LT PD trigger [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Increase (decrease) in financial assets | (5,400) | ||
Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | Loans [Member] | Watchlist Trigger [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Increase (decrease) in financial assets | (3,300) | ||
Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | Loans [Member] | Forbearance [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Increase (decrease) in financial assets | 2,000 | ||
Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | In accordance with IFRS 9 [member] | Accumulated Impairment [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | € 1,306 | € 1,476 | |
Lifetime expected credit losses [member] | Credit impaired [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of gross carrying amount of portfolio | 1.40% | 1.50% | |
Lifetime expected credit losses [member] | Credit impaired [member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Increase (decrease) in financial assets | € 600 | ||
Financial assets | € 13,400 | ||
Lifetime expected credit losses [member] | Credit impaired [member] | Loans [Member] | Accumulated Impairment [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 3,616 | 3,797 | € 3,275 |
Net remeasurement of loan loss provision | 89 | 700 | |
Transfer into lifetime ECL not credit impaired (Stage 2) | (79) | (57) | |
Lifetime expected credit losses [member] | Credit impaired [member] | In accordance with IFRS 9 [member] | Accumulated Impairment [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Financial assets | 3,616 | 3,797 | |
Aviation [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Outstanding amount in portfolio | € 4,300 | € 4,600 | |
Percentage of total outstandings | 0.47% | 0.52% | |
Aviation [Member] | Substandard grade [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of total outstandings | 0.00% | 1.30% | |
Aviation [Member] | Non-performing grade [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of total outstandings | 1.80% | 4.50% | |
Hospitality & Leisure [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Outstanding amount in portfolio | € 5,400 | € 5,900 | |
Percentage of total outstandings | 0.59% | 0.67% | |
Hospitality & Leisure [Member] | Substandard grade [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of total outstandings | 9.90% | 9.70% | |
Hospitality & Leisure [Member] | Non-performing grade [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of total outstandings | 7.20% | 6.20% | |
Non-food Retail [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Outstanding amount in portfolio | € 11,000 | € 10,800 | |
Percentage of total outstandings | 1.21% | 1.22% | |
Non-food Retail [Member] | Substandard grade [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of total outstandings | 1.20% | 0.70% | |
Non-food Retail [Member] | Non-performing grade [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of total outstandings | 3.00% | 3.30% | |
Transportation and logistics [member] | Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of gross carrying amount of portfolio | 11.00% | ||
Real estate [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Outstanding amount in portfolio | € 53,100 | € 54,400 | |
Percentage of total outstandings | 5.81% | 6.13% | |
Real estate [member] | Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of gross carrying amount of portfolio | 10.00% | ||
Increase (decrease) in financial assets | € (800) | ||
Real estate [member] | Substandard grade [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of total outstandings | 0.80% | 1.20% | |
Real estate [member] | Non-performing grade [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of total outstandings | 1.50% | 1.20% | |
Services & food [Member] | Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of gross carrying amount of portfolio | 9.00% | ||
Increase (decrease) in financial assets | € (1,300) | ||
Beverages & Personal Care [Member] | Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | Loans [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Percentage of gross carrying amount of portfolio | 8.00% | ||
Increase (decrease) in financial assets | € (800) | ||
Belgium And Netherlands [Member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Exposure of loans for which payment holiday was granted | € 17.5 | ||
Percent of customers located in specific area, related to payment holidays | 56.00% | ||
Belgium [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Management adjustment, reflect risks in payment holidays | 146 | € 131 | |
Netherlands [member] | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Management adjustment, reflect risks in payment holidays | € 99 | € 85 |
Risk management - Macroeconomic
Risk management - Macroeconomic scenarios, sensitivity analysis and market risk - Additional information (Details) Contract in Thousands, $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021EUR (€)Contract | Dec. 31, 2020EUR (€) | Jun. 30, 2021USD ($)Contract | Dec. 31, 2020USD ($) | |
Disclosure Of Credit Risk Exposure [Line Items] | ||||
Global output percent | 3.20% | |||
Anticipated global output expected growth year one | 6.00% | |||
Anticipated global output expected growth year two | 4.30% | |||
Anticipated global output expected growth after year two | 3.00% | |||
Forecast percent | 6.00% | 5.00% | ||
Global level recovery percent | 4.30% | 3.80% | ||
Overlay, due to time lags | € 296,000,000 | € 394,000,000 | ||
Management adjustment for upstream oil book | 39,000,000 | 25,000,000 | ||
Unweighted ECL for all collective provisioned clients in upside scenario | 2,757,000,000 | |||
Unweighted ECL for all collective provisioned clients in baseline scenario | 2,933,000,000 | |||
Unweighted ECL for all collective provisioned clients in down scenario | 3,307,000,000 | |||
Total ECL collective-assessment for performing assets | $ | $ 1,418 | $ 1,678 | ||
Reportable collective provisions | 2,973,000,000 | |||
Non-Derivative Liabilities Have Yet To Transition To Alternative Benchmark Rates [Member] | ||||
Disclosure Of Credit Risk Exposure [Line Items] | ||||
Financial assets | 41,000,000,000 | 39,000,000,000 | ||
Financial liabilities | € 2,000,000,000 | € 5,000,000 | ||
Number of contracts that have yet to transition to alternative benchmark rate | Contract | 15 | 15 | ||
Committed undrawn credit facilities | € 20,000,000,000 | |||
Derivative Financial Instruments To Transition To Alternative Benchmarks [Member] | Derivatives By Benchmark Rate [Member] | ||||
Disclosure Of Credit Risk Exposure [Line Items] | ||||
Nominal value | 538,013,000,000 | 508,457,000,000 | ||
12-month expected credit losses [member] | ||||
Disclosure Of Credit Risk Exposure [Line Items] | ||||
Hypothetical collective-assessment ECLs | $ | $ 989 | 1,242 | ||
Lifetime expected credit losses [member] | ||||
Disclosure Of Credit Risk Exposure [Line Items] | ||||
Hypothetical collective-assessment ECLs | $ | $ 2,665 | $ 3,552 | ||
Retail Banking [Member] | ||||
Disclosure Of Credit Risk Exposure [Line Items] | ||||
Threshold basis points | 0.75% | |||
Wholesale Banking [Member] | ||||
Disclosure Of Credit Risk Exposure [Line Items] | ||||
Threshold basis points | 1.00% | |||
Small medium size enterprises [Member] | ||||
Disclosure Of Credit Risk Exposure [Line Items] | ||||
Threshold basis points | 2.50% | |||
Australia [member] | ||||
Disclosure Of Credit Risk Exposure [Line Items] | ||||
Management adjustment, reflect risks in payment holidays | € 17,000,000 | € 28,000,000 | ||
USA [member] | ||||
Disclosure Of Credit Risk Exposure [Line Items] | ||||
Anticipated global output expected growth year one | 6.60% | |||
Anticipated global output expected growth year two | 4.30% |