Exhibit 99.1

ING posts 4Q2021 net result of €945 million, FY2021 net result of €4,776 million 4Q2021 result before tax of €1,331 million; ING's full - year 2021 result before tax rose 78% • Strong growth in fee income of 17% in 2021, net interest income resilient. • 4Q2021 net core lending growth of €13.4 billion and €30.6 billion in FY2021; 4Q2021 net customer deposits growth of € - 2.1 billion and €10.3 billion in FY2021. • Operating expenses remain under control. This quarter’s expenses include €141 million of restructuring costs and impairments related to the announcement to exit the retail banking market in France. • Full - year ROE rose to 9.2%, CET1 ratio strengthens to 15.9%; proposed fi nal 2021 dividend of €0.41 per share. CEO Statement “Looking back on 2021, I’m pleased with our performance,” said ING CEO Steven van Rijswijk. “Despite the challenging conditions impacting customers, colleagues and society – from the ongoing pandemic to supply - chain pressures, rising energy prices and in fl ation – we achieved good results. I’m encouraged by increased lending volumes and strong fee income growth in the fi nal quarter of 2021, a sign of growing con fi dence in the economy as the world seeks ways to live with the coronavirus. Both of these contributed to a 10.9% increase in total income compared to the same quarter in 2020. “I’m particularly satis fi ed with the consistent growth we’ve recorded in our diversifying sources of income. Fee income rose 17% in 2021 compared to a year earlier and contributed 19% to our total full - year income. This has been supported by our customers’ changing preferences in the low - interest environment and by an expansion in our range of investment products. In Germany, thanks to products and services like digital advice and our cooperation with an online investment manager, we now have more than two million investment - product accounts, an increase of 21% in 2021 compared to last year. “Smart and easy digital investment products help us to establish and deepen primary banking relationships, as do continuous improvements to the seamless digital experience we o ff er. For example, the mortgage application process in the Netherlands has been made less complex as customers can now easily collect and submit necessary data in an app directly from various government sources – saving time for both the customer and the bank, and increasing the number of customer applications that are ‘ fi rst time right’. We gained 481,000 primary customers in 2021, bringing the total number to 14.3 million, 3.5% higher than at end - 2020. “Unfortunately, there are also times when we have to make di ffi cult decisions that a ff ect our customers and colleagues. Following the strategic review announced in June, we decided to exit the retail banking market in France. This follows earlier decisions to exit the retail banking markets of Austria and the Czech Republic, after we determined that reaching the required local scale within a reasonable timeframe was unlikely. We believe these are the best strategic decisions for ING, allowing us to redeploy capital and resources to grow other areas of our business. I’m very grateful to our colleagues in France, Austria and the Czech Republic, for their ongoing customer commitment during times of professional and personal disruption. “Looking ahead to 2022, ING is well prepared to navigate the current operating environment, with solid capital bu ff ers, a strong risk pro fi le and a focus on execution, supported by our talented and motivated colleagues across the globe. We will continue to strengthen our ESG pro fi le and deliver on our sustainability commitments. We supported 317 sustainability deals in 2021, which is almost two - and - a - half times the number of last year. We’re also helping clients in the transition to a low - carbon world in line with our Terra approach. As the urgency for climate action increases, corporations, governments and regulators have to work together to de fi ne new ways of doing business that align economic growth with positive environmental and social impact – and ING is determined to continue to have a leading role in this collaborative approach.” Investor enquiries E: investor.relations@ing.com Press enquiries T: +31 (0)20 576 5000 E: media.relations@ing.com Analyst call 3 February 2022 at 9:00 am CET +31 (0)20 341 8221 (NL) +44 203 365 3209 (UK) +1 866 349 6092 (US) Live audio webcast at www.ing.com Media call 3 February 2022 at 11:00 am CET +31 (0)20 531 5855 (NL) +44 203 365 3210 (UK) Live audio webcast at www.ing.com Press release ING Corporate Communications Amsterdam, 3 February 2022

2 ING Press Release 4Q2021 Consolidated Results Business Highlights Primary customers 14.3 mln +120,000 since 3Q2021 Mobile - only customers 51% in % of total active customers vs 50% at 3Q2021 and 40% at FY2020 Net result €945 mln +30.0% vs 4Q2020 Fee income €925 mln +20.0% vs 4Q2020 CET1 r atio 15.9% +0.1% - point vs 3Q2021 Return on equity (4 - qtr rolling avg) 9.2% +4.4% - point vs 4Q2020 ING invests in a seamless digital customer experience. Business Banking customers in Poland can now apply for loans of up to €100,000 in a fully digital process, while in Turkey we launched O - Bizz, a digital instant - lending solution for the self - employed. And in Germany, our smart shopping platform DealWise expanded to include cashback on Amazon purchases, resulting in 31,000 new users. It also shows our scalable technology approach in action, as the app uses modular and reusable components. This allows for quick scaling up to other ING countries (reducing ‘time - to - volume’). In Belgium and Romania we will upgrade DealWise to this touchpoint architecture, which will result in more o ff ers for customers and faster rollout of new features. A crucial component of our scalable technology is the ING Private Cloud (IPC). Migration is progressing well. As at the end of 2021, over a third of our infrastructure now runs on the IPC. One of the many advantages of a cloud - based infrastructure is that security - patching of databases can be done globally, with near - to - zero downtime. This new feature was added in 4Q2021, and will allow for the rapid global roll - out of other new cloud - based improvements. Customer experience NPS score: R an k ed #1 in 5 of 11 Retail markets (excl. France) We continued to facilitate the transition to a low - carbon economy and align our overall loan book with a net - zero future by 2050 or sooner. We supported 119 sustainability deals in 4Q2021, versus 22 deals in the same quarter last year. We’re helping clients become more sustainable in line with our Terra approach. We were sole sustainability coordinator for a $3.25 billion loan for global building - materials company CEMEX in the fourth quarter. Key performance indicators include net CO2 emissions, power consumption from clean energy sources and use of alternative fuels. We’re also investing in the technology we need for a low - carbon world, like with Ebusco, a leading producer of electric buses and charging systems. ING invested in 2016 when it was a small start - up and helped the company grow to the point where shares were new capital was raised through an IPO last quarter. We continue to hold a 21% stake in Ebusco. Sustainability Sustainability deals supported by ING in 2021: 317 vs 139 in 2020 Non - fi nancial risk We believe that to be most e ff ective in safeguarding society and the fi nancial system against fraud, money - laundering and other forms of fi nancial economic crime, we need to partner with our peers and collaborate with the public sector. In the Netherlands, one way we’re doing this is as part of the Fintell Alliance, a partnership between the Financial Intelligence Unit (FIU), ING and three other banks. In a recent pilot, multibank alerts generated by the Transaction Monitoring Utility NL (TMNL) were investigated and analysed by the Fintell Alliance, with results showing that multilateral information exchange greatly bene fi ts detection abilities. Through the Fintell Alliance, complex fi nancial crime networks were detected and investigated, which none of the banks would have been able to do on their own. KYC: Strengthening our role in fi ghting fi nancial economic crime

3 ING Press Release 4Q2021 Consolidated Results Consolidated results 4Q2021 4Q2020 Change 3Q2021 Change FY2021 FY2020 Change Profit or loss (in € million) Net interest income 3,374 3,344 0.9% 3,388 - 0.4% 13,615 13,604 0.1% Net fee and commission income 925 771 20.0% 882 4.9% 3,517 3,011 16.8% Investment income 15 6 150.0% 74 - 79.7% 138 150 - 8.0% Other income 310 48 545.8% 304 2.0% 1,221 872 40.0% Total income 4,624 4,169 10.9% 4,648 - 0.5% 18,490 17,637 4.8% Expenses excl. regulatory costs 2,562 2,583 - 0.8% 2,565 - 0.1% 9,927 10,048 - 1.2% Regulatory costs 1) 385 331 16.3% 121 218.2% 1,265 1,105 14.5% Operating expenses 2,947 2,914 1.1% 2,685 9.8% 11,192 11,153 0.3% Gross result 1,677 1,255 33.6% 1,962 - 14.5% 7,299 6,484 12.6% Addition to loan loss provisions 2) 346 208 66.3% 39 787.2% 516 2,675 - 80.7% Result before tax 1,331 1,046 27.2% 1,924 - 30.8% 6,782 3,809 78.1% Taxation 351 304 15.5% 521 - 32.6% 1,877 1,246 50.6% Non - controlling interests 35 15 133.3% 35 0.0% 128 78 64.1% Net result 945 727 30.0% 1,367 - 30.9% 4,776 2,485 92.2% Profitability and efficiency Interest margin 1.37% 1.41% 1.38% 1.39% 1.44% Cost/income ratio 63.7% 69.9% 57.8% 60.5% 63.2% Risk costs in bps of average customer lending 22 14 3 8 43 Return on equity based on IFRS - EU equity 3) 7.2% 5.6% 10.4% 9.2% 4.8% ING Group common equity Tier 1 ratio 15.9% 15.5% 15.8% 15.9% 15.5% Risk - weighted assets (end of period, in € billion) 313.1 306.3 2.2% 310.5 0.8% 313.1 306.3 2.2% Customer balances (in € billion) Customer lending 632.8 604.0 4.8% 619.2 2.2% 632.8 604.0 4.8% Customer deposits 617.3 609.6 1.3% 620.1 - 0.5% 617.3 609.6 1.3% Net core lending growth (in € billion) 4) 13.4 - 0.9 3.1 30.6 - 2.5 Net core deposits growth (in € billion) 4) - 2.1 7.8 - 0.6 10.3 41.4 1) Regulatory costs comprise bank taxes and contributions to the deposit guarantee schemes (‘DGS’) and the (European) single resolution fund (‘SRF’). 2) The amount presented in 'Addition to loan loss provisions' is equivalent to risk costs. 3) Annualised net result divided by average IFRS - EU shareholders' equity excluding reserved pro fi ts not included in CET1 capital. 4) Net core lending growth represents the development in loans and advances to customers excluding provisions for loan losses, adjusted for currency impacts, Treasury and run - o ff portfolios. Net core deposits growth represents customer deposits adjusted for currency impacts, Treasury and run - o ff portfolios. Total income Total income was strong at €4,624 million in 4Q2021, due to higher fee income and resilient net interest income, while other income was supported by valuation adjustments and strong trading results. Net interest income was €3,374 million in 4Q2021 and included a €84 million ECB funding rate bene fi t from the TLTRO III programme under the additional special reference period, which started on 24 June 2021. In 3Q2021 and 2Q2021, comparable bene fi ts were recorded, while 1Q2021 had included a €233 million TLTRO III bene fi t for the period 24 June 2020 until 31 March 2021. Net interest margin Net interest income Excluding the aforementioned TLTRO III bene fi ts recorded in the respective periods, net interest income would have declined by €54 million compared with 4Q2020, mainly due to lower margins on liabilities, while average liability volumes increased as the Covid - 19 pandemic continued to reduce customer spending. Net interest income on lending rose due to higher average volumes (driven by continued growth in residential mortgages and higher other customer lending), but was partly o ff set by a € - 23 million reclassi fi cation in Retail Belgium from other income to net interest income. Sequentially, net interest income declined by €14 million, but would have increased slightly when adjusted for the aforementioned reclassi fi cation. 4,000 3,500 3,000 2,500 2,000 1.80 1.65 1.50 1.35 1.20 Net interest income (in € million) and net interest margin (in %) 1.39% 3,374 1.42% 1.44% 3,513 3,344 3,340 1.40% 3,388 4Q2020 1Q2021 2Q2021 3Q2021 4Q2021 Net interest margin 4 - quarter rolling average 1.40% 1.37% 1.46% 1.41% 1.38% 1.36% The net interest margin declined by 1 basis point to 1.37% compared with 3Q2021. In line with the previous quarter, the TLTRO III bene fi t contributed 3 basis points to the average net interest margin. The slight decrease in the net interest margin was caused by the reclassi fi cation in Retail Belgium, resulting in a slightly lower margin on lending. The margin on customer deposits remained stable, supported by the impact of charging negative interest rates to clients. Net core lending growth, which is customer lending growth adjusted for currency impacts and excluding developments in Treasury lending and the WUB run - o ff portfolio, was €13.4 billion in 4Q2021. Net core lending growth in Retail Banking was €4.8 billion and consisted of €4.1 billion of growth in residential mortgages (primarily in Germany, but also in most other retail countries) and €0.7 billion in other retail lending. In

4 ING Press Release 4Q2021 Consolidated Results Wholesale Banking, net core lending growth was €8.6 billion, mainly in Lending and Financial Markets. On a full - year basis, net core lending grew by €30.6 billion in 2021, of which almost half was in residential mortgages. Net core deposits growth was € - 2.1 billion in 4Q2021, which was partly driven by the increased charging of negative rates. In Retail Banking, net core deposits growth was €2.7 billion, primarily due to in fl ows in the Netherlands and the non - eurozone countries where ING operates. This was partly o ff set by net out fl ows mainly in Germany and France. Wholesale Banking recorded a net core deposits out fl ow of €4.9 billion, mainly due to seasonal out fl ow in Bank Mendes Gans. The FY2021 net customer deposits growth, adjusted for the closing of the retail banking operations in Austria and the Czech Republic, was €10.3 billion. Growth was mainly visible in Retail Netherlands and Poland, while out fl ows were recorded in Retail Germany and Belgium, and in Wholesale Banking. Net fee and commission income amounted to €925 million, which is 20.0% higher than in 4Q2020. In Retail Banking, the increase was 17.2%. This was mainly due to higher fee income in daily banking products, supported by higher fees for payment packages and an increasing number of payment transactions, as well as higher fees on investment products in most countries. In Wholesale Banking, fee income increased 26.3%, notably in Financial Markets and Daily Banking & Trade Finance, but also in Lending and Corporate Finance due to more deal activity. Sequentially, total fee income rose 4.9% on the already strong 3Q2021, mainly due to higher Financial Markets and Corporate Finance fees in Wholesale Banking as well as higher investment product fees in Retail Banking. On a full - year basis, Retail Banking fee income in 2021 increased 19.2% compared to 2020, and Wholesale Banking fee income rose 12.0%. Investment income was €15 million in 4Q2021 and included a €8 million reversal of the estimated €34 million loss recorded in 3Q2021 related to the transfer of ING’s Retail Banking operations in Austria to bank99. Sequentially, investment income fell by €59 million as 3Q2021 had also included a €97 million annual dividend from ING’s stake in the Bank of Beijing. Other income was €310 million in 4Q2021 versus €48 million in 4Q2020, which had been negatively a ff ected by a €58 million decrease of the indemnity receivable from NN Group (compensated by a similar amount in the tax line). Furthermore, the year - on - year improvement was mainly driven by strong revenues in Financial Markets, re fl ecting higher trading income and improved valuation adjustments, and in Corporate Investments, which recorded a €28 million gain on an investment in an associate. In contrast, the year - ago quarter included negative valuation adjustments in Financial Markets and negative hedge ine ff ectiveness. Sequentially, other income rose mainly due to higher other income in Wholesale Banking, which bene fi ted from the volatility on the fi nancial markets. Operating expenses Total operating expenses were €2,947 million. This included €385 million of regulatory costs, which increased by €54 million on 4Q2020, primarily re fl ecting a higher annual Dutch bank tax (always fully recorded in the fourth quarter) due to an incidental 50% increase in tari ff for 2021. This was partly o ff set by a lower quarterly Dutch DGS contribution as an improved risk pro fi le led to a lower risk - related part of the contribution. Furthermore, operating expenses in 4Q2021 included €166 million of incidental items. These items consisted of €141 million of redundancy provisions and impairments related to the announcement to leave the retail banking market in France, €14 million of provisions and impairments for other Retail C&G countries, as well as €11 million of additional redundancy provisions and costs related to the accelerated closure of branches in the Netherlands. In 4Q2020, operating expenses had included €223 million of incidental items due to restructuring provisions and impairments, as well as a provision for customer claims in the Netherlands. 3Q2021 included €233 million of incidental items, re fl ecting a €180 million provision for compensation to customers on certain Dutch consumer credit products, €9 million of additional redundancy provisions and costs related to the accelerated closure of branches in the Netherlands, and a €44 million impairment in Wholesale Banking. 1,500 2,000 2,500 3,000 Operating expenses (in € million) 2,361 331 84 587 2,345 2,333 172 2,331 121 233 2 ,396 4Q2020 1Q2021 2Q2021 3Q2021 4Q2021 Expenses excl. regulatory costs and incidental items Regulatory costs Incidental items 166 385 223 39 Excluding regulatory costs and the aforementioned incidental items, expenses increased by €35 million, or 1.5%, compared with 4Q2020, which had been largely driven by a lower VAT refund. Higher performance - related sta ff expenses and the impact of annual salary increases were partially o ff set by lower expenses for third - party sta ff , professional services and legal claims. Compared with 3Q2021, expenses excluding regulatory costs and incidental items rose by €65 million, or 2.8%, mainly due to higher sta ff expenses, including higher performance - related expenses, while costs for marketing and IT also increased. Addition to loan loss provisions Although Covid - 19 has had a negative impact on the global economy, defaults in our portfolio have been limited. This both re fl ects the quality of our loan portfolio and the impact of government support schemes. However, due to the ongoing pandemic as well as strained supply chains, sta ffi ng shortage and rising prices, uncertainty remains.

5 ING Press Release 4Q2021 Consolidated Results Net additions to loan loss provisions were €346 million in 4Q2021, or 22 basis points of average customer lending. The increased level compared with the previous quarters was mainly the result of adjustments to existing Stage 3 fi les, which included €130 million provisioning from updated recovery scenarios of existing, mainly Wholesale Banking, clients re fl ecting uncertainty in recovery scenarios and valuations in certain asset classes. Risk costs further included a €124 million management overlay related to residential mortgages, mainly in Stage 2 and 3, to re fl ect the potential impact of higher in fl ation and rising interest rates on customers’ ability to pay and expected negative impact on property valuations. The release in Stage 1 and Stage 2 provisioning is mainly driven by €124 million of releases of management overlays applied in previous quarters regarding payment holidays and speci fi c sector - based overlays, predominantly as a result of reductions in the watch list. Addition to loan loss provisions (in € million) - 400 0 400 800 - 91 39 223 208 346 4Q2020 1Q2021 2Q2021 3Q2021 4Q2021 Stage 3 S2a% #  9  A ',!*3"', % - oR a*a, ! # 1&##2 R'1) ! - 121 ', .1 - $ a4#0a%# !312 - +#0 *#,"',% Ia,,3a*'1#"K - 50 0 50 100 14 3 22 - 6 15 Total net additions to Stage 3 provisions in 4Q2021 were €386 million, of which almost 40% was related to Stage 3 collective provisions and 60% to Stage 3 individual provisions. Stage 1 and Stage 2 risk costs (including o ff - balance - sheet provisioning and modi fi cations) were € - 39 million. Net result ING’s 4Q2021 net result was €945 million, which was 30.0% higher than in the year - ago quarter, primarily due to higher income and despite an increase in risk costs. Compared with 3Q2021, the net result was 30.9% lower. This was mainly due to the seasonally higher regulatory costs and a higher level of risk costs. The e ff ective tax rate was 26.4% in 4Q2021 compared with 29.0% in 4Q2020 and 27.1% in 3Q2021. The full - year 2021 e ff ective tax rate was 27.7%, down from 32.7% recorded in 2020. The lower e ff ective tax rate was mainly caused by the reduced impact of non - deductible amounts (whereas 2020 had included the non - deductible impairments on goodwill and on our stake in TMB). Return on equity ING Group (in %) 0 5 10 15 3Q2021 4Q2021 7.2 4.8 5.4 10.4 8 .8 9 .2 5.6 7.8 11.2 4Q2020 1Q2021 2Q2021 Return on IFRS - EU equity (quarter) 7.7 Return on IFRS - EU equity (4 - quarter rolling average) On a full - year basis, the return on ING’s average IFRS - EU equity increased to 9.2% from 4.8% in 2020. This was caused by a 92.2% higher net result, while average equity remained stable. ING’s return on equity is calculated using IFRS - EU shareholders' equity after excluding 'reserved pro fi t not included in CET1 capital', which amounts to €1,568 million as per the end of 4Q2021. This fi gure re fl ects 50% of the FY2021 resilient net pro fi t, which has been reserved for distribution in line with our policy, minus the amount for the interim dividend 2021 paid in October. The resilient net pro fi t over 2021, which is de fi ned as net pro fi t adjusted for signi fi cant items not linked to the normal course of business, was equal to net pro fi t. Dividend In line with our dividend policy, the Board proposes to pay a total dividend over 2021 of almost €2.4 billion subject to the approval by the Annual General Meeting in April 2022. Taking into account the interim dividend of €0.21 per ordinary share that was paid in October 2021, the proposed fi nal 2021 dividend amounts to €0.41 per ordinary share and will be paid in cash shortly after approval by the Annual General Meeting.

Compared with year - end 2020, ING’s balance sheet increased by €14.0 billion, including €7.1 billion of positive currency impacts (partly due to the appreciation of the USD). The increase was mainly due to €28.8 billion of customer lending growth, which was partly o ff set by declines in fi nancial assets at fair value through OCI, cash and balances with central banks, and securities at amortised cost. On the liability side, the main increases were in debt 6 Shareholders’ equity decreased by €718 million in 2021, primarily due to a €1,603 million negative change in the cash fl ow hedge reserve, mainly as a result of interest rate movements. The €2,342 million of dividend payments during the year and the €1,744 million reserved for the share buyback (which started on 5 October) were more than o ff set by the €4,776 million net result recorded in FY2021. Shareholders’ equity per share increased to €14.28 on 31 December 2021 from €14.01 on 31 December 2020. ING Press Release 4Q2021 Capital, Liquidity and Funding Consolidated Balance Sheet Balance sheet In 4Q2021, ING’s balance sheet decreased by €37.5 billion to €951.3 billion, including €2.7 billion of positive currency impacts. The decrease was mainly due to lower fi nancial assets at fair value through pro fi t or loss (predominantly reverse repos) and lower cash and balances with central banks. These factors were partially o ff set by €13.6 billion of customer lending growth, mainly in Wholesale Banking lending and in residential mortgages. On the liability side of the balance sheet, the main reduction was in fi nancial liabilities at fair value through pro fi t or loss (predominantly repos) and deposits from banks. Customer deposits declined by €2.8 billion, mainly due to a net out fl ow in Retail Germany (following the charging of negative interest rates per November 2021) and a decrease in Wholesale Banking that primarily re fl ected lower (short - term) positions at Bank Mendes Gans. This was partly o ff set by increases in other locations, mainly in Retail Netherlands. Debt securities in issue decreased due to a lower amount of CD/CPs, partly o ff set by €2.0 billion of senior bond issuances. Subordinated loans increased, re fl ecting a €1.0 billion issuance of Tier 2 bonds in November. The assets and liabilities held - for - sale positions related to ING’s retail banking activities in Austria were sold on 1 December 2021. securities in issue (higher CD/CPs, partly o ff set by lower other, mainly long - term, debt securities in issue), customer deposits (€+7.7 billion), and deposits from banks. The latter re fl ected ING's additional TLTRO III participation of €6.0 billion in March 2021. These increases were partly o ff set by lower fi nancial liabilities at fair value through pro fi t or loss. in € million 4Q2021 FY2021 Shareholders' equity beginning of period 55,439 54,637 Net result for the period 945 4,776 (Un)realised gains/losses fair value through OCI 47 - 110 (Un)realised other revaluations - 1 - 2 Change in cash fl ow hedge reserve - 747 - 1,603 Change in liability credit reserve 16 37 De fi ned bene fi t remeasurement 43 95 Exchange rate di ff erences - 82 153 Change in treasury shares - 1,607 - 1,608 Change in employee stock options and share plans 4 29 Dividend 0 - 2,342 Other changes - 140 - 143 Total changes - 1,521 - 718 Shareholders' equity end of period 53,919 53,919 Shareholders’ equity Change in shareholders’ equity Consolidated balance sheet in € million 3 1 Dec . 21 30 Sep. 21 31 Dec. 20 31 Dec. 21 30 Sep. 21 31 Dec. 20 Assets Cash and balances with central banks Loans and advances to banks Financial assets at fair value through pro fi t or loss - trading assets - non - trading derivatives - designated as at fair value through pro fi t or loss - mandatorily at fair value through pro fi t or loss Financial assets at fair value through OCI - equity securities fair value through OCI - debt securities fair value through OCI - loans and advances fair value through OCI Securities at amortised cost Loans and advances to customers - customer lending - provision for loan losses Investments in associates and joint ventures Property and equipment Intangible assets Other assets Assets held for sale 106,520 127,781 111,087 Liabilities Deposits from banks Customer deposits - savings accounts - credit balances on customer accounts - corporate deposits - other Financial liabilities at fair value through pro fi t or loss - trading liabilities - non - trading derivatives - designated as at fair value through pro fi t or loss Other liabilities Liabilities held for sale Debt securities in issue Subordinated loans 85,092 91,166 78,098 23,592 25,828 25,364 617,296 620,116 609,642 101,956 126,157 103,370 314,893 322,525 336,517 51,381 56,007 51,356 279,805 273,909 256,636 1,536 1,859 3,583 22,174 21,835 15,941 6,355 5,843 4,126 424 1,846 548 42,684 62,447 44,305 71,041 92,990 82,781 30,635 30,684 35,895 27,113 25,051 32,709 2,457 2,321 1,862 2,120 2,080 1,629 27,340 27,526 32,977 41,808 65,859 48,444 838 837 1,056 14,707 17,814 13,226 48,319 48,462 50,587 2,053 627,508 613,979 598,176 91,784 92,539 82,065 632,782 619,179 603,956 16,715 15,689 15,805 - 5,274 - 5,201 - 5,779 Total liabilities 896,635 932,367 881,616 1,587 1,470 1,475 2,515 2,555 2,841 Equity 1,156 1,246 1,394 Shareholders' equity 53,919 55,439 54,637 7,502 9,219 7,085 Non - controlling interests 736 945 1,022 1,370 Total equity 54,654 56,384 55,659 Total assets 951,290 988,751 937,275 Total liabilities and equity 951,290 988,751 937,275

7 ING Press Release 4Q2021 Capital, Liquidity and Funding ING Group: Capital position in € million 31 Dec. 2021 30 Sep. 2021 Shareholders' equity (parent) 53,919 55,439 - Reserved pro fi t not included in CET1 capital 1) - 1,568 - 2,840 - Other regulatory adjustments - 2,590 - 3,429 Regulatory adjustments - 4,159 - 6,269 Available common equity Tier 1 capital 49,760 49,171 Additional Tier 1 securities 2) 6,808 6,659 Regulatory adjustments additional Tier 1 50 49 Available Tier 1 capital 56,618 55,878 Supplementary capital - Tier 2 bonds 3) 9,341 8,346 Regulatory adjustments Tier 2 - 159 - 159 Available Total capital 65,801 64,066 Risk - weighted assets 313,064 310,528 Common equity Tier 1 ratio 15.9% 15.8% Tier 1 ratio 18.1% 18.0% Total capital ratio 21.0% 20.6% Leverage Ratio 5.9% 5.8% 1) The interim pro fi t not included in CET1 capital as per 31 December 2021 was €1,568 million, of which €472 million relates to the 4Q2021 result (full - year 2021: €2,388 million, of which €820 million was paid out as interim dividend in October 2021). 2) All AT1 securities are CRR/CRD IV - compliant. 3) Including €9,188 million which is CRR/CRD IV - compliant (3Q2021: €8,193 million), and €153 million subject to CRR/CRD IV grandfathering rules (3Q2021: €153 million). Capital ratios The CET1 ratio increased to 15.9% compared to the previous quarter, as higher CET1 capital was only partly o ff set by higher RWA. CET1 capital increased mainly due to the inclusion of €0.5 billion of interim pro fi ts. The increase in the Tier 1 ratio mirrors trends in the CET1 ratio. The increase in the Total capital ratio (including grandfathered securities) re fl ects the issuance of a €1.0 billion Tier 2 instrument in November 2021. The slight increase in the leverage ratio was driven by an increase in Tier 1 capital as well as a slightly lower leverage exposure. The ECB has authorised the exclusion of certain central bank exposures (€88.2 billion) until March 2022. Without the exclusion, the leverage ratio would have been 5.4% (3Q2021: 5.2%). in € billion 31 Dec. 2021 30 Sep. 2021 Credit RWA 268.5 270.7 Operational RWA 35.6 34.3 Market RWA 9.0 5.5 Total RWA 313.1 310.5 Risk - weighted assets (RWA) The increase in total RWA mainly re fl ects higher market RWA. ING Group: Composition of RWA Excluding currency impacts, credit RWA decreased by €3.2 billion, mainly driven by a better pro fi le of the loan book (€ - 3.8 billion), lower RWA on NPLs (€ - 2.1 billion), the transfer of our Retail Banking activities in Austria to bank99 (€ - 1.0 billion), and model impacts (€ - 1.0 billion). The decrease was partly o ff set by, among others, higher lending volumes (€3.8 billion) and an increase in equity investments (€0.7 billion). The FX impact on RWA was €1.0 billion, mainly driven by appreciation of the USD. Higher operational RWA (€1.2 billion) were due to regular updates to the AMA model. Market RWA increased by €3.6 billion, largely caused by not being able to consolidate positions and apply netting this quarter as a result of regulations, mainly re fl ected in Financial Markets. Distribution Following our distribution policy of a 50% pay - out ratio on resilient net pro fi t, the Board proposes to pay a fi nal cash dividend over 2021 of €0.41 per share. This is subject to the approval by shareholders at the Annual General Meeting in April 2022. In 4Q2021, ING has reserved €472 million of the quarterly net pro fi t for distribution. Resilient net pro fi t in 4Q2021 (which is de fi ned as net pro fi t adjusted for signi fi cant items not linked to the normal course of business) is equal to net pro fi t as there were no adjustments to make. On 5 October 2021, ING commenced a share buyback programme for €1,744 million to distribute the remaining amount of pro fi ts originally reserved over 2019. By 31 December 2021, approximately 92% of the programme had been completed. The programme is expected to end no later than 5 May 2022. ING has a CET1 ratio ambition of around 12.5%, which is comfortably above the prevailing CET1 ratio requirement (incl. bu ff er requirements) of 10.51% (3Q2021: 10.51%). TLAC and MREL requirements Total TLAC and MREL requirements apply to ING Group at the consolidated level of the resolution group. TLAC requirements are currently set at 21% of RWA and 6% of leverage exposure (LR). The available TLAC capacity consists of own funds and senior debt instruments issued by ING Group. The increase in TLAC ratios and surplus mirrors trends in Total capital

8 ING Press Release 4Q2021 Risk Management Capital, Liquidity and Funding and in addition re fl ects the issuance of three senior debt instruments (total €2.1 billion). ING Group: TLAC requirement in € million 31 Dec. 2021 30 Sep. 2021 TLAC capacity 95,815 91,943 TLAC (as a percentage of RWA) 30.6% 29.6% TLAC (as a percentage of leverage exposure) 10.1% 9.6% TLAC surplus (shortage) based on LR 38,629 34,456 TLAC surplus (shortage) based on RWA 29,978 26,639 Intermediate MREL requirements of 27.32% of RWA and 5.97% of LR apply as per 1 January 2022. As per 31 December 2021, ING Group already meets these MREL requirements. The increase in MREL ratios and surplus mirrors trends in TLAC. ING Group: MREL requirement (non - binding) in € million 31 Dec. 2021 30 Sep. 2021 MREL capacity 95,880 92,008 MREL (as a percentage of RWA) 30.6% 29.6% MREL (as a percentage of leverage exposure) 10.1% 9.6% MREL surplus (shortage) based on LR 1) 38,980 34,808 MREL surplus (shortage) based on RWA 1) 10,357 7,178 1) The MREL surplus is based on the intermediate MREL requirements that are binding as per 1 January 2022 Liquidity and funding In 4Q2021, the 12 - month moving average LCR decreased from 142% to 139% due to a decrease in the liquidity bu ff er. in € billion 31 Dec. 2021 30 Sep. 2021 Level 1 154.8 153.3 Level 2A 5.0 4.8 Level 2B 5.6 5.0 Total HQLA 165.4 163.0 Stressed Out fl ow 206.6 199.2 Stressed In fl ow 87.5 84.8 LCR 139% 142% LCR 12 - month moving average In line with the Net Stable Funding Ratio (NSFR) regulatory requirement, which is e ff ective since 2Q2021, in 4Q2021 the NSFR of ING remained comfortably above the regulatory minimum of 100%. The funding mix in the fourth quarter of 2021 stayed largely the same as in the third quarter of 2021. An increase in the share of retail and corporate customer deposits is observed, compensated by a decrease in the share of lending / repurchase agreements and interbank. In % 31 Dec. 2021 30 Sep. 2021 Loan - to - deposit ratio 1.02 0.99 Key figures Customer deposits (retail) 51% 49% Customer deposits (corporate) 21% 20% L ending / r epu r chase ag r eements 5% 8% Interbank 9% 10% CD/CP 3% 3% Long - term senior debt 8% 8% Subordinated debt 2% 2% Total 1) 100% 100% ING Group: Loan - to - deposit ratio and funding mix 1) Liabilities excluding trading securities and IFRS equity. in € billion Total ʹ 22 ʹ 23 ʹ 24 ʹ 25 ʹ 26 '27 > ʹ 27 EUR 52 7 5 1 5 3 2 29 USD 18 4 3 1 0 2 3 5 Other 8 0 1 1 0 2 0 3 Total 78 11 9 3 6 7 5 38 ING’s long - term debt position increased by €3.6 billion versus 3Q2021. The increase was driven by €1 billion of Tier 2 issuance, €2.1 billion of Senior HoldCo issuance and €2.9 billion of covered bond issuance in Germany (€1.25 billion), the Netherlands (€1.5 billion) and Australia (€158 million), o ff set by maturities of €2.4 billion. Long - term debt maturity ladder per currency, 31 December 2021 Ratings The outlook from Fitch on ING Group N . V . and ING Bank N . V . improved to stable . All other ratings and outlook remained unchanged in the quarter . S&P Moody's Fitch GBB - Rating ING Groep N.V. Issuer rating Long - term A - n/a A+ Short - term A - 2 n/a F1 Outlook Stable Stable 1) Stable Senior unsecured rating A - Baa1 A+ ING Bank N.V. Issuer rating Long - term A+ A1 AA - A+ Short - term A - 1 P - 1 F1+ n/a Outlook Stable Stable Stable Indeterminate Senior unsecured rating A+ A1 AA - Credit ratings of ING on 3 November 2021 1) Outlook refers to the senior unsecured rating.

9 ING Press Release 4Q2021 Risk Management in € million 31 Dec. 2021 30 Se p . 2021 31 Dec. 2021 30 Se p . 2021 31 Dec. 2021 30 Se p . 2021 31 Dec. 2021 30 Se p . 2021 31 Dec. 2021 30 Se p . 2021 Residential mortgages of which Netherlands 2) of which Belgium of which Germany of which Rest of the world Consumer Lending Business Lending of which business lending Netherlands of which business lending Belgium Other retail banking 317,427 112,133 41,974 85,355 77,964 26,758 96,984 36,203 43,024 46,455 313,722 112,185 41,713 84,371 75,454 26,300 97,595 35,987 44,027 63,159 9,411 2,908 3,855 1,399 1,249 2,269 10,671 4,794 4,287 616 9,367 3,004 3,676 1,442 1,244 2,056 12,354 4,890 5,712 681 3.0% 2.6% 9.2% 1.6% 1.6% 8.5% 11.0% 13.2% 10.0% 1.4% 3.0% 2.7% 8.8% 1.7% 1.6% 7.8% 12.7% 13.6% 13.0% 1.1% 3,527 678 1,316 363 1,170 1,188 3,186 922 1,543 195 3,711 708 1,429 381 1,193 1,174 3,308 871 1,659 205 1.1% 0.6% 3.1% 0.4% 1.5% 4.4% 3.3% 2.5% 3.6% 0.4% 1.2% 0.6% 3.4% 0.5% 1.6% 4.5% 3.4% 2.4% 3.8% 0.3% Retail Banking 487,624 500,775 22,967 24,459 4.7% 4.9% 8,096 8,398 1.7% 1.7% Lending Daily Banking & Trade Finance Financial Markets Treasury & other 162,526 71,165 7,803 58,209 153,865 66,485 5,519 69,773 15,262 2,444 228 15,132 2,248 8 292 9.4% 3.4% 0.0% 0.4% 9.8% 3.4% 0.1% 0.4% 2,844 502 70 2,797 507 93 1.7% 0.7% 0.0% 0.1% 1.8% 0.8% 0.0% 0.1% Wholesale Banking 299,703 295,643 17,934 17,680 6.0% 6.0% 3,416 3,396 1.1% 1.1% Total loan book 787,327 796,418 40,901 42,138 5.2% 5.3% 11,512 11,794 1.5% 1.5% ING Group: Total credit outstandings 1) Credit outstandings Stag e 2 Stage 2 ratio Stag e 3 Stage 3 ratio 1) Lending and money market credit outstandings, including guarantees and letters of credit but excluding undrawn committed exposures (o ff - balance positions) and Corporate Line. 2) Stage 2 corrected re fl ecting model adjustment in residential mortgages Netherlands. Covid - 19 The fourth quarter of 2021 was marked by the Omicron variant. As such, ING continues to closely monitor the developments around and e ff ects of the ongoing Covid - 19 pandemic. Based on the potential economic and social implications for the countries and sectors where ING is active, mitigating actions are reviewed and adapted as necessary as we continue to support our customers during these challenging times. The majority of our sta ff is again largely working from home, supported and equipped with the appropriate tools. A central ING team provides guidance on health and safety measures, travel advice and business continuity. As the situation di ff ers from country to country, ING is following local government guidelines in its response to the Covid - 19 pandemic. Credit risk management Total credit outstandings decreased in 4Q2021, primarily due to lower cash and balances with central banks, partly o ff set by growth in Daily Banking & Trade Finance and Wholesale Banking Lending. Stage 2 outstandings showed a continued reduction compared to previous quarters, mainly driven by net repayments. Stage 3 outstandings slightly decreased, primarily due to a reduction in residential mortgages where forborne assets have changed into a performing status. In 4Q2021, ING Group’s stock of provisions slightly increased due to management overlays. The Stage 3 coverage ratio increased to 33.4% compared to 31.1% in the previous quarter; the increase was triggered by higher Stage 3 provisions. The loan portfolio consists predominantly of asset - based and secured loans, including residential mortgages, project - and asset - based fi nance, and real estate fi nance with generally low loan - to - value ratios. ING Group: Stock of provisions 1) in € million 31 Dec. 2021 30 Se p . 2021 Change Stage 1 - 12 - month ECL 501 507 - 6 Stage 2 - Lifetime ECL not credit impaired 1,016 1,105 - 89 Stage 3 - Lifetime ECL credit impaired 3,847 3,673 174 Purchased credit impaired 4 3 1 Total 5,368 5,288 81 1) At the end of December 2021, the stock of provisions included provisions for loans and advances to central banks (€6 million), loans and advances to banks (€22 million), fi nancial assets at FVOCI (€13 million), securities at amortised cost (€19 million), provisions for loans and advances to customers (€5,274 million) and provisions for contingent liabilities (credit replacements) recorded under Provisions (€34 million). Market risk The average Value - at - Risk (VaR) for the trading portfolio remained stable in 4Q2021 at around €5 million. ING Group: Consolidated VaR trading books in € million Minimum Maximum Average Quarter - end Foreign exchange 0 2 1 1 Equities 1 4 2 2 Interest rate 4 20 5 5 Credit spread 2 4 3 2 Diversi fi cation - 5 - 5 Total VaR 1) 4 7 5 6 1) The total VaR for the columns Minimum and Maximum cannot be calculated by taking the sum of the individual components since the observations for both the individual markets as well as for total VaR may occur on di ff erent dates. Non - fi nancial risk As previously disclosed, after our September 2018 settlement with Dutch authorities concerning Anti - Money Laundering (AML) matters, and in the context of signi fi cantly increased attention to the prevention of fi nancial economic crime, ING has experienced heightened scrutiny by authorities in various countries. The interactions with such regulatory and judicial authorities have included, and can be expected to continue to include, onsite visits, information requests,

10 ING Press Release 4Q2021 Segment Reporting: Retail Banking Risk Management 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. Some have also resulted in, and may continue to result in, fi ndings, or other conclusions which may require appropriate remedial actions by ING, or may have other consequences. We intend to continue to work in close cooperation with authorities as we work to improve our management of non - fi nancial risks. ING is also aware, including as a result of media reports, that other parties may, among other things, seek to commence legal proceedings against ING in connection with the subject matter of the settlement.

Risk costs were € 46 million due to Stage 3 additions for model updates and a management overlay on mortgages, re fl ecting the potential impact of higher in fl ation and interest rates on customers’ ability to pay and expected negative impact on valuations. This increase was partly o ff set by the partial release of management overlays applied in previous quarters. 11 Risk costs were €49 million in 4Q2021 and included a management overlay on mortgages, re fl ecting the potential impact of higher in fl ation and interest rates on customers’ ability to pay and expected negative impact on valuations. ING Press Release 4Q2021 Segment Reporting: Retail Banking In € million Retail Benelux 4Q2021 4Q2020 3Q2021 Netherlands Belgium 4Q2021 4Q2020 3Q2021 4Q2021 4Q2020 3Q2021 Profit or loss Net interest income 1,219 1,307 1,273 822 877 817 397 430 456 Net fee and commission income 336 281 338 206 175 197 129 106 141 Investment income 3 1 5 3 2 5 0 0 0 Other income 95 66 91 30 29 45 65 36 46 Total income 1,652 1,655 1,706 1,061 1,083 1,064 592 572 642 Expenses excl. regulatory costs 844 893 987 465 507 642 379 387 345 Regulatory costs 108 135 38 77 110 38 31 25 0 Operating expenses 952 1,029 1,025 542 616 680 410 412 345 Gross result 700 627 682 519 466 384 182 160 297 Addition to loan loss provisions 95 66 - 76 49 - 29 - 60 46 95 - 16 Result before tax 605 561 758 470 495 444 136 66 313 Profitability and efficiency Net core lending growth (in € billion) 0.4 - 2.6 0.1 0.0 - 1.2 0.1 0.3 - 1.4 - 0.1 Net core deposits growth (in € billion) 4.2 4.2 0.6 3.8 3.0 1.7 0.4 1.2 - 1.1 Cost/income ratio 57.6% 62.1% 60.1% 51.1% 56.9% 63.9% 69.3% 72.0% 53.7% Risk costs in bps of average customer lending 16 11 - 12 13 - 7 - 16 21 42 - 7 Return on equity based on 12.5% CET1 1) 17.0% 15.9% 22.0% 25.1% 27.2% 24.1% 7.7% 3.9% 19.7% Risk - weighted assets (end of period, in € billion) 82.6 82.5 84.4 44.6 42.1 44.1 38.0 40.5 40.3 Retail Benelux: Consolidated pro fi t or loss account 1) After - tax return divided by average equity based on 12.5% of RWA (annualised). Retail Netherlands Net interest income was impacted year - on - year by lower margins on customer deposits combined with a decline in lending volumes, re fl ecting subdued demand. This was partly compensated by the increased charging of negative interest rates. Sequentially, the interest result was up as higher Treasury - related interest results more than o ff set the pressure from the replicating portfolio on the customer deposits margin. The TLTRO III bene fi t was €9 million in this quarter, down from €13 million in 3Q2021. Fee income bene fi ted from higher fees in daily banking, supported by increased fees for payment packages, and higher fees on investment products. Net core lending growth was nil in 4Q2021 as €0.3 billion growth in mortgages was o ff set by a decline in other lending. Net core deposits growth was €3.8 billion, mainly driven by higher current account balances. Operating expenses fell on both prior periods. Regulatory costs were lower as 4Q2020 had included a catch - up in the quarterly DGS contribution, but they increased from 3Q2021, re fl ecting the annual Dutch bank tax. Furthermore, 4Q2021 included €11 million of additional redundancy provisions and costs related to the accelerated closure of branches. 4Q2020 had included €29 million of provisions, and 3Q2021 a €180 million provision for compensation to customers with certain consumer credit products, as well as €9 million of additional redundancy provisions and costs related to the closure of branches. Excluding regulatory costs and the aforementioned incidental items, expenses were €24 million lower year - on - year, driven by lower sta ff expenses, while sequentially expenses were stable. Retail Belgium (including Luxembourg) Net interest income included a € - 23 million reclassi fi cation from other income to net interest income. Year - on - year, net interest income furthermore re fl ected pressure on liability income. Sequentially, net interest income included a €11 million TLTRO III bene fi t (against €17 million in 3Q2021) as well as lower interest results in business lending due to margin pressure and lower Treasury - related results. Fee income rose on 4Q2020 due to higher fees in investment products and in daily banking. Sequentially, fee income declined, mainly due to lower transaction - related daily banking fees. Other income was impacted by the aforementioned reclassi fi cation, while 3Q2021 included a €25 million capital gain on the sale of an associate. Net core lending growth was €0.3 billion in 4Q2021, almost equally split between residential mortgages and business lending. Net core deposits growth was €0.4 billion. Operating expenses declined by €2 million year - on - year. Regulatory costs increased because of a higher allocation of the annual Dutch bank tax. 4Q2020 had included €40 million of restructuring costs. Expenses excluding regulatory costs and incidental items increased. This was mainly caused by higher sta ff - related expenses, increased marketing costs and IT charges, while 4Q2020 expenses had been reduced due to a change in the full - year allocation of group overhead costs. Sequentially, expenses excluding regulatory costs were up €34 million, mainly due to higher expenses related to sta ff performance, marketing and IT.

12 ING Press Release 4Q2021 Segment Reporting: Wholesale Banking Segment Reporting: Retail Banking Retail Germany (including Austria) Net interest income was supported by solid lending growth, which partly compensated for continuing liability margin pressure and a €10 million one - o ff reversal of income. Fee income was stable compared to 4Q2020, with higher fees from mortgages and consumer lending, o ff set by lower daily banking fees where the consent requirement temporarily halted the charging of fees. Sequentially, fees for investment products increased, re fl ecting higher brokered volumes. Investment and other income increased versus both comparable quarters. The previous quarter had included a €34 million estimated one - o ff loss related to the transfer of ING’s retail operations in Austria to bank99, of which €8 million was reversed in the current quarter. In addition, 4Q2021 included a €4 million gain on the sale of a venture. Net core lending growth continued to be strong with €2.2 billion of growth recorded in 4Q2021, of which €2.0 billion was in mortgages. Net core deposits recorded an out fl ow of €5.0 billion, primarily re fl ecting the impact of the introduction of negative interest rate charging to clients with liability balances above €50,000. Operating expenses increased year - on - year, mainly attributable to higher regulatory costs and investments to support business growth as well as a €3 million restructuring provision, while 4Q2020 expenses had been reduced due to a change in the full - year allocation of group overhead costs. Sequentially, expenses increased, mainly due to higher regulatory costs and incidental sta ff expenses. Risk costs were €7 million, primarily driven by a management overlay on mortgages re fl ecting the potential impact of higher in fl ation and interest rates on customers’ ability to pay and expected negative impact on property valuations. Retail Other Challengers & Growth Markets Net interest income was supported by higher lending volumes. Year - on - year, this more than compensated for negative currency impacts and lower margins. Sequentially, lending margins declined slightly, whereas customer deposit margins stabilised. Fee income increased, mainly supported by higher fees from daily banking, investment and insurance products. Investment income fell sequentially as 3Q2021 had included the €97 million annual dividend from Bank of Beijing. Other income rose versus 4Q2020, mainly in non - eurozone countries, re fl ecting higher Treasury - related income. Net core lending growth was €2.2 billion in 4Q2021, mainly due to mortgage growth in Spain, Australia and Poland, and business lending growth in most non - eurozone countries. Net customer deposits growth was €3.5 billion, of which €3.0 billion was generated in the non - eurozone countries. In 4Q2021, expenses included €155 million of incidental items, mainly consisting of impairments and restructuring provisions related to the announcement that ING will exit the French retail market. A year ago, 4Q2020 had included €27 million of restructuring provisions and impairments, and €22 million of higher expenses following the decision to stop the Maggie project (mainly a lower capitalisation of costs). Adjusted for the aforementioned items, expenses excluding regulatory costs were slightly lower versus the previous year. Sequentially, adjusted expenses rose 3.0%, mainly due to higher performance - related sta ff costs, payments to employees related to their working from home, and higher project costs, o ff set by lower IT expenses. Risk costs were €27 million, mainly re fl ecting net additions in Poland, Spain and Turkey, which were partially o ff set by net releases in Romania and Australia. In € million Retail Challengers & Growth Markets 4Q2021 4Q2020 3Q2021 Germany Other Challengers & Growth Markets 4Q2021 4Q2020 3Q2021 4Q2021 4Q2020 3Q2021 Profit or loss Net interest income 1,031 1,069 1,039 348 391 365 683 678 675 Net fee and commission income 269 235 247 125 125 115 144 110 133 Investment income 12 2 67 8 1 - 32 4 1 98 Other income 88 48 92 29 11 15 59 37 77 Total income 1,400 1,354 1,446 510 528 463 890 826 983 Expenses excl. regulatory costs 926 810 747 263 250 254 663 560 493 Regulatory costs 100 109 75 32 22 20 67 87 55 Operating expenses 1,026 919 822 296 272 274 730 647 548 Gross result 374 435 624 214 256 189 160 179 435 Addition to loan loss provisions 35 193 96 7 17 23 27 176 72 Result before tax 339 243 528 207 239 166 132 3 363 Profitability and efficiency Net core lending growth (in € billion) 4.4 2.4 4.7 2.2 1.7 2.2 2.2 0.7 2.5 Net core deposits growth (in € billion) - 1.5 4.5 - 2.5 - 5.0 2.9 - 4.3 3.5 1.7 1.8 Cost/income ratio 73.3% 67.9% 56.8% 58.0% 51.5% 59.2% 82.0% 78.3% 55.7% Risk costs in bps of average customer lending 7 41 19 3 7 10 10 72 28 Return on equity based on 12.5% CET1 1) 9.6% 5.8% 17.2% 15.2% 16.7% 11.9% 6.1% - 0.9% 20.6% Risk - weighted assets (end of period, in € billion) 77.8 77.5 78.1 29.4 29.5 30.4 48.4 48.1 47.7 Retail Challengers & Growth Markets: Consolidated pro fi t or loss account 1) After - tax return divided by average equity based on 12.5% of RWA (annualised).

13 ING Press Release 4Q2021 Segment Reporting: Wholesale Banking Net interest income bene fi ted from improved lending margins year - on - year and higher margins on customer deposits, as a re fl ection of higher negative interest rate charges. In addition, interest results in Bank Mendes Gans (BMG), Working Capital Solutions (WCS) and Treasury increased. Compared with one year ago, 4Q2021 was furthermore supported by the recognition of a €36 million TLTRO III bene fi t. Sequentially, net interest income increased, mainly due to higher interest results in Daily Banking & Trade Finance, re fl ecting improved margins in BMG and in Payments & Cash Management (PCM). The previous quarter included a €39 million TLTRO III bene fi t. Net core lending grew by €8.6 billion in 4Q2021, of which €6.0 billion was attributable to Lending, mainly re fl ecting growth in term loans. Financial Markets increased by €2.3 billion and Daily Banking & Trade Finance by €0.8 billion (primarily in TCF and WCS). Net core customer deposits decreased by €4.9 billion in this quarter, mainly due to seasonal out fl ow in BMG. Net fee and commission income increased 26.3% year - on - year due to increased deal activity in Lending, a higher deal fl ow in both Corporate Finance and Global Capital Markets (GCM), as well as higher fee income in Trade & Commodity Finance (TCF) on the back of higher oil prices. Sequentially, fee income increased 9.2% due to the aforementioned deal fl ow in Corporate Finance and GCM, improved deal activity in Trade Finance Services (TFS), as well as increased charges on clients’ year - end credit balances in PCM. Other income strongly increased year - on - year, mostly due to higher trading income in Financial Markets (FM), as well as improved valuation adjustments in FM. In addition, Corporate Investments included a gain of €28 million on an investment in an associate. Sequentially, other income was also higher in Corporate Investments (re fl ecting the aforementioned gain) and in FM Trading. The latter was primarily driven by the Forex and Rates businesses, which bene fi ted from the fi nancial - market volatility. Total expenses excluding regulatory expenses declined compared with the comparable quarters, which both had included incidental items: €124 million of restructuring provisions and impairments were recorded in 4Q2020 and a €44 million impairment on Payvision was booked in 3Q2021. The previous quarter furthermore included €14 million of legal provisions. Regulatory costs were stable compared with 4Q2020 and predominantly refer to the annual booking of the Dutch bank tax. Expenses excluding regulatory costs and the aforementioned incidental items and legal provisions increased year - on - year due to higher performance - related sta ff expenses, the impact of annual salary increases, and the change in the full - year allocation of group overhead expenses in 4Q2020. Sequentially, the cost increase was mostly due to highe r per f orman c e - r elate d sta ff expenses. Risk costs amounted to €216 million, or 48 basis points of average customer lending, predominantly re fl ecting Stage 3 individual risk costs additions to existing fi les. Approximately half of the amount was attributable to updated recovery scenarios re fl ecting uncertainty in recovery scenarios and valuations in certain asset classes. In € million 4Q2021 4Q2020 3Q2021 Profit or loss Net interest income 1,065 945 1,042 Net fee and commission income 322 255 295 Investment income 1 3 3 Other income 173 40 124 Total income 1,561 1,242 1,463 Expenses excl. regulatory costs 676 746 700 Regulatory costs 91 92 7 Operating expenses 766 838 707 Gross result 795 405 756 Addition to loan loss provisions 216 - 50 19 Result before tax 579 454 737 of which: Lending 372 510 609 Daily Banking & Trade Finance 105 74 50 Financial Markets 40 - 20 79 Treasury & Other 61 - 110 0 Profitability and efficiency Net core lending growth (in € billion) 8.6 - 0.7 - 1.6 Net core deposits growth (in € billion) - 4.9 - 0.9 1.4 Cost/income ratio 49.1% 67.4% 48.3% Risk costs in bps of average customer lending 48 - 12 4 Return on equity based on 12.5% CET1 1) 9.3% 7.6% 12.1% Risk - weighted assets (end of period, in € billion) 149.5 143.8 145.0 Wholesale Banking: Consolidated pro fi t or loss account Total Wholesale Banking 1) After - tax return divided by average equity based on 12.5% of RWA (annualised).

14 ING Press Release 4Q2021 Segment Reporting: Corporate Line Segment Reporting: Wholesale Banking The 4 Q 2021 result before tax of Lending decreased, re fl ecting a net addition to risk costs this quarter, whereas 3 Q 2021 and 4 Q 2020 had included net releases . The TLTRO III bene fi t was €20 million in 4Q2021 compared with €24 million in 3Q2021. Also, excluding the TLTRO III bene fi t, year - on - year income increased, predominantly driven by a higher net interest margin over higher volumes and increased fee income related to higher deal activity. Expenses excluding regulatory costs rose, mostly driven by higher performance - related sta ff costs. The quarterly result before tax of Daily Banking & Trade Finance increased on both comparable quarters, driven by higher income and lower expenses, while risk costs were higher. Income increased year - on - year, driven by higher PCM income (re fl ecting pricing and fee initiatives), higher TCF income (higher average oil prices and improved margins) and an €8 million TLTRO III bene fi t. Sequentially, income increased due to the aforementioned items as well as higher income in BMG and TFS, while the TLTRO III bene fi t was €3 million in 3Q2021. Expenses excluding regulatory costs were lower as 4Q2020 had included an impairment of €29 million, while 3Q2021 had €44 million of impairments. The result before tax of Financial Markets increased year - on - year, mainly due to higher FM trading results, supported by high market volatility in the second half of the quarter, higher deal fl ow in GCM, as well as improved valuation adjustments. In addition, an €8 million TLTRO III bene fi t was recorded this quarter. Sequentially, the result before tax declined, largely due to the annual booking of the Dutch bank tax in the fourth quarter and higher performance - related sta ff costs. Income increased slightly compared with the previous quarter as higher FM trading income (especially in Forex and Rates) and higher deal fl ow in GCM were largely o ff set by lower (positive) valuation adjustments and a €4 million lower TLTRO III bene fi t. The quarterly result before tax of Treasury & Other strongly increased on 4Q2020, which had included €95 million of restructuring provisions and related impairments. Income was up €73 million year - on - year, primarily due to higher Corporate Investment income (positive valuation adjustments, including a €28 million gain on one capital stake), higher Corporate Finance deal fl ow, as well as an increase in Treasury income. Sequentially, the result before tax improved due to the aforementioned income increases in both Corporate Investments and Corporate Finance, as well as lower expenses.

15 ING Press Release 4Q2021 Segment Reporting: Corporate Line Total income in the Corporate Line was €10 million and included a €24 million funding rate bene fi t related to TLTRO III versus €7 million in 3Q2021. The remaining bene fi t from TLTRO III was recorded as net interest income in the respective business segments. Year - on - year, total income increased, mainly due to the aforementioned TLTRO III funding rate bene fi t as well as to lower legacy funding costs resulting from the replacement of short - term funding with long - term funding during 2012 and 2013. Furthermore, 4Q2020 had included a €58 million decrease of the NN Group indemnity receivable following the settlement of a tax dispute in Australia (recorded under other income and o ff set by a comparable amount in the tax line). Operating expenses in 4Q2021 increased on both comparable periods. Year - on - year, this was mainly due to an incidental 50% increase in the Dutch bank tax in 2021, resulting in €87 million of additional regulatory costs not allocated to the business segments, as well as a signi fi cantly lower VAT refund. These factors were partly o ff set by lower shareholder expenses as 4Q2020 had included the full - year impact of a change in the allocation of group overhead expenses (o ff set by a lower allocation of group overhead expenses to the business lines). Compared with 3Q2021, the increase in operating expenses was mainly due to the aforementioned Dutch bank tax, which was partly o ff set by a higher VAT refund. In € million 4Q2021 4Q2020 3Q2021 Profit or loss Net interest income 59 24 34 Net fee and commission income - 2 0 1 Investment income 0 0 0 Other income - 47 - 106 - 3 Total income 10 - 83 32 Expenses excl. regulatory costs 115 134 131 Regulatory costs 87 - 5 0 Operating expenses 202 129 131 Gross result - 192 - 212 - 99 Addition to loan loss provisions 0 0 0 Result before tax - 192 - 212 - 99 of which: Income on capital surplus - 8 - 26 5 Foreign currency ratio hedging 68 64 72 Other Group Treasury - 55 - 82 - 67 Group Treasury 5 - 44 10 Other Corporate Line - 197 - 168 - 109 Corporate Line: Consolidated pro fi t or loss account

16 ING Press Release 4Q2021 ING pro fi le ING is a global fi nancial institution with a strong European base, o ff ering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 57,000 employees o ff er retail and wholesale banking services to customers in over 40 countries. ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). Sustainability forms an integral part of ING’s strategy, evidenced by ING’s leading position in sector benchmarks. ING's ESG rating by MSCI was a ffi rmed 'AA' in December 2021. ING Group shares are included in major sustainability and Environmental, Social and Governance (ESG) index products of leading providers STOXX, Morningstar and FTSE Russell. In January 2021, ING received an ESG evaluation score of 83 ('strong') from S&P Global Ratings. Further information All publications related to ING’s 4Q2021 results can be found at www.ing.com/4q2021, including a video with CEO Steven van Rijswijk. The 'ING on Air’ video is also available on YouTube. Additional fi nancial information is available at www.ing.com/ir: • ING Group Historical Trend Data • ING Group Quarterly Results presentation (also available via SlideShare) • ING Group Credit Update presentation For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news Twitter feed. Photos, videos of ING operations, buildings and its executives are available for download at Flickr. ING presentations are available at SlideShare. 4Q2021 3Q2021 2Q2021 1Q2021 4Q2020 Shares (in millions, end of period) Total number of shares 3,904.1 3,904.1 3,904.0 3,904.0 3,900.7 - Treasury shares 128.3 0.4 0.7 0.7 0.6 - Shares outstanding 3,775.8 3,903.6 3,903.3 3,903.4 3,900.1 Average number of shares 3,846.7 3,903.5 3,903.4 3,900.4 3,899.8 Share price (in euros) End of period 12.24 12.57 11.14 10.43 7.64 High 13.39 12.66 11.65 10.61 8.60 Low 11.24 10.08 10.10 7.30 5.76 Net result per share (in euros) 0.25 0.35 0.37 0.26 0.19 Shareholders' equity per share (end of period in euros) 14.28 14.20 14.40 14.10 14.01 Distribution per share (in euros) 0.41 - 0.48 - 0.12 Price/earnings ratio 1) 10.0 10.8 10.9 14.4 12.0 Price/book ratio 0.86 0.88 0.77 0.74 0.55 Share information 1) Four - quarter rolling average. Financial calendar Publication 2021 ING Group Annual Report 2022 Annual General Meeting Ex - date for fi nal dividend 2021 (Euronext Amsterdam) 1) Thursday, 10 March 2022 Monday, 25 April 2022 Wednesday, 27 April 2022 Thursday, 28 April 2022 Thursday, 28 April 2022 Friday, 6 May 2022 Monday, 9 May 2022 Monday, 9 May 2022 Monday, 13 June 2022 Thursday, 4 August 2022 Monday, 8 August 2022 Tuesday, 9 August 2022 Monday, 15 August 2022 Monday, 15 August 2022 Monday, 22 August 2022 Thursday, 3 November 2022 Record date for fi nal dividend 2021 1) entitlement (Euronext Amsterdam) Record date for fi nal dividend 2021 entitlement (NYSE) 1) Publication results 1Q2022 Payment date fi nal dividend 2021 (Euronext Amsterdam) 1) Payment date fi nal dividend 2021 (NYSE) 1) ING Investor Day Publication results 2Q2022 Ex - date for interim dividend in 2022 (Euronext Amsterdam) 1) Record date for interim dividend in 2022 entitlement (Euronext Amsterdam) 1) Record date for interim dividend in 2022 entitlement (NYSE) 1) Payment date interim dividend in 2022 (Euronext Amsterdam) 1) Payment date interim dividend in 2022 (NYSE) 1) Publication results 3Q2022 1) Only if any dividend is paid. All dates are provisional.

17 ING Press Release 4Q2021 Important legal information Elements of this press release contain or may contain information about ING Groep N.V. and / or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014. ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS - EU’). In preparing the fi nancial information in this document, except as described otherwise, the same accounting principles are applied as in the 2020 ING Group consolidated annual accounts. The Financial statements for 2021 are in progress and may be subject to adjustments from subsequent events. All fi gures in this document are unaudited. Small di ff erences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward - looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to di ff er materially from those expressed or implied in such statements. Actual results, performance or events may di ff er materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes a ff ecting currency exchange rates (2) the e ff ects of the Covid - 19 pandemic and related response measures, including lockdowns and travel restrictions, on economic conditions in countries in which ING operates, on ING’s business and operations and on ING’s employees, customers and counterparties (3) changes a ff ecting interest rate levels (4) any default of a major market participant and related market disruption (5) changes in performance of fi nancial markets, including in Europe and developing markets (6) political instability and fi scal uncertainty in Europe and the United States (7) discontinuation of or changes in ‘benchmark’ indices (8) in fl ation and de fl ation in our principal markets (9) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (10) failures of banks falling under the scope of state compensation schemes (11) non - compliance with or changes in laws and regulations, including those concerning fi nancial services, fi nancial economic crimes and tax laws, and the interpretation and application thereof (12) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities (13) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (14) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions, (also among members of the group) (15) regulatory consequences of the United Kingdom’s withdrawal from the European Union, including authorizations and equivalence decisions (16) ING’s ability to meet minimum capital and other prudential regulatory requirements (17) changes in regulation of US commodities and derivatives businesses of ING and its customers (18) application of bank recovery and resolution regimes, including write - down and conversion powers in relation to our securities (19) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers who feel mislead and other conduct issues (20) changes in tax laws and regulations and risks of non - compliance or investigation in connection with tax laws, including FATCA (21) operational risks, such as system disruptions or failures, breaches of security, cyber - attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business (22) risks and challenges related to cybercrime including the e ff ects of cyber - attacks and changes in legislation and regulation related to cybersecurity and data privacy (23) changes in general competitive factors, including ability to increase or maintain market share (24) the inability to protect our intellectual property and infringement claims by third parties (25) inability of counterparties to meet fi nancial obligations or ability to enforce rights against such counterparties (26) changes in credit ratings (27) business, operational, regulatory, reputation and other risks and challenges in connection with climate change (28) inability to attract and retain key personnel (29) future liabilities under de fi ned bene fi t retirement plans (30) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (31) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (32) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com. This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING speci fi cally disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the fi ling of this document. Many of those factors are beyond ING’s control. Any forward looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward - looking statements, whether as a result of new information or for any other reason . This document does not constitute an o ff er to sell, or a solicitation of an o ff er to purchase, any securities in the United States or any other jurisdiction .