EX-99.1 2 exh_991.htm EXHIBIT 99.1

Exhibit 99.1

Investor enquiries E: investor.relations@ing.com Press enquiries T: +31 (0)20 576 5000 E: media.relations@ing.com Analyst call 4 August 2022 at 9:00 am CET Live audio webcast at www.ing.com +31 20 709 5189 (NL), PIN code: 92872479# +44 333 300 0804 (UK), PIN code: 92872479# (Registration required via invitation) Media call 4 August 2022 at 11:00 am CET Live audio webcast at www.ing.com +31 20 709 5189 (NL), PIN code: 30465557# +44 333 300 0804 (UK), PIN code: 30465557# ING posts 2Q2022 net result of €1,178 million, supported by increased income and modest risk costs 2Q2022 pro fi t before tax of €1,743 million; capital position remains strong with a 14.7% CET1 ratio • Higher net interest income, supported by an increase in liability margins • Increases in both customer lending and customer deposits highlight the strength of our universal banking model • Risk costs in the quarter were modest as book quality remains strong • Hyperin fl ationary conditions in Turkey require application of IAS 29, which combined with a goodwill impairment had an impact of € - 277 million on net pro fi t, but the impact on CET1 was slightly positive • ING declares interim cash dividend of €0.17 per ordinary share CEO statement “The backdrop to ING’s performance in the second quarter of 2022 was one of ongoing geopolitical uncertainty and pressure on the global economy,” said ING CEO Steven van Rijswijk. “Despite these di ﬃ cult operating conditions, I’m pleased with our results. I believe resilience and adaptability are two of ING’s core strengths, and we showed these qualities once again by growing our primary customer base by 228,000 since the fi rst quarter and continuing to diversify our revenues, with fee income up 4% year - on - year. Our resilience is underpinned by our strong capital position and risk management framework, with limited risk costs in the second quarter. There was a small quarter - on - quarter rise in underlying expenses, but that was well below in fl ation. “At our Investor Update in June, I was proud that we were able to show how well ING has performed on many key fi nancial metrics over the past few years, including during the pandemic. Looking ahead, we aim to reinforce our position as the leading universal bank in Europe by focusing on delivering value through our Retail Banking and Wholesale Banking businesses. The strength of our Wholesale Bank is in its blend of global reach, local knowledge and sector expertise, and during this quarter Wholesale Banking increased its income contribution by €338 million compared with the second quarter of last year. In Retail Banking we’re focusing our capital, cost and e ﬀ orts on where we can build su ﬃ cient local scale. In this way we can o ﬀ er truly superior customer propositions, attract and retain the right talent, and achieve good returns. “Our strong commercial performance in this quarter fl ows from our overarching strategic priorities: to provide a superior customer experience and put sustainability at the heart of what we do. This is how we aim to make a di ﬀ erence for people and the planet. We continue to invest in a customer experience that’s relevant, easy, personal and instant, tailored to the needs of our customer segments. Our strong, scalable technology and operations foundation facilitates digital innovation, which in turn leads to impactful improvements for customers. Examples from the second quarter include a more digital mortgage application process in Romania and Belgium, new easy payment possibilities in the Dutch app, and account aggregation in Spain. When it comes to sustainability, we have committed to aligning with climate goals limiting the rise in global temperatures to 1.5 degrees Celsius. We've therefore set intermediate sector - speci fi c goals for 2030 that match a global emissions decrease of 45% compared to 2010 levels. “The economic and political challenges the world is facing will likely persist for the foreseeable future. Despite this unsettling outlook, I’m con fi dent in ING’s ability to provide the necessary support to our customers and to continue to create value for all stakeholders, while intensifying our e ﬀ orts in the fi ght against climate change." Press release ING Corporate Communications Amsterdam, 4 August 2022

2 ING Press Release 2Q2022 Consolidated Results Business Highlights Primary customers 14.2 mln +228,000 since 1Q2022 Mobile - only customers 53% in % of total active customers vs 52% at 1Q2022 Net result €1,178 mln - 19% vs 2Q2021 Fee income €888 mln +4% vs 2Q2021 CET1 ratio 14.7% - 0.2% - point vs 1Q2022 Return on equity (4 - qtr rolling avg) 7.5% - 0.2% - point vs 2Q2021 In the second quarter we grew our primary customer base by 228,000, with notable increases in the Netherlands, Turkey, Poland and Germany. These customers chose ING as their main bank or expanded their relationship with us, which, together with our high NPS rankings, shows the appeal of the ING brand and our digital customer experience. We want to stand out with a superior experience that is relevant, easy, personal and instant, and a great experience is often about the details. In the past quarter we introduced several small but impactful improvements across ING. For example, in Romania we’re the fi rst bank to make the start of the mortgage application fully digital with online fi nancial pre - approval. And in Belgium, we’ve improved our online mortgage simulation tool so customers can get their borrowing estimate up to 80% faster. We’ve also made it easy to split a bill between multiple people when using the payment request feature in our Dutch banking app. For small businesses in Germany, we launched Flexkredit, a fully digital and fl exible revolving loan for sellers that use Amazon Germany’s marketplace. Flexkredit is part of the expansion of our exclusive partnership with Amazon. And in Spain, the Aggregation feature allows customers to link any accounts they have at other banks with their ING app to obtain a full fi nancial picture. Customer experience NPS score: Ranked #1 in 5 of 10 Retail markets (excl. France and the Philippines) Sustainability is at the heart of what we do, and we’ve set a number of targets to guide us in achieving our aim of being a banking leader in the fi ght against climate change. Besides setting intermediate targets for our lending book on the way to reaching net zero by 2050, we aim to mobilise €125 billion annually in sustainable fi nance (via loans, capital markets, derivatives and advisory) by 2025 to support our Wholesale Banking clients in making the necessary transition to future - proof their business models and operations. In the fi rst half of 2022 we mobilised €40 billion. Another 2025 target is to o ﬀ er €1 billion in annual new green fi nancing for small - and medium - sized businesses in the Netherlands, with similar targets for other markets to follow. Collaboration is an essential part of our approach to climate action, as no sector or company can solve the world’s problems alone. We recently joined the Center for Climate - Aligned Finance as a strategic partner, building on our leading roles in climate - alignment working groups for the steel, shipping and, most recently, aluminium sectors. Together with other leading fi nanciers to those carbon - intensive sectors, we are working to establish the measurement methodology, governance structures, and emissions data and reporting frameworks that are necessary for fi nancial institutions to support the transition to net - zero emissions. Our sustainability e ﬀ orts aren’t only about our climate action. There are also the social aspects of helping customers and society stay a step ahead of the challenges they’re facing. As an example, ING acted as joint lead manager, joint bookrunner and joint social structuring advisor for First REIT’s S$100 million credit guarantee and investment facility (CGIF). The proceeds of this guaranteed social bond, the fi rst healthcare social bond in Singapore, will support intra - regional e ﬀ orts to contain Covid - 19 and accelerate the achievement of the United Nations’ Sustainability Development Goals of 'Good Health and Well - being' in First REIT's key markets of Singapore, Indonesia and Japan. Sustainability Sustainability deals supported by ING: 128 in 2Q22 vs 129 in 2Q21

3 ING Press Release 2Q2022 Consolidated Results Consolidated results 2Q2022 2Q2021 Change 1Q2022 Change 1H2022 1H2021 Change Profit or loss (in € million) Net interest income 3,465 3,340 3.7% 3,415 1.5% 6,880 6,853 0.4% Net fee and commission income 888 855 3.9% 933 - 4.8% 1,822 1,710 6.5% Investment income 31 10 210.0% 29 6.9% 60 49 22.4% Other income 297 312 - 4.8% 222 33.8% 519 608 - 14.6% Total income 4,682 4,517 3.7% 4,600 1.8% 9,282 9,219 0.7% Expenses excl. regulatory costs 2,524 2,372 6.4% 2,296 9.9% 4,820 4,801 0.4% Regulatory costs 1) 214 172 24.4% 649 - 67.0% 863 759 13.7% Operating expenses 2,738 2,543 7.7% 2,945 - 7.0% 5,682 5,560 2.2% Gross result 1,944 1,973 - 1.5% 1,655 17.5% 3,599 3,659 - 1.6% Addition to loan loss provisions 2) 202 - 91 987 - 79.5% 1,189 131 807.6% Result before tax 1,743 2,065 - 15.6% 668 160.9% 2,411 3,528 - 31.7% Taxation 530 566 - 6.4% 194 173.2% 724 1,005 - 28.0% Non - controlling interests 34 40 - 15.0% 46 - 26.1% 80 59 35.6% Net result 1,178 1,459 - 19.3% 429 174.6% 1,606 2,464 - 34.8% Profitability and efficiency Interest margin 1.36% 1.36% 1.37% 1.37% 1.41% Cost/income ratio 58.5% 56.3% 64.0% 61.2% 60.3% Risk costs in bps of average customer lending 13 - 6 62 37 4 Return on equity based on IFRS - EU equity 3) 9.2% 11.2% 3.3% 6.2% 9.5% ING Group common equity Tier 1 ratio 14.7% 15.7% 14.9% 14.7% 15.7% Risk - weighted assets (end of period, in € billion) 335.9 308.6 8.9% 334.9 0.3% 335.9 308.6 8.9% Customer balances (in € billion) Customer lending 642.9 616.3 4.3% 633.9 1.4% 642.9 616.3 4.3% Customer deposits 642.1 620.6 3.5% 629.9 1.9% 642.1 620.6 3.5% Net core lending growth (in € billion) 4) 10.1 - 3.7 0.4 10.4 14.1 Net core deposits growth (in € billion) 4) 8.1 4.9 - 0.7 7.5 13.0 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. Application of IAS 29 (hyperin fl ation accounting) As the cumulative in fl ation in Turkey over the last three years has exceeded 100%, ING Group will apply IAS 29 (‘Financial Reporting in Hyperin fl ationary Economies’) to the consolidation of its subsidiary in Turkey, e ﬀ ective as of 1 January 2022 and likely to be applied in the coming quarters. The application of IAS 29 resulted in a negative accounting impact on ING Group’s net result in 2Q2022 of € - 244 million, re fl ecting the adjustments for changes in the general purchasing power of the Turkish lira. This negative impact in P&L is more than o ﬀ set by a positive adjustment in equity. Therefore, the impact from hyperin fl ation accounting on CET1 capital is slightly positive. The negative accounting impact on P&L is recorded in the Corporate Line and is largely re fl ected in other income (€ - 247 million), in net interest income (€+15 million) and in operating expenses (€+11 million). Furthermore, 2Q2022 results include €32 million in the Corporate Line for the impairment of the goodwill allocated to Turkey, recorded in operating expenses. In line with ING’s distribution policy, the combined impact of € - 277 million for the application of hyperin fl ation accounting and the goodwill impairment is treated as a signi fi cant item not linked to the normal course of business. It will therefore not a ﬀ ect resilient net pro fi t and shareholders’ distribution. Total income Total income in 2Q2022 was strong at €4,682 million, supported by higher net interest income, robust fee and commission income and strong trading results. These factors more than compensated for the impact from hyperin fl ation accounting. Excluding this IAS 29 impact, as well as the €150 million impairment on TTB recorded in 1Q2022 and a receivable related to an insolvency of €72 million in 2Q2021, total income was up 10.5% year - on - year and rose 3.4% quarter - on - quarter. Net interest income increased to €3,465 million in 2Q2022, re fl ecting higher net interest income on liabilities (which was supported by a further recovery of liability margins as interest rates rose) and higher Treasury - related interest results. Net interest income from mortgages declined, as funding costs increased and income from prepayment penalties further declined. Interest income from other lending was relatively stable, as higher average volumes almost fully compensated for lower margins. Compared with the previous quarter, net interest income was supported by higher interest income on liabilities because of an improvement in margins coupled with slightly higher volumes. This more than compensated for a decline in interest income on mortgages.

4 ING Press Release 2Q2022 Consolidated Results Net interest income in 2Q2022 included a €76 million ECB funding rate bene fi t from the TLTRO III programme compared with an €83 million bene fi t in 2Q2021 and €82 million in 1Q2022. The net interest margin was 1.36% in 2Q2022, down slightly from 1.37% in the prior quarter, as the growth in net interest income did not fully o ﬀ set the increase in the average balance sheet. In line with the previous quarter, the TLTRO III bene fi t contributed three basis points to the net interest margin. Net interest income (in € million) and net interest margin (in %) 4,000 3,500 3,000 2,500 2,000 3,374 3,465 3,415 3,340 3,388 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 Net interest income Net interest margin Net interest margin 4 - quarter rolling average 1.39% 1.36% 1.37% 1.40% 1.40% 1.37% 1.37% 1.37% 1.38% 1.36% Net core lending growth was €10.1 billion in 2Q2022. Net core lending represents customer lending growth adjusted for currency impacts and excludes developments in Treasury lending and in the run - o ﬀ portfolios. Net core lending growth in Retail Banking was €7.1 billion and consisted of €4.1 billion of growth in residential mortgages (primarily in Germany, the Netherlands and Australia) and €3.0 billion of growth in other retail lending (mainly in Belgium and the Netherlands). In Wholesale Banking, net core lending growth was €3.0 billion. Net core deposits growth, which excludes FX impacts and movements in Treasury deposits and the run - o ﬀ portfolio in France, was €8.1 billion in 2Q2022. The growth in Retail Banking amounted to €8.7 billion, partly re fl ecting the seasonal e ﬀ ect of the payment of holiday allowances in the Netherlands. Furthermore, Germany recognised a net in fl ow after the announcement that from July 2022 the threshold for negative rate charging would be increased from €50,000 to € 500 , 000 . Wholesale Banking recorded a net out fl ow of € 0 . 6 billion, as balances in Daily Banking & Trade Finance declined slightly from the high levels seen at the end of 1 Q 2022 . Net fee and commission income amounted to €888 million, a growth of 3.9% compared with 2Q2021. Retail Banking showed a 10.3% year - on - year increase in fee income, with strong growth in daily banking fees due to higher fees for payment packages and new service fees. This was partly o ﬀ set by a decline in fees on investment products, as stock markets declined and trading activity was lower. Fee income for Wholesale Banking decreased 7.3% year - on - year, mainly due to a lower deal fl ow in Global Capital Markets and in Corporate Finance. Compared with 1Q2022, total fee and commission income decreased 4.8%. Higher daily banking fees could not fully compensate for lower fees on investment products and a decline in syndicated fi nance and in Global Capital Markets deals, re fl ecting the general negative situation in the market. Investment income amounted to €31 million, re fl ecting higher dividend income from investments. Other income was €297 million in 2Q2022 and included € - 247 million IAS 29 impact. Year - on - year, other income was supported by strong trading results and positive marked - to - market adjustments in Financial Markets, while 2Q2021 had included a €72 million receivable due to a recovery from the insolvency of a fi nancial institution in the Netherlands. Compared with 1Q2022, other income was primarily supported by strong Financial Markets results, while the previous quarter had included a €150 million impairment on ING’s equity stake in TTB. 1.80 1.65 1.50 Operating expenses 1.35 Total operating expenses were €2,738 million, including €159 1.20 million of incidental cost items and higher regulatory costs due to a one - o ﬀ in Poland of €92 million. Excluding regulatory costs and incidental items, expenses were well contained with an increase of 1.4% year - on - year, well below in fl ation. The increase mainly re fl ected the impact of salary increases driven by CLAs and indexation, partly o ﬀ set by the bene fi ts from cost - savings initiatives and our exits from certain retail markets. Sequentially, expenses excluding regulatory costs and incidental items rose 3.0%; next to higher sta ﬀ costs, this also re fl ected an increase in legal provisions in Wholesale Banking. Operating expenses (in € million) 1,500 2,000 2,500 3,000 2,296 649 159 214 2,365 2,333 172 2,331 121 233 2,396 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 Expenses excl. regulatory costs and incidental items Regulatory costs Incidental items 385 166 39 The €159 million of incidental cost items recorded in this quarter included €97 million of restructuring costs in Retail Belgium, mainly related to the optimisation of the branch network. In Retail Other Challengers & Growth Markets, €18 million of restructuring provisions were booked, related to the announced discontinuation of our retail banking activities in the Philippines and the refocusing of our partnership for insurance propositions. The Corporate Line included a €11 million hyperin fl ation impact and €32 million for the impairment of the goodwill allocated to Turkey. The second quarter of 2021 had included €39 million of incidental cost items related to redundancy and restructuring costs in Retail Netherlands as well as an impairment in the Corporate Line. In 1Q2022, there were no incidental cost items. Regulatory costs were €214 million and increased year - on - year, re fl ecting a €92 million one - o ﬀ contribution to the new Institutional Protection Scheme in Poland. This was partially

5 ING Press Release 2Q2022 Consolidated Results o ﬀ set in this quarter by a lower contribution to the deposit guarantee scheme (DGS) in Poland. In 2Q2021, regulatory costs in Germany included a catch - up of €30 million in the DGS contribution following the Greensill insolvency. Compared with 1Q2022, regulatory costs declined as ING is required to recognise certain annual charges in full in the fi rst quarter of the year. Addition to loan loss provisions Net additions to loan loss provisions amounted to €202 million in 2Q2022, which is equivalent to 13 basis points of average customer lending. Risk costs were signi fi cantly lower than in 1Q2022, when €987 million of risk costs had been recognised, of which €834 million was related to our Russia - related exposure. This included a €297 million management overlay, which was released this quarter and largely replaced by provisions based on individual client assessments. Combined with a decrease in our Russia exposure, this led to a net reduction of €117 million in loan loss provisions for Russia. Return on IFRS - EU equity (quarter) Return on IFRS - EU equity (4 - quarter rolling average) The majority (€152 million) of the (mainly) Covid - 19 related overlays taken in previous quarters was also released. These were replaced by a new overlay of €268 million to re fl ect the risks from secondary impacts (such as an increase in energy prices, higher interest rates and in fl ation, as well as supply chain disruptions), resulting in a net addition of €116 million. Furthermore, the more negative macroeconomic indicators had a signi fi cant impact on loan loss provisions this quarter, resulting in a net addition of € 181 million . Total net additions to Stage 3 provisions in 2Q2022 were €230 million and were mainly related to a few individual clients in Wholesale Banking, including a net addition of €58 million on our Russia - related exposure. Stage 1 and Stage 2 risk costs (including o ﬀ - balance - sheet provisioning and modi fi cations) were € - 28 million. This amount mainly includes releases on our Russia - related exposure and on Covid - related sector overlays that had been applied in previous quarters. It furthermore includes the aforementioned additions for the update of macroeconomic indicators and management overlays to re fl ect the challenging market conditions. Addition to loan loss provisions (in € million) - 500 0 500 1,000 - 91 39 987 346 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 Stage 3 2 %# 9 A ',!*3"',% - oR * ,!#R1&##2 '1) ! - 121 ', .1 - $ 4#0 %# !312 - +#0 *#,"',% I ,,3 *'1#"K - 50 0 50 100 62 3 22 - 6 202 13 Net result The net result in 2Q2022 was €1,178 million, which was below that of 2Q2021 and mainly re fl ects the impact of hyperin fl ation accounting this quarter, whereas 2Q2021 had included a net release in risk costs. The net result rose compared with 1Q2022, which contained high Russia - related risk costs, the impairment on TTB and seasonally high regulatory costs. The e ﬀ ective quarterly tax rate was 30.4% compared with 27.4% in 2Q2021 and 29.0% in 1Q2022. The relatively high tax rate in this quarter is explained by the fact that the hyperin fl ation impact is not tax - deductible. Return on equity ING Group (in %) 0 5 10 15 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 9.2 7.2 3.3 9.2 8 .0 7 .5 10.4 8.8 11.2 7.7 In 2Q2022, ING’s return on average IFRS - EU equity was 9.2%. On a four - quarter rolling average basis, the return on ING’s average IFRS - EU equity declined to 7.5% from 8.0% in the previous period. This was due to a lower four - quarter rolling average net result. ING’s return on equity is calculated using IFRS - EU shareholders' equity after excluding 'reserved pro fi t not included in CET1 capital', which amounted to €965 million as per the end of 2Q2022. This fi gure re fl ects 50% of the resilient net pro fi t in the fi rst half of 2022, which has been reserved for distribution in line with our policy. Resilient net pro fi t is de fi ned as net pro fi t adjusted for signi fi cant items that are not linked to the normal course of business. In line with this de fi nition, the combined impact of hyperin fl ation accounting and the impairment on the goodwill allocated to Turkey (which together has a slightly positive impact on capital) has been excluded. That explains why resilient net pro fi t is €277 million higher than net pro fi t. Dividend In line with our distribution policy, an interim dividend over 1H2022 of €0.17 per ordinary share will be paid on 15 August 2022 (representing approximately 1/3 of the 1H2022 resilient net pro fi t).

6 ING Press Release 2Q2022 Consolidated Balance Sheet Balance sheet In 2Q2022, ING’s balance sheet increased by €12.1 billion to €1,020.1 billion, including €7.4 billion of positive currency impacts (as the USD and some other currencies appreciated against the euro). The increase was mainly due to higher fi nancial assets at fair value through pro fi t or loss (primarily trading assets and reverse repos mandatorily at fair value through pro fi t or loss) and higher customer lending. These increases were partly o ﬀ set by lower cash and balances with central banks and lower loans and advances to banks. Customer lending grew by €9.0 billion, including €3.7 billion of positive currency impacts. Residential mortgages decreased by €1.7 billion as the €4.7 billion negative fair value adjustment of the hedged portion of the mortgage portfolio (related to higher interest rates) more than o ﬀ set €3.1 billion of growth in other residential mortgages (mainly in Retail Germany). Excluding residential mortgages, other customer lending increased by €10.7 billion, mainly in Wholesale Banking (Lending and Working Capital Solutions). On the liability side of the balance sheet, the main increases were observed in customer deposits and fi nancial liabilities at fair value through pro fi t or loss (higher trading liabilities). These increases were partly o ﬀ set by lower debt securities in issue (due to a reduction of certi fi cates of deposits and commercial paper) and a decrease in subordinated loans (which included the call of a $1.0 billion additional Tier 1 bond on 16 April). Customer deposits rose by €12.2 billion (including negligible currency impacts). This growth was mainly caused by increases in Treasury (short - term) and in Retail Banking (excluding Treasury). The latter included growth in the Netherlands, mainly due to the seasonal e ﬀ ect of the payment of holiday allowances in the Netherlands, the impact of which was partly o ﬀ set by an out fl ow in Retail France following ING’s decision to discontinue its retail activities in France before the end of 2022. Retail Germany had a slight increase in customer deposits in 2Q2022 after the announcement in May that the threshold for negative interest rates would be raised from €50,000 to €500,000 per 1 July 2022. Shareholders’ equity Change in shareholders’ equity in € million 2Q2022 1H2022 Shareholders' equity beginning of period 53,475 53,919 Net result for the period 1,178 1,606 (Un)realised gains/losses fair value through OCI - 196 - 263 (Un)realised other revaluations - 9 - 9 Change in cash fl ow hedge reserve - 987 - 2,076 Change in liability credit reserve 73 220 De fi ned bene fi t remeasurement 29 33 Exchange rate di ﬀ erences 1,422 1,549 Change in treasury shares - 225 - 365 Change in employee stock options and share plans 5 13 Dividend - 2,419 - 2,419 Opening B/S impact of IAS 29 on retained earnings - 563 - 563 Other changes - 155 - 16 Total changes - 1,847 - 2,290 Shareholders' equity end of period 51,628 51,628 Shareholders’ equity in 2Q2022 decreased by €1,847 million, including €2,799 million of capital distribution, consisting of the €1,545 million payment of the fi nal dividend over 2021, €874 million of additional dividend and €380 million for the Consolidated balance sheet in € million 30 Jun. 22 31 Mar. 22 31 Dec. 21 30 Jun. 22 31 Mar. 22 31 Dec. 21 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 126,030 22,966 138,628 60,733 2,693 6,565 68,636 30,745 2,065 27,876 805 48,371 637,000 642,867 - 5,867 1,477 2,562 1,119 11,167 131,374 26,180 128,397 55,609 1,868 6,409 64,512 29,825 2,539 26,468 819 48,214 628,072 633,850 - 5,778 1,490 2,540 1,136 10,694 106,520 23,592 101,956 51,381 1,536 6,355 42,684 30,635 2,457 27,340 838 48,319 627,508 632,782 - 5,274 1,587 2,515 1,156 7,502 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 Debt securities in issue Subordinated loans 90,513 642,076 306,629 290,285 43,665 1,497 107,982 45,261 4,501 58,219 18,856 93,123 15,473 88,742 629,870 307,981 285,663 35,157 1,069 99,367 34,627 2,661 62,079 20,368 99,111 16,388 85,092 617,296 314,893 279,805 22,174 424 71,041 27,113 2,120 41,808 14,707 91,784 16,715 Total liabilities 968,023 953,846 896,635 Equity Shareholders' equity Non - controlling interests 51,628 413 53,475 601 53,919 736 Total equity 52,042 54,076 54,654 Total assets 1,020,064 1,007,922 951,290 Total liabilities and equity 1,020,064 1,007,922 951,290

7 ING Press Release 2Q2022 Consolidated Balance Sheet share buyback which started on 6 May 2022. A decline in the cash fl ow hedge reserve of € - 987 million (related to increased interest rates) and the opening balance sheet impact of IAS 29 on retained earnings of € - 563 million also contributed to the decrease. The main o ﬀ sets came from €1,422 million of positive exchange rate di ﬀ erences (including a €924 million IAS 29 restatement impact in the currency translation reserves, so that overall IAS 29 impact on equity was slightly positive) and the second - quarter 2022 net result of €1,178 million. Shareholders’ equity per share decreased to €13.79 on 30 June 2022 from €14.20 on 31 March 2022.

8 ING Press Release 2Q2022 Capital, Liquidity and Funding ING Group: Capital position in € million 30 Jun. 2022 31 Mar. 2022 Shareholders' equity (parent) 51,628 53,475 - Interim pro fi ts not included in CET1 capital 1) - 965 - 1,783 - Other regulatory adjustments - 1,249 - 1,786 Regulatory adjustments - 2,214 - 3,568 Available common equity Tier 1 capital 49,414 49,907 Additional Tier 1 securities 2) 6,461 6,046 Regulatory adjustments additional Tier 1 59 59 Available Tier 1 capital 55,935 56,012 Supplementary capital - Tier 2 bonds 2) 9,168 9,178 Regulatory adjustments Tier 2 - 44 - 49 Available Total capital 65,059 65,141 Risk - weighted assets 335,898 334,905 Common equity Tier 1 ratio 14.7% 14.9% Tier 1 ratio 16.7% 16.7% Total capital ratio 19.4% 19.5% Leverage Ratio 5.1% 5.7% 1) The interim pro fi ts not included in CET1 capital as per 30 June 2022 amounted to €965 million, of which €727 million relates to the 2Q2022 result, €214 million to the 1Q2022 result and €24 million to the remainder of the 2021 result. 2) All AT1 & T2 securities are CRR/CRD IV - compliant. Capital ratios The CET1 ratio decreased to 14.7% due to lower CET1 capital and higher RWA. CET1 capital decreased mainly due to the distribution of an additional €1.25 billion in capital, which was only partly o ﬀ set by the inclusion of €0.5 billion of interim pro fi ts. The reduction of the Tier 1 ratio mirrors trends in the CET1 ratio, but it was partly o ﬀ set by the appreciation of the USD. The decrease in the Total capital ratio includes the redemption of a JPY Tier 2 private placement (€0.1 billion). The leverage ratio decreased because the ECB’s Covid - 19 relief measure to exclude certain central bank exposure (1Q2022: €115 billion) expired as from 1 April 2022. Without this exclusion, the leverage ratio remained stable compared with the previous quarter. Risk - weighted assets (RWA) The increase in total RWA of €1.0 billion re fl ects higher market RWA and FX impact. ING Group: Composition of RWA in € billion 30 Jun. 2022 31 Mar. 2022 Credit RWA 288.3 288.4 Operational RWA 30.7 32.9 Market RWA 16.9 13.6 Total RWA 335.9 334.9 The FX impact on credit RWA was €4.5 billion, mainly driven by appreciation of the USD. Excluding currency impacts, credit RWA decreased by €4.6 billion, mainly due to a better overall pro fi le of the loan book (€ - 6.3 billion, partly driven by improvements on our Russia - related exposure) and model impacts (€ - 2.0 billion). These decreases were partly o ﬀ set by higher lending volumes (€3.1 billion), which were mainly visible in Wholesale Banking. The decrease in operational RWA (€ - 2.2 billion) was due to regular updates to the AMA model. The increase in market RWA (€3.4 billion) was mainly due to the implementation of EBA guidelines on the treatment of structural FX positions. The impact thereof was partly o ﬀ set by being able to consolidate positions and apply netting across legal entities, mainly re fl ected in Financial Markets. Distribution In line with our distribution policy, an interim dividend over 1H2022 of €0.17 per ordinary share will be paid on 15 August 2022 (representing approximately 1/3 of the 1H2022 resilient net pro fi t). ING has reserved €727 million of the 2Q2022 net pro fi t for distribution. The resilient net pro fi t in 2Q2022 (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 €1,454 million. This amount includes a positive adjustment to the reported net result of €277 million related to hyperin fl ation accounting according to IAS 29 and the impairment of the goodwill allocated to Turkey. The distribution of an additional €1.25 billion in capital, as announced on 6 May 2022, was completed. A cash dividend of €0.232 per share was paid on 18 May 2022 and a total number of 40.7 million ordinary shares for the remaining amount of €380 million had been repurchased by 14 July 2022. CET1 requirement ING targets a CET1 ratio of around 12.5%, which is comfortably above the prevailing CET1 ratio requirement (including bu ﬀ er requirements) of 10.51% (1Q2022: 10.51%). ING’s fully - loaded CET1 requirement increased to 10.94% (1Q2022: 10.72%) as various macro prudential authorities

9 ING Press Release 2Q2022 Capital, Liquidity and Funding announced an increase in the countercyclical bu ﬀ er (which generally has a one - year phase - in period). TLAC and MREL requirements Minimum Required Eligible Liabilities (MREL) and Total Loss - Absorbing Capacity (TLAC) requirements apply to ING Group at the consolidated level of the resolution group. The available MREL and TLAC capacity consists of own funds and senior debt instruments issued by ING Group. Intermediate MREL requirements are 27.32% of RWA and 5.97% of the leverage exposure. The MREL surplus based on RWA increased, mainly driven by the issuance of a green senior debt instrument (€1.5 billion). The MREL surplus based on LR mirrors trends in the leverage ratio. ING Group: MREL requirement in € million 30 Jun. 2022 31 Mar. 2022 MREL capacity 104,743 102,016 MREL (as a percentage of RWA) 31.2% 30.5% MREL (as a percentage of leverage exposure) 9.6% 10.4% MREL surplus (shortage) based on LR 39,273 43,465 MREL surplus (shortage) based on RWA 12,975 10,529 Prevailing TLAC requirements are 23.03% of RWA and 6.75% of leverage exposure (LR). The development in TLAC ratios mirrors the trends in MREL. ING Group: TLAC requirement in € million 30 Jun. 2022 31 Mar. 2022 TLAC capacity 104,091 101,439 TLAC (as a percentage of RWA) 31.0% 30.3% TLAC (as a percentage of leverage exposure) 9.5% 10.3% TLAC surplus (shortage) based on LR 30,068 35,238 TLAC surplus (shortage) based on RWA 26,743 24,319 Liquidity and funding In 2Q2022, the 12 - month moving average Liquidity Coverage Ratio (LCR) decreased from 138% to 136% due to higher stressed out fl ow. LCR 12 - month moving average in € billion 30 Jun. 2022 31 Mar. 2022 Level 1 167.4 160.6 Level 2A 6.1 5.3 Level 2B 5.7 5.8 Total HQLA 179.2 171.7 Stressed Out fl ow 225.5 214.8 Stressed In fl ow 93.8 90.5 LCR 136% 138% In line with the Net Stable Funding Ratio (NSFR) regulatory requirement, which has been e ﬀ ective since 2Q2021, in 2Q2022 the NSFR of ING remained comfortably above the regulatory minimum of 100%. The funding mix remained largely stable in 2Q2022. A slight decrease in CD/CPs was observed, compensated by an increase in the share of corporate deposits. ING Group: Loan - to - deposit ratio and funding mix In % 30 Jun. 2022 31 Mar. 2022 Loan - to - deposit ratio 0.99 1.00 Funding mix Customer deposits (retail) 48% 48% Customer deposits (corporate) 23% 22% Lending / repurchase agreement 8% 8% Interbank 9% 9% CD/CP 3% 4% Long - term senior debt 8% 8% Subordinated debt 2% 2% Total 1) 100% 100% 1) Liabilities excluding trading securities and IFRS equity. ING’s long - term debt position increased by €2.8 billion from the end of 1Q2022. The increase was driven by a €1.5 billion Senior HoldCo issuance in Green format, a €1.0 billion covered bond issuance in Belgium and a €0.8 billion covered bond issuance in Australia. Maturities in 2Q2022 totalled €1.3 billion. Long - term debt maturity ladder per currency, 30 June 2022 in € billion Total ʹ 22 ʹ 23 ʹ 24 ʹ 25 ʹ 26 '27 > ʹ 27 EUR 55 0 5 1 5 5 5 34 USD 21 1 3 1 0 4 3 8 Other 9 0 1 1 1 2 0 3 Total 84 2 9 3 6 11 8 45 Ratings The ratings and outlook from S&P, Moody’s and Fitch remained unchanged during the quarter. 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 - Short - term A - 1 P - 1 F1+ Outlook Stable Stable Stable Senior unsecured rating A+ A1 AA - Credit ratings of ING on 3 August 2022 S&P Moody's Fitch 1) Outlook refers to the senior unsecured rating.

10 ING Press Release 2Q2022 Segment Reporting: Retail Banking Risk Management in € million 30 Jun. 2022 31 Mar. 2022 30 Jun. 2022 31 Mar. 2022 30 Jun. 2022 31 Mar. 2022 30 Jun. 2022 31 Mar. 2022 30 Jun. 2022 31 Mar. 2022 Residential mortgages of which Netherlands 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 325,543 112,518 42,690 88,745 81,590 26,815 101,634 37,093 45,750 51,563 322,573 112,053 42,242 86,969 81,309 26,604 98,959 36,387 44,173 50,985 9,769 2,703 4,295 1,302 1,469 1,876 10,534 4,442 4,273 620 9,277 2,773 3,763 1,326 1,415 2,263 10,877 4,616 4,465 708 3.0% 2.4% 10.1% 1.5% 1.8% 7.0% 10.4% 12.0% 9.3% 1.2% 2.9% 2.5% 8.9% 1.5% 1.7% 8.5% 11.0% 12.7% 10.1% 1.4% 3,140 686 1,211 348 896 1,120 2,953 731 1,561 182 3,406 786 1,267 366 987 1,156 3,004 788 1,539 180 1.0% 0.6% 2.8% 0.4% 1.1% 4.2% 2.9% 2.0% 3.4% 0.4% 1.1% 0.7% 3.0% 0.4% 1.2% 4.3% 3.0% 2.2% 3.5% 0.4% Retail Banking 505,555 499,121 22,799 23,125 4.5% 4.6% 7,395 7,746 1.5% 1.6% Lending Daily Banking & Trade Finance Financial Markets Treasury & other 170,116 75,034 18,928 61,101 163,483 70,049 10,892 75,413 17,924 2,874 484 268 18,945 3,054 705 261 10.5% 3.8% 2.6% 0.4% 11.6% 4.4% 6.5% 0.3% 3,393 449 62 2,905 545 65 2.0% 0.6% 0.0% 0.1% 1.8% 0.8% 0.0% 0.1% Wholesale Banking 325,179 319,837 21,551 22,965 6.6% 7.2% 3,903 3,515 1.2% 1.1% Total loan book 830,734 818,958 44,349 46,090 5.3% 5.6% 11,298 11,261 1.4% 1.4% ING Group: Total credit outstandings 1) Credit outstandings Stage 2 Stage 2 ratio Stage 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. Credit risk management Total credit outstandings increased in 2Q2022, mainly due to increases at Wholesale Banking in Financial Markets, Lending and Daily Banking & Trade Finance, partially o ﬀ set by decreases in Treasury & Other. Stage 2 outstandings decreased both in Wholesale Banking (on the back of repayments) and in Retail Banking following the end of the forbearance probation period for business lending related to payment holidays during the pandemic. Stage 3 outstandings were slightly higher as an increase in Wholesale Banking due to the downgrades of a few individual clients was only partially o ﬀ set by an improved residential mortgage portfolio. In 2Q2022, ING Group’s stock of provisions decreased slightly due to write - o ﬀ s. The Stage 3 coverage ratio decreased to 32.2% compared with 33.0% in the previous quarter. 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 30 Jun. 2022 31. Mar. 2022 Change Stage 1 - 12 - month ECL 497 464 33 Stage 2 - Lifetime ECL not credit impaired 1,885 1,869 16 Stage 3 - Lifetime ECL credit impaired 3,635 3,714 - 79 Purchased credit impaired 5 5 0 Total 6,022 6,053 - 31 1) At the end of June 2022, the stock of provisions included provisions for loans and advances to customers (€5,867 million), provisions for loans and advances to central banks (€40 million), loans and advances to banks (€35 million), fi nancial assets at FVOCI (€40 million), securities at amortised cost (€21 million) and provisions for contingent liabilities (credit replacements) recorded under Provisions (€19 million). Market risk The average Value - at - Risk (VaR) for the trading portfolio increased to €12 million from €10 million in 1Q2022. ING Group: Consolidated VaR trading books in € million Minimum Maximum Average Quarter - end Foreign exchange 3 11 6 4 Equities 3 6 4 4 Interest rate 5 12 8 10 Credit spread 3 6 4 3 Diversi fi cation - 10 - 10 Total VaR 1) 9 17 12 10 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, 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.

11 ING Press Release 2Q2022 Segment Reporting: Retail Banking Retail Benelux: Consolidated pro fi t or loss account In € million Retail Benelux 2Q2022 2Q2021 1Q2022 Netherlands Belgium 2Q2022 2Q2021 1Q2022 2Q2022 2Q2021 1Q2022 Profit or loss Net interest income 1,136 1,245 1,187 721 809 767 415 437 419 Net fee and commission income 357 322 334 224 194 209 133 127 125 Investment income 15 7 21 16 7 10 0 0 11 Other income 139 77 164 95 42 101 44 35 63 Total income 1,647 1,651 1,705 1,056 1,052 1,087 591 599 618 Expenses excl. regulatory costs 887 824 787 432 484 435 455 340 351 Regulatory costs 30 51 334 34 46 113 - 4 5 220 Operating expenses 917 875 1,120 466 530 549 450 345 571 Gross result 730 776 585 590 522 539 140 254 47 Addition to loan loss provisions 39 23 - 21 11 - 55 - 17 28 77 - 4 Result before tax 691 753 607 579 576 556 113 177 51 Profitability and efficiency Net core lending growth (in € billion) 3.3 1.0 1.7 1.4 0.4 0.6 1.9 0.5 1.1 Net core deposits growth (in € billion) 7.3 2.9 1.7 6.5 4.2 2.9 0.8 - 1.3 - 1.3 Cost/income ratio 55.7% 53.0% 65.7% 44.1% 50.4% 50.5% 76.2% 57.6% 92.5% Risk costs in bps of average customer lending 6 4 - 4 3 - 14 - 4 12 35 - 2 Return on equity based on 12.5% CET1 1) 18.2% 21.1% 16.6% 26.6% 31.5% 27.5% 6.8% 10.0% 2.9% Risk - weighted assets (end of period, in € billion) 83.3 85.3 91.9 48.2 44.7 52.3 35.1 40.6 39.6 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 mortgages. Interest income on liabilities was up slightly, due to higher volumes and the charging of negative interest rates. Sequentially, the net interest result also re fl ected lower interest income from mortgages due to the lengthening of the duration of the book and lower prepayment penalties. Interest income on liabilities was higher as volumes rose and margins improved further. The TLTRO III bene fi t was €10 million in this quarter, down just slightly from €11 million in 1Q2022, while 2Q2021 had included an €8 million bene fi t. Fee income grew on both comparable quarters, supported by increases in fees for payment packages and new service fees for business banking. Other income was up from 2Q2021, driven by high income in Treasury. Net core lending increased by €1.4 billion in 2Q2022, re fl ecting €0.8 billion of higher mortgage volumes and a €0.6 billion increase in business lending. Net core deposits growth was €6.5 billion, mainly driven by the payment of holiday allowances. Operating expenses declined year - on - year, as 2Q2021 had included €17 million of redundancy provisions and costs related to the accelerated closure of branches. Excluding these incidental items, expenses decreased 7.5%, re fl ecting lower sta ﬀ - and o ﬃ ce - space - related costs, as well as some releases from provisions. Sequentially, operating expenses excluding regulatory costs were down slightly. Risk costs were €11 million, re fl ecting limited increases for the mortgage and consumer lending portfolios. Retail Belgium (including Luxembourg) Net interest income was a ﬀ ected year - on - year by margin compression on both mortgages and other lending (driven by higher funding costs) as well as on liabilities. Compared with 1Q2022, interest income was only slightly lower as liability margins are bottoming out, which helped to o ﬀ set lower interest income from mortgages. The TLTRO III bene fi t was €10 million in this quarter, down slightly from €12 million in 1Q2022, while 2Q2021 had included a €10 million bene fi t. Fee income increased on both comparable quarters, primarily driven by price increases in payment packages and higher commissions on insurance products. Net core lending increased by €1.9 billion compared with 1Q2022, of which €1.4 billion was in business lending and €0.4 billion in mortgages. Net core deposit growth was €0.8 billion and mainly re fl ects higher current account balances. The second quarter of 2022 included €97 million of one - o ﬀ costs, which were mostly restructuring costs related to the optimisation of the branch network. Expenses excluding incidental items and regulatory costs rose year - on - year and sequentially, re fl ecting both higher sta ﬀ - related costs (due to mandatory and automatic indexation) as well as higher marketing expenses. These factors were only partly o ﬀ set by a one - o ﬀ VAT release in 2Q2022. Risk costs were €28 million, of which half was in business lending.

12 ING Press Release 2Q2022 Segment Reporting: Wholesale Banking Segment Reporting: Retail Banking Retail Germany (including Austria in 2021) Net interest income decreased slightly versus 2Q2021, which was entirely due to the discontinuation of ING’s retail banking activities in Austria. Excluding Austria, net interest income rose, supported by higher margins on liabilities. Sequentially, net interest income was almost stable, as higher interest income from liabilities compensated for tightening lending margins and lower Treasury - related interest income. Fee income increased year - on - year, mainly visible in daily banking and mortgages, while investment product fees declined, re fl ecting lower trading volumes market - wide. Compared with 1Q2022, fee income was a ﬀ ected by a lower number of trades for investment products, which was partly compensated by higher daily banking fees. Other income was up on 2Q2021 but decreased versus 1Q2022 due to exceptionally high Treasury - related revenues in that quarter. Net core lending growth in 2Q2022 was €2.0 billion, of which €1.8 billion was in mortgages. Net core deposits grew by €0.5 billion after three quarters of decline. Operating expenses decreased year - on - year, re fl ecting our exit from the Austrian retail market and lower regulatory costs, as 2Q2021 had included a €30 million catch - up in regulatory costs following the Greensill insolvency. These factors compensated for the impact of annual salary increases and in fl ation. Sequentially, expenses excluding regulatory costs increased, mainly due to higher sta ﬀ costs. Risk costs were €13 million in 2Q2022 and primarily related to consumer lending. Retail Other Challengers & Growth Markets Net interest income in 2Q2022 was supported by higher margins on liabilities, notably in Poland and Australia after increases of their respective central bank interest rates, as well as by higher lending volumes. These factors more than compensated for negative currency impacts and tighter lending margins compared with both 1Q2022 and 2Q2021. Fee income was higher than one year ago, mainly driven by daily banking fees in Poland and Romania. Other income in 1Q2022 included a €150 million impairment on ING’s equity stake in TTB, while 2Q2021 had contained the proceeds of the agreement with Rai ﬀ eisenbank related to ING’s withdrawal from the retail banking market in the Czech Republic. Net core lending growth was €1.8 billion in 2Q2022, mainly driven by mortgage growth in Australia and Spain as well as business lending growth in Poland. Net core deposits growth, which excludes France following the announced discontinuation of our retail activities in that market, was €0.9 billion and mainly re fl ected a net in fl ow in Spain. Expenses excluding regulatory costs in 2Q2022 included €18 million of restructuring provisions related to the announced discontinuation of our retail banking activities in the Philippines and the refocusing of our partnership for insurance propositions. Excluding these incidental items, expenses rose versus both comparable quarters due to in fl ationary pressure in mainly Poland and Romania as well as investments in operational process improvements in Australia. Regulatory costs in 2Q2022 contained a €92 million one - o ﬀ contribution to the new Institutional Protection Scheme in Poland. Risk costs were €61 million and mainly re fl ected net additions in Poland, Spain and Romania. Retail Challengers & Growth Markets: Consolidated pro fi t or loss account In € million Retail Challengers & Growth Markets 2Q2022 2Q2021 1Q2022 Germany Other Challengers & Growth Markets 2Q2022 2Q2021 1Q2022 2Q2022 2Q2021 1Q2022 Profit or loss Net interest income 1,104 1,032 1,087 351 356 352 754 676 735 Net fee and commission income 253 232 275 113 108 136 140 124 139 Investment income 6 1 2 1 0 1 5 1 1 Other income 101 98 - 21 37 23 62 64 75 - 83 Total income 1,465 1,362 1,344 502 488 552 963 874 792 Expenses excl. regulatory costs 798 769 752 265 266 258 533 503 495 Regulatory costs 169 112 144 27 49 46 142 63 99 Operating expenses 967 881 897 291 315 303 675 566 593 Gross result 498 482 447 210 173 249 288 309 198 Addition to loan loss provisions 74 35 70 13 16 22 61 19 47 Result before tax 423 447 377 197 158 226 227 289 151 Profitability and efficiency Net core lending growth (in € billion) 3.8 4.4 3.9 2.0 2.2 1.7 1.8 2.2 2.3 Net core deposits growth (in € billion) 1.4 4.4 - 8.7 0.5 3.8 - 7.3 0.9 0.6 - 1.4 Cost/income ratio 66.0% 64.6% 66.7% 58.1% 64.5% 54.9% 70.1% 64.7% 75.0% Risk costs in bps of average customer lending 14 7 14 5 7 9 22 8 17 Return on equity based on 12.5% CET1 1) 13.1% 13.2% 10.9% 17.2% 11.4% 20.2% 10.6% 14.3% 5.2% Risk - weighted assets (end of period, in € billion) 77.3 79.3 76.5 29.2 30.8 28.7 48.1 48.4 47.8 1) After - tax return divided by average equity based on 12.5% of RWA (annualised).

13 ING Press Release 2Q2022 Segment Reporting: Wholesale Banking Net interest income increased both sequentially and year - on - year, supported mainly by increased income in Payments and Cash Management (PCM), which bene fi ted strongly from higher interest rates. Interest income included a €36 million TLTRO III bene fi t compared with €31 million in 2Q2021 and €37 million in 1Q2022. Net fee and commission income decreased year - on - year, consistent with lower deal fl ow in both Global Capital Markets (GCM) and Corporate Finance. Sequentially, fee income declined due to lower syndicated deal activity in Lending and fewer deals in GCM. Other income increased strongly both year - on - year and sequentially, mostly due to positive valuation adjustments and higher trading income in Financial Markets, which bene fi ted from market volatility. Net core lending increased by €3.0 billion in 2Q2022, of which €1.4 billion was attributable to Lending (mainly re fl ecting growth in term loans) and €1.4 billion to Working Capital Solutions. Net customer deposits showed an out fl ow of €0.6 billion, primarily in BMG and in Trade & Commodity Finance, which was only partly o ﬀ set by higher deposits in PCM. Expenses in 2Q2022 included €20 million of legal provisions compared with €18 million in 2Q2021. Excluding these provisions, expenses increased on both comparable quarters, mainly re fl ecting the impact of annual salary increases and high in fl ation as well as FX impacts. In the previous quarter, regulatory costs had included the annual contribution to the European Single Resolution Fund. Net additions to loan loss provisions amounted to €88 million in 2Q2022, which is equivalent to 19 basis points of average customer lending. Risk costs were signi fi cantly lower than in 1Q2022, when €939 million of risk costs had been recognised, of which €834 million was related to our Russia - related exposure. This included a €297 million management overlay, which was released this quarter and largely replaced by provisions based on individual client assessments. Combined with a decrease in our Russia exposure, this led to a net reduction of €117 million in loan loss provisions for Russia. The majority of the (mainly) Covid - 19 related overlays taken in previous quarters was also released. These were replaced by a new overlay to re fl ect the risks from secondary impacts (such as an increase in energy prices, higher interest rates and in fl ation, as well as supply chain disruptions), resulting in a net addition of €83 million. Furthermore, the more negative macroeconomic indicators had a signi fi cant impact on loan loss provisions this quarter, resulting in a net addition of € 124 million . Total net additions to Stage 3 provisions in 2Q2022 were €161 In € million 2Q2022 2Q2021 1Q2022 Profit or loss Net interest income 1,078 1,006 1,061 Net fee and commission income 280 302 324 Investment income 7 2 6 Other income 367 84 139 Total income 1,732 1,394 1,530 of which: Lending 793 743 800 Daily Banking & Trade Finance 402 318 379 Financial Markets 443 269 215 Treasury & Other 94 64 136 Total income 1,732 1,394 1,530 Expenses excl. regulatory costs 694 656 644 Regulatory costs 15 9 171 Operating expenses 708 665 815 Gross result 1,024 730 715 Addition to loan loss provisions 88 - 149 939 Result before tax 935 879 - 224 Profitability and efficiency Net core lending growth (in € billion) 3.0 - 9.0 - 5.2 Net core deposits growth (in € billion) - 0.6 - 2.5 6.3 Cost/income ratio 40.9% 47.7% 53.3% Income over average risk - weighted assets (in bps) 1) 419 387 391 Risk costs in bps of average customer lending 19 - 33 205 Return on equity based on 12.5% CET1 2) 14.2% 14.9% - 4.3% Risk - weighted assets (end of period, in € billion) 166.7 141.0 163.9 Wholesale Banking: Consolidated pro fi t or loss account Total Wholesale Banking 1) Total income divided by average RWA (annualised). 2) After - tax return divided by average equity based on 12.5% of RWA (annualised).

14 ING Press Release 2Q2022 Segment Reporting: Corporate Line Segment Reporting: Wholesale Banking million, including a net addition of €58 million on our Russia - related exposure. Stage 1 and Stage 2 risk costs (including o ﬀ - balance - sheet provisioning and modi fi cations) were € - 73 million. This amount mainly includes releases on our Russia - related exposure and on Covid - related sector overlays applied in previous quarters. It furthermore included the aforementioned additions for the update of macroeconomic indicators and management overlays to re fl ect the challenging market conditions. Lending income grew year - on - year, driven by higher net interest income and a positive FX revaluation result in other income. Sequentially, total income for Lending decreased as lower syndicated deal activity led to a decline in commission income. Daily Banking & Trade Finance income increased both year - on - year and sequentially, predominantly driven by higher PCM income (re fl ecting increasing interest rates and higher deposit levels) and increased income in Bank Mendes Gans (supported by higher customer balances). The previous quarter had included a €13 million revaluation gain on an associate, which was recorded in 'other income'. Income for Financial Markets increased strongly both year - on - year and sequentially, driven by positive valuation adjustments and higher results in trading. The latter was mostly driven by increased income in Forex, Rates and Money Markets, which bene fi ted from volatility on the markets following interest rate hikes, the strengthening of the US dollar and in fl ationary pressure. Commission income declined due to a lower deal fl ow in GCM. The quarterly income of Treasury & Other increased year - on - year, driven by higher results from liquidity and money markets management as well as higher income from Corporate Investments. Sequentially, total income decreased as 1Q2022 had included high marked - to - market gains from hedge ine ﬀ ectiveness and credit default swap positions. This could not entirely be o ﬀ set by higher income from Corporate Finance and Corporate Investments.

15 ING Press Release 2Q2022 Segment Reporting: Corporate Line In 2Q2022, results in the Corporate Line were impacted by the application of hyperin fl ation accounting in the consolidation of our subsidiary in Turkey. As in fl ation in Turkey has increased signi fi cantly, Turkey became a hyperin fl ationary economy for the purpose of IAS 29 in 2Q2022. When this happens, the reporting of operating results and fi nancial position in the local currency without restatement is misleading, as the money loses purchasing power at such a fast rate that amounts from transactions occurring at di ﬀ erent times become incomparable. Therefore, IAS 29 requires all fi nancial information to be stated in terms of the purchasing power at the end of the reporting period using a general consumer price index. The above - mentioned requirements of IAS 29 had to be applied retrospectively as of 1 January 2022 for ING Turkey. First, all non - monetary assets and liabilities (mainly property and equipment and right - of - use assets) as well as share capital have been indexed to the price level on 1 January 2022. This restatement of the opening balance had a slightly positive impact on the total equity of ING Group. For the period between 1 January 2022 and 30 June 2022, the impact of indexation of non - monetary assets, liabilities and equity for in fl ation is recognised in the P&L. In the case of ING Turkey, where the largest indexation impact comes from equity, this led to a sizeable 'net monetary loss' for the period, which has been booked in P&L as part of 'other income' (but is largely o ﬀ set in equity). Furthermore, all individual P&L lines have been indexed to re fl ect the impact of the change in in fl ation since 1 January 2022. This is visible mainly in net interest income (€+15 million) and in operating expenses (€+11 million), with the overall impact being o ﬀ set also in 'other income'. Income, excluding the € - 231 million net hyperin fl ation impact and a €72 million receivable related to the insolvency of a Dutch fi nancial institution that had been recorded in 2Q2021, increased on both comparable quarters. This was mainly driven by higher results from foreign currency ratio hedging. Expenses included a hyperin fl ation impact of €11 million (o ﬀ set in ‘other income’) and a €32 million impairment loss related to the goodwill allocated to Turkey. Expenses in 2Q2021 had included a €22 million IT - related impairment. Excluding these incidental item costs, expenses decreased on the previous quarter and were slightly higher year - on - year. Corporate Line: Consolidated pro fi t or loss account In € million Total Corporate Line 2Q2022 2Q2021 1Q2022 Corporate Line excl. IAS 29 impact IAS 29 impact 1) 2Q2022 2Q2021 1Q2022 2Q2022 2Q2021 1Q2022 Profit or loss Net interest income 147 56 80 133 56 80 15 Net fee and commission income - 2 0 0 - 4 0 0 1 Investment income 2 0 0 2 0 0 0 Other income - 309 52 - 60 - 62 52 - 60 - 247 Total income - 162 109 21 69 109 21 - 231 Expenses excl. regulatory costs 146 123 113 103 123 113 43 Regulatory costs 0 0 0 0 0 0 0 Operating expenses 146 123 113 103 123 113 43 Gross result - 308 - 14 - 92 - 34 - 14 - 92 - 274 Addition to loan loss provisions 0 0 0 0 0 0 0 Result before tax - 308 - 14 - 92 - 34 - 14 - 92 - 274 of which: 0 Income on capital surplus 2 - 1 - 10 2 - 1 - 10 0 Foreign currency ratio hedging 127 71 97 127 71 97 0 Other Group Treasury - 72 - 40 - 68 - 72 - 40 - 68 0 Group Treasury 56 31 19 56 31 19 0 Other Corporate Line - 364 - 45 - 111 - 90 - 45 - 111 - 274 Result before tax - 308 - 14 - 92 - 34 - 14 - 92 - 274 Taxation 27 38 - 63 24 38 - 63 2 Net result - 335 - 53 - 29 - 58 - 53 - 29 - 277 1) Hyperin fl ation accounting (IAS 29) has become applicable for ING’s subsidiary in Turkey since 2Q2022 with restrospective application from 1 January 2022. ING Group N.V., as a non - hyperin fl ationary parent presenting its consolidated fi nancial statements in euro, did not restate comparative periods. 2Q2022 includes the impact of the impairment of the in fl ated goodwill allocated to Turkey (€ - 32 million), recorded in operating expenses..

16 ING Press Release 2Q2022 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 is an integral part of ING’s strategy, evidenced by ING’s leading position in sector benchmarks. ING's Environmental, Social and Governance (ESG) rating by MSCI was a ﬃ rmed 'AA' in December 2021. As of September 2021, Sustainalytics considers ING’s management of ESG material risk to be ‘strong’, and in June 2022 ING received an ESG rating of 'strong' from S&P Global Ratings. ING Group shares are also included in major sustainability and ESG index products of leading providers STOXX, Morningstar and FTSE Russell. Further information All publications related to ING’s 2Q2022 results can be found at www.ing.com/2q2022, including a video with CEO Steven van Rijswijk. The 'ING ON AIR’ video is also available on YouTube. Share information 2Q2022 1Q2021 4Q2021 3Q2021 2Q2021 Shares (in millions, end of period) Total number of shares 3,907.0 3,906.9 3,904.1 3,904.1 3,904.0 - Treasury shares 163.9 140.6 128.3 0.4 0.7 - Shares outstanding 3,743.0 3,766.4 3,775.8 3,903.6 3,903.3 Average number of shares 3,760.3 3,770.4 3,846.7 3,903.5 3,903.4 Share price (in euros) End of period 9.43 9.51 12.24 12.57 11.14 High 10.52 13.91 13.39 12.66 11.65 Low 8.70 8.47 11.24 10.08 10.10 Net result per share (in euros) 0.31 0.11 0.25 0.35 0.37 Shareholders' equity per share (end of period in euros) 13.79 14.20 14.28 14.20 14.40 Distribution per share (in euros) 0.17 - 0.41 0.48 Price/earnings ratio 1) 9.2 8.8 10.0 10.8 10.9 Price/book ratio 0.68 0.67 0.86 0.88 0.77 1) Four - quarter rolling average. Financial calendar Ex - date for interim dividend in 2022 (Euronext Amsterdam) Record date for interim dividend in 2022 entitlement (Euronext Amsterdam) Record date for interim dividend in 2022 entitlement (NYSE) Payment date interim dividend in 2022 (Euronext Amsterdam) Payment date interim dividend in 2022 (NYSE) Publication results 3Q2022 Monday, 8 August 2022 Tuesday, 9 August 2022 Monday, 15 August 2022 Monday, 15 August 2022 Monday, 22 August 2022 Thursday, 3 November 2022 All dates are provisional. Additional fi nancial information is available at www.ing.com/ir: • ING Group Historical Trend Data • ING Group Results presentation • 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.

17 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 2021 ING Group consolidated annual accounts. 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 and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) 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) 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, including in connection with the invasion of Russia into Ukraine and related international response measures (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 or stakeholders who feel misled or treated unfairly, 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 and IT 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 cyberattacks 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) 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, transition and other risks and challenges in connection with climate change and ESG - related matters (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 . ING Press Release 2 Q 2022