6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the period ended 30 June 2020

Commission File Number 1-14642

ING Groep N.V.

Bijlmerdreef 106

1102 CT Amsterdam

The Netherlands

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or

Form 40-F.

Form 20-F [x] Form 40-F [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T

Rule 101(b)(1):

[ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T

Rule 101(b)(7):

[ ]

This Report on Form 6-K is hereby incorporated by reference into the Registration Statements on Form S-8

(Files Nos. 333-215535, 333-172921, 333-172920, 333-172919, 333-168020, 333-165591, 333-158155, 333-

158154, 333-149631, 333-137354, 333-125075, 333-108833, 333-81564 and 333-92220) of ING Groep N.V.

and shall be a part thereof from the date on which this Report is furnished, to the extent not superseded by

documents or reports subsequently filed or furnished.

Presentation of information

The condensed consolidated inte rim financial statements included in this report on Form 6-K are prepared in

accordance with International Accounting Standard 34 ‘Interim Financial Reporting’ as adopted by the

International Accounting Standards Board (‘IFRS -IASB’). In preparing the financial statements in this

document, except as described otherwise, the same accounting principles are applied as in ING Groep N.V.’s

Annual Report on Form 20-F for the year ended 31 December 2019 (the “2019 Form 20-F”). 

In this document, references to “ING Groep N.V.”, “ING Groep” and “ING Group” refer to ING Groep N.V. and

references to “ING”, the “Company”, the “Group”, “we” and “us” refer to ING Groep N.V. and its

consolidated subsidiaries. 

All references to IFRS-IASB in this document refer to International Financial Reporting Standards (“IFRS”) as

issued by the International Accounting Standards Board (“IASB”). ING prepares financial information in

accordance with IFRS as issued by the IASB for purposes of reporting with the SEC, including financial

information contained in the 2019 Form 20-F. ING Group’s accounting policies under IFRS -IASB are described

under “Basis of preparation and accounting policies” beginning on page F-13 in the consolidated financial

statements contained in the 2019 Form 20-F.

All references to IFRS-EU in this document refer to IFRS as adopted by the European Union (“EU”), including

the decisions made by ING Group with respect to the options available under IFRS as adopted by the EU. ING

also prepares financial information in accordance with IFRS -EU, including the decisions ING made with regard

to the options available under IFRS -EU. Unless otherwise indicated, financial information included in this

document has been prepared in accordance with IFRS -EU. Other than for the purpose of SEC reporting, ING

Group intends to continue to prepare its annual accounts under IFRS -EU. 

For an explanation of the differences between IFRS -IASB and IFRS -EU, see page F-14 of the 2019 Form 20-F. 

For a reconciliation between IFRS -EU and IFRS -IASB as of and for the years ended 31 December 2019, 2018

and 2017, see Note 1.3.2 to the consolidated financial statements contained in the 2019 Form 20-F. For a

reconciliation between IFRS -EU and IFRS -IASB as of and for the six months ended 30 June 2020, see Note

“Basis of preparation and accounting policies” of this document.

Capital measures included in this document are based on IFRS -EU, as this is the primary accounting basis for

statutory and regulatory reporting used by ING Group.

Certain amounts set forth herein, such as percentages, may not sum due to rounding.

This document contains 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 specifically 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 filing of this document. Many of those factors are beyond ING’s control.

This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in

the United States or any other jurisdiction.

Forward

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looking statements

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 differ materially from those expressed or implied in such

statements. Actual results, performance or events may differ materially from those in such statements due to

a number of factors, including, without limitation: 

(1) changes in general economic conditions, in particular economic conditions in ING’s core markets,

including changes affecting currency exchange rates,

(2) the effects 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 affecting interest rate levels, 

(4) any default of a major market participant and related market disruption,

(5) changes in performance of financial markets, including in Europe and developing markets, 

(6) changes in the fiscal position and the future economic performance of the United States, including

potential consequences of a downgrade of the sovereign credit rating of the US government,

(7) consequences of the United Kingdom’s withdrawal from the European Union, 

(8) changes in or discontinuation of ‘benchmark’ indices,

(9) inflation and deflation in our principal markets,

(10) changes in conditions in the credit and capital markets generally, including changes in borrower and

counterparty creditworthiness, 

(11) failures of banks falling under the scope of state comp ensation schemes,

(12) non-compliance with or changes in laws and regulations, including those financial services and tax laws,

and the interpretation and application thereof,

(13) geopolitical risks, political instabilities and policies and actions of governmental and regulatory

authorities,

(14) ING’s ability to meet minimum capital and other prudential regulatory requirements,

(15) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory

actions, including claims by customers,

(16) 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,

(17) risks and challenges related to cybercrime including the effects of cyber-attacks and changes in

legislation and regulation related to cybersecurity and data privacy, 

(18) changes in general competitive factors, 

(19) the inability to protect our intell ectual property and infringement claims by third parties,

(20) changes in credit ratings,

(21) business, operational, regulatory, reputation and other risks and challenges in connection with climate

change,

(22) inability to attract and retain key personne l,

(23) future liabilities under defined benefit retirement plans,

(24) failure to manage business risks, including in connection with use of models, use of derivatives, or

maintaining appropriate policies and guidelines,

(25) 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,

(26) the other risks and uncertainties detailed in the most recent annual report on Form 20-F 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.

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Contents

Interim report

5

12

Condensed consolidated interim financial statements

25

26

28

29

31

Notes to the Condensed consolidated interim financial

statements

1

33

2

36

3

36

4

38

5

39

6

39

7

41

8

42

9

43

10

43

11

44

12

44

13

46

14

47

15

47

16

48

17

49

Segment reporting

18

49

Additional notes to the Condensed consolidated interim financial

statements

19

56

20

65

21

67

22

67

23

67

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Introduction

ING is a global financial institution with a strong European base, offering banking services through its

operating company ING Bank. ING Bank’s more than 55,000 employees offer retail and wholesale banking

services to customers in over 40 countries. 

Steven van Rijswijk, previously member of the Executive Board and chief risk officer of ING, has succeeded

Ralph Hamers as CEO and chairman of the Executive Board. The Supervisory Board has appointed Steven van

Rijswijk effective 1 July 2020.

Covid

-

19 pandemic

The spread of Covid-19 in the first half of 2020 and its development into a global pandemic affected ING in a

number of ways, impacting our customers, operations and employees and the communities where we

operate. Supported by ING’s digital focus, most of our employees worldwide continue to work from home,

providing an uninterrupted, high standard of service to our customers.

ING put measures in place to help customers deal with the impact of the pandemic on their finances. This

included extensions of loan repayments for SME and retail customers in various countries. ING also works

with larger corporate clients to deliver solutions tailored to their specific needs. 

The economic impact of the Covid-19 pandemic and the impact of IFRS -9 methodology have resulted in

significantly higher Expected Credit Losses, which have impacted ING’s net profit for the first half of 2020. As

a result of the impairment test triggered by the Covid-19 pandemic, ING also recognised €310 million as an

impairment of goodwill on its balance sheet in the reporting period.

More information on the impact of Covid-19 on ING as well on the related risk measures taken to address the

impact can be found in the section “Risk Management”. The financial impact on the Covid -19 related crisis

can be found in the section “ING Group consolidated results” and throughout the financial statements

section of this report.

As a reaction to the ongoing global pandemic, regulators have introduced a number of changes to regulatory

capital requirement reliefs that are also applicable to ING. More information on this can be found in the

section “business environment” of this report and note “Capital Management” of the interim financial

statements. 

Interim report

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ING Group Interim financial report on form 6-K for the period ended 30 June 2020 - Unaudited

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ING Group consolidated results

ING Group: Consolidated profit or loss account

in € million

6 month period (1 January to 30 June)

Total ING Group

of which: adjustment of

the IFRS -EU 'IAS 39 carve

out'

of which: Total ING Group

IFRS -EU

2020

2019

2020

2019

2020

2019

Net interest income

6,877

6,896

–54

–57

6,931

6,953

Net fee and commission income

1,506

1,386

1,506

1,386

Total investment and other income

305

–134

–439

–1,036

745

902

Total income

8,688

8,148

–493

–1,093

9,182

9,241

Expenses excl. Regulatory costs

4,963

4,626

4,963

4,626

Regulatory costs

663

612

663

612

Operating expenses

5,626

5,238

5,626

5,238

Gross result

3,062

2,910

–493

–1,093

3,556

4,003

Addition to loan loss provisions

1,998

416

1,998

416

Result before tax

1,065

2,493

–493

–1,093

1,558

3,586

Taxation

438

740

–115

–243

553

983

Non-controlling interests

36

47

36

47

Net result ING Group

591

1,707

–379

–850

969

2,556

ING Group monitors and evaluates the performance of ING Group at a consolidated level and by segment

using results based on figures according to IFRS as adopted by the European Union (IFRS -EU). The Executive

Board and the Management Board Banking consider this measure to be relevant to an understanding of the

Group’s financial performance, because it allows investors to understand the primary method used by

management to evaluate the Group’s operating performance and make decisions about allocating resources.

In addition, ING Group believes that the presentation of results in accordance with IFRS -EU helps investors

compare its segment performance on a meaningful basis by highlighting result before tax attributable to

ongoing operations and the profitability of the segment businesses. IFRS -EU result is derived by excluding

from IFRS -IASB the impact of the IFRS -EU ‘IAS 39 carve out’ adjustment.

The IFRS-EU ‘IAS 39 carve-out’ adjustment relates to fair value portfolio hedge accounting strategies for the

mortgage and savings portfolios in the Benelux, Germany and Other Challengers that are not eligible under IFRS-

IASB. As no hedge accounting is applied to these mortgage and savings portfolios under IFRS-IASB, the fair value

changes of the derivatives are not offset by fair value changes of the hedge items (mortgages and savings).

As from the financial year 2020 the information presented to the Executive Board is no longer based on

underlying results but on IFRS as endorsed by the European Union. Previously monitoring and evaluation of

ING Group’s segments was based a non-GAAP financial performance measure called underlying. Underlying

result was derived by excluding from IFRS the following: special items, the impact of divestments and results

from former insurance related activities. In 2020 and 2019 no special items, divestments or former insurance

related results were recorded anymore.

The breakdown of net result by segment is included in Note 18 ‘Segments’.

ING Group: reconciliation from IFRS -IASB to IFRS-EU

6 month period (1 January to 30 June)

2020

2019

Net result ING Group IFRS-IASB

591

1,707

-/- Adjustment of the EU 'IAS 39 carve out'

–379

–850

Net result ING Group IFRS-EU

969

2,556

Consolidated results of operations

ING’s net result in the first half of 2020 decreased to €591 million, or 65.4%, compared with €1,707 million in

the same period of 2019. This decrease in result was affected by €471 million less negative fair value changes

on derivatives (including a negative impact under net interest income of ending some hedge relationships)

related to hedging mortgage and savings portfolios in the Benelux, Germany, France and Czech Republic.

These negative fair value changes are mainly caused by changes in markets interest rates. No fair value hedge

accounting is applied to these mortgage and savings portfolios under IFRS -IASB. Including the compensating

positive hedge adjustment on those portfolios as applied under IFRS -EU, the net result decreased 62.1% to

€969 million, compared with €2,556 million in the same period of 2019. The decline was primarily caused by

elevated risk costs reflecting the (expected) economic impact of the Covid-19 pandemic, including higher

Individual Stage 3 provisions, and €310 million of impairments on goodwill. Including the aforementioned

compensating hedge adjustment, the effective tax rate was 35.5% compared with 27.4% in the first half of

2019.

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The result before tax declined 57.3% to €1,065 million from €2,493 million in the first six months of 2019.

Including the aforementioned compensating hedge adjustment, the result before tax fell 56.6% to €1,558

million from €3,586 million in the first half of 2019, predominantly due to €1,582 million higher risk costs, but

also due to higher expenses and lower income. Income decreased 0.6% as the first half of 2019 had included

a €119 million one-off gain related to the release of a currency translation reserve and a €79 million

receivable related to the insolvency of a financial institution. Excluding these one-off items, income was 1.5%

higher, mainly due to higher fee income on investment products and higher income from Financial Markets,

which more than offset the impact of lower interest margins on customer deposits. Operating expenses rose

by €388 million, or 7.4%, on the first six months of 2019, mainly due to €310 million of goodwill impairments.

Net interest income decreased by €19 million, or 0.3%, to €6,877 million in the first six months of 2020, but

when including the aforementioned compensating hedge adjustment, net interest income income decreased

by €22 million, or 0.3%, to €6,931 million in the first six months of 2020. The interest result on customer

deposits declined due to lower interest margins on both savings and current accounts caused by lower

reinvestment yields, while average current account volumes increased. The interest result on customer

lending was higher compared with the same period a year ago, due to improved interest margins on

residential mortgages combined with higher lending volumes. Higher interest results at Treasury (supported

by the introduction of the ECB’s two-tiering system at the end of October 2019) and Financial Markets (which

can be volatile), were offset by lower net interest income in the Corporate Line. ING’s overall net interest

margin, which is defined as net interest income divided by the average balance sheet total, decreased by 7

basis points to 1.47%, from 1.54% in the first half of 2019.

Net fee and commission income increased 8.7% to €1,506 million from €1,386 million one year ago. In Retail

Banking, net fee and commission income rose by €94 million. This was mainly driven by higher fee income on

investment products, predominantly in Germany, while fee income on daily banking products was lower

reflecting a reduction of (international) payment transactions following the lockdown measures related to

the Covid-19 pandemic. Total fee income in Wholesale Banking increased by €23 million, predominantly in

Financial Markets, mainly due to higher deal activity in Global Capital Markets, partly offset by lower fees in

Trade & Commodity Finance as a result of lower average oil prices.

Total investment and other income rose to €305 million in the first six months of 2020 from €-134 million in the

same period of last year. Including the aforementioned compensating hedge adjustment, total investment and

other income fell to €745 million from €902 million in the first half of 2019, which had included a €119 million

one-off gain from the release of a currency translation reserve related to the sale of ING’s stake in Kotak

Mahindra Bank and a €79 million receivable related to the insolvency of a financial institution. Excluding these

items, investment and other income rose by €41 million, or 5.8%, primarily in Financial Markets.

Operating expenses increased by €388 million, or 7.4%, to €5,626 million. Expenses in the first six months of

2020 included €663 million of regulatory costs, while the same period of 2019 included €612 million of

regulatory costs. Expenses excluding regulatory costs rose by €337 million, or 7.3%, to €4,963 million. The

increase was mainly caused by €310 million of goodwill impairments related to a number of acquisitions in

the past. Also excluding this goodwill impairment, expenses increased by 0.6%, mainly due to the impact of

collective -labour-agreement salary increases and higher KYC -related expenses. These increases were largely

offset by a value added tax (VAT) refund and the impact of cost savings (including lower marketing and travel

costs as a result of the Covid -19 restrictions), while the first half of 2019 included a restructuring provision in

Retail Germany. The cost/income ratio increased to 61.3% from 56.7% in the first half of 2019.

Net additions to loan loss provisions were €1,998 million compared with €416 million in the first half of 2019.

Risk costs in the first six months of 2020 were severely impacted by a combination of increased collective

provisioning reflecting the worsened macro -economic indicators due to the Covid-19 pandemic, higher

Individual Stage 3 provisions and negative rating migration. Risk costs in the first half of 2020 included €627

million of collective provision related to the worsened macro -economic indicators. Risk costs were annualised

64 basis points of average customer lending compared with 14 basis points in the first half of 2019.

For the followin g information per business line the IFRS -EU measures are in place, in line with management

reporting.

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Retail Netherlands

Retail Netherlands posted a result before tax of €1,043 million, compared with €1,132 million in the first six

months of 2019. This decline was mainly attributable to higher risk costs reflecting the worsened macro-

economic environment, as well as lower margins on savings and current accounts. The impact of these

factors was partly offset by higher Treasury -related revenues.

Total income increased by €9 million, or 0.4%, to €2,269 million, compared with €2,260 million in the first

half of 2019. Net interest income rose 1.3%, mainly due to higher treasury related revenues, which was

largely offset by lower net interest results on savings and current accounts due to lower margins, while

average volumes continued to increase. Net interest results on customer lending were stable, as lower

average volumes were compensated by slightly higher margins. Customer lending increased by €2.4 billion in

the first half of 2020. Net core lending (which excludes Treasury products and a €0.6 billion decline in the

WUB run-off portfolio) decreased by €0.9 billion, of which €0.4 billion was in residential mortgages and €0.5

billion in other lending. In the first half of 2020 net customer deposits (excluding Treasury) grew by €11.1

billion, mainly in current accounts. Net fee and commission income increased by €3 million, or 0.9%, while

investment and other income was €15 million lower.

Operating expenses decreased by €7 million, or 0.6%, to €1,088 million from €1,095 million in the first six

months of 2019. The decrease was mainly due to lower expenses related to staff, marketing and travel, which

were largely offset by higher regulatory costs and IT expenses.

The net addition to loan loss provisions was €139 million, or 17 basis points of average customer lending, in

the first six months of 2020, compared with €33 million, or 4 basis points, in the same period of last year. Risk

costs in the first half of 2020 included €90 million of collective provisions related to the worsened macro-

economic indicators, including provisioning related to loans subject to a payment holiday.

Retail Belgium

Retail Belgium, which includes Luxembourg, posted a result before tax of €-36 million in the first half of 2020,

compared with €328 million in the same period of 2019. The decline was mainly attributable to higher risk

costs reflecting the worsened macro -economic environment, combined with lower income and higher

expenses.

Total income declined by €44 million, or 3.5%, to €1,215 million. Net interest result decreased by €22 million,

or 2.3%, mainly reflecting lower margins on savings and current accounts, partly offset by higher net interest

income from mortgages due to improved margins and higher volumes. Net core lending (excluding Treasury)

decreased by €0.3 billion in the first half of 2020, fully in residential mortgages. Net customer deposits

(excluding Treasury) grew by €3.3 billion, predominantly in current accounts. Net fee and commission income

rose by €19 million, or 10.1%, mainly due to higher fee income on investment products. Investment and

other income declined by €41 million, mainly due to lower Treasury -related revenues, including negative

marked -to-market movements of derivatives which are not in hedge accounting.

Operating expenses rose by €96 million, of which €43 million was caused by a goodwill impairment related to

an acquisition in the past by ING Belgium. The remaining increase was mainly due to higher regulatory costs

and KYC -related expenses.

The net addition to the provision for loan losses increased to €282 million, or annualised 62 basis points of

average customer lending, from €58 million in the first half of 2019. The increase in risk costs was mainly in

business lending. Risk costs in the first half of 2020 included €65 million of collective provisions related to the

worsened macro -economic indicators, including provisioning related to loans subject to a payment holiday.

The remaining risk costs we re mainly related to Stage 3 provisioning on a number of individual files.

Retail Germany

Retail Germany, which includes Austria, recorded a first -half 2020 result before tax of €494 million, up 10.0%

from €449 million in the same period of 2019. The increase was primarily due to higher income, partly offset

by higher risk costs after a net release in the first half of 2019.

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Total income increased to €1,075 million, up 7.0% from €1,005 million in the first six months of 2019. The

increase was driven by €92 million higher fee income, predominantly on investment products due to a higher

number of brokerage trades on the back of market volatility. Net interest income increased 0.6% to €801

million, due to accounting asymmetry in Treasury (with an offset in other income) and higher margins on

mortgages, largely offset by margin pressure on savings. In the first six months of 2020, net core lending

(which excludes Treasury products) increased by €1.5 billion, of which €1.3 billion was in residential

mortgages and €0.2 billion in consumer lending. Net customer deposits (excluding Treasury) increased by

€1.2 billion, fully in current accounts while savings showed an outflow. Investment and other income

declined by €27 million, mainly in Treasury due to the aforementioned accounting asymmetry and lower

capital gains.

Operating expenses decreased by €12 million, or 2.1%, to €567 million from €579 million in the first half of

2019. When adjusted for a €36 million restructuring provision recorded in the first half of last year, expenses

increased by €24 million. The increase was mainly due to investments to support business growth as well as

the consolidation of a subsidiary as from the first half of 2020, partly offset by lower regulatory costs.

The net addition to the provision for loan losses was €14 million, or 3 basis points of average customer

lending, in the first half of 2020, compared with a net release of €23 million in the same period of last year,

which had included model updates on mortgages. Risk costs in the first half of 2020 included €3 million of

collective provisions related to the worsened macro -economic indicators.

Retail Other Challengers & Growth Markets

Retail Other Challengers & Growth markets’ result before tax declined to €295 million from €438 million in

the first six months of 2019, reflecting higher risk costs and operating expenses, partly offset by higher

income.

Total income rose by €33 million, or 2.0%, to €1,720 million from €1,687 million in the first six months of last

year, driven by higher net interest income consistent with higher volumes, and higher Treasury -related

revenues. The increase was partially offset by lower net fee and commission income as lockdown measures

due to the Covid-19 pandemic reduced the number of daily banking transactions. The net production in

customer lending (adjusted for currency effects and Treasury) was €1.3 billion in the first half of 2020, with

growth in all countries, except in Italy. The net inflow in customer deposits, also adjusted for currency

impacts and Treasury, was €8.1 billion, with the largest increases in Poland and Spain.

Operating expenses increased by €59 million, or 5.6%, to €1,120 million from €1,061 million in the first half of

2019, of which €17 million was due to higher regulatory costs. The remaining increase was mainly due to

strategic initiatives and the execution of bank-wide regulatory programmes, including KYC, partly offset by

lower marketing expenses.

The net addition to loan loss provisions increased by €117 million on the first half of 2019 to €304 million, or

annualised 63 basis points of average customer lending. Risk costs in the first half of 2020 included €104

million of collective provisions related to the worsened macro -economic indicators. The increase versus the

first half of last year was mainly visible in Poland, Italy and Spain, whereas risk costs in Turkey declined.

Wholesale Banking

In the first six months of 2020, the result before tax turned to a loss of €204 million from €1,018 million in the

same period last year. The decline was predominantly due to elevated risk costs as well as higher expenses

(including a €260 million goodwill impairment as a result of the impairment test triggered by the Covid-19

pandemic), partly offset by higher income.

Total income increased by €162 million, or 6.2%, to €2,780 million in the first half of 2020, mainly due to

higher income in Financial Markets and Treasury & Other. This was partly offset by lower income in Daily

Banking & Trade Finance and negative marked -to-market adjustments in Lending. The increase in Financial

Markets was driven by higher income in the Forex, Rates and Global Capital Market businesses, together with

substantial lower negative valuation adjustments than recorded in the first half of 2019. 

Net interest income increased by €33 million, or 1.8%, on the first six months of 2019, mainly driven by

Treasury & Other and Financial Markets. The increase was partly offset by lower interest results in Daily

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Banking & Trade Finance, mainly due to lower margins in Payments & Cash Management. Net core lending

(excluding currency impacts, Treasury and the Lease run-off portfolio) grew by €3.8 billion in the first half of

2020. Net customer deposits (excluding currency impacts and Treasury) rose by €6.4 billion.

Net fee and commission income increased by €23 million, or 4.3%, on last year, predominantly in Financial

Markets mainly due to higher deal activity in Global Capital Markets. The increase was partly offset by Daily

Banking & Trade Finance mainly due to lower fees in Trade & Commodity Finance (mainly due to lower

average oil prices). Investment and other income rose to €354 million from €248 million in the first half of

2019, primarily due to higher revenues in Financial Markets. This increase was partly offset by Lending, which

included negative marked -to-market adjustments related to syndicated loans and loans at fair value through

profit or loss.

Operating expenses were €1,728 million, or 20.2% higher than in the first six months of 2019. Excluding

regulatory costs (€151 million in the first half of 2020 versus €143 million one year ago), operating expenses

increased by €283 million, or 21.9%. The increase was mainly explained by a €260 million goodwill

impairment related to a number of acquisitions in the past. Also excluding this goodwill impairment,

expenses increased by 1.8%, mainly due to higher staff expenses related to annual salary increases and

higher KYC costs. This increase was partly offset by lower performance -related expenses and the impact of

continued cost -savings measures.

Net addition to loan loss provisions rose to €1,256 million, or annualised 133 basis points of average

customer lending, from €162 million, or 18 basis points, in the first half of 2019. The increase was

predominantly due to various Individual Stage 3 provisions and high collective Stage 1 and Stage 2 provisions

as a result of the economic impact of the Covid-19 pandemic, including €366 million of collective provisions

related to the worsened macro -economic indicators, as well as a €30 million collective Stage 2 provision for

increased risk that was observed in the US reserve -based lending book.

Corporate Line

The Corporate Line reported a result before tax of €-34 million compared with €221 million in the first half of

2019. Total income fell to €123 million from €413 million a year ago. This decline was primarily due to lower

investment and other income, as the first six months om 2019 included a €119 million one-off gain from the

release of a currency translation reserve related to the sale of ING’s stake in Kotak Mahindra Bank and the

recognition of a €79 million receivable related to the insolvency of a financial institution. Excluding both

items, income decreased by €92 million, primarily due to lower income from foreign currency exchange ratio

hedging. Operating expenses decreased to €154 million from €192 million in the first half of 2019, mainly due

to the recognition of a value -added tax (VAT) refund in the first half of 2020, partly offset by higher

shareholders and KYC -related expenses.

ING Group statement of financial position (‘balance sheet’)

ING Group’s total balance sheet increased by €93 billion to €981 billion at 30 June 2020 from €889 billion at

31 December 2019.

Cash and balances with central banks

Cash and balances with central banks increased by €66 billion to €119 billion. The increase was driven by

ING’s participation in a new series of Targeted Longer-Term Refinancing Operations, TLTRO III, initiated by

the European Central Bank (visible in deposits from banks) and increased customer deposits. Further details

on TLTRO can be found in note Deposits from Banks.

Loans and advances to banks and deposits from banks

Loans and advances to banks decreased by €4 billion to €31 billion. Deposits from banks increased by €44

billion to €79 billion, mainly due to the participation in TLTRO III of €60 billion (of which €55 billion in June

2020), which was partly offset by repayments and maturities of TLTRO II (€-18 billion).

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Financial assets/liabilities at fair value through profit or loss

Financial assets at fair value through profit or loss increased by €15 billion to €111 billion, after a relatively

low year-end 2019. The increase was mainly due to €10 billion of higher assets mandatorily at fair value

through profit or loss (reverse repos) and €5 billion higher trading assets (derivatives). Financial liabilities at

fair value through profit or loss increased by €13 billion to €91 billion, approximately mirroring the

development on the asset side of the balance sheet, with €8 billion of higher trading liabilities (trading

derivatives and repos) and €5 billion of increased designated financial liabilities at fair value through profit or

loss (repo activity).

Financial assets at fair value through other comprehensive income

Financial assets at fair value through other comprehensive income (OCI) increased by €5 billion to €39 billion,

due to €5 billion more debt securities, which mainly reflect investments in government bonds (mainly US

Treasuries) and short-term paper. In addition, the value of the existing portfolio rose due to a drop in yields.

Securities at amortised costs

Securities at amortised cost increased by €5 billion to €51 billion, mainly due to an increase of investments in

government bonds.

Loans and advances to customers

Loans and advances to customers increased by €4 billion to €612 billion from €608 billion at 31 December

2019. This was due to €6 billion of higher customer lending partly offset by €1 billion of higher provisions for

loan losses. When adjusted for €3 billion of negative currency impacts, customer lending increased by €9

billion. After also exclu ding €4 billion increase of short-term lending in Treasury and a €1 billion decline in the

WUB and Lease run-off portfolios, net core lending increased by €5 billion of which €3 billion was in non-

mortgage lending and €2 billion in residential mortgages.

Other assets/liabilities

Other assets increased by €3 billion while other liabilities were €2 billion higher. Both movements were

mainly due to changes in financial transactions pending settlement.

Customer deposits

Customer deposits increased by €31 billion to €606 billion. Adjusted for currency impacts and Treasury, net

customer deposits grew by €30 billion in the first half of 2020, predominantly due to higher customer

deposits at Retail Banking reflecting ING Bank’s strength as a deposit gatherer.

Debt securities in issue

Debt securities in issue increased by €3 billion to €121 billion due to €5 billion of higher certificates of

deposit/ commercial paper (CD/CPs), while other debt securities, mainly long-term debt, decreased by €3

billion.

Subordinated lo ans

Subordinated loans remained flat at €17 billion, as new issuances in February and May were offset by

redemptions in the same months.

Shareholders’ equity

Shareholders’ equity increased by €0.2 billion to €51.1 billion from €51.0 billion at 31 December 2019. The

increase mainly reflects the €0.6 billion net result for the first half of 2020 and a positive change in the

cashflow hedge reserve of €0.5 billion, partly offset by a €0.6 billion decrease of the currency translation

reserve and €0.3 billion of negative unrealised revaluations of equity securities (mainly due to a decrease of

the valuation of our stake in Bank of Beijing).

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Risk management

Managing risk is at the core of ING’s business. Financial risks include credit risk, for example when we offer

loans, market risk through our trading and banking book positions, and liquidity or funding risk through

financial management. Non-financial risks are those associated with IT and cybersecurity, our daily

operations (e.g. fraud and money laundering), compliance, adhering to socially-acceptable ethical norms and

reputational issues.

We continually develop our risk management to address political and economic developments, evolving

regulatory requirements, changing customer expectations, emerging competitors and new technologies, all

of which could potentially impact our business.

Basis of disclosures 

This risk management section contains an update of information relating to the nature and the extent of the

risks arising from financial instruments as disclosed in the 2019 ING Group consolidated financial statements

as included in the 2019 Annual Report on Form 20F. These disclosures are an integral part of the ING Group

condensed consolidated interim financial statements and are indicated by the symbol (*). Chapters,

paragraphs, graphs or tables within this risk management section that are indicated with this symbol in the

respective headings or table header are considered to be an integral part of the condensed consolidated

interim financial statem ents.

This risk management section also includes additional disclosures beyond those required by IFRS standards,

such as certain regulatory disclosures. Not all information in this section can be reconciled back to the

primary financial statements and corresponding notes, as it has been prepared using risk data that differs to

the accounting basis of measurement. Examples of such differences include the exclusion of accrued interest

and certain costs and fees from risk data, and timing differences in exposure values (IFRS 9 models report

expected credit loss on underlying exposures) .

Business environment

The Covid-19 pandemic and subsequent lockdown measures have thrown the world economy in turmoil.

Even as countries are reopening, the global economy is expected to shrink in 2020 as domestic demand and

supply, trade, and finance have been severely disrupted. In addition, the continuing US-China trade tensions

and prolonged uncertainty on Brexit have negatively affected the global economy in the first half-year of

2020.

Covid-19

In late -2019, a highly-infectious coronavirus named Covid-19 was first identified in China. Spreading quickly

to other regions of the world, Covid-19 was declared a global pandemic by the World Health Organization on

11 March 2020. Various countries and local governmental authorities across the world have introduced

measures aimed at preventing the further spread of Covid-19, such as bans on public events with over a

certain number of attendees, closures of places where larger groups of people gather such as schools, sports

facilities and bars and restaurants, lockdowns, border controls and travel and other restrictions. Such

measures have disrupted the normal flow of business operations in those countries and regions, which

include countries and regions where ING and its customers and counterparties operate, affected global

supply chains, global manufacturing, tourism, consumer spending and asset prices, and resulted in volatility

and uncertainty across the global economy and financial markets. 

In addition to measures aimed at preventing the further spread of the Covid-19 virus, governments in various

countries have introduced measures aimed at mitigating the economic consequences of the outbreak. For

example, the Dutch government has announced economic measures aimed at protecting jobs, households’

wages and companies, e.g., by way of tax payment holidays, guarantee schemes and a compensation scheme

for heavily affected sectors in the economy. These announced measures and any additional measures,

including any payment holidays with respect to mortgages or other loans, have had and may continue to

have a significant impact on ING’s customers and other counterparties.

Governments, regulators and central banks (including the ECB), have also announced that they are taking or

considering measures seeking to safeguard the stability of the financial sector, to prevent lending to the

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business sector from being jeopardised and to ensure the payment system continues to function properly.

The Basel III framework includes capital and liquidity buffers which are designed to withstand stressed

situations like the current one. In this context, ING Group’s Systemic Risk Buffer has been lowered from 3.0%

of global risk-weighted exposures to 2.5%. In addition, the ECB allows banks to operate temporarily below

the level of capital defined by the Pillar 2 Guidance (P2G) and the capital conservation buffer (CCB). The ECB

effectuated Art 104(a) CRDV as of the first quarter of 2020, which essentially brings forward the possibility to

cover Pilar 2 requirements with a mix of own funds instead of CET1 only. For ING this means a reduction of

P2R from 1.75% to 0.98%. Furthermore, several countries released or reduced their countercyclical buffer

(CCyB). This brings back ING Group’s fully loaded CCyB from 24 bps in Q4 2019 to 3 bps in Q2 2020, helping to

maintain the supply of credit and dampen the downswing of the financial cycle. The measures remain until

further notice.

ING is monitoring the ongo ing Covid-19 pandemic carefully as it evolves to understand the impact on its

people and business. A central ING team has been set up to monitor the situation globally and provide

guidance on health and safety measures, travel advice and business continuity for our company. As the

situation differs from country to country, we are following local government guidelines in our response to the

virus. As of April 2020, most of ING’s staff are working from home for several months, during which time ING

has not experienced any substantial operational disruptions as result of work from home. In addition, since

May staff in various countries have started rotation schemes to return to work in the office in a controlled

manner, taking into account local circumstances and any applicable government measures (including with

respect to social distancing). This controlled office opening process is expected to allow for essential face -to-

face meetings. However, at this time, it is not certain when ING’s employees may be generally expected or

permitted to return to ING’s offices. If due to illness, technical limitations or other restrictions in connection

with the pandemic, employees are unable to work or are not able to operate as effectively and efficiently as

in the office, this may adversely affect ING’s business, results and financial condition.

In addition, a situation in which most or some ING’s employees continue working from home may raise

operational risks, including with respect to information security, data protection, availability of key systems

and infrastructure integrity . There is also a risk that ING will not be effective in implementing regulatory or

strategic change programs in the current environment. If any of these risks were to materialize that may

adversely affect ING’s business, results and financial condition

Also the potential economic implications for the countries and sectors where ING is active, which could have

a material adverse effect on ING’s business and operations, are being assessed and discussed in order to

identify possible mitigating actions.

Further details on our credit risk and market risk portfolios are covered in the next chapters. 

Credit risk management practices (*)

In many countries, Governments have adopted economic support programs (such as tax advantages,

unemployment regulations or guarantees) that we believe will assist ING clients in potential financial

difficulty to manage through these extraordinary times. In addition, various initiatives have been taken to

grant payment holidays, (guaranteed) new money facilities etc. 

Governments in almost all Retail Banking countries have adopted measures providing for payment holidays.

As of end of June, approximately 189,000 customers were granted payment holidays. The total exposure of

loans for which a payment holiday is granted amounts to € 18.1 billion, of which over 55% were for

customers located in the Netherlands and Belgium.

The payment holiday schemes offered in the various countries differ in terms of scope, benefit duration and

key conditions. Generally these schemes offer a 3 or 6 month suspension of principal payment, and in some

instances also of interest payment. The payment holidays are applied to business lending and for mortgages

and consumer loans.

The modification of contractual terms of loans subject to payment holiday arrangements does not

automatically result in derecognition of the financial assets. Where applicable, the carrying amount of the

financial asset has been recalculated as the present value of the renegotiated or modified contractual cash

flows, discounted at the original effective interest rate and a gain or loss was recognized .

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The various measures by governments and ING to alleviate the impact of Covid-19 also impact the loan

classification in terms of forbearance and consequently IFRS 9 staging. In light of this, the EBA has provided

guidelines which define eligibility criteria for a payment holiday arrangement offered to a large group of

customers to be classified as a “general payment moratorium”. The application of such a general payment

moratorium should not lead to a forbearance classification. Therefore it should not automatically trigger

recognition of lifetime ECL either. ING follows the EBA guidelines and when a payment holiday is provided to

a customer as part of a “general payment moratorium”, ING does not consider this measure to classify as

forbearance .

Portfolio quality and concentration

Lending to businesses is diversified over various sectors and countries. The total gross carrying amounts is

composed of approximately 65% business lending and 35% consumer lending. For a detailed breakdown of

ING’s credit risk portfolio by Sector and Geographical area, refer to the section “Credit Risk portfolio”

reported in the ‘Risk management’ section of the 2019 Annual Report on Form 20F.

ING’s total credit outstandings increased significantly compared to year -end 2019 mainly as a result of the

TLTRO III participation through deposits to central banks. This is visible in the next table as investment grade

with AAA rating. For the sectors which were mostly impacted by Covid -19, please refer to the section

“Changes in gross carrying amounts and loan loss provision”.

As described in above section “business environment” governments in various countries have introduced

measures aimed at mitigating the economic consequences of the Covid -19 virus outbreak, especially for

private individuals and small business. These measures have a mitigating effect on the deterioration of the

credit quality of the portfolio. Policies with respect to payment holidays are intended to address short-term

liquidity difficulties for individuals and businesses resulting from the impact of Covid-19. These payment

holidays have led to a reduced number of defaults.

Loan Loss Provisioning (*)

Since 1 January 2018, ING has recognised loss allowances based on the expected credit loss model (ECL) of

IFRS 9, which is designed to be forward -looking. The IFRS 9 impairment requirements are applicable to on-

balance sheet financial assets measured at amortised cost or fair value through other comprehensive income

(FVOCI), such as loans, debt securities and lease receivables, as well as off -balance sheet items such as

undrawn loan commitments, certain financial guarantees, and undrawn committed revolving credit facilities.

The table below describes the portfolio composition over the different IFRS 9 stages and rating classes. The

Stage 1 portfolio represents 91.9% (31 December 2019: 94.0%) of the total gross carrying amounts, mainly

composed of investment grade, while Stage 2 makes up 6.7% (31 December 2019: 4.7%) and Stage 3 makes

up 1.4% (31 December 2019: 1.3%) total gross carrying amounts, respectively.

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Gross Carrying amount per IFRS 9 stage and rating class (*)

1

30 June 2020

12-month ECL (Stage 1)

Lifetime ECL not credit impaired

(Stage 2)

Lifetime ECL credit impaired

(Stage 3)

Total

Rating class

Gross Carrying

Amount

Provisions

Gross Carrying

Amount

Provisions

Gross Carrying

Amount

Provisions

Gross Carrying

Amount

Provisions

Investment grade

1 (AAA)

125,600

5

273

125,873

5

2-4 (AA)

103,608

5

297

103,905

5

5-7 (A)

134,992

23

1,177

1

136,168

24

8-10 (BBB)

296,019

90

7,825

14

303,844

104

Non-Investment grade

11-13 (BB)

171,411

215

17,849

119

189,260

334

14-16 (B)

30,548

210

24,388

496

54,936

706

17 (CCC)

1,421

169

4,676

436

6,097

605

Substandard grade

18 (CC)

4,055

200

4,055

200

19 (C)

2,238

145

2,238

145

NPL grade

20-22 (D)

13,476

3,984

13,476

3,984

Total

863,599

717

62,777

1,412

13,476

3,984

939,852

6,112

1 IAS 37 provisions (EUR 95.4 million) are excluded.

Gross Carrying amount per IFRS 9 stage and rating class (*)

1

31 December 2019

12-month ECL (Stage 1)

Lifetime ECL not credit impaired

(Stage 2)

Lifetime ECL credit impaired

(Stage 3)

Total

Rating class

Gross Carrying

Amount

Provisions

Gross Carrying

Amount

Provisions

Gross Carrying

Amount

Provisions

Gross Carrying

Amount

Provisions

Investment grade

1 (AAA)

75,144

1

75,144

1

2-4 (AA)

82,992

3

28

83,020

3

5-7 (A)

131,931

11

273

132,204

11

8-10 (BBB)

295,449

55

4,905

6

300,354

61

Non-Investment grade

11-13 (BB)

194,643

209

7,925

54

202,568

263

14-16 (B)

36,683

202

18,416

367

55,099

569

17 (CCC)

405

7

4,067

146

4,472

153

Substandard grade

18 (CC)

3,253

160

3,253

160

19 (C)

2,216

148

2,216

148

NPL grade

20-22 (D)

10,955

3,275

10,955

3,275

Total

817,247

490

41,082

881

10,955

3,275

869,284

4,646

1 IAS 37 provisions (EUR 93.3 million) are excluded.

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Changes in gross carrying amounts and loan loss provision (*)

The table below provides a reconciliation by stage of the gross carrying/nominal amount and allowances for

loans and advances to banks and customers, including loan commitments and financial guarantees. The

transfers of financial instruments represents the impact of stage transfers upon the gross carrying/nominal

amount and associated allowance for ECL. This includes the net remeasurement of ECL arising from stage

transfers, for example, moving from a 12-month (stage 1) to a lifetime (stage 2) ECL measurement basis.

The net remeasurement line represents the changes in provisions for facilities that remain in the same stage.

Please note the following comments with respect to the movements observed in the table below for the first

half-year 2020:

•

Stage 3 gross carrying amount increased by €2.5 billion from €10.9 billion as per 31 December 2019

mainly as a result of ING’s introduction of a new definition of default which had an impact of €1.0 billion

and due to developments with respect to certain large individual files. For further background on

implementation of new Definition of Default, please refer to section 1.5 of the Condensed Consolidated

Financial Statements.

•

Stage 2 gross carrying amount increased by €21.6 billion from €41.1 billion as per 31 December 2019.

This is mainly caused by the significant lifetime PD trigger (€8.4 billion), the Watchlist trigger (€4.0

billion), primarily in Wholesale Banking, and to a lesser extent Forbearance (€3.3 billion);

•

Transportation & Logistics, Services, Real Estate and Food, Beverages & Personal Care were the sectors 

particularly impacted by the Covid-19 pandemic, with an increase in Stage 2 amounts of €4.7 billion, €2.1

billion, €2.0 billion and €1.7 billion respectively. These sectors represent 12%, 9%, 9% and 8% of the total

Stage 2 gross carrying amounts respectively.

•

The net remeasurement of loan loss provisions in Stage 1 and Stage 2 of €182 million and €354 million

respectively and the transfer into lifetime ECL of €522 million were significantly impacted by the

worsened macro -economic outlook, including management adjustments of €90 million to reflect the

risks in payment holidays and the impact of oil price decrease on the upstream Reserve Based Lending

book in the US. 

Additional information on macro -economic scenarios is included in the section “Macro -economic

scenarios and sensitivity analysis of key sources of estimation uncertainty”. 

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Changes in gross carrying amounts and loan loss provisions (*)

1,2,3

30 June 2020

12-month ECL (Stage 1)

Lifetime ECL not credit impaired (Stage 2)

Lifetime ECL credit impaired (Stage 3)

Total

Gross carrying

amount

Provisions

Gross carrying

amount

Provisions

Gross carrying

amount

Provisions

Gross carrying

amount

Provisions

Opening balance as at 1 January 2020

817,247

490

41,082

881

10,955

3,275

869,284

4,645

Transfer into 12-month ECL (Stage 1)

7,746

14

-7,401

-126

-346

-8

-120

Transfer into lifetime ECL not credit impaired (Stage 2)

-33,528

-50

33,948

522

-420

-46

426

Transfer into lifetime ECL credit impaired (Stage 3)

-2,136

-20

-2,144

-136

4,280

1,058

900

Net remeasurement of loan loss provisions

182

354

261

797

New financial assets originated or purchased

95,280

146

95,280

146

Financial assets that have been derecognised

-65,966

-43

-4,230

-66

-551

-73

-70,747

-182

Net drawdowns and repayments

44,955

1,522

-9

46,468

Changes in models/risk parameters

–

Increase in loan loss provisions

230

548

1,192

1,970

Write -offs

-433

-433

-433

-433

Recoveries of amounts previously written off

19

19

Foreign exchange and other movements

-2

-17

-70

-89

Closing balance as at 30 June 2020

863,599

717

62,777

1,412

13,476

3,983

939,852

6,112

1 At the end of June 2020, the Gross carrying amounts included loans and advances to central banks (€116.9 billion), loans and advances to banks (€30.7 billion), financial assets at FVOCI (€37.0 billion),

securities at amortised cost (€51.1 billion), loans and advances to customers (€618.4 billion) and financial guarantees (cred it replacement) in scope of IFRS 9 impairment requirements (€112.7 billion) and

excludes receivables related to securities in reverse repurchase transaction (EUR -13.4 billion), cash collateral in respect of derivatives (€-9.4 billion), the value adjustment hedged items (€-0.1 billion),

 a receivable that is offset by a liquidity facility (€-1.5 billion), on-demand bank balances (€-2.7 billion) and other differences amounting to €0.1 billion.

2 Stage 3 Lifetime credit impaired includes €5 million Purchased or Originated Credit Impaired.

3 At the end of June 2020, the stock of provisions included provisions for loans and advances to central banks (€5 million), loans and advances to banks (€13 million), financial assets at FVOCI (€13 million),

securities at amortised cost (€21 million), provisions for loans and advances to customers (€6,029 million) and provisions for contingent liabilities (credit replacements) recorded under Provisions (€30 million).

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Changes in gross carrying amounts and loan loss provisions (*)

1,2,3

31 December 2019

12-month ECL (Stage 1)

Lifetime ECL not credit impaired (Stage 2)

Lifetime ECL credit impaired (Stage 3)

Total

Gross carrying

amount

Provisions

Gross carrying

amount

Provisions

Gross carrying

amount

Provisions

Gross carrying

amount

Provisions

Opening balance as at 1 January 2019

788,537

501

46,949

925

10,758

3,141

846,244

4,568

Transfer into 12-month ECL (Stage 1)

12,856

30

-12,579

-253

-277

-23

-246

Transfer into lifetime ECL not credit impaired (Stage 2)

-21,577

-73

22,382

474

-805

-81

320

Transfer into lifetime ECL credit impaired (Stage 3)

-2,210

-6

-1,753

-135

3,964

1,113

972

Net remeasurement of loan loss provisions

-77

36

283

242

New financial assets originated or purchased

180,605

205

180,605

205

Financial assets that have been derecognised

-126,082

-103

-9,108

-162

-1,659

-137

-136,849

-402

Net drawdowns and repayments

-14,880

-4,807

1

-19,686

Changes in models/risk parameters

15

2

-8

9

Increase in loan loss provisions

-9

-39

1,147

1,099

Write -offs

-1

-1

-2

-2

-1,027

-1,028

-1,030

-1,031

Recoveries of amounts previously written off

55

55

Foreign exchange and other movements

-1

-3

-41

-45

Closing balance as at 31 December 2019

817,247

490

41,082

881

10,955

3,275

869,284

4,646

1 At the end of December 2019, the Gross carrying amounts included loans and advances to central banks (€51.2 billion), loans and advances to banks (€35.1 billion), financial assets at FVOCI (€32.2 billion),

securities at amortised cost (€46.1 billion), loans and advances to customers (€612.6 billion) and financial guarantees (cre dit replacement) in scope of IFRS 9 impairment requirements (€115.7 billion) and

excludes receivables related to securities in reverse repurchase transaction (€-9.9 billion), cash collateral in respect of derivatives (€-10.2 billion), a receivable that is offset by a liquidity facili ty (€-1.3 billion),

de-netting of cash pool balances (€-1.8 billion) and other differences amounting to €-0.3 billion.

2 Stage 3 Lifetime credit impaired includes €1 million Purchased or Originated Credit Impaired.

3 At the end of December 2019, the stock of provisions included provisions for loans and advances to central banks (€1 million), loans and advances to banks (€9 million), financial assets at FVOCI (€10 million),

securities at amortised cost (€10 million), provisions for loans and advan ces to customers (€4,590 million) and provisions for contingent liabilities (credit replacements) recorded under Provisions (€25 million).

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Macro-economic scenarios and sensitivity analysis of key sources of estimation uncertainty (*)

Methodology (*)

Our methodology in relation to the adoption and generation of macroeconomic scenarios is described in the

Risk Management section of the Annual Report on Form 20F 2019. We continue to follow this methodology

in generating our probability-weighted ECL, with consideration of alternative scenarios and management

adjustments supplementing this ECL where, in management's opinion, the consensus forecast does not fully

capture the extent of recent credit or economic events. The macro -economic scenarios are applicable to the

whole ING portfolio in the scope of IFRS9 ECL’s .

Macro -economic scenarios (*)

The provisions are based on the end of June macro -economic consensus forecasts, with the main inputs for

four of our main portfolios in the upside scenario, baseline scenario and downside scenario presented in the

sensitivity table below. The Macro -economic (ME) forecast resulted increased calculated model based

collective provisions. The main driver for the increase is the significant GDP growth deterioration which is

forecasted as result of the Covid-19 crisis, which mainly impacted risk costs in Wholesale Banking. For Retail

portfolios, unemployment rate and house prices are the most important drivers and those did show more

moderate deterioration. Hence the impact of worsened macroeconomic forecasts on the Retail portfolios is

more moderate. 

The macro -economic scenarios reflects how the Covid-19 pandemic, the (reversal of) lockdown measures and

government and central bank support measures potentially can impact the economic outlook. In the

consensus forecast, a rebound in activity is projected to start in the second half of 2020 despite ongoing

containment measures. Nevertheless, the consensus does not expect the major economies to return to pre-

crisis levels until after 2021. Making predictions is difficult as there are still many uncertainties about the

development of the Covid-19 pandemic.

Management adjustments (*)

In times of volatility and uncertainty where the portfolio quality and economic environment is rapidly

changing, models alone may not be able to accurately predict losses. In these cases management

adjustments can be applied to appropriately reflect ECL. Adjustments can also be applied where the impact

of the updated macroeconomic scenarios is over - or under-estimated by the IFRS 9 models.

As mentioned above, per the guidance from EBA, Covid-19 related payment holidays should not be regarded

as an automatic forbearance trigger, and hence, should not automatically trigger recognition of lifetime ECL.

Looking forward, it is expected that the phasing out of the Covid-19 related payment holiday schemes and

other support measures in the second half of 2020 could potentially lead to more business insolvencies and

unemployment. This could lead to more clients that have currently taken payment holidays, getting into

financial difficulties and to higher levels of defaults. To the extent ING believes that this elevated risk is not

yet covered in the IFRS9 models, a management adjustment has been recognised.

This management adjustment has been recognised for SME portfolios as these portfolios are considered to

be most at risk and have the highest percentage of customers requesting payment holidays compared to

other portfolios. ING has recognised a management adjustment of €45 million in Netherlands and €15 million

in Belgium as they are the largest SME portfolios and not significantly impacted by ME forecasts updates.

In addition, as oil price remains volatile, as well as exposed to the impacts of the Covid-19 crisis and subject

to political decisions, ING reco gnised a management adjustment for the upstream oil book of €30 million. 

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Analysis on sensitivity (*)

Based on the above, analysis on the sensitivity of key forward -looking macroeconomic inputs used in the ECL

collective -assessment modelling process and the probability -weights applied to each of the three scenarios is

presented below. The countries included in the analysis are the Group’s most significant geographic regions,

in terms of both gross contribution to reportable ECL, and sensitivity of ECL to forward -looking

macroeconomics. Accordingly, the Group considers these portfolios to present the most significant risk of

resulting in a material adjustment to the carrying amount of financial assets within the next financial year.

The Group also observes that, in general, the Wholesale business is more sensitive to the impact of forward-

looking macroeconomic scenarios.

While the table does give a high-level indication of the sensitivity of the outputs to the different scenarios, it

does not provide insight on the interdependencies and correlations between different macroeconomic

variable inputs. 

Sensitivity analysis (*)

1,2,3

2020

2021

2022

Un-weighted

ECL (Eur mln)

Probability-

weighing

Reportable ECL

(Eur mln)

4

Netherlands

Upside scenario

Real GDP

-6.0

5.2

3.9

476

20%

559

Unemployment

4.9

4.4

3.8

HPI

3.7

14.7

5.3

Baseline Scenario

Real GDP

-6.3

4.0

2.3

536

60%

Unemployment

5.3

5.4

5.4

HPI

-0.2

0.8

3.2

Downside scenario

Real GDP

-6.9

0.6

0.1

708

20%

Unemployment

6.2

7.5

8.3

HPI

-4.4

-14.4

0.3

Sensitivity analysis (*)

1,2,3

2020

2021

2022

Un-weighted

ECL (Eur mln)

Probability-

weighing

Reportable ECL

(Eur mln)

4

Germany

Upside scenario

Real GDP

-5.8

7.1

2.6

518

20%

575

Unemployment

3.7

2.4

1.6

HPI

6.0

7.0

8.5

Baseline Scenario

Real GDP

-6.3

5.3

1.9

558

60%

Unemployment

4.0

3.6

3.2

HPI

4.4

3.2

5.1

Downside scenario

Real GDP

-6.9

1.7

-0.4

681

20%

Unemployment

4.7

5.1

5.2

HPI

0.7

-1.3

1.3

Belgium

Upside scenario

Real GDP

-7.6

6.2

2.8

450

20%

510

Unemployment

8.9

7.7

7.2

HPI

2.8

5.0

4.4

Baseline Scenario

Real GDP

-7.9

4.9

2.3

491

60%

Unemployment

9.2

7.7

7.7

HPI

1.9

3.9

3.5

Downside scenario

Real GDP

-8.5

2.5

1.0

628

20%

Unemployment

10.3

10.2

10.3

HPI

0.7

2.2

2.6

United States

Upside scenario

Real GDP

-5.6

5.3

4.9

205

20%

335

Unemployment

9.8

5.2

2.7

HPI

3.1

6.8

8.8

Baseline Scenario

Real GDP

-5.7

4.2

3.0

285

60%

Unemployment

10.2

6.6

4.7

HPI

2.3

2.8

3.0

Downside scenario

Real GDP

-6.6

0.5

0.7

612

20%

Unemployment

10.9

9.1

8.1

HPI

1.3

-1.9

-3.3

1 Real GDP, in % year -on-year change

2 Unemployment in % of total labour force

3 House Price Index (HPI) in % year-on-year

4 Sensitivity does not include the effect of manual adjustments, which are not material

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The setting of PD threshold bandings requires management judgement, and is a key source of estimation

uncertainty. To demonstrate the sensitivity of the ECL to these PD thresholds bandings, analysis was run on

all collectively -assessed assets, which assumed all assets (Stage 1 and 2) were below the threshold, and

apportioned a 12 month ECL. On ING Group level, the total ECL collective -assessment for performing assets is

€2,129 million (2019: €1,291 million). On the same asset base, analysis was run which assumed all performing

assets were above the threshold, and apportioned a lifet ime ECL. This gave rise to a hypothetical collective-

assessment ECLs €1,636 million (2019: €866 million) and €3,409 million (2019: €2,665 million) respectively.

Please note that in this analysis all other ECL risk parameters (except for the stage) were kep t equal. 

It should be noted that the lifetime PD thresholds are not the only drivers of stage allocation. An asset can

change stages as a result of being in arrears, on a Watch List or being forborne, among other triggers.

Market risk in trading books(*)

Sensitivities (*)

As part of the risk monitoring framework, ING actively monitors the daily changes of sensitivities of the

trading portfolios. Sensitivities measure the impact of movements in individual market risk factors (foreign

exchange rates, interest rates, credit spreads, equity, and commodity prices) on profit and loss results of the

trading positions and portfolios. 

The following tables show the five largest trading positions in terms of sensitivities to foreign exchange,

interest rate and credit spread risk factor movements. These largest exposures also reflect concentrations of

risk in FX risk per currency, IR risk per currency, and Credit Spread risk per country and rating and sector. Due

to the nature of the trading portfolios, positions in the portfolios can change significantly from day to day,

and sensitivities of the portfolios can change daily accordingly.

Most important foreign exchange trading positions (*)

amounts in EUR millions

30 June 2020

31 December

2019

Foreign exchange

Foreign exchange

US Dollar

127

US Dollar

116

Great Britain Pound

-37

Chinese Yuan Renminbi

–21

Chinese Yuan Renminbi

27

South Korean Won

20

Japanese Yen

-26

Brazilian Real

–15

Switzerland Franc

-24

Japanese Yen

–10

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Most important interest rate and credit spread sensitivities (*)

amounts in EUR thousands

30 June 2020

31 December

2019

Interest Rate (BPV)

 1

Interest Rate (BPV)

 1

Euro

-1,280

Euro

–740

US Dollar

-745

US Dollar

–325

Great -Britain Pound

-154

Russian Ruble

–105

Japanese Yen

-92

Great -Britain Pound

–68

Australian Dollar

-66

Australian Dollar

–31

Credit Spread (CSO1)

 2

Credit Spread (CSO1)

 2

Germany

153

United States

360

United States

109

Germany

163

Republic of Korea

-58

France

117

Indonesia

42

Russian Federation

73

United Kingdom

40

United Kingdom

72

1 Basis Point Value (BPV) measures the impact on value of a 1 basis point increase in interest rates. The figures include commodity risk in

banking books.

2 Credit Spread Sensitivity (CS01) measures the impact on value of a 1 basis point increase in credit spreads. Exposures to supranational

institutions are not assigned to a specific country.

Credit spread sensitivities per risk class and sector (excluding sovereign exposures) (*)

30 June 2020

31 December 2019

amounts in EUR thousands

Corporate

Financial

Institutions

Corporate

Financial

Institutions

Credit Spread (CSO1)

 1

Risk classes

1 (AAA)

1

-3

1

–1

2–4 (AA)

21

-64

–15

–63

5–7 (A)

56

-50

143

32

8–10 (BBB)

207

-24

273

1

11–13 (BB)

57

-4

148

9

14–16 (B)

20

-2

51

1

17–22 (CCC and NPL)

3

26

Not rated

Total

365

-147

626

–21

1 Credit Spread Sensitivity (CS01) measures the impact on value of a 1 basis point increase in credit spreads.

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Other risks and uncertainties

Because we are a financial services company conducting business on a global basis, our revenues and

earnings are affected by the volatility and strength of the economic, business, liquidity, funding and capital

markets environments specific to the geographic regions in which we conduct business. The ongoing

turbulence and volatility of such factors have adversely affected, and may continue to adversely affect, the

profitability, solvency and liquidity of our business. 

Factors such as interest rates, securities prices, credit ratings, credit spreads, liquidity spreads, exchange

rates, effects of the Covid-19 pandemic, consequences of the United Kingdom’s withdrawal from the

European Union, changes to ‘benchmark’ indices, consumer spending, changes in client behaviour, business

investment, real estate values and private equity valuations, government spending, inflation or deflation, the

volatility and strength of the capital markets, political events and trends, non-compliance with (or changes) in

laws and re gulations, climate change, terrorism, as well as inability to protect our intellectual property and

infringement claims by third parties, to achieve our strategy or to retain key personnel may all impact the

business and economic environment and, ultimately, our solvency, liquidity and the amount and profitability

of business we conduct in a specific geographic region. 

Additional risks of which the ING is not presently aware, or that are currently viewed as less material than the

risks described above, could also affect the business operations of ING and have a material adverse effect on

ING’s business activities, financial condition, results of operations and prospects. For more information on

risks, please refer to “Other information and appendices - Risk Factors” in the Annual Report on Form 20-F of

ING Group for the year ended December 31, 2019."

Developments on KYC

In the first half year of 2020, as part of this process, the Risk Committee and the Supervisory Board spent

considerable time discussing, among other things, the progress in the bank-wide Know Your Customer

Enhancement Programme.

The KYC Enhancement Programme encompasses all client segments in all ING business units. The programme

consists of three parts: (a) look-back analysis on past deficiencies in post -transaction monitoring. The look-

back analysis consists of screening of transactions executed in the past. In case unusual transactions are

identified, ING is committed to following the applicable reporting process; (b) enhancement of customer due

diligence files with the aim to document sufficiently the knowledge the bank has about its clients in the line

with past and new requirements; (c) structural solutions that should support getting sustainably better in

addressing money laundering risks in our portfolio and complying with laws and regulations. 

The structural solutions comprise five pillars: 

●

Development and global roll -out of KYC risk appetite statements, KYC risk assessments on clients,

capability structure and maturity assessments; 

●

Development and global roll -out of a bank-wide KYC digital service platform;

●

Translation of risk assessment outcomes into scenarios and alert definitions that can be applied in

transaction monitoring;

●

Set up central KYC organisation that defines standards and drives global execution and improvements;

and

●

Develop and rollout KYC communication and awareness initiatives and set up a behavioural risk

department that performs risk assessments.

In the first half-year 2020, ING continued to make progress in executing the Global KYC Enhancement

Program. Several workstreams have delivered on their commitments and further improvement activities are

now embedded in continuous improvement cycles in regular operations. Key achievements in the past

months include among others:

●

the adjusted Global KYC organisation started on 1st February with the establishment of three pillars -

Customer Due Diligence, Transac tion Monitoring and Screening – to enhance end-to-end steering and

ownership;

●

the adoption of ING’s 2020 Global KYC RAS, which includes a number of inclusions set for high risk

client relationships; and

●

the partnership with the Association of Certified Ant i-Money Laundering Specialists (ACAMS) to rollout

their internationally recognised and certified KYC training for ING employees .

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ING Group Interim financial report on form 6-K for the period ended 30 June 2020 - Unaudited

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IBOR Transition 

Interbank offered rates, such as EURIBOR and LIBOR, are widely used as benchmarks to set interest rates

across a broad range of financial products and contracts. In line with recommendations from the Financial

Stability Board, a fundamental review and reform of the major interest rates benchmarks has been

undertaken. For the Eurozone, this led to a reform of the EURIBOR benchmark rate and development of €STR

as the recommended new nearly risk-free-rate (RFR) to replace EONIA. For LIBOR benchmarks, the reform

will include replacing interest rate benchmarks with alternative, nearly risk-free rates. This process is at

different stages, and is progressing at different speeds, across several major currencies. 

ING Bank has exposure to IBORs through various products in all of its business lines (wholesale banking, retail

banking, business banking) and exposure relating to the associated funding and hedging activities including

debt issuance, the interest rate risk position, holdings of investment securities, etc. ING has established a

global IBOR Transition Program to manage the transition. The program performs the assessment and actions

necessary to manage a smooth transition to RFRs within all internal processes and systems, including pricing,

risk management, legal documentation, hedge arrangements, as well as any impact on customers. 

The Covid-19 virus outbreak has impacted the progress in a number of interim industry developments

intended to aid transition. However, the key industry working groups are active and the FCA has reiterated

that the working assumption that LIBOR cannot be assumed to be available beyond the end of 2021 remains. 

ING is proactively reaching out to industry participants, counterparties and clients to create awareness and

offer support on the upcoming transition. 

At ING, progress has been made in H1 2020 on the IBOR execution activities in all Business Lines of the bank.

The program has a robust governance in place, with progress being tracked by business line Steering

committees reporting into the central IBOR Steering committee. ING is well on track to meet the external

milestones of 2020 and finalizing detailed roadmaps and resource planning for implementation in 2021. ING

is monitor ing market developments closely, as there remain some uncertainties in the industry.

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ING Group Interim financial report on form 6-K for the period ended 30 June 2020 - Unaudited

25

Condensed consolidated statement of financial position

in EUR million

30

June

2020

31

December

2019

30

June

2020

31

December

2019

Assets

Liabilities

Cash and balances with central banks

118,971

53,202

Deposits from banks

 8

78,649

34,826

Loans and advances to banks

30,664

35,136

Customer deposits

605,633

574,355

Financial assets at fair value through profit or loss

 2

111,110

96,187

Financial liabilities at fair value through profit or loss

 9

90,641

77,942

Financial assets at fair value through other comprehensive income

 3

38,993

34,468

Current tax liabilities

387

554

Securities at amortised cost

 4

51,085

46,108

Deferred tax liabilities

499

322

Loans and advances to customers

 5

612,387

608,029

Provisions

566

688

Investments in associates and joint ventures

 6

1,775

1,790

Other liabilities

14,879

12,829

Property and equipment

3,086

3,172

Debt securities in issue

 10

121,138

118,528

Intangible assets

 7

1,586

1,916

Subordinated loans

 11

16,697

16,588

Current tax assets

515

251

Total liabilities

929,091

836,631

Deferred tax assets

1,548

1,242

Other assets

9,543

7,018

Equity

 12

Share capital and share premium

17,128

17,117

Other reserves

3,616

4,013

Retained earnings

30,406

29,866

Shareholders’ equity (parent)

51,149

50,996

Non-controlling interests

1,022

893

Total equity

52,171

51,889

Total assets

981,262

888,520

Total liabilities and equity

981,262

888,520

References relate to the accompanying notes. These are an integral part of the Condensed consolidated Interim financial statements.

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ING Group Interim financial report on form 6-K for the period ended 30 June 2020 - Unaudited

26

Condensed consolidated statement of profit or loss 

for the periods ended 30 June

6 month period

1 January to 30 June

1 January to 30 June

in EUR million

2020

2019

2020

2019

Continuing operations

Interest income using effective interest rate method

10,935

12,799

Addition to loan loss provisions

 5

1,998

416

Other interest income

1,026

1,610

1

Staff expenses

2,923

2,811

Total interest income

11,962

14,410

Other operating expenses

2,703

2,427

Total expenses

7,623

5,654

Interest expense using effective interest rate method

–4,160

–5,880

Other interest expense

–925

–1,633

1

Result before tax from continuing operations

1,065

2,493

Total interest expense

–5,085

–7,513

Taxation

438

740

Net interest income

13

6,877

6,896

Net result from continuing operations

626

1,754

Net fee and commission income

14

1,506

1,386

Net result (before non-controlling interests)

626

1,754

Valuation results and net trading income

15

–4

–489

Net result attributable to Non-controlling interests

36

47

Investment income

40

58

Net result attributable to shareholders of the parent

591

1,707

Other income

2

 16

269

296

Total income

8,688

8,148

1 Prior period amounts in other interest income and other interest expense have been updated to improve consistency and

comparability.

2 Other income includes Result from associates and joint ventures, Result on disposal of group companies, Net result on

derecognition of financial assets at amortised cost and Other.

References relate to the accompanying notes. These are an integral part of the Condensed consolidated Interim

financial statements.

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27

Condensed consolidated statement of profit or loss – continued

1 January to 30 June

in EUR

2020

2019

Earnings per ordinary share

17

Basic earnings per ordinary share

0.15

0.44

Diluted earnings per ordinary share

0.15

0.44

Earnings per ordinary share from continuing operations

17

Basic earnings per ordinary share from continuing operations

0.15

0.44

Diluted earnings per ordinary share from continuing operations

0.15

0.44

Dividend per ordinary share

–

0.24

References relate to the accompanying notes. These are an integral part of the Condensed consolidated Interim financial

statements.

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Condensed consolidated statement of comprehensive income

6 month period

1 January to 30 June

in EUR million

2020

2019

Net result (before non-controlling interests)

626

1,754

Other comprehensive income

Items that will not be reclassified to the statement of profit or loss:

Realised and unrealised revaluations property in own use

11

36

Remeasurement of the net defined benefit asset/liability

84

–23

Net change in fair value of equity instruments at FVOCI

–311

201

Net change in fair value of own credit risk of financial liabilities at FVPL

11

–91

Items that may subsequently be reclassified to the statement of profit or loss:

Net change in fair value of debt instruments at FVOCI

–81

1

Realised gains/losses on debt instruments at FVOCI reclassified to the statement of profit

or loss

–27

–36

Changes in cash flow hedge reserve

644

861

Exchange rate differences

–691

–116

Share of other comprehensive income of associates and joint ventures and other income

2

–2

Total comprehensive income

268

2,585

Comprehensive income attributable to:

Non-controlling interests

134

86

Shareholders of the parent

135

2,500

268

2,585

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29

Condensed consolidated statement of changes in equity

in EUR million

Share

capital and

share

premium

Other

reserves

Retained

earnings

Share-

holders'

equity

(parent)

Non-

controlling

interests

Total

equity

Balance as at 31 December 2019

17,117

4,013

29,866

50,996

893

51,889

Net change in fair value of equity instruments at fair value through other comprehensive income

–310

–2

–312

–

–311

Net change in fair value of debt instruments at fair value through other comprehensive income

–76

–76

–5

–81

Realised gains/losses on debt instruments at fair value through other comprehensive income reclassified to the statement of profit or loss

–27

–27

–1

–27

Changes in cash flow hedge reserve

501

501

144

644

Realised and unrealised revaluations property in own use

9

2

11

–

11

Remeasurement of the net defined benefit asset/liability

84

84

–

84

Exchange rate differences and other

–650

–650

–41

–691

Share of other comprehensive income of associates

and joint ventures and other income

54

–52

2

–

2

Change in fair value of own credit risk of financial liabilities at fair value through profit or loss

11

11

–

11

Total amount recognised directly in other comprehensive income net of tax

–

–404

–52

–456

98

–358

Net result

–

–

591

591

36

626

Total comprehensive income net of tax

–

–404

539

135

134

268

Dividends

–3

–3

Changes in treasury shares

–

6

–

6

–

6

Employee stock option and share plans

11

–

1

12

–

12

Changes in the composition of the group and other changes

–1

–1

Balance as at 30 June 2020

17,128

3,616

30,406

51,149

1,022

52,171

Changes in individual Reserve components are presented in Note 12 ‘Equity’.

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Condensed consolidated statement of changes in equity - continued

in EUR million

Share

capital and

share

premium

Other

reserves

Retained

earnings

Share-

holders'

equity

(parent)

Non-

controlling

interests

Total

equity

Balance as at 31 December 2018

17,088

3,621

28,339

49,049

803

49,851

Net change in fair value of equity instruments at fair value through other comprehensive income

–123

322

199

2

201

Net change in fair value of debt instruments at fair value through other comprehensive income

–

–

–

1

Realised gains/losses on debt instruments at fair value through other comprehensive income reclassified to the statement of profit or loss

–34

–34

–1

–36

Changes in cash flow hedge reserve

830

830

31

861

Realised and unrealised revaluations property in own use

29

7

36

–0

36

Remeasurement of the net defined benefit asset/liability

–23

–23

–23

Exchange rate differences and other

–121

–121

6

–116

Share of other comprehensive income of associates and joint ventures and other income

127

–129

–2

–

–2

Change in fair value of own credit risk of financial liabilities at fair value through profit or loss

–91

–91

–91

Total amount recognised directly in other comprehensive income net of tax

593

200

793

38

832

Net result

–

1,707

1,707

47

1,754

Total comprehensive income net of tax

593

1,906

2,500

86

2,585

Dividends

–1,714

–1,714

–27

–1,741

Changes in treasury shares

3

3

3

Employee stock option and share plans

27

–3

25

–

25

Balance as at 30 June 2019

17,116

4,218

28,528

49,862

862

50,723

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Condensed consolidated statement of cash flows

1 January to 30 June

1 January to 30 June

in EUR million

2020

2019

2020

2019

Cash flows from operating activities

Disposals and redemptions:

– Associates and joint ventures

12

6

Result before tax

1,065

2,493

- Financial assets at fair value through other comprehensive income

8,523

8,982

Adjusted for:

– Depreciation and amortisation

402

388

- Securities at amortised cost

11,547

7,441

– Addition to loan loss provisions

1,998

416

– Property and equipment

4

71

– Other non-cash items in Result before tax

1,285

53

– Loans sold

–

401

Taxation paid

–1,149

–1,583

– Other investments

8

1

Changes in:

– Net change in Loans and advances to/from banks, not

available/payable on demand

51,912

–3,434

Net cash flow from/(used in) investing activities

–9,627

2,346

– Net change in Trading assets and Trading liabilities

3,208

–1,707

– Loans and advances to customers

–9,865

–17,670

Cash flows from financing activities

– Customer deposits

34,416

15,297

Proceeds from debt securities

48,565

54,835

– Other

–5,849

9,502

Repayments of debt securities

–46,335

–57,088

Net cash flow from/(used in) operating activities

77,422

3,754

Proceeds from issuance of subordinated loans

2,165

1,089

Repayments of subordinated loans

–2,608

–933

Cash flows from investing activities

Repayments of principal portion of lease liabilities

–132

–123

Investments and advances:

- Acquisition of subsidiaries, net of cash acquired

–

–17

Purchase/sale of treasury shares

6

8

- Associates and joint ventures

–10

–60

Dividends paid

–3

–1,714

- Financial assets at fair value through other comprehensive

income

–13,095

–7,765

Other financing

–

- Securities at amortised cost

–16,306

–6,395

Net cash flow from/(used in) financing activities

1,658

–3,926

– Property and equipment

–144

–135

– Other investments

–165

–184

Net cash flow

69,453

2,174

Cash and cash equivalents at beginning of year

54,031

47,529

Effect of exchange rate changes on cash and cash equivalents

–192

–53

Cash and cash equivalents at end of year

123,292

49,650

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Condensed consolidated statement of cash flows - continued

Cash and cash equivalents

30

June

2020

30

June

2019

Treasury bills and other eligible bills

170

94

Deposits from banks/Loans and advances to banks

4,151

–2,615

Cash and balances with central banks

118,971

52,171

Cash and cash equivalents at end of year

123,292

49,650

The increase in Cash and Cash Equivalents by EUR 69 billion in the 6 month period up to 30 June 2020 to EUR 

123 billion were mainly driven by ING’s participation of EUR 55 billion in the targeted longer -term refinancing

operations (TLTRO III) in June, which were mainly placed on deposit with the ECB as at 30 June (reported as

Cash and balances with Central Banks) and by increased customer deposits.

The table below presents the Interest and dividend received and paid.

1 January to 30 June

2020

2019

Interest received

12,287

14,784

Interest paid

–5,504

–7,575

6,784

7,208

Dividend received

1

23

67

Dividend paid

–3

–1,714

1.

Includes dividends received as recognized within Investment Income, from equity securities included in the Financial assets at fair value

through profit or loss, Financial assets at fair value through OCI, and from Investments in associates and joint ventures. Dividend paid

and received from trading positions have been included.

Interest received, interest paid and dividends received are included in operating activities in the Condensed

consolidated statement of cash flows. Dividend paid is included in financing activities in the Condensed

consolidated statement of cash flows.

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Notes to the Condensed consolidated interim financial statements

1

Basis of preparation and accounting policies

1.1

Reporting entity 

ING Groep N.V. is a company domiciled in Amsterdam, the Netherlands. Commercial Register of Amsterdam,

number 33231073. These Condensed consolidated interim financial statements, as at and for the six months

period ended 30 June 2020, comprise ING Groep N.V. (the Parent company) and its subsidiaries, together

referred to as ING Group. ING Group is a global financial institution with a strong European base, offering a

wide range of retail and wholesale banking services to customers in over 40 countries. 

1.2 Basis of prepa ration of the Condensed consolidated interim financial statements 

The ING Group Condensed consolidated interim financial statements have been prepared in accordance with

International Accounting Standard 34 ‘ Interim Financial Reporting’. The accounting policies used to prepare

the Condensed consolidated interim financial statements are consistent with International Financial

Reporting Standards as issued by the International Accounting Standards Board (IFRS -IASB) and are

consistent with those set out in the notes to the 2019 Consolidated financial statements as included in the

Annual Report on Form 20-F of ING Group except for the adoption of a number of amendments effective in

2020 as set out in Note 1.3 ‘Changes to accounting policies’.

The Condensed consolidated interim financial statements should be read in conjunction with ING Group’s

2019 Consolidated financial statements as included in the Form 20-F.

The ING Group Condensed consolidated interim financial statements have been prepared on a going concern

basis.

The Condensed consolidated interim financial statements are presented in euros and rounded to the nearest

million, unless stated otherwise. Amounts may not add up due to rounding.

1.2.1 Presentation of Risk management disclosures

Certain disclosures of the nature and extent of risks related to financial instruments as disclosed in the 2019

ING Group Consolidated financial statements and included in the 2019 ING Group Annual Report on Form 20-

F are updated due to the Covid-19 developments in the first six months of 2020.

Although these disclosures are included in the ‘Risk management’ section, they are an integral part of the

ING Group Condensed consolidated interim financial statements. The disclosures are indicated by the symbol

(*).

1.2.2 Reconciliation between IFRS -EU and IFRS -IASB

ING Group also publishes its Consolidated financial statements and Condensed consolidated interim financial

statements based on IFRS -EU. IFRS -EU refers to International Financial Reporting Standards (‘IFRS’) as

adopted by the European Union (EU), including the decisions ING Group made with regard to the options

available under IFRS as adopted by the EU. IFRS -EU differs from IFRS -IASB in respect of certain paragraphs in

IAS 39 ‘Financial Instruments: Recognition and Measurement’ regarding hedge accounting for portfolio

hedges of intere st rate risk. Under IFRS 9, the IAS 39 hedge accounting principles can be applied.

Under IFRS -EU, ING Group applies fair value hedge accounting for portfolio hedges of interest rate risk (fair

value macro hedges) in accordance with the EU carve -out versio n of IAS 39. Under the EU IAS 39 carve -out,

hedge accounting may be applied, in respect of fair value macro hedges, to core deposits and hedge

ineffectiveness is only recognised when the revised estimate of the amount of cash flows in scheduled time

buckets falls below the original designated amount of that bucket and is not recognised when the revised

amount of cash flows in scheduled time buckets is more than the original designated amount. Under IFRS-

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IASB, hedge accounting for fair value macro hedges cannot be applied to core deposits and ineffectiveness

arises whenever the revised estimate of the amount of cash flows in scheduled time buckets is either more or

less than the original designated amount of that bucket.

This information is prepared by rever sing the hedge accounting impacts that are applied under the EU ‘carve-

out’ version of IAS 39. Financial information under IFRS -IASB accordingly does not take account of the

possibility that had ING Group applied IFRS -IASB as its primary accounting framework it might have applied

alternative hedge strategies where those alternative hedge strategies could have qualified for IFRS -IASB

compliant hedge accounting. These decisions could have resulted in different shareholders’ equity and net

result amounts compared to those indicated in this Condensed consolidated interim financial statements on

Form 6-K.

Both IFRS -EU and IFRS -IASB differ in several areas from accounting principles generally accepted in the

United States of America (US GAAP)

A reconciliation between IFRS -EU and IFRS -IASB is included below.

Reconciliation net result under IFRS-EU and IFRS -IASB

1 January to 30 June

2020

2019

In accordance with IFRS -EU

969

2,556

Adjustment of the EU IAS 39 carve-out

–493

–1,093

Tax effect of the adjustment

115

243

Effect of adjustment after tax

–379

–850

In accordance with IFRS -IASB (attributable to the shareholders of the parent)

591

1,707

Non-controlling interests

36

47

In accordance with IFRS -IASB Total net result

626

1,754

Reconciliation shareholders’ equity under IFRS -EU and IFRS -IASB

30

June

2020

31

December

2019

In accordance with IFRS -EU

54,305

53,769

Adjustment of the EU IAS 39 carve-out

–4,157

–3,658

Tax effect of the adjustment

1,001

885

Effect of adjustment after tax

–3,156

–2,773

Shareholders’ equity

51,149

50,996

Non-controlling interests

1,022

893

In accordance with IFRS -IASB Total Equity

52,171

51,889

In the first six months of 2020 interest rates decreased, resulting in a positive hedge accounting impact related

to the EU IAS 39 carve-out. The difference in net result is fully reflected in the segment Wholesale Banking.

1.3 Changes to accounting policies 

ING Group has consistently applied its accounting policies to all periods presented in these Condensed

consolidated interim financial statements, except for amendments that became effective in 2020.

1.3.1 Changes in IFRS effective in 2020

A number of amended standards became applicable for the current reporting period with no significant

impact on ING Group’s accounting policies, ING Group’s results or financial position. 

The list of amendments effective in the current period and applicable for ING Group:

•

Amendments to IAS 39 ‘ Financial Instruments: Recognition and Measurements’ and IFRS 7 ‘ Financial

Instruments: Disclosures’: ‘IBOR Reform and its Effects on Financial Reporting – Phase 1’ (issued on 26

September 2019 and early adopted by ING in 2019);

•

Amendments to IFRS 3 ‘Business Combinations’: Definition of a Business (issued on 22 October 2018);

•

Amendments to IAS 1 and IAS 8: ‘Definition of Materi al’ (issued on 31 October 2018); and

•

Amendments to References to the Conceptual Framework in IFRS Standards (issued on 29 March 2018).

In May 2020 the IASB also issued amendments to IFRS 16 ‘Leases’: ‘Covid -19-Related Rent Concessions’ to

provide lessees with an exemption from assessing whether a Covid-19-related rent concession is a lease

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modification. The amendments are effective for annual reporting periods beginning on or after 1 June 2020,

with earlier application permitted (including financial statements not yet authorised for issue at 28 May

2020) and are also available for interim reports. The amendments will not have material impact on ING

Group’s accounting policies, ING Group’s results or financial position.

ING Group has not early adopted any standard, interpretation or amendment (including the above

mentioned IFRS 16 amendments) which has been issued, but is not yet effective. 

For further information, reference is made to Note 1 ‘Basis of preparation and accounting policies, 1.4.2

Upcoming changes in IFRS after 2019’ in the 2019 ING Group Consolidated financial statements as included in

the Form 20-F.

1.4 Significant judgments and critical accounting estimates and assumptions

The preparation of the Condensed consolidated interim financial statements requires management to make

judgements in the process of applying its accounting policies and to use estimates and assumptions. The

estimates and assumptions affect the reported amounts of the assets and liabilities and the amounts of the

contingent assets and contingent liabilities at the balance sheet date, as well as reported income and

expenses for the period. The actual outcome may differ from these estimates. The process of setting

assumptions is subject to internal control procedures and approvals. 

As discussed in Note 1.5 ‘ Significant judgements and critical accounting estimates and assumptions’ of the

2019 ING Group Consolidated financial statements as included in the Form 20-F, ING Group has identified the

following 3 areas that require management to make significant judgements and use critical accounting

estimates and assumptions based on the information and financial data that may change in future periods:

•

The determination of the fair values of financial assets and liabilities;

•

Loan loss provisions; and

•

Provisions.

These areas continue to be relevant for these Condensed consolidated interim financial statements, and, in

particular, an increased level of estimation uncertainty is observed for Loan loss provisions due to Covid-19

outbreak and determination of the fair values of financial assets and liabilities due to market developments

in the first six months of 2020. 

In addition to the disclosures in the 2019 Annual Report on Form 20-F, the increased uncertainty for Loan loss

provisions from Covid-19 manifested itself in the following key areas: the uncertainty around macroeconomic

forecasts and the period and duration of the economic recovery path; uncertainty around determining when

there has been a significant increase in credit risk, especially in the light of government measures such as

payment holidays where traditional risk drivers in ECL models based on payment behaviour can be ineffective

as these clients are not required to make regular payments and limited (if any) information is available. For

further discussion and details of the significant judgements and critical accounting estimates and

assumptions relating to the Loan loss provisions, reference is made to paragraph ‘Loan loss provisioning’ in

the ‘Risk management’ section of the interim report.

In light of uncertainties due to Covid-19, the assessment of impairment of non-financial assets became a new

area of critical accounting estimates in the first six months of 2020. For ING it mainly related to the

assessment for potential impairment of goodwill and an investment in associate (TMB), which involves

estimation of their recoverable amounts. Recoverable amounts are sensitive to the assumptions used and

their estimation becomes particularly judgmental in light of uncertainties due to Covid-19. The projected cash

flows, discount rates and growth rates are particularly relevant and the sensitivity of the recoverable

amounts to these assumptions is described in Note 7 ‘Intangible assets’ and Note 6 ‘Investments in associates

and joint ventures’. 

1.5 Other developments 

ING has historically aligned the Definition of Default for regulatory purposes with the definition of ‘credit-

impaired’ financial assets under IFRS 9 (Stage 3). To comply with new regulatory technical standards (RTS)

and EBA guidelines ING updated its Definition of Default in the first quarter of 2020. Consequently, ING

updated this definition also for IFRS 9 purposes. From an accounting perspective, this represents a change in

accounting estimate. This change had no material impact on the Expected Credit Losses but impacted the

migration of assets mainly between Stage 2 and Stage 3 resulting in an increase in Stage 3 assets. For more

details on this impact, reference is made to paragraph ‘Loan loss provisioning’ in the ‘Risk management’

section of the interim report.

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Notes to the Condensed consolidated statement of financial position

2 Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss

30

June

2020

31

December

2019

Trading assets

53,781

49,254

Non-trading derivatives

2,488

2,257

Designated at fair value through profit or loss

3,700

3,076

Mandatorily measured at fair value through profit or loss

51,142

41,600

111,110

96,187

Trading assets include assets that are classified under IFRS as Trading, but are closely related to servicing the

needs of the clients of ING Group. ING offers institutional clients, corporate clients, and governments,

products that are traded on the financial markets. 

A significant part of the derivatives in the trading portfolio is related to servicing corporate clients in their risk

management to hedge for example currency or interest rate exposures. In addition, ING provides its

customers access to equity and debt markets for issuing their own equity or debt securities (securities

underwriting).

Part of the trading assets are sold subject to repurchase agreements, securities lending and similar

agreements comparable to collateralised lending, and continue to be recognised in the consolidated

statement of financial position. 

From a risk perspective, the gross amount of trading assets must be considered together with the gross

amount of trading liabilities, which are presented separately on the statement of financial position since IFRS

does not always allow netting of these positions in the stateme nt of financial position.

As at 30 June 2020, Trading Assets include Loans and receivables of EUR 14,344 million (31 December 2019:

EUR 11,969 million) with regard to reverse repurchase transactions.

Reference is made to Note 9 ‘Financial liabilities at fair value through profit or loss’ for information on trading

liabilities.

Financial assets ‘Mandatorily measured at fair value through profit or loss’ mainly include reverse repurchase

agreements. The related repurchase financial liabilities are classified as financial liabilities ‘Designated at fair

value through profit or loss’. As at 30 June 2020, Financial assets mandatorily measured at fair value through

profit or loss include Loans and receivables of EUR 49,048 million (31 December 2019: EUR 38,985 million)

with regard to reverse repurchase transactions.

3 Financial assets at fair value through other comprehensive income

Financial assets at fair value through other comprehensive income by type

30

June

2020

31

December

2019

Equity securities

1,998

2,306

Debt securities

1

35,650

30,483

Loans and advances

1

1,345

1,680

38,993

34,468

1 Debt securities include an amount of EUR -10 million (31 December 2019: EUR -7 million) and the Loans and advances includes EUR -3

million (31 December 2019: EUR -3 million) of Loan loss provisions.

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Exposure to equity securities

Equity securities designated as at fair value through other comprehensive income

Carrying

value

Dividend

income

Carrying

value

Dividend

income

30

June

2020

30

June

2020

31

December

2019

31

December

2019

Investment in Bank of Beijing

1,704

–

2,001

93

Other Investments

294

2

305

18

1,998

2

2,306

111

For strategic equity securities, ING decided to apply the option to irrevocably designate these investments at

fair value through other comprehensive income, instead of the IFRS 9 default measurement of fair value

through profit or loss. 

As at 30 June ING holds approximately 13% (31 December 2019: 13%) of the shares of Bank of Beijing, a bank

listed on the stock exchange of Shanghai. As per regulatory requirements set by China Banking and Insurance 

Regulatory Commission, ING, as a shareholder holding more than 5% or more of the shares, is required to

supply additional capital when necessary. No request for additional capital was received as per 30 June 2020

(2019: nil).

Changes in fair value through other comprehensive income

The following table presents changes in financial assets at fair value through other comprehensive income.

Changes in fair value through other comprehensive income financial assets

FVOCI equity securities

FVOCI debt instruments

1

Total

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

Opening balance as at 1 January

2,306

3,228

32,163

27,995

34,468

31,223

Additions

9

11

13,087

16,259

13,095

16,270

Amortisation

32

–12

32

–12

Transfers and reclassifications

1

3

–

–0

1

3

Changes in unrealised revaluations

2

–289

139

611

258

322

397

Impairments

–0

–2

–0

–2

Reversals of impairments

–3

1

–3

1

Disposals and redemptions

–1

–1,091

–8,524

–12,298

–8,526

–13,389

Exchange rate differences

–27

15

–369

–40

–396

–25

Changes in the composition of the group and other

changes

–0

–

–0

2

–0

3

Closing balance

1,998

2,306

36,995

32,163

38,993

34,468

1 Fair value through other comprehensive income debt instruments includes both debt securities and loans and advances.

2 Changes in unrealised revaluations include changes on hedged items which are recognised in the statement of profit or loss.

In the first six months of 2020, changes in unrealised revaluations of equity securities decreased mainly

related to negative revaluation of the stake in Bank of Bejing following a sharp decline in share price (EUR -

271 million).

In the first quarter of 2019, ING sold its last tranche of shares in India’s Kotak Mahindra Bank (Kotak) for EUR

880 million. The transaction, for a stake of 3.07%, concluded the divestment process and was the main driver

for the ‘disposal’ line in 2019.

Reference is made to Note 4 ‘Securities at amortised cost’ for details on ING Group’s total exposure to debt

securities.

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4 Securities at amortised cost

Securities at amortised cost fully consist of Debt securities.

ING Group’s total exposure to debt securities is included in the following lines in the statement of financial

position:

Exposure to debt securities

30

June

2020

31

December

2019

Debt securities at fair value through other comprehensive income

35,650

30,483

Debt securities at amortised cost

51,085

46,108

Debt securities at fair value through other comprehensive income and amortised cost

86,735

76,592

Trading assets

6,852

6,256

Debt securities at fair value through profit or loss

3,643

3,067

Total debt securities at fair value through profit or loss

10,496

9,323

97,230

85,914

ING Group’s total exposure to debt securities (excluding debt securities held in the trading portfolio) of EUR 

90,378 million (31 December 2019: EUR 79,659 million) is specified as follows:

Debt securities by type of exposure

Debt Securities

at FVPL

Debt Securities

at FVOCI

Debt Securities

at AC

Total

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

Government bonds

148

408

24,679

20,300

28,427

25,627

53,254

46,334

Sub -sovereign, Supranationals

and Agencies

1,413

505

7,862

6,606

13,006

10,689

22,281

17,801

Covered bonds

1,986

1,734

6,669

6,960

8,655

8,693

Corporate bonds

325

476

137

143

462

619

Financial institutions' bonds

1,353

1,440

377

332

1,933

1,536

3,663

3,308

ABS portfolio

730

714

431

1,043

934

1,163

2,095

2,920

3,643

3,067

35,660

30,491

51,106

46,118

90,409

79,676

Loan loss provisions

–10

–7

–21

–10

–31

–17

Bond portfolio

3,643

3,067

35,650

30,483

51,085

46,108

90,378

79,659

Approximately 88% (31 December 2019: 90%) of the exposure in the ABS portfolio is externally rated AAA,

AA or A. There are no borrowed debt securities recognised in the statement of financial position.

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5 Loans and advances to customers

Loans and advances to customers by type

30

June

2020

31

December

2019

Loans to, or guaranteed by, public authorities

41,925

42,190

Loans secured by mortgages

348,769

348,526

Loans guaranteed by credit institutions

4,397

3,775

Personal lending

28,814

28,250

Corporate loans

194,511

189,878

618,416

612,619

Loan loss provisions

–6,029

–4,590

612,387

608,029

As at 30 June 2020, Loans and advances to customers – corporate loans include receivables with regard to

securities which have been acquired in reverse repurchase transactions amounting to EUR 3,012 million (31

December 2019: EUR 180 million). 

For details on credit quality and loan loss provisioning, refer to ‘Risk management – Credit risk’ paragraph

‘Credit quality’. 

Loans and advances to customers by subordination

30

June

2020

31

December

2019

Non-subordinated

612,309

607,908

Subordinated

78

121

612,387

608,029

No individual loan or advance has terms and conditions that significantly affect the amount, timing or

certainty of the consolidated cash flows of the Group.

6 Investments in associates and joint ventures

Investments in associates and joint ventures

30 June 2020

Interest

held (%)

Fair value

of listed

invest-

ments

Balance

sheet

value

Total

assets

Total

liabilities

Total

income

Total

expenses

TMB Public Company Limited

23

673

1,492

54,563

48,832

526

378

Other investments in associates and joint

ventures

283

1,775

Investments in associates and joint ventures

31 December 2019

Interest

held (%)

Fair value

of listed

invest-

ments

Balance

sheet

value

Total

assets

Total

liabilities

Total

income

Total

expenses

TMB Public Company Limited

23

1,109

1,509

55,804

49,974

1,145

891

Other investments in associates and joint

ventures

281

1,790

The reporting dates of certain associates and joint ventures can differ from the reporting date of the Group,

but by no more than three months.

TMB Bank Public Company Limited

ING Group has a 23.03% investment in TMB Bank Public Company Limited (hereafter: TMB), a bank listed on

the Stock Exchange of Thailand. TMB is providing products and services to Wholesale, Small and Medium

Enterprise (SME), and Retail customers. In December 2019 TMB merged with Thanachart Bank and became

Thailand’s sixth largest bank. 

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TMB is accounted for as an investment in associate based on the size of ING shareholding and representation

on the Board. IFRS requires to test its investment in TMB for impairment when there is an indication that

impairment might exist.

Impairment testing

In the first half year of 2020, the fair value of ING’s investment in TMB significantly declined below the

purchase cost. This indicator triggered ING to perform an impairment test on the recoverability of the

investment of TMB. The impairment test performed led to no impairment at 30 June 2020, as the

recoverable amount, as determined by a Value in Use calculation, was higher than the carrying amount.

Investments in associates and joint ventures

30 June 2020

Value in Use

Fair

value

Carrying value

TMB Public Company Limited

1,606

673

1,492

Methodology

In line with IFRS, the recoverable amount is determined as the higher of the fair value less costs of disposal

and Value in Use (‘VIU’). Fair value less costs of disposal is based on observable share price. The ViU

calculation uses discounted cash flow projections based on management’s best estimates. VIU is derived

using a Dividend Discount Model (DDM) where distributable equity, i.e. future earnings available to ordinary

shareholders, is used as a proxy for future cash flows. The valuation looks at expected cash flows into

perpetuity resulting in two main components to the ViU calculation:

i) the estimation of future earnings over a 5 year forecast period; and

ii) the terminal value being the extrapolation of earnings into perpetuity applying a long term growth

rate. The earnings that are used for extrapolation represent the stable long term financial results and

position of TMB, i.e. a steady state. The terminal value comprises the ma jority of the total VIU.

Key assumptions used in the VIU calculation

The value in use is determined using a valuation model which is subject to multiple management assumptions.

The key assumptions, i.e. those to which the overall result is most sensitive to, are the following:

●

Terminal growth rate: 3% for periods after 2024, consistent with current long term forecasts of GDP

growth for Thailand;

●

Discount rate (cost of equity): 9%, based on the capital asset pricing model (CAPM) calculated for TMB,

using current market data .

The model was tested for reasonably possible changes to key assumptions in the model. This reflects the

sensitivity of the VIU to each key assumption on its own and it is possible that more than one favourable

and/or unfavourable change may occur at the same time. A reduction in all of the forecasted annual cash

flows, including terminal value, of 7.1% would reduce the recoverable amount to the carrying amount. A -

122bps change in the terminal growth rate or a 46bps change in the discount rate would cause the VIU to

equal the carrying amount. 

Changes in Investments in associates and joint ventures

30

June

2020

31

December

2019

Opening balance as at 1 January

1,790

1,203

Additions

10

507

Transfers to and from Investments/Other assets and liabilities

–0

4

Revaluations

2

–18

Share of results

33

82

Dividends received

–11

–58

Disposals

–1

–10

Impairments

1

–34

Exchange rate differences

–55

113

Other

6

Closing balance

1,775

1,790

Share of results from associates and joint ventures of EUR 33 million (2019: EUR 82 million) as included in the

table above, is mainly attributable to results of TMB of EUR 39 million (2019: EUR 77 million).

Share of results from associates and joint ventures as presented in the statement of profit or loss includes,

besides above mentioned share of results, also impairments.

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7 Intangible assets

Changes in intangible assets

Goodwill

Software

Other

Total

30 June

2020

31

December

2019

30 June

2020

31

December

2019

30 June

2020

31

December

2019

30 June

2020

31

December

2019

Opening balance

907

918

958

868

52

53

1,916

1,839

Additions

17

50

94

–

50

111

Capitalised expenses

115

285

115

285

Amortisation

–120

–235

–1

–2

–121

–237

Impairments

1

–310

–3

–61

–15

–0

–328

–61

Exchange rate differences

–35

–28

–5

–

–0

–0

–40

–28

Disposals

–8

–1

–0

–8

–1

Changes in the composition of the group

and other changes

2

8

–

1

2

9

Closing balance

562

907

989

958

35

52

1,586

1,916

Gross carrying amount

872

907

2,738

2,608

60

61

3,670

3,575

Accumulated amortisation

–1,737

–1,641

–8

–7

–1,745

–1,648

Accumulated impairments

–310

–11

–9

–17

–2

–338

–11

Net carrying value

562

907

989

958

35

52

1,586

1,916

1 Impairments of intangible assets are presented within Other operating expenses in the statement of Profit or Loss.

Goodwill

Goodwill is allocated to groups of cash generating units (CGUs) as follows:

Goodwill allocation to group of CGUs

Method used for

recoverable amount

Discount rate

Long term

growth rate

Goodwill

Goodwill

Group of CGUs

30

June

2020

31

December

2019

Retail Netherlands

 Values in use

8.46%

0.00%

30

30

Retail Belgium

 Values in use

9.54%

0.00%

50

Retail Germany

 Values in use

8.43%

0.00%

349

349

Retail Growth Markets

1

 Values in use

13.59%

3.61%

182

209

Wholesale Banking

1

 Values in use

9.38%

0.85%

268

562

907

1

Goodwill related to Growth Countries is allocated across two groups of CGUs, EUR 182 million to Retail Growth Markets and EUR 0

million to Wholesale Banking (31 December 2019: EUR 209 million to Retail Growth Markets and EUR 61 million to Wholesale

Banking). 

Covid-19 has resulted in adverse changes in the market and economic environment. Due to the impact of the

significant deterioration in the economic environment on the cash flow outlook of our businesses, we

completed a goodwill impairment review across ING Group in the second quarter of 2020.

This review resulted in the recognition of goodwill impairments on the CGU Retail Belgium of EUR 50 million

(of which EUR 43 million Retail Belgium segment and EUR 8 million Corporate Line) and on the CGU

Wholesale Banking of EUR 260 million (fully reported in the Wholesale Banking segment).

For both CGUs the impairment resulted from the negative developments in the macro-economic outlook in the

context of the Covid-19 pandemic. In addition, the applicable discount rate is also affected by the deteriorated

economic and risk environment. The discount rate used to estimate the value in use of the CGU Belgium as at

30 June 2020 was 9.54 % (31 December 2019: 6.94 %). The discount rate used to estimate the value in use of

CGU Wholesale Banking, which is based on the weighted average of the discount rates of various local

businesses as Wholesale Banking is a global business line, was at 30 June 9.38% (31 December 2019: 7.29%). 

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For each of the other group of CGU’s the recoverable amount exceeds the carrying value of the CGUs for

2020 and 2019 and therefore no impairment is required.

Methodology 

Several methodologies are applied to arrive at the best estimate of the recoverable amount. In line with IFRS,

the recoverable amount is determined as the higher of the fair value less costs of disposal and Value in Use

(VIU). The VIU calculation is based on a Dividend Discount model using three year management approved

plans, updated for the expected impact of Covid-19. When estimating the VIU of a CGU, local conditions and

requirements determine the capital requirements, discount rates, and terminal growth rates. These local

conditions and capital requirements determine the ability to upstream excess capital and profits to ING

Group. The discount rate calculation includes other inputs such as equity market premium, country risk

premium, and long term inflation which are based on market sources and management’s judgement. The

long term growth rate for EU-countries is based on long-term risk-free rate by reference to the yield of a

composite index consisting of Euro generic government bonds, with a maturity of 30 years. For other

countries, the growth rate includes long term inflation rate obtained from market sources.

Sensitivity of key assumptions 

Key assumptions in the goodwill impairment test model are the projected locally available cash flows (based

on local capital requirements and projected profits), discount rate s (cost of equity), and long term growth

rates. 

The recoverable amounts of the unimpaired CGU’s are sensitive to the above key assumptions. 

A decrease in the available cash flow of 10%, an increase in the discount rate of 1 percent point or a

reduction of future growth rate to zero are considered reasonably possible changes in key assumptions. If the

aforementioned changes occur to the above key assumptions holding the other key assumptions constant,

goodwill of the remaining CGUs will continue to be recoverable and no impairment will occur.

Other intangible assets with indefinite life

The carrying value of CGU Wholesale Banking includes as at 30 June 2020 EUR 11 million (31 December 2019:

EUR 20 million) of intangibles with indefinite life which relates to acquired trade names in the payments and

cash management business. The asset is deemed to have indefinite life because there is no foreseeable limit

to the cash flows generated by those intangible assets.

In the first half year of 2020 an impairment of an indefinite useful life asset of EUR 10 million was recognised,

related to a trade name no longer in use. 

8 Deposits from banks

Deposits from banks include non-subordinated debt from banks, except for amounts in the form of debt

securities.

Deposits from banks by type

30

June

2020

31

December

2019

Non-interest bearing

19

180

Interest bearing

78,631

34,646

78,649

34,826

Deposits from banks includes ING’s participation in the targeted longer -term refinancing operations (TLTRO)

of EUR 59.5 billion (31 December 2019: EUR 17.7 billion). ING participated in a new series of Targeted Longer-

Term Refinancing Operations (TLTRO III) for EUR 4.5 billion in March 2020, EUR 55.0 billion in June 2020 and

repaid EUR 17.7 billion on previous TLTRO. The TLTRO funding is granted for a period of three years with

early repayment option after 1 year. The interest rate on the TLTRO depends on the lending volumes granted

to corporates (excluding financial institutions) and households (excluding mortgages).

Under the conditions of the program, banks that show growth in lending volumes equal to or above 0%

between 1 March 2020 and 31 March 2021 the interest rate applied on all TLTRO III operations outstanding

over the period between 24 June 2020 and 23 June 2021 will be 50 basis points below the average interest rate

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on the deposit facility prevailing over the same period, and in any case not higher than -1%. In subsequent

years the interest will be in a corridor between the Deposit Facility and Main Refinancing Operations rates,

depending to what extent ING meets the lending growth conditions of the TLTRO III program. The amount of

interest to be recognised on the TLTRO depends on a reasonable expectation of whether the conditions will be

met over the life of the loan. Interest on TLTRO is presented as part of net interest margin.

9 Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss

30

June

2020

31

December

2019

Trading liabilities

35,745

28,042

Non-trading derivatives

2,435

2,215

Designated at fair value through profit or loss

52,461

47,684

90,641

77,942

As at 30 June 2020, trading liabilities include funds on deposit of EUR 8,559 million (31 December 2019: EUR

4,556 million) with regard to repurchase transactions.

As at 30 June 2020, financial liabilities designated at fair value through profit or loss include funds entrusted

of EUR 43,180 million (31 December 2019: EUR 38,492 million) with regard to repurchase transactions.

10 Debt securities in issue

Debt securities in issue relate to debentures and other issued debt securities with either fixed interest rates

or interest rates based on floating interest rate levels, such as certificates of deposit and accepted bills issued

by ING Group, except for subordinated items. Debt securities in issue do not include debt securities

presented as Financial liabilities at fair value through profit or loss. ING Group does not have debt securities

that are issued on terms other than those available in the normal course of business. The maturities of the

debt securities are as follows:

Debt securities in issue – maturities

30

June

2020

31

December

2019

Fixed rate debt securities

Within 1 year

32,575

26,871

More than 1 year but less than 2 years

13,311

10,358

More than 2 years but less than 3 years

3,232

9,527

More than 3 years but less than 4 years

6,608

6,321

More than 4 years but less than 5 years

3,466

2,836

More than 5 years

28,705

29,007

Total fixed rate debt securities

87,896

84,920

Floating rate debt securities

Within 1 year

26,090

24,938

More than 1 year but less than 2 years

3,380

3,126

More than 2 years but less than 3 years

1,469

3,041

More than 3 years but less than 4 years

1,458

1,541

More than 4 years but less than 5 years

90

144

More than 5 years

755

816

Total floating rate debt securities

33,242

33,608

Total debt securities

121,138

118,528

In the first six months of 2020, Debt securities in issue increased by EUR 2.6 billion. This increase is mainly

attributable to issuances of commercial paper of EUR 4.7 billion, certificates of deposits of EUR 0.6 billion and

an increase in other debt securities of EUR 1.2 billion partly offset by matured savings certificates of EUR 0.2

billion, the redemption of RMBS (residential mortgage backed securities) of EUR 0.5 billion and matured long

term maturity bonds of EUR 3.2 billion.

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11 Subordinated loans 

Subordinated loans by group companies

30

June

2020

31

December

2019

ING Groep N.V.

13,691

13,069

ING Group companies

3,007

3,519

16,697

16,588

Subordinated loans issued by ING Groep N.V. include bonds issued to raise Tier 1 and Tier 2 (CRD IV eligible)

capital for ING Bank N.V. Under IFRS these bonds are classified as liabilities and for regulatory purposes, they

are considered capital. Subordinated loans issued by ING Group companies comprise, for the most part,

subordinated loans which are subordinated to all current and future liabilities of ING Bank N.V.

Changes in subordinated loans 

30

June

2020

31

December

2019

Opening balance as at 1 January

16,588

13,724

New issuances

2,165

3,429

Repayments

–2,608

–933

Exchange rate differences and other

553

367

Closing balance

16,697

16,588

In 2020 ING Groep N.V. issued in February USD 750 million 4.875% Perpetual Additional Tier 1 Contingent

Convertible Capital Securities and in May EUR 1.5 billion 2.125% Subordinated Tier 2 Notes. In February ING

Bank N.V. bought back USD 1 billion 5.800% Tier 2 securities via a tender and in April ING Groep N.V.

redeemed USD 1 billion 6.000% Perpetual Additional Tier 1 Contingent Convertible Capital Securities and USD

700 million 6.125% Perpetual Debt Securities. 

Equity

12 Equity

Total equity

30

June

2020

31

December

2019

Share capital and share premium

- Share capital

39

39

- Share premium

17,089

17,078

17,128

17,117

Other reserves

 - Revaluation reserve: Equity securities at FVOCI

1,270

1,580

 - Revaluation reserve: Debt instruments at FVOCI

219

322

 - Revaluation reserve: Cash flow hedge

1,709

1,208

 - Revaluation reserve: Credit liability

–103

–114

 - Revaluation reserve: Property in own use

262

253

 - Net defined benefit asset/liability remeasurement reserve

–252

–336

 - Currency translation reserve

–2,729

–2,079

 - Share of associates and joint ventures and other reserves

3,243

3,189

 - Treasury shares

–3

–10

3,616

4,013

Retained earnings

30,406

29,866

Shareholders’ equity (parent)

51,149

50,996

Non-controlling interests

1,022

893

Total equity

52,171

51,889

In March 2020, ING Group announced that it will suspend any payment of dividends until 1 October 2020,

following an industry wide recommendation of the ECB. The ECB subsequently updated their

recommendation at the end of July, extending the timeframe for suspension of dividend payments until 1

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January 2021. Any dividend payment by ING will therefore be delayed until after 1 January 2021. Final

dividend 2019 paid out in the first half year of 2020 is therefore nil (2019: EUR 1,714 million).

Changes in revaluation reserve

Equity securities at

FVOCI

Debt instruments at

FVOCI

Cash flow hedge

Credit liability

Property in own use

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

Opening balance

1,580

1,914

322

398

1,208

604

-114

8

253

204

Changes in credit

liability reserve

11

-116

Unrealised

revaluations

-312

137

-76

-43

501

604

11

58

Realised

gains/losses

transferred to the

statement of

profit or loss

-27

-33

Realised

revaluations

transferred to

retained earnings

2

-472

–

–

-6

-2

-9

Closing balance

1,270

1,580

219

322

1,709

1,208

-103

-114

262

253

Equity securities at FVOCI

In 2020, the unrealised revaluations of EUR -312 million includes EUR -297 million of revaluations of shares in

Bank of Beijing.

In 2019, the unrealised revaluations of EUR 137 million are due to the revaluation of shares in Bank of Beijing

EUR 35 million and shares in EquensWorldLine EUR 101 million. The EUR -472 million transfer of revaluation

reserve to retained earnings is mainly related to the sale of shares in Kotak Mahindra Bank EUR -320 million

and EquensWorldLine EUR -149 million.

Cash flow hedge reserve

ING mainly hedges floating rate lending with interest rate swaps. Due to decrease in interest rate yield curve

the interest rate swaps had a positive revaluation of EUR 501 million (2019: EUR 604 million) which is

recognised in cash flow hedge reserve.

Changes in currency translation reserve

30

June

2020

31

December

2019

Opening balance

–2,079

–2,043

Unrealised revaluations

84

–134

Realised gains/losses transferred to the statement of profit or loss

–138

Exchange rate differences

–734

236

Closing balance

–2,729

–2,079

Unrealised revaluations relates to changes in the value of hedging instruments that are designated as net

investment hedges. The hedging strategy is to hedge the CET1 ratio. The net decrease of unrealized

revaluations and Exchange rate differences of EUR -650 million (2019: EUR 102 million increase) is related to

several currencies including TRY, PLN, GBP, RUB and AUD that depreciated against the EUR.

Realised gains/losses transferred to the statement of profit or loss in 2019 is related to the sale of shares in

Kotak Mahindra Bank (EUR -119 million) and the effect of the merger transaction of TMB (EUR -18 million).

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Notes to the Condensed statement of profit or loss

13 Net interest income 

Net interest income

1 January to 30 June

1 January to 30 June

2020

2019

2020

2019

Interest income on loans

8,333

9,659

Interest expense on deposits from banks

113

184

Interest income on financial assets at fair value through OCI

283

311

Interest expense on customer deposits

823

1,482

Interest income on financial assets at amortised cost

263

359

Interest expense on debt securities in issue

1,005

1,239

Interest income on non-trading derivatives (hedge accounting)

1,769

2,268

Interest expense on subordinated loans

323

324

Negative interest on liabilities

288

202

Negative interest on assets

117

186

Total interest income using effective interest rate method

10,935

12,799

Interest expense on non-trading derivatives (hedge accounting)

1,779

2,466

Total interest expense using effective interest rate method

4,160

5,880

Interest income on financial assets at fair value through profit or loss

450

1,006

Interest expense on financial liabilities at fair value through profit or loss

348

892

Interest income on non-trading derivatives (no hedge accounting)

556

588

1

Interest expense on non-trading derivatives (no hedge accounting)

540

701

1

Interest income other

21

16

Interest expense on lease liabilities

11

12

Total other interest income

1,026

1,610

Interest expense other

25

29

Total other interest expense

925

1,633

Total interest income

11,962

14,410

Total interest expense

5,085

7,513

Net interest income

6,877

6,896

1 The prior periods have been updated to improve consistency and comparability.

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14 Net fee and commission income

Fee and commission income

1 January to 30 June

2020

2019

Funds transfer

686

736

Securities business

439

316

Insurance broking

101

91

Asset management fees

115

97

Brokerage and advisory fees

321

278

Other

644

648

2,307

2,164

Other, mainly consists of commission fees in respect of bank guarantees of EUR 98 million (first six months of

2019: EUR 103 million), in respect of underwriting syndication loans of EUR 10 million (first six months of

2019: EUR 6 million), in respect of structured finance fees of EUR 67 million (first six months of 2019: EUR 76

million) and in respect of collective instruments distributed but not managed by ING of EUR 112 million (first

six months of 2019: EUR 80 million). 

Fee and commission expenses

1 January to 30 June

2020

2019

Funds transfer

301

321

Securities business

80

95

Insurance broking

–

1

Asset management fees

3

4

Brokerage and advisory fees

157

129

Other

260

229

801

778

All of ING’s net fee and commission income are in scope of IFRS 15 ‘Revenue from Contracts with Customers’.

Reference is made to Note 18 ‘Segments’ which includes net fee and commission income, as reported to the

Executive Board and the Management Board Banking, disaggregated by line of business and by geographical

segment. 

15 Valuation results and net trading income

Valuation results and net trading income

1 January to 30 June

2020

2019

Securities trading results

–1,024

718

Derivatives trading results

1,596

–433

Other trading results

54

65

Change in fair value of derivatives relating to

– fair value hedges

231

–164

– cash flow hedges (ineffective portion)

–42

24

– other non-trading derivatives

383

150

Change in fair value of assets and liabilities (hedged items)

–644

–830

Valuation results on assets and liabilities designated at FVPL and assets mandatorily measured

at FVPL

–293

–329

Foreign exchange transactions results

–264

310

–4

–489

Securities trading results include the results of market making in instruments such as government securities,

equity securities, corporate debt securities, money -market instruments, and interest rate derivatives such as

swaps, options, futures, and forward contracts. Foreign exchange transactions results include gains and

losses from spot and forward contracts, options, futures, and translated foreign currency assets and

liabilities. Other trading results include the results of trading loans and funds entru sted. 

Net trading income relates to trading assets and trading liabilities which include assets and liabilities that are

classified under IFRS as Trading but are closely related to servicing the needs of the clients of ING. ING offers

products that are traded on the financial markets to institutional clients, corporate clients, and governments. 

The majority of the risks involved in security and currency trading is economically hedged with derivatives.

The securities trading results are partly offset by results on these derivatives. The result of these derivatives

is included in Derivatives trading results. The result on currency trading is included in foreign exchange

transactions results. 

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The fair value movements on the derivatives are influenced by changes in the market conditions such as

stock prices, interest rates and currency exchange rates. Following the increased concerns about the Covid-

19 pandemic, the global financial markets experienced more volatility than usual in the first half of 2020

which had considerable impact on the results. Aided by substantial central bank intervention, markets have

recovered during the second quarter of 2020 and volatility has largely returned to pre-pandemic levels.

Derivatives trading results is also impacted by fair value

movements arising from changes in credit spreads

(CVA and DVA), bid offer spreads, model risk and incremental cost of funding on derivatives (FVA and CollVA).

As result of the economic consequences of the Covid-19 pandemic, ING also observed significant widening of

the spreads resulting in increased negative fair value changes. As markets stabilised in the second quarter of

2020 and spreads tightened, the fair value changes

decreased again .

In the first six months of 2020, Derivatives trading results include EUR -99 million CVA/DVA adjustments on

trading derivatives (in the first six months of 2019: EUR -1 million). 

‘Valuation results and net trading income’ include the fair value movements on derivatives (used for both

hedge accounting and economically hedging exposures) as well as the changes in the fair value of assets and

liabilities included in hedging relationsh ips as hedged items. 

In addition, ‘Valuation results and net trading income’ include the results on assets and liabilities designated

at fair value through profit or loss and assets mandatorily measured at fair value through profit or loss. 

In the first six months of 2020, Valuation results on assets and liabilities designated at fair value through

profit or loss include fair value adjustments on own issued notes amounting to EUR -141 million (in the first

six months of 2019: EUR -373 million). 

16 Other income

Other income

1 January to 30 June

2020

2019

Share of result associates and joint ventures

34

19

Result on disposal of group companies

–

117

Net result derecognition of FA measured at amortised cost

187

16

Other

48

144

269

296

In the first six months of 2020, ING realised a result of EUR 186 million following a one-off sale of certain

securities at amortised cost driven by exception al market conditions due to Covid-19. The sale is considered

to be infrequent, but more than insignificant in value.

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17 Earnings per ordinary share

Earnings per ordinary share

Weighted average

number of ordinary

 shares outstanding

Amount

during the period

Per ordinary share

(in EUR million)

(in millions)

(in EUR)

1 January to 30 June

1 January to 30 June

1 January to 30 June

2020

2019

2020

2019

2020

2019

Basic earnings

591

1,707

3,897.9

3,893.6

0.15

0.44

Basic earnings from continuing

operations

591

1,707

0.15

0.44

Effect of dilutive instruments:

Stock option and share plans

0.5

0.6

0.5

0.6

Diluted earnings

591

1,707

3,898.5

3,894.2

0.15

0.44

Diluted earnings from continuing

operations

591

1,707

0.15

0.44

Segment reporting

18 Segments

ING Group’s segments are based on the internal reporting structures by lines of business. 

The Executive Board of ING Group and the Management Board Banking set the performance targets, approve

and monitor the budgets prepared by the business lines. Business lines formulate strategic, commercial, and

financial plans in conformity with the strategy and performance targets set by the Executive Board of ING

Group and the Management Board Banking.

Recognition and measurement of segment results are in line with the accounting policies as described in

Note 1 ‘Basis for preparation and accounting policies’. Corporate expenses are allocated to business lines

based on time spent by head office personnel, the relative number of staff, or on the basis of income,

expenses and/or assets of the segment.

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The following table specifies the segments by line of business and main sources of income of each of the

segments:

Specification of the main sources of income of each of the segments by line of business

Segments of results by line of business

Main source of income

Retail Netherlands

Income from retail and private banking activities in the Netherlands, including the

SME and mid-corporate segments, and the Real Estate Finance portfolio related to

Dutch domestic mid-corporates. The main products offered are current and

savings accounts, business lending, mortgages and other consumer lending in the

Netherlands.

(Market Leaders)

Retail Belgium

Income from retail and private banking activities in Belgium (including

Luxembourg), including the SME and mid-corporate segments. The main products

offered are similar to those in the Netherlands.

(Market Leaders)

Retail Germany

Income from retail and private banking activities in Germany (including Austria).

The main products offered are current and savings accounts, mortgages and other

customer lending.

(Challengers and Growth Markets)

Retail Other

Income from retail banking activities in the rest of the world, including the SME

and mid-corporate segments in specific countries. The main products offered are

similar to those in the Netherlands.

(Challengers and Growth Markets)

Wholesale Banking

Income from wholesale banking activities. The main products are: lending, debt

capital markets, working capital solutions, export finance, daily banking solutions,

treasury and risk solutions, and corporate finance.

Specification of geographical segments

Geographical segments

Main countries

The Netherlands

Belgium

Including Luxembourg

Germany

Including Austria

Other Challengers

Australia, France, Italy, Spain, Portugal, Czech Republic, and UK Legacy and Other

Growth Markets

Poland, Romania, Turkey, Philippines and Asian bank stakes

Wholesale Banking Rest of World

UK, Americas, Asia and other countries in Central and Eastern Europe

Other

Corporate Line Banking and the run-off portfolio of Real Estate

ING Group monitors and evaluates the performance of ING Group at a consolidated level and by segment

using results based on figures according to IFRS as adopted by the European Union (IFRS -EU). The Executive

Board and the Management Board Banking consider this measure to be relevant to an understanding of the

Group’s financial performance, because it allows investors to understand the primary method used by

management to evaluate the Group’s operating performance and make decisions about allocating resources.

In addition, ING Group believes that the presentation of result s in accordance with IFRS -EU helps investors

compare its segment performance on a meaningful basis by highlighting result before tax attributable to

ongoing operations and the profitability of the segment businesses. IFRS -EU result is derived by excluding

from IFRS -IASB the impact of the IFRS-EU ‘IAS 39 carve out’ adjustment.

The IFRS -EU ‘IAS 39 carve-out’ adjustment relates to fair value portfolio hedge accounting strategies for the

mortgage and savings portfolios in the Benelux, Germany and Other Challengers that are not eligible under

IFRS -IASB. As no hedge accounting is applied to these mortgage and savings portfolios under IFRS -IASB, the

fair value changes of the derivatives are not offset by fair value changes of the hedge items (mortgages and

savings).

ING Group reconciles the total segment results to the total result using Corporate Line. The Corporate Line is

a reflection of capital management activities and certain income and expenses that are not allocated to the

banking businesses, including a recog nition of a value -added tax (VAT) refund in the first half of 2020

(recorded under expenses), while the same period of last year included a EUR 119 million gain from the

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release of a currency translation reserve following the sale of ING’s stake in Kotak Mahindra Bank in 2019 and

the recognition of a EUR 79 million receivable related to the insolvency of a financial institution (both

recorded under income). Furthermore, the Corporate Line includes the isolated legacy costs (mainly negative

interest results) caused by the replacement of short-term funding with long-term funding during 2013 and

2014. ING Group applies a system of capital charging for its banking operations in order to create a

comparable basis for the results of business units globally, irrespective of the business units’ book equity and

the currency they operate in.

The difference between IFRS -IASB and IFRS -EU is reflected in the Wholesale segment, and in the geographical

segments the Netherlands, Belgium, Germany and Other Challengers. As from the financial year 2020 the

information presented to the Executive Board is no longer based on underlying results but on IFRS as

endorsed by the EU. Pre viously monitoring and evaluation of ING Group’s segments was based on a non-

GAAP financial performance measure called underlying. Underlying result was derived by excluding from

IFRS -IASB the following: the impact of the IFRS -EU ‘IAS 39 carve-out’ adjustment, special items, divestments

and results from former insurance related activities. In 2020 and 2019 no special items, divestments or

results from former insurance related activities were recorded anymore.

The information presented in this note is in line with the information presented to the Executive Board of ING

Group and Management Board Banking. 

This note does not provide information on the revenue specified to each product or service as this is not

reported internally and is therefore not readily available.

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Reconciliation between IFRS -IASB and IFRS-EU income, expenses and net result

6 month period

1 January to 30 June

2020

2019

Income

Expenses

Taxation

Non-controlling

interests

Net result

1

Income

Expenses

Taxation

Non-controlling

interests

Net result

1

Net result IFRS -IASB attributable to equity holder of the parent

8,688

7,623

438

36

591

8,148

5,654

740

47

1,707

Remove impact of:

Adjustment of the EU 'IAS 39 carve out'

2

493

115

379

1,093

243

850

Result IFRS -EU

3

9,182

7,623

553

36

969

9,241

5,654

983

47

2,556

1 Net result, after tax and non-controlling interests.

2 ING prepares the Form 6-K in accordance with IFRS-IASB. This information is prepared by reversing the hedge accounting impacts that applied under the EU 'carve-out' version of IAS 39. For the IFRS-EU result, the impact of the carve-out is reinstated as this is the measure at which

management monitors the business.

3 Results are derived from figures in accordance with IFRS-IASB by excluding the impact of adjustment of the EU 'IAS 39 carve-out'.

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ING Group Total

6 month period

1 January to 30 June

2020

2019

ING

Bank N.V.

Other Banking

 1

Total

ING

Bank N.V.

Other Banking

 1

Total

Income

– Net interest income

6,931

–

6,931

6,950

3

6,953

– Net fee and commission income

1,507

–1

1,506

1,386

–0

1,386

– Total investment and other income

760

–16

745

896

6

902

Total income

9,198

–16

9,182

9,232

9

9,241

Expenditure

– Operating expenses

5,625

1

5,626

5,226

12

5,238

– Addition to loan loss provisions

1,997

–

1,998

416

–

416

Total expenses

7,623

1

7,623

5,643

12

5,654

Result before taxation

1,575

–17

1,558

3,590

–3

3,586

Taxation

519

34

553

954

29

983

Non-controlling interests

36

36

47

–

47

Net result IFRS -EU

1,021

–51

969

2,589

–32

2,556

Adjustment of the EU 'IAS 39 carve out'

–379

–379

–850

–850

Net result IFRS -IASB attributable to equity holder of the parent

642

–51

591

1,739

–32

1,707

1 Comprises for the most part the funding charges of ING Groep N.V. (Holding).

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c. Banking activities

Segments by line of business

6 month period

2020

2019

1 January to 30 June

Retail

Netherlands

Retail

Belgium

Retail

Germany

Retail

Other

Wholesale

Banking

Corporate

Line

Total

Retail

Netherlands

Retail

Belgium

Retail

Germany

Retail

Other

Wholesale

Banking

Corporate

Line

Total

Income

– Net interest income

1,763

937

801

1,392

1,864

173

6,931

1,740

959

796

1,374

1,831

253

6,953

– Net fee and commission income

332

207

215

193

561

–2

1,506

329

188

123

212

538

–6

1,386

– Total investment and other income

175

71

59

134

354

–48

745

190

112

86

100

248

166

902

Total income

2,269

1,215

1,075

1,720

2,780

123

9,182

2,260

1,259

1,005

1,687

2,618

413

9,241

Expenditure

– Operating expenses

1,088

969

567

1,120

1,728

154

5,626

1,095

873

579

1,061

1,438

192

5,238

– Addition to loan loss provisions

139

282

14

304

1,256

3

1,998

33

58

–23

187

162

–

416

Total expenses

1,227

1,251

581

1,424

2,984

156

7,623

1,128

931

556

1,248

1,600

192

5,654

Result before taxation

1,043

–36

494

295

–204

–34

1,558

1,132

328

449

438

1,018

221

3,586

Taxation

262

9

188

85

23

–14

553

287

100

153

123

209

112

983

Non-controlling interests

–1

–

2

27

8

–0

36

–

–

1

38

8

–0

47

Net result IFRS -EU

781

–44

304

183

–235

–19

969

845

229

295

278

801

109

2,556

Adjustment of the EU 'IAS 39 carve out'

–379

–379

–850

–850

Net result IFRS -IASB

781

–44

304

183

–614

–19

591

845

229

295

278

–49

109

1,707

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Geographical split of the segments

6 month period

2020

2019

1 January to 30 June

Netherlands

Belgium

Germany

Other

Challengers

Growth

Markets

Wholesale

Banking Rest

of World

Other

Total

Netherlands

Belgium

Germany

Other

Challengers

Growth

Markets

1

Wholesale

Banking Rest

of World

1

Other

Total

Income

– Net interest income

2,097

1,090

1,059

893

799

823

169

6,931

2,061

1,112

1,060

885

800

787

247

6,953

– Net fee and commission income

494

302

228

136

131

217

–3

1,506

487

270

142

142

156

197

–6

1,386

– Total investment and other income

197

98

80

14

203

197

–44

745

90

177

108

5

167

183

172

902

Total income

2,788

1,491

1,367

1,043

1,133

1,237

123

9,182

2,638

1,558

1,310

1,032

1,123

1,167

413

9,241

Expenditure

– Operating expenses

1,736

1,126

652

669

644

644

155

5,626

1,472

1,025

654

638

616

640

193

5,238

– Addition to loan loss provisions

320

338

241

212

205

678

3

1,998

78

99

–32

92

130

50

–

416

Total expenses

2,056

1,465

893

882

849

1,322

158

7,623

1,550

1,124

622

730

746

690

193

5,654

Result before taxation

732

26

474

162

284

–85

–35

1,558

1,088

435

689

302

377

477

219

3,586

Retail Banking

1,043

–36

494

74

222

–

–

1,796

1,132

328

449

163

275

2,348

Wholesale Banking

–310

62

–20

88

62

–85

–2

–204

–44

106

240

139

102

477

–2

1,018

Corporate Line

–

–

–

–

–

–

–34

–34

221

221

Result before taxation

732

26

474

162

284

–85

–35

1,558

1,088

435

689

302

377

477

219

3,586

Taxation

252

25

170

56

71

–10

–10

553

271

132

233

101

84

48

113

983

Non-controlling interests

–1

–

2

–

35

–

–0

36

–0

–

1

46

47

Net result IFRS -EU

481

2

302

106

178

–74

–25

969

817

303

454

201

246

429

106

2,556

Adjustment of the EU 'IAS 39 carve out'

–338

3

–97

53

–

–

–

–379

–413

–287

–160

10

–850

Net result IFRS -IASB

143

5

205

159

178

–74

–25

591

404

16

294

211

246

429

106

1,707

1) As from 2020 financials of Philippines are reported in Growth Markets while previously Wholesale Banking in Philippines was reported in WB Rest of World; historical figures have been adjusted.

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19 Fair value of assets and liabilities

a) Financial assets and liabilities

The following table presents the estimated fair values of ING Group’s financial assets and liabilities. Certain

items per the statement of financial position are not included in the table, as they do not meet the definition

of a financial asset or liability. The aggregation of the fair values presented below does not represent, and

should not be construed as representing, the underlying value of ING Group.

The Covid-19 pandemic impacted the global financial markets in the first six months of 2020. ING observed

large volatility in the market resulting in increased spreads, markets distortion and also illiquidity in some

specific markets which has stressed ING’s valuation processes and movements in level classifications. The

volatility in the market has stabilised in the second quarter of 2020. Financial Assets and Liabilities, including

Level 3, continued to be valued using agreed methodologies and ING continued to limit the unobservable

input to arrive at the most appropriate Fair Market value. 

Fair value of financial assets and liabilities

Estimated fair value

Carrying value in the

Statement of financial

position

30

June

2020

31

December

2019

30

June

2020

31

December

2019

Financial assets

Cash and balances with central banks

118,971

53,202

118,971

53,202

Loans and advances to banks

30,671

35,133

30,664

35,136

Financial assets at fair value through profit or loss

– Trading assets

53,781

49,254

53,781

49,254

– Non-trading derivatives

2,488

2,257

2,488

2,257

– Assets mandatorily as at fair value through profit or loss

51,142

41,600

51,142

41,600

– Assets designated as at fair value through profit or loss

3,700

3,076

3,700

3,076

Financial assets at fair value through other comprehensive income

– Equity securities

1,998

2,306

1,998

2,306

– Debt securities

35,650

30,483

35,650

30,483

– Loans and advances

1,345

1,680

1,345

1,680

Securities at amortised cost

52,147

46,928

51,085

46,108

Loans and advances to customers

626,983

621,194

612,387

608,029

Other assets

1

8,381

5,854

8,381

5,854

987,257

892,966

971,591

878,985

Financial liabilities

Deposits from banks

78,531

35,086

78,649

34,826

Customer deposits

606,363

575,055

605,633

574,355

Financial liabilities at fair value through profit or loss

– Trading liabilities

35,745

28,042

35,745

28,042

– Non-trading derivatives

2,435

2,215

2,435

2,215

– Designated as at fair value through profit or loss

52,461

47,684

52,461

47,684

Other liabilities

2

12,115

9,776

12,115

9,776

Debt securities in issue

120,907

118,844

121,138

118,528

Subordinated loans

16,250

17,253

16,697

16,588

924,807

833,956

924,875

832,014

1

Other assets do not include, among others: (deferred) tax assets, net defined benefit asset, inventory, property development and

property obtained from foreclosures. 

2

Other liabilities do not include, among others: (deferred) tax liabilities, net defined benefit and related employee benefit liabilities,

reorganisation and other provisions, other taxation, social security contributions and lease liabilities.

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b) Fair value hierarchy

ING Group has categorised its financial instruments that are either measured in the statement of financial

position at fair value or of which the fair value is disclosed, into a three level hierarchy based on the priority

of the inputs to the valuation. The fair value hierarchy gives the highest priority to (unadjusted) quoted prices

in active markets for identical assets or liabilities and the lowest priority to valuation techniques supported

by unobservable inputs. An active market for the asset or liability is a market in which transactions for the

asset or liability occur with sufficient frequency and volume to provide reliable pricing information on an

ongoing basis. The fair value hierarchy consists of three levels, depending upon whether fair values were

determined based on (unadjusted) quoted prices in an active market (Level 1), valuation techniques with

observable inputs (Level 2) or valuation techniques that incorporate inputs which are unobservable and

which have a more than insignificant impact on the fair value of the instrument (Level 3). Financial assets in

Level 3 include for example illiquid debt securities, complex derivatives, certain complex loans (for which

current market information about similar assets to use as observable, corroborated data for all significant

inputs into a valuation model is not available), and asset backed securities for which there is no active market

and a wide dispersion in quoted prices.

Observable inputs reflect market data obtained from independent sources. Unobservable inputs are inputs

which are based on the Group’s own assumptions about the factors that market participants would use in

pricing an asset or liability, developed based on the best information available in the market. Unobservable

inputs may include volatility, correlation, spreads to discount rates, default rates and recovery rates,

prepayment rates, and certain credit spreads. Transfers into and transfers out of fair value hierarchy levels

are made on a quarterly basis.

A comprehensive description of Fair value hierarchy is reported in ‘Note 38 Fair value of assets and liabilities’

of the 2019 Annual Report on Form 20-F of ING Group. This chapter of the Interim financial report should be

read in conjunction with the 2019 Annual Report on Form 20-F of ING Group.

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Methods applied in determining fair values of financial assets and liabilities (carried at fair value)

Level 1

Level 2

Level 3

Total

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

Financial Assets

Financial assets at fair value through profit or loss

 - Trading assets

9,361

13,228

43,504

35,852

915

174

53,781

49,254

 - Non-trading derivatives

2,482

2,249

6

8

2,488

2,257

 - Assets mandatorily at fair value through profit or loss

27

22

49,836

40,196

1,280

1,381

51,142

41,600

 - Assets designated as at fair value through profit or loss

142

203

2,492

1,628

1,066

1,244

3,700

3,076

Financial assets at fair value through other comprehensive income

36,312

32,165

1,057

343

1,624

1,961

38,993

34,468

45,842

45,618

99,372

80,269

4,890

4,768

150,103

130,655

Financial liabilities

Financial liabilities at fair value through profit or loss

– Trading liabilities

1,217

1,446

34,332

26,401

197

195

35,745

28,042

– Non-trading derivatives

1

2,278

2,105

155

110

2,435

2,215

– Financial liabilities designated as at fair value through profit or loss

966

1,081

50,712

46,419

783

184

52,461

47,684

2,184

2,527

87,322

74,924

1,135

490

90,641

77,942

In the first six months of 2020, the increase in financial assets mandatorily at fair value through profit or loss

and financial liabilities designated as at fair value through profit or loss mainly relates to (reverse) repurchase

transactions for which the valuation technique is supported by observable inputs.

In 2020 there were no significant transfers between level 1 and 2 and no significant changes in valuation

techniques. 

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Changes in Level 3 Financial assets

Trading assets

Non-trading

derivatives

Financial assets

mandatorily at FVPL

Financial assets

designated at FVPL

Financial assets

at FVOCI

Total

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

Opening balance

174

494

8

27

1,381

1,042

1,244

1,075

1,961

2,749

4,768

5,387

Realised gain/loss recognised in the statement of profit or loss during the period

 1

–42

40

–1

–21

–70

–63

–110

–6

–9

–15

–231

–66

Revaluation recognised in other comprehensive income during the period

 2

–51

155

–51

155

Purchase of assets

96

28

3

928

1,494

173

360

9

11

1,208

1,893

Sale of assets

–53

–53

–3

–3

–836

–832

–101

–212

–187

–680

–1,179

–1,780

Maturity/settlement

–29

–11

–1

–43

–461

–41

–35

–97

–212

–210

–719

Reclassifications

–279

2

279

1

3

3

4

Transfers into Level 3

787

26

4

–2

9

63

785

103

Transfers out of Level 3

–18

–72

–86

–88

–101

–53

–205

–214

Exchange rate differences

1

2

–1

–2

1

1

1

Changes in the composition of the group and other changes

2

2

–0

1

2

3

Closing balance

915

174

6

8

1,280

1,381

1,066

1,244

1,624

1,961

4,890

4,768

1 Net gains/losses were recorded as ‘Valuation results and net trading income’ in the statement of profit or loss. The total amounts

includes EUR 202 million (31 December 2019: EUR 43 million) of unrealised gains and losses recognised in the statement of profit or

loss. 

2 Revaluation recognised in other comprehensive income is included on the line ‘Net change in fair value of debt instruments at fair value

through other comprehensive income’.

In the first six months of 2020, the transfer into Level 3 assets is mainly driven by debt securities that are part

of a structure transferred into level 3 due to illiquidity in the market which decreased market observability

for an input. 

Transfers out of Level 3 is mainly related to debt obligations due to the valuation no longer being significantly

impacted by unobservable inputs.

In 2019 the amounts reported on the line reclassifications rela te to syndicated loans reclassified from trading

assets to financial assets mandatory at FVPL.

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Changes in Level 3 Financial liabilities

Financial liabilities designated as at fair

value through profit or loss

Trading liabilities

Non-trading derivatives

Total

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

Opening balance

195

122

110

80

184

708

490

910

Realised gain/loss recognised in the statement of profit or loss

during the period

1

–30

102

28

–16

–10

32

–12

118

Issue of liabilities

32

72

18

46

555

35

605

154

Early repayment of liabilities

–73

–30

–0

–0

–68

–10

–141

–40

Maturity/settlement

–8

–32

–1

–59

–479

–69

–511

Transfers into Level 3

92

13

224

49

316

62

Transfers out of Level 3

–11

–52

–42

–150

–54

–202

Closing balance

197

195

155

110

783

184

1,135

490

1 Net gains/losses were recorded as ‘Valuation results and net trading income’ in the statement of profit or loss. The total amount

includes EUR 13 million(31 December 2019: EUR 115 million) of unrealised gains and losses recognised in the statement of profit or

loss.

In the first six months of 2020, the tranfers into level 3 mainly consisted of debt issued at designated fair

value, mainly structured notes, which were transferred into Level 3 due to illiquidity in the market which

caused the valuation being significantl y impacted by unobservable inputs. 

In 2019, financial liabilities mainly repo’s were transferred out of Level 3 mainly due to the valuation not

being significantly impacted by unobservable inputs.

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Recognition of unrealised gains and losses in Level 3

Amounts recognised in the statement of profit or loss relating to unrealised gains and losses during the year

that relates to Level 3 assets and liabilities are included in the line item ‘Valuation results and net trading

income’ in the statement of profit or loss.

Unrealised gains and losses that relate to ‘Financial assets at fair value through other comprehensive income’

are included in the Revaluation reserve – Equity securities at fair value through other comprehensive income

or Debt Instruments at fair value through other comprehensive income. 

Level 3 Financial assets and liabilities

Financial assets measured at fair value in the statement of financial position as at 30 June 2020 of EUR 150

billion includes an amount of EUR 4.9 billion ( 3.3%) which is classified as Level 3 (31 December 2019: EUR 4.8

billion, being 3.6%). Changes in Level 3 from 31 December 2019 to 30 June 2020 are detailed above in the

table Changes in Level 3 Financial assets.

Financial liabilities measured at fair value in the statement of financial position as at 30 June 2020 of EUR 91

billion includes an amount of EUR 1.1 billion ( 1.3%) which is classified as Level 3 (31 December 2019: EUR 0.5

billion, being 0.6%). Changes in Level 3 from 31 December 2019 to 30 June 2020 are disclosed above in the

table ‘Changes in Level 3 Financial liabilities’.

Financial assets and liabilities in Level 3 include both assets and liabilities for which the fair value was

determined using (i) valuation techniques that incorporate unobservable inputs as well as (ii) quoted prices

which have been adjusted to reflect that the market was not actively trading at or around the balance sheet

date. Unobservable inputs are inputs which are based on ING’s own assumptions about the factors that

market participants would use in pricing an asset or liability, developed based on the best information

available in the circumstances. Unobservable inputs may include volatility, correlation, spreads to discount

rates, default rates and recovery rates, prepayment rates, and certain credit spreads. Valuation techniques

that incorporate unobservable inputs are sensitive to the inputs used. 

Of the total amount of financial assets classified as Level 3 as at 30 June 2020 of EUR 4.9 billion (31 December

2019: EUR 4.8 billion), an amount of EUR 2.9 billion ( 59.9%) (31 December 2019: EUR 2.5 billion, being

52.6%) is based on unadjusted quoted prices in inactive markets. As ING does not generally adjust quoted

prices using its own inputs, there is no significant sensitivity to ING’s own unobservable inputs.

Furthermore, Level 3 financial assets includes approximately EUR 1.1 billion (31 December 2019: EUR 1.3

billion) which relates to financial assets that are part of structures that are designed to be fully neutral in

terms of market risk. Such structures include various financial assets and liabilities for which the overall

sensitivity to market risk is insignificant. Whereas the fair value of individual components of these structures

may be determined using different techniques and the fair value of each of the components of these

structures may be sensitive to unobservable inputs, the overall sensitivity is by design not significant.

The remaining EUR 0.8 billion (31 December 2019: EUR 1.0 billion) of the fair value classified in Level 3

financial assets is established using valuation techniques that incorporates certain inputs that are

unobservable.

Of the total amount of financial liabilities classified as Level 3 as at 30 June 2020 of EUR 1.1 billion (31

December 2019: EUR 0.5 billion), an amount of EUR 0.7 billion (64.6%) (31 December 2019: EUR 0.2 billion,

being 39.3%) is based on unadjusted quoted prices in inactive markets. As ING does not generally adjust

quoted prices using its own inputs, there is no significant sensitivity to ING’s own unobservable inputs.

Furthermore, Level 3 financial liabilities includes approximately EUR 0.1 billion (31 December 2019: EUR 0.1

billion) which relates to financial liabilities that are part of structures that are designed to be fully neutral in

terms of market risk. As explained above, the fair value of each of the components of these structures may

be sensitive to unobservable inputs, but the overall sensitivity is by design not significant.

The remaining EUR 0.3 billion (31 December 2019: EUR 0.2 billion) of the fair value classified in Level 3

financial liabilities is established using valuation techniques that incorporates certain inputs that are

unobservable.

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The table below provides a summary of the valuation techniques, key unobservable inputs and the lower and

upper range of such unobservable inputs, by type of Level 3 asset/liability. The lower and upper range

mentioned in the overview represent the lowest and highest variance of the respective valuation input as

actually used in the valuation of the different financial instruments. Amounts and percentages stated are

unweighted. The range can vary from period to period subject to market movements and change in Level 3

position. Lower and upper bounds reflect the variability of Level 3 positions and their underlying valuation

inputs in the portfolio, but do not adequately reflect their level of valuation uncertainty. For valuation

uncertainty assessment, reference is made to section Sensitivity analys is of unobservable inputs (Level 3).

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Valuation techniques and range of unobservable inputs (Level 3)

Assets

Liabilities

Valuation techniques

Significant unobservable inputs

Lower range

Upper range

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

At fair value through profit or loss

Debt securities

1,470

920

Price based

Price (%)

0%

0%

107%

121%

Net asset value

Price (%)

n/a

n/a

n/a

n/a

Present value techniques

Credit spread (bps)

n/a

 n/a

n/a

n/a

Loan pricing model

Credit spread (bps)

n/a

n/a

n/a

n/a

Equity securities

139

146

1

Price based

Price

–

–

5,475

5,475

Loans and advances

919

1,576

Price based

Price (%)

0%

0%

100%

104%

Present value techniques

Price (%)

n/a

n/a

n/a

n/a

Credit spread (bps)

2

1

1,013

250

(Reverse) repo's

539

3

434

1

Present value techniques

Interest rate

1%

4%

4%

4%

Structured notes

350

184

Price based

Price (%)

69%

83%

112%

124%

Net asset value

Price (%)

n/a

n/a

n/a

n/a

Option pricing model

Equity volatility (%)

14%

13%

27%

20%

Equity/Equity correlation

0.6

0.6

0.9

0.8

Equity/FX correlation

-0.7

-0.5

0.3

0.3

Dividend yield (%)

1%

2%

5%

4%

Interest rate volatility (%)

n/a

n/a

n/a

n/a

IR/IR correlation

n/a

n/a

n/a

n/a

Present value techniques

Implied correlation

n/a

n/a

n/a

n/a

Derivatives

– Rates

5

13

83

68

Option pricing model

Interest rate volatility (bps)

17

17

137

137

Interest rate correlation

n/a

n/a

n/a

n/a

IR/INF correlation

n/a

n/a

n/a

n/a

Present value techniques

Reset spread (%)

2%

2%

2%

2%

Prepayment rate (%)

n/a

n/a

n/a

n/a

Inflation rate (%)

n/a

n/a

n/a

n/a

Credit spread (bps)

n/a

n/a

n/a

n/a

– FX

1

Present value techniques

Inflation rate (%)

n/a

n/a

n/a

n/a

Option pricing model

FX volatility (bps)

9

5

10

8

– Credit

144

102

185

183

Present value techniques

Credit spread (bps)

4

2

25,961

11,054

Implied correlation

n/a

n/a

n/a

n/a

Jump rate (%)

12%

12%

12%

12%

Price based

Price (%)

99%

n/a

107%

n/a

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Valuation techniques and range of unobservable inputs (Level 3)

Assets

Liabilities

Valuation techniques

Significant unobservable inputs

Lower range

Upper range

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

30

June

2020

31

December

2019

– Equity

45

42

80

50

Option pricing model

Equity volatility (%)

3%

4%

113%

84%

Equity/Equity correlation

0.2

-

0.9

-

Equity/FX correlation

-0.6

-0.6

0.3

0.6

Dividend yield (%)

0%

0%

29%

13%

– Other

5

3

3

3

Option pricing model

Commodity volatility (%)

18%

11%

79%

53%

Com/Com correlation

n/a

0.3

n/a

0.9

Com/FX correlation

-0.5

-0.5

-0.3

-0.3

At fair value through other comprehensive income

– Debt

Price based

Price (%)

n/a

n/a

n/a

n/a

– Loans and advances

1,345

1,680

Present value techniques

Prepayment rate (%)

9%

6%

9%

6%

– Equity

279

282

Present value techniques

Credit spread (bps)

2

n/a

1.91

n/a

Inflation rate (%)

3%

3%

3%

3%

Price (%)

100%

100%

100%

187%

Other

63

n/a

80

n/a

Total

4,890

4,768

1,135

490

Valuation techniques

The presented Fair Values include an IFRS Fair Value Adjustment that reflects the fair exit price of which the

valuation changes are booked through P&L or OCI.

Additionally, an adjustment that is to capture the 90% confidence prudency is considered as Additional

Valuation Adjustment according to CRR Article 105/ RTS, which is not part of the IFRS Fair Value and is

deducted from CET1.

Sensitivity analysis of unobservable inputs (Level 3)

Where the fair value of a financial instrument is determined using inputs which are unobservable and which

have a more than insignificant impact on the fair value of the instrument, the actual value of those inputs at

the balance date may be drawn from a range of reasonably possible alternatives. In line with market practice

the upper and lower bounds of the range of alternative input values reflect a 90% level of valuation certainty.

The actual levels chosen for the unobservable inputs in preparing the financial statements are consistent with

the valuation methodology used for fair valued financial instruments. 

If ING had used input values from the upper and lower bound of this range of reasonably possible alternative

input values when valuing these instruments as of 30 June 2020, then the impact would have been higher or

lower as indicated below. The purpose of this disclosure is to present the possible impact of a change of

unobservable inputs in the fair value of financial instruments where unobservable inputs are significant to

the valuation. 

In practice valuation uncertainty is measured and managed per exposure to individual valuation inputs (i.e.

risk factors) at portfolio level across different product categories. Where the disclosure looks at individual

Level 3 inputs the actual valuation adjustments may also reflect the benefits of portfolio offsets. 

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Because of the approach taken, the valuation uncertainty in the table below is broken down by related risk

class rather than by product.

In reality some valuation inputs are interrelated and it would be unlikely that all unobservable inputs would

ever be simultaneously at the limits of their respective ranges of reasonably possible alternatives. Therefore

it can be assumed that the estimates in the table below show a greater fair value uncertainty than the

realistic position at period end assuming normal circumstances/normal markets. 

Also, this disclosure does not attempt to indicate or predict future fair value movement. The numbers in

isolation give limited information as in most cases these Level 3 assets and liabilities should be seen in

combination with other instruments (for example as a hedge) that are classified as Level 2. 

The possible impact of a change of unobservable inputs in the fair value of financial instruments at fair value

through other comprehensive income are estimated to be immaterial.

Sensitivity analysis of Level 3 instruments

Positive fair value

movements from

using reasonable

possible alternatives

Negative fair value

movements from

using reasonable

possible alternatives

30

June

2020

31

December

2019

30

June

2020

31

December

2019

Fair value through profit or loss

Equity (equity derivatives, structured notes)

43

35

–20

Interest rates (Rates derivatives, FX derivatives)

25

40

–1

Credit (Debt securities, Loans, structured notes, credit derivatives)

25

10

–9

93

85

–30

–

20 Legal proceedings

Settlement agreement:

 On 4 September 2018, ING announced that it had entered into a settlement

agreement with the Dutch Public Prosecution Service relating to previously disclosed investigations regarding

various requirements for client on-boarding and the prevention of money laundering and corrupt practices.

Under the terms of the settlement agreement ING paid a fine of EUR 675 million and EUR 100 million for

disgorgement. In connection with the investigations, ING had also received information requests from the US

Securities and Exchange Commission (“SEC”). As ING announced on 5 September 2018, ING has received a

formal notification from the SEC that it has concluded its investigation. In the letter dated 4 September 2018

the Division of Enforcement states that, based on information as of the date thereof, it does not intend to

recommend an SEC enforcement action against ING. Following the entry into the settlement agreement, ING

has experienced heightened scrutiny from authorities in various countries. 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, have filed requests with the Court of

Appeal in The Netherlands to reconsider the prosecutor’s decision to enter into the settlement agreement

with ING and not to prosecute ING or (former) ING employees and that the Court of Appeal is now taking

procedural steps as part of due process of law before entering into its final decision making. In addition other

parties have filed or may file requests for disciplinary proceedings against ING employees based on the Dutch

“Banker’s oath”.

Findings regarding AML processes

: As previously disclosed, after its September 2018 settlement with Dutch

authorities concerning Anti -Money Laundering matters, and in the context of significantly increased attention

on the prevention of financial economic crime, ING has experienced heightened scrutiny by authorities 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, and also have resulted in, and may continue to result

in, findings, or other conclusions which may require appropriate remedial actions by ING, or may have other

consequences. ING intends to continue to work in close cooperation with authorities as it seeks to improve

its management of non-financial risks in terms of policies, tooling, monitoring, governance, knowledge and

behaviour.

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Interest rate derivatives claims:

 ING is involved in several legal proceedings in the Netherlands with respect

to interest rate derivatives that were sold to clients in connection with floating interest rate loans in order to

hedge the interest rate risk of the loans. These proceedings are based on several legal grounds, depending on

the facts and circumstances of each specific case, inter alia alleged breach of duty of care, insufficient

information provided to the clients on the product and its risks and other elements related to the interest

rate derivatives that were sold to clients. In some cases, the court has ruled in favour of the claimants and

awarded damages, annulled the interest rate derivative or ordered repayment of certain amounts to the

claimants. The total amounts that need to be repaid or compensated in some cases still need to be

determined. ING may decide to appeal against adverse rulings. Although the outcome of the pending

litigation and similar cases that may be brought in the future is uncertain, it is possible that the courts may

ultimately rule in favour of the claimants in some or all of such cases. Where appropriate a provision has

been taken. The aggregate financial impact of the current and future litigation could become material.

As requested by the AFM, ING has reviewed a significant part of the files of clients who bought interest rate

derivatives. In December 2015, the AFM concluded that Dutch banks may have to re -assess certain client

files, potentially including certain derivative contracts that were terminated prior to April 2014 or other client

files. As advised by the AFM, the Minister of Finance appointed a Committee of independent experts (the

“Committee”) which has established a uniform recovery framework for Dutch SME clients with interest rate

derivatives. ING has adopted this recovery framework and has reassessed individual files against this

framework. ING has taken an additional provision for the financial consequences of the recovery framework.

In 2017, ING has informed the majority of the relevant clients whether they are in scope of the recovery

framework, and thus eligible for compensation, or not. Because implementation by ING of the uniform

recovery framework encountered delay, ING has previously offered advance payments to customers out of

the existing provision. As of December 2018, all customers in scope of the uniform recovery framework have

received an offer of compensation from ING (including offers of no compensation). In July 2020, the

independent derivative dispute committee rejected all claims by the client against ING in ING’s last open file

under the uniform recovery framework.

Interest surcharges claims:

 ING received complaints and was involved in litigation with natural persons

(natuurlijke personen) in the Netherlands regarding increases in interest surcharges with respect to several

credit products, including but not limited to commercial property (commercieel verhuurd onroerend goed).

ING has reviewed the relevant product portfolio. The provision previously taken has been reversed for

certain of these complaints. All claims are dealt with individually. Thus far, the courts have ruled in favour of

ING in each case, ruling that ING was allowed to increase the interest surcharged based upon the essential

obligations in the contract. In line with the Dutch Supreme Court ruling in a case involving another bank, ING

will continue to deal with all claims individually.

Criminal proceedings regarding cash company financing:

 In June 2017, a Belgian criminal Court ruled that

ING Luxembourg assisted third parties in 2000 to commit a tax fraud in the context of the purchase of the

shares of a cash company. The Court convicted ING Luxembourg, among others, and ordered ING to pay a

penal fine of EUR 120,000 (suspended for half of the total amount). The court also ordered ING Luxembourg

jointly and severally with other parties, to pay EUR 31.48 million (together with any interest payable under

applicable law) to the bankruptcy trustee of the cash company. In July 2017, ING Luxembourg filed an appeal

against this judgment. A settlement with all the civil parties involved was reached in mid-2018. However, this

settlement does not apply to the criminal conviction of ING Luxembourg. In January 2020, the Court of

Appeal of Antwerp reformed the first judgment: ING Luxemburg benefitted from an "opschorting van de

uitspraak/suspension du prononcé" which means that the conviction has been upheld, but no penal sanction

has been pronounced (penalties suspended). The judgement is now final.

Mortgage expenses claims:

 ING Spain has received claims and is involved in procedures with customers

regarding reimbursement of expenses associated with the formalisation of mortgages. In most court

proceedings in first instance the expense clause of the relevant mortgage contract has been declared null and

ING Spain has been ordered to reimburse all or part of the applicable expenses. The courts in first instance

have applied in their rulings different criteria regarding the reimbursement of expenses. ING Spain has filed

an appeal against a number of these court decisions. ING Spain has also been included, together with other

Spanish banks, in three class actions filed by customer associations. The outcome of the pending litigation

and similar cases that may be brought in the future is uncertain. A provision has been taken. However, the

aggregate financial impact of the current and future litigation could change. In February 2018, the Spanish

Supreme Court ruled that Stamp Duty (Impuesto de Actos Jurídicos Documentados) expenses are chargeable

to the customer, while in October 2018 it ruled that Stamp Duty is chargeable to the banks. In November

2018, the Spanish Supreme Court clarified the issue regarding Stamp Duty by stating that this tax should be

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borne by the customer. As for the remaining types of the expenses, in January 2019, the Spanish Supreme

Court issued several decisions that stated that the client and the bank each have to bear half of the notary

and management company costs and that registry costs have to be borne in full by the bank. Allocation of

valuation costs between the bank and the customer were not addressed by the Spanish Supreme Court

decisions and remain uncertain. In July 2020, the European Court of Justice ruled that if the clause that

regulates the mortgage formation costs is declared null and void, any mortgage formation costs payable

pursuant to such clause have to be borne in full by the bank, and not equally divided between the bank and

the customer, contrary to the Spanish Supreme Court in its January 2019 ruling. ING Spain is assessing the

impact of this decision on claims from customers against ING.

For further information regarding legal proceedings we refer to note 46 “Legal proceedings” in ING Group’s

2019 Consolidated financial statements as included in the Form 20-F.

21 Related parties

In the normal course of business, ING Group enters into various transactions with related parties. Parties are

considered to be related if one party has the ability to control or exercise significant influence over the other

party in making financial or operating decisions. Related parties of ING Group include, among others, its

subsidiaries, associates, joint ventures, key management personnel, and various defined benefit and

contribution plans. Transactions between related parties include rendering or receiving of services, leases,

transfers under finance arrangements and provisions of guarantees or collateral. All transactions with related

parties took place at conditions customary in the market. There are no significant provisions for doubtful

debts or individually significant bad debt expenses recognised on outstanding bal ances with related parties.

22 Subsequent events

There are no subsequent events to report.

23 Capital management

ING Group’s CET1 ratio increased to 15.0% in Q2 2020 (EOY 2019: 14.6%), mainly due to capital generation

and decreased RWA from various relief measures and management actions taken.

Policy changes due to the Covid-19 pandemic

As a reaction to the ongoing global pandemic, the following relevant regulators have introduced a number of

changes to regulatory capital requirements applica ble to ING: 

The DNB decreased ING Group’s Systemic Risk Buffer requirement from 3.00% to 2.50%. Moreover, various

competent authorities changed or removed Countercyclical Buffer (CCyB) requirements, which reduced the

fully loaded CCyB for ING from 24 basis points to 3 basis points.

The ECB effectuated Art 104(a) CRDV as of the first quarter of 2020, which essentially brings forward the

possibility to cover Pillar 2 Requirements with a mix of own funds instead of CET1 only. 

Consequentially, ING Group’s fully loaded Total Capital Maximum Distributable Amount trigger level

decreased from 15.49% to 14.78%. This also reduced the fully loaded CET1 requirement, which decreased

from 11.99% to 10.51%, and the fully loaded Tier 1 requirement, which decreased from 13.49% to 12.34%. 

ING is committed to maintaining a CET1 ratio above the prevailing fully loaded requirement plus a

comfortable management buffer.

The ECB provided some relief on RWA increases by postponing pending TRIM reviews by at least six months.

The DNB further announced it is delaying the introduction of a floor for mortgage loan risk weighting.

The Basel Committee on Banking Supervision announced the postponement of the implementation date of

Basel IV standards by one year to the beginning of 2023.

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Following the CRR amendments due to Covid-19 (“CRR quick fix” or CRR 2.5), ING adopted a) an extension of

the IFRS 9 transitional arrangements (EUR 0.2 billion capital increase), b) the infrastructure support factor

(EUR 0.9 billion RWA relief) and c) the SME support factor (EUR 2.0 billion RWA relief).

Dividend

In March 2020, ING Group announced that it will suspend any payment of dividends following an industry

wide recommendation of the ECB. The ECB subsequently updated their recommendat ion at the end of July,

extending the timeframe for suspension of dividend payments until 1 January 2021. Any dividend payment by

ING will therefore be delayed until after 1 January 2021.

Ratings

The ratings from S&P, Moody’s and Fitch remained unchanged in the first half of the year. Fitch changed its

outlook on both ING Group and ING Bank to ‘Rating Watch Negative’ (RWN) on 1 April 2020. Standard &

Poor's changed its outlook for ING Group to 'Negative' on 23 April 2020.

Main credit ratings of ING at 30 June 2020

Standard & Poor’s

Moody’s

Fitch

Rating

Outlook

Rating

Outlook

Rating

Outlook

ING Groep N.V.

Long-term

A-

Negative

Baa1

Stable

A+

RWN*

ING Bank N.V.

Long-term

A+

Stable

Aa3

Stable

AA-

RWN*

Short-term

A-1

P-1

F1+

* Rating Watch Negative

ING’s key credit ratings and outlook are shown in the table above. Each of these ratings reflects only the view

of the applicable rating agency at the time the rating was issued, and any explanation of the significance of a

rating may be obtained only fro m the rating agency.

A security rating is not a recommendation to buy, sell or hold securities and each rating should be evaluated

independently of other ratings. There is no assurance that any credit rating will remain in effect for any given

period of time or that a rating will not be lowered, suspended or withdrawn entirely by the rating agency if,

in the rating agency’s judgment, circumstances so warrant. ING accepts no responsibility for the accuracy or

reliability of the ratings.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this

report to be signed on its behalf by the undersigned, thereunto duly authorized.

ING Groep N.V.

(Registrant)

Date: August 5, 2020

By: /s/T. Phutrakul

T. Phutrakul

Chief Financial Officer

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2020
Document And Entity Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	ING GROEP NV
Entity Central Index Key	0001039765
Current Fiscal Year End Date	--12-31
Entity File Number	001-14642

XML

Condensed consolidated statement of financial position - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and balances with central banks	€ 118,971	€ 53,202
Loans and advances to banks	30,664	35,136
Financial assets at fair value through profit or loss 2	111,110	96,187
Financial assets at fair value through other comprehensive income 3	38,993	34,468
Securities at amortised cost 4	51,085	46,108
Loans and advances to customers 5	612,387	608,029
Investments in associates and joint ventures 6	1,775	1,790
Property and equipment	3,086	3,172
Intangible assets 7	1,586	1,916
Current tax assets	515	251
Deferred tax assets	1,548	1,242
Other assets	9,543	7,018
Total assets	981,262	888,520
Liabilities
Deposits from banks 8	78,649	34,826
Customer deposits	605,633	574,355
Financial liabilities at fair value through profit or loss 9	90,641	77,942
Current tax liabilities	387	554
Deferred tax liabilities	499	322
Provisions	566	688
Other liabilities	14,879	12,829
Debt securities in issue 10	121,138	118,528
Subordinated loans 11	16,697	16,588
Total liabilities	929,091	836,631
Equity 12
Share capital and share premium	17,128	17,117
Other reserves	3,616	4,013
Retained earnings	30,406	29,866
Shareholders' equity (parent)	51,149	50,996
Non-controlling interests	1,022	893
Total equity	52,171	51,889
Total liabilities and equity	€ 981,262	€ 888,520

XML

Condensed consolidated statement of profit or loss - EUR (€) € in Millions		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
Continuing operations
Interest income using effective interest rate method		€ 10,935	€ 12,799
Other interest income		1,026	1,610	[1]
Total Interest income		11,962	14,410
Interest expense using effective interest rate method		(4,160)	(5,880)
Other interest expense		(925)	(1,633)
Total interest expense		(5,085)	(7,513)
Net interest income 13		6,877	6,896
Net fee and commission income 14		1,506	1,386
Valuation results and net trading income 15		(4)	(489)
Investment income		40	58
Other income 16	[2]	269	296
Total income		8,688	8,148
Addition to loan loss provisions 5		1,998	416
Staff expenses		2,923	2,811
Other operating expenses		2,703	2,427
Total expenses		7,623	5,654
Result before tax from continuing operations		1,065	2,493
Taxation		438	740
Net result from continuing operations		626	1,754
Net result attributable to Equityholders of the parent
Net result (before non-controlling interests)		626	1,754
Net result attributable to Non-controlling interests		36	47
Net result attributable to shareholders of the parent		€ 591	€ 1,707
Earnings per ordinary share 17
Basic earnings per ordinary share		€ 0.15	€ 0.44
Diluted earnings per ordinary share		0.15	0.44
Earnings per ordinary share from continuing operations 17
Basic earnings per ordinary share from continuing operations		0.15	0.44
Diluted earnings per ordinary share from continuing operations		0.15	0.44
Dividend per ordinary share		€ 0	€ 0.24

[1] 1 Prior period amounts in other interest income and other interest expense have been updated to improve consistency and comparability.

[2] 2 Other income includes Result from associates and joint ventures, Result on disposal of group companies, Net result on derecognition of financial assets at amortised cost and Other.

XML

Condensed consolidated statement of comprehensive income - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of comprehensive income [abstract]
Net result (before non-controlling interests)	€ 626	€ 1,754
Items that will not be reclassified to the statement of profit or loss:
Realised and unrealised revaluations property in own use	11	36
Remeasurement of the net defined benefit asset/liability	84	(23)
Net change in fair value of equity instruments at FVOCI	(311)	201
Net change in fair value of own credit risk of financial liabilities at FVPL	11	(91)
Items that may subsequently be reclassified to the statement of profit or loss:
Net change in fair value of debt instruments at FVOCI	(81)	1
Realised gains/losses on debt instruments at FVOCI reclassified to the statement of profit or loss	(27)	(36)
Changes in cash flow hedges	644	861
Exchange rate differences and other	(691)	(116)
Share of other comprehensive income of associates and joint ventures and other income	2	(2)
Total comprehensive income	268	2,585
Comprehensive income attributable to:
Non-controlling interests	134	86
Shareholders of the parent	135	2,500
Total comprehensive income	€ 268	€ 2,585

XML

Condensed consolidated statement of changes in equity - EUR (€) € in Millions	Total	Share capital and share premium [Member]	Other reserves [Member]	Retained earnings [Member]	Shareholders' equity (parent) [Member]	Non-controlling interests [Member]
Balance at Dec. 31, 2018	€ 49,851	€ 17,088	€ 3,621	€ 28,339	€ 49,049	€ 803
Net change in fair value of equity instruments at fair value through other comprehensive income	201		(123)	322	199	2
Net change in fair value of debt instruments at fair value through other comprehensive income	1		0		0	0
Realised gains/losses on debt instruments at FVOCI reclassified to the statement of profit or loss	(36)		(34)		(34)	(1)
Changes in cash flow hedge reserve	861		830		830	31
Realised and unrealised revaluations property in own use	36		29	7	36	0
Remeasurement of the net defined benefit asset/liability	(23)		(23)		(23)
Exchange rate differences and other	(116)		(121)		(121)	6
Share of other comprehensive income of associates and joint ventures and other income	(2)		127	(129)	(2)
Change in fair value of own credit risk of financial liabilities at fair value through profit or loss	(91)		(91)		(91)
Total amount recognised directly in other comprehensive income net of tax	832		593	200	793	38
Net result	1,754		0	1,707	1,707	47
Total comprehensive income net of tax	2,585		593	1,906	2,500	86
Dividends	(1,741)			(1,714)	(1,714)	(27)
Changes in treasury shares	3		3		3
Employee stock option and share plans	25	27		(3)	25	0
Balance at Jun. 30, 2019	50,723	17,116	4,218	28,528	49,862	862
Balance at Dec. 31, 2019	51,889	17,117	4,013	29,866	50,996	893
Net change in fair value of equity instruments at fair value through other comprehensive income	(311)		(310)	(2)	(312)
Net change in fair value of debt instruments at fair value through other comprehensive income	(81)		(76)		(76)	(5)
Realised gains/losses on debt instruments at FVOCI reclassified to the statement of profit or loss	(27)		(27)		(27)	(1)
Changes in cash flow hedge reserve	644		501		501	144
Realised and unrealised revaluations property in own use	11		9	2	11	0
Remeasurement of the net defined benefit asset/liability	84		84		84
Exchange rate differences and other	(691)		(650)		(650)	(41)
Share of other comprehensive income of associates and joint ventures and other income	2		54	(52)	2
Change in fair value of own credit risk of financial liabilities at fair value through profit or loss	11		11		11
Total amount recognised directly in other comprehensive income net of tax	(358)		(404)	(52)	(456)	98
Net result	626		0	591	591	36
Total comprehensive income net of tax	268		(404)	539	135	134
Dividends	(3)					(3)
Changes in treasury shares	6		6		6
Employee stock option and share plans	12	11		1	12	0
Changes in composition of the group and other changes	(1)					(1)
Balance at Jun. 30, 2020	€ 52,171	€ 17,128	€ 3,616	€ 30,406	€ 51,149	€ 1,022

XML

Condensed consolidated statement of cash flows - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities 31
Results before tax	€ 1,065	€ 2,493
Adjusted for: - Depreciation and amortisation	402	388
- Addition to loan loss provisions	1,998	416
- Other non-cash items included in result before tax	1,285	53
Taxation paid	(1,149)	(1,583)
- Net change in Loans and advances to/from banks, not available/payable on demand	51,912	(3,434)
- Net change in Trading assets and Trading liabilities	3,208	(1,707)
- Loans and advances to customers	(9,865)	(17,670)
- Customer deposits	34,416	15,297
- Other	(5,849)	9,502
Net cash flow from/(used in) operating activities	77,422	3,754
Cash flows from investing activities
- Acquisition of subsidiaries, net of cash acquired	0	(17)
- Associates and joint ventures	(10)	(60)
Disclosure of financial assets [line items]
- property and equipment	(144)	(135)
- Other investments	(165)	(184)
- Associates and joint ventures	12	6
- Financial asset at fair value through other comprehensive income	8,523	8,982
- Securities at amortised cost	11,547	7,441
- Property and equipment	4	71
- Loans sold	0	401
- Other investments	8	1
Net cash flow from/(used in) investing activities	(9,627)	2,346
Cash flows from financing activities
Proceeds from debt securities	48,565	54,835
Repayments of debt securities	(46,335)	(57,088)
Proceeds from issuance of subordinated loans	2,165	1,089
Repayments of subordinated loans	(2,608)	(933)
Repayments of principal portion of lease liabilities	(132)	(123)
Purchase/sale of treasury shares	6	8
Dividends paid	(3)	(1,714)
Other financing	0
Net cash flow from/(used in) financing activities	1,658	(3,926)
Net cash flow	69,453	2,174
Cash and cash equivalents at beginning of year	54,031	47,529
Effect of exchange rate changes on cash and cash equivalents	(192)	(53)
Cash and cash equivalents at end of year	123,292	49,650
-Securities at amortised cost [member]
Disclosure of financial assets [line items]
- Financial assets	(16,306)	(6,395)
Financial assets at FVOCI [member]
Disclosure of financial assets [line items]
- Financial assets	€ (13,095)	€ (7,765)

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Condensed consolidated statement of cash flows (Parenthetical) - EUR (€) € in Millions		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Treasury bills and other eligible bills		€ 170	€ 94	€ 94
Deposits from banks/Loans and advances to banks		4,151	(2,615)
Cash and balances with central banks		118,971	52,171	53,202
Cash and cash equivalents at end of year		123,292	49,650	€ 54,031
Interest received		12,287	14,784
Interest paid		(5,504)	(7,575)
Net interest received paid		6,784	7,208
Dividend received	[1]	23	67
Dividend paid		(3)	€ (1,714)
Longer-term refinancing operations (TLTRO III)		€ 55,000

[1] Includes dividends rece ived as recognized within Investment Income, from equity securities included in the Financial assets at fair value through profit or loss, Financial assets at fair value through OCI, and from Investments in associates and joint ventures. Dividend paid and received from trading positions have been included.

XML

Reporting entity

6 Months Ended

Jun. 30, 2020

Disclosure of reporting entity [Abstract]

Reporting entity

1 Basis of preparation and accounting policies

1.1Reporting entity

ING Groep N.V. is a company domiciled in Amsterdam, the Netherlands. Commercial Register of Amsterdam, number 33231073. These Condensed consolidated interim financial statements, as at and for thesix months period ended 30 June 2020, comprise ING Groep N.V. (the Parent company) and its subsidiaries, together referred to as ING Group. ING Group is a global financial institution with a strong European base, offering a wide range of retail and wholesale banking services to customers in over 40 countries.

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Basis of preparation and accounting policies

6 Months Ended

Jun. 30, 2020

Basis of preparation and accounting policies [abstract]

Basis for preparation of accounting policies

1.2Basis of preparation of the Condensed consolidated interim financial statements

The ING Group Condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 ‘ Interim Financial Reporting’. The accounting policies used to prepare the Condensed consolidated interim financial statements are consistent with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS-IASB) and are consistent with those set out in the notes to the 2019 Consolidated financial statements as included in the Annual Report on Form 20-F of ING Group except for the adoption of a number of amendments effective in 2020 as set out in Note 1.3 ‘Changes to accounting policies’.

The Condensed consolidated interim financial statements should be read in conjunction with ING Group’s 2019 Consolidated financial statements as included in the Form 20-F.

The ING Group Condensed consolidated interim financial statements have been prepared on a going concern basis.

The Condensed consolidated interim financial statements are presented in euros and rounded to the nearest million, unless stated otherwise. Amounts may not add up due to rounding.

1.2.1 Presentation of Risk management disclosures

Certain disclosures of the nature and extent of risks related to financial instruments as disclosed in the 2019 ING Group Consolidated financial statements and included in the 2019 ING Group Annual Report on Form 20-F are updated due to the Covid-19 developments in the first six months of 2020.

Although these disclosures are included in the ‘Risk management’ section, they are an integral part of the ING Group Condensed consolidated interim financial statements. The disclosures are indicated by the symbol (*).

1.2.2Reconciliation between IFRS-EU and IFRS-IASB

ING Group also publishes its Consolidated financial statements and Condensed consolidated interim financial statements based on IFRS-EU. IFRS-EU refers to International Financial Reporting Standards (‘IFRS’) as adopted by the European Union (EU), including the decisions ING Group made with regard to the options available under IFRS as adopted by the EU. IFRS-EU differs from IFRS-IASB in respect of certain paragraphs in IAS 39 ‘Financial Instruments: Recognition and Measurement’ regarding hedge accounting for portfolio hedges of interest rate risk. Under IFRS 9, the IAS 39 hedge accounting principles can be applied.

Under IFRS-EU, ING Group applies fair value hedge accounting for portfolio hedges of interest rate risk (fair value macro hedges) in accordance with the EU carve-out version of IAS 39. Under the EU IAS 39 carve-out, hedge accounting may be applied, in respect of fair value macro hedges, to core deposits and hedge ineffectiveness is only recognised when the revised estimate of the amount of cash flows in scheduled time buckets falls below the original designated amount of that bucket and is not recognised when the revised amount of cash flows in scheduled time buckets is more than the original designated amount. Under IFRS-IASB, hedge accounting for fair value macro hedges cannot be applied to core deposits and ineffectiveness arises whenever the revised estimate of the amount of cash flows in scheduled time buckets is either more or less than the original designated amount of that bucket.

This information is prepared by reversing the hedge accounting impacts that are applied under the EU ‘carve-out’ version of IAS 39. Financial information under IFRS-IASB accordingly does not take account of the possibility that had ING Group applied IFRS-IASB as its primary accounting framework it might have applied alternative hedge strategies where those alternative hedge strategies could have qualified for IFRS-IASB compliant hedge accounting. These decisions could have resulted in different shareholders’ equity and net result amounts compared to those indicated in this Condensed consolidated interim financial statements on Form 6-K.

Both IFRS-EU and IFRS-IASB differ in several areas from accounting principles generally accepted in the United States of America (US GAAP)

A reconciliation between IFRS-EU and IFRS-IASB is included below.

Reconciliation net result under IFRS-EU and IFRS-IASB
	1 January to 30 June
	2020	2019
In accordance with IFRS-EU	969	2,556
Adjustment of the EU IAS 39 carve-out	–493	–1,093
Tax effect of the adjustment	115	243
Effect of adjustment after tax	–379	–850
In accordance with IFRS-IASB (attributable to the shareholders of the parent)	591	1,707
Non-controlling interests	36	47
In accordance with IFRS-IASB Total net result	626	1,754

Reconciliation shareholders’ equity under IFRS-EU and IFRS-IASB
	30 June 2020	31 December 2019
In accordance with IFRS-EU	54,305	53,769
Adjustment of the EU IAS 39 carve-out	–4,157	–3,658
Tax effect of the adjustment	1,001	885
Effect of adjustment after tax	–3,156	–2,773
Shareholders’ equity	51,149	50,996
Non-controlling interests	1,022	893
In accordance with IFRS-IASB Total Equity	52,171	51,889

In the first six months of 2020 interest rates decreased, resulting in a positive hedge accounting impact related to the EU IAS 39 carve-out. The difference in net result is fully reflected in the segment Wholesale Banking.

1.3 Changes to accounting policies

ING Group has consistently applied its accounting policies to all periods presented in these Condensed consolidated interim financial statements, except for amendments that became effective in 2020.

1.3.1 Changes in IFRS effective in 2020

A number of amended standards became applicable for the current reporting period with no significant impact on ING Group’s accounting policies, ING Group’s results or financial position.

The list of amendments effective in the current period and applicable for ING Group:

•Amendments to IAS 39 ‘ Financial Instruments: Recognition and Measurements’ and IFRS 7 ‘ Financial Instruments: Disclosures’: ‘IBOR Reform and its Effects on Financial Reporting – Phase 1’ (issued on 26 September 2019 and early adopted by ING in 2019);

•Amendments to IFRS 3 ‘Business Combinations’: Definition of a Business (issued on 22 October 2018);

•Amendments to IAS 1 and IAS 8: ‘Definition of Material’ (issued on 31 October 2018); and

•Amendments to References to the Conceptual Framework in IFRS Standards (issued on 29 March 2018).

In May 2020 the IASB also issued amendments to IFRS 16 ‘Leases’: ‘Covid-19-Related Rent Concessions’ to provide lessees with an exemption from assessing whether a Covid-19-related rent concession is a lease modification. The amendments are effective for annual reporting periods beginning on or after 1 June 2020, with earlier application permitted (including financial statements not yet authorised for issue at 28 May 2020) and are also available for interim reports. The amendments will not have material impact on ING Group’s accounting policies, ING Group’s results or financial position.

ING Group has not early adopted any standard, interpretation or amendment (including the above mentioned IFRS 16 amendments) which has been issued, but is not yet effective.

For further information, reference is made to Note 1 ‘Basis of preparation and accounting policies, 1.4.2 Upcoming changes in IFRS after 2019’ in the 2019 ING Group Consolidated financial statements as included in the Form 20-F.

1.4 Significant judgments and critical accounting estimates and assumptionsThe preparation of the Condensed consolidated interim financial statements requires management to make judgements in the process of applying its accounting policies and to use estimates and assumptions. The estimates and assumptions affect the reported amounts of the assets and liabilities and the amounts of the contingent assets and contingent liabilities at the balance sheet date, as well as reported income and expenses for the period. The actual outcome may differ from these estimates. The process of setting assumptions is subject to internal control procedures and approvals.

As discussed in Note 1.5 ‘ Significant judgements and critical accounting estimates and assumptions’ of the 2019 ING Group Consolidated financial statements as included in the Form 20-F, ING Group has identified the following 3 areas that require management to make significant judgements and use critical accounting estimates and assumptions based on the information and financial data that may change in future periods:

•The determination of the fair values of financial assets and liabilities;

•Loan loss provisions; and

•Provisions.

These areas continue to be relevant for these Condensed consolidated interim financial statements, and, in particular, an increased level of estimation uncertainty is observed for Loan loss provisions due to Covid-19 outbreak and determination of the fair values of financial assets and liabilities due to market developments in the first six months of 2020.

In addition to the disclosures in the 2019 Annual Report on Form 20-F, the increased uncertainty for Loan loss provisions from Covid-19 manifested itself in the following key areas: the uncertainty around macroeconomic forecasts and the period and duration of the economic recovery path; uncertainty around determining when there has been a significant increase in credit risk, especially in the light of government measures such as payment holidays where traditional risk drivers in ECL models based on payment behaviour can be ineffective as these clients are not required to make regular payments and limited (if any) information is available. For further discussion and details of the significant judgements and critical accounting estimates and assumptions relating to the Loan loss provisions, reference is made to paragraph ‘Loan loss provisioning’ in the ‘Risk management’ section of the interim report.

In light of uncertainties due to Covid-19, the assessment of impairment of non-financial assets became a new area of critical accounting estimates in the first six months of 2020. For ING it mainly related to the assessment for potential impairment of goodwill and an investment in associate (TMB), which involves estimation of their recoverable amounts. Recoverable amounts are sensitive to the assumptions used and their estimation becomes particularly judgmental in light of uncertainties due to Covid-19. The projected cash flows, discount rates and growth rates are particularly relevant and the sensitivity of the recoverable amounts to these assumptions is described in Note 7 ‘Intangible assets’ and Note 6 ‘Investments in associates and joint ventures’.

1.5 Other developments

ING has historically aligned the Definition of Default for regulatory purposes with the definition of ‘credit-impaired’ financial assets under IFRS 9 (Stage 3). To comply with new regulatory technical standards (RTS) and EBA guidelines ING updated its Definition of Default in the first quarter of 2020. Consequently, ING updated this definition also for IFRS 9 purposes. From an accounting perspective, this represents a change in accounting estimate. This change had no material impact on the Expected Credit Losses but impacted the migration of assets mainly between Stage 2 and Stage 3 resulting in an increase in Stage 3 assets. For more details on this impact, reference is made to paragraph ‘Loan loss provisioning’ in the ‘Risk management’ section of the interim report.

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Financial assets at fair value through profit or loss

6 Months Ended

Jun. 30, 2020

Financial asset at fair value through profit or loss [abstract]

Financial assets at fair value through profit or loss

2 Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss
	30 June 2020	31 December 2019
Trading assets	53,781	49,254
Non-trading derivatives	2,488	2,257
Designated at fair value through profit or loss	3,700	3,076
Mandatorily measured at fair value through profit or loss	51,142	41,600
	111,110	96,187

Trading assets include assets that are classified under IFRS as Trading, but are closely related to servicing the needs of the clients of ING Group. ING offers institutional clients, corporate clients, and governments, products that are traded on the financial markets.

A significant part of the derivatives in the trading portfolio is related to servicing corporate clients in their risk management to hedge for example currency or interest rate exposures. In addition, ING provides its customers access to equity and debt markets for issuing their own equity or debt securities (securities underwriting).

Part of the trading assets are sold subject to repurchase agreements, securities lending and similar agreements comparable to collateralised lending, and continue to be recognised in the consolidated statement of financial position.

From a risk perspective, the gross amount of trading assets must be considered together with the gross amount of trading liabilities, which are presented separately on the statement of financial position since IFRS does not always allow netting of these positions in the statement of financial position.

As at 30 June2020, Trading Assets include Loans and receivables of EUR 14,344million (31 December 2019: EUR 11,969million) with regard to reverse repurchase transactions.

Reference is made to Note 9 ‘Financial liabilities at fair value through profit or loss’ for information on trading liabilities.

Financial assets ‘Mandatorily measured at fair value through profit or loss’ mainly include reverse repurchase agreements. The related repurchase financial liabilities are classified as financial liabilities ‘Designated at fair value through profit or loss’. As at 30 June2020, Financial assets mandatorily measured at fair value through profit or loss include Loans and receivables of EUR 49,048million (31 December 2019: EUR 38,985million) with regard to reverse repurchase transactions.

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Financial assets at fair value through other comprehensive income

6 Months Ended

Jun. 30, 2020

Financial Assets At Fair Value Through Other Comprehensive Income [Abstract]

Financial assets at fair value through other comprehensive income

3 Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income by type
	30 June 2020	31 December 2019
Equity securities	1,998	2,306
Debt securities1	35,650	30,483
Loans and advances1	1,345	1,680
	38,993	34,468

1 Debt securities include an amount of EUR -10 million (31 December 2019: EUR -7 million) and the Loans and advances includes EUR -3 million (31 December 2019: EUR -3 million) of Loan loss provisions.

Exposure to equity securities
Equity securities designated as at fair value through other comprehensive income
	Carryingvalue	Dividend income	Carryingvalue	Dividend income
	30 June 2020	30 June 2020	31 December 2019	31 December 2019
Investment in Bank of Beijing	1,704	–	2,001	93
Other Investments	294	2	305	18
	1,998	2	2,306	111

For strategic equity securities, ING decided to apply the option to irrevocably designate these investments at fair value through other comprehensive income, instead of the IFRS 9 default measurement of fair value through profit or loss.

As at 30 June ING holds approximately 13% (31 December 2019: 13%)  of the shares of Bank of Beijing, a bank listed on the stock exchange of Shanghai. As per regulatory requirements set by China Banking and Insurance Regulatory Commission, ING, as a shareholder holding more than 5% or more of the shares, is required to supply additional capital when necessary. No request for additional capital was received as per 30 June 2020 (2019: nil).

Changes in fair value through other comprehensive income

The following table presents changes in financial assets at fair value through other comprehensive income.

Changes in fair value through other comprehensive income financial assets
	FVOCI equity securities		FVOCI debt instruments 1		Total
	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Opening balance as at 1 January	2,306	3,228	32,163	27,995	34,468	31,223
Additions	9	11	13,087	16,259	13,095	16,270
Amortisation			32	–12	32	–12
Transfers and reclassifications	1	3	–	–0	1	3
Changes in unrealised revaluations2	–289	139	611	258	322	397
Impairments			–0	–2	–0	–2
Reversals of impairments			–3	1	–3	1
Disposals and redemptions	–1	–1,091	–8,524	–12,298	–8,526	–13,389
Exchange rate differences	–27	15	–369	–40	–396	–25
Changes in the composition of the group and other changes	–0	–	–0	2	–0	3
Closing balance	1,998	2,306	36,995	32,163	38,993	34,468
1 Fair value through other comprehensive income debt instruments includes both debt securities and loans and advances.
2 Changes in unrealised revaluations include changes on hedged items which are recognised in the statement of profit or loss.

In the first six months of 2020, changes in unrealised revaluations of equity securities decreased mainly related to negative revaluation of the stake in Bank of Bejing following a sharp decline in share price (EUR -271 million).

In the first quarter of 2019, ING sold its last tranche of shares in India’s Kotak Mahindra Bank (Kotak) for EUR 880 million. The transaction, for a stake of 3.07%, concluded the divestment process and was the main driver for the ‘disposal’ line in 2019.

Reference is made to Note 4 ‘Securities at amortised cost’ for details on ING Group’s total exposure to debt securities.

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Securities at amortised cost

6 Months Ended

Jun. 30, 2020

Securities at amortised cost [abstract]

Securities at amortised cost explanatory

4 Securities at amortised cost

Securities at amortised cost fully consist of Debt securities.

ING Group’s total exposure to debt securities is included in the following lines in the statement of financial position:

Exposure to debt securities
	30 June 2020	31 December 2019
Debt securities at fair value through other comprehensive income	35,650	30,483
Debt securities at amortised cost	51,085	46,108
Debt securities at fair value through other comprehensive income and amortised cost	86,735	76,592
Trading assets	6,852	6,256
Debt securities at fair value through profit or loss	3,643	3,067
Total debt securities at fair value through profit or loss	10,496	9,323
	97,230	85,914

ING Group’s total exposure to debt securities (excluding debt securities held in the trading portfolio) of EUR 90,378million (31 December 2019: EUR 79,659 million) is specified as follows:

Debt securities by type of exposure
	Debt Securitiesat FVPL		Debt Securitiesat FVOCI		Debt Securitiesat AC		Total
	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Government bonds	148	408	24,679	20,300	28,427	25,627	53,254	46,334
Sub-sovereign, Supranationals and Agencies	1,413	505	7,862	6,606	13,006	10,689	22,281	17,801
Covered bonds			1,986	1,734	6,669	6,960	8,655	8,693
Corporate bonds			325	476	137	143	462	619
Financial institutions' bonds	1,353	1,440	377	332	1,933	1,536	3,663	3,308
ABS portfolio	730	714	431	1,043	934	1,163	2,095	2,920
	3,643	3,067	35,660	30,491	51,106	46,118	90,409	79,676
Loan loss provisions			–10	–7	–21	–10	–31	–17
Bond portfolio	3,643	3,067	35,650	30,483	51,085	46,108	90,378	79,659

Approximately 88% (31 December 2019: 90%) of the exposure in the ABS portfolio is externally rated AAA, AA or A. There are no borrowed debt securities recognised in the statement of financial position.

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Loans and advances to customers

6 Months Ended

Jun. 30, 2020

Loans and advances to customers [Abstract]

Loans and advances to customers

5 Loans and advances to customers
Loans and advances to customers by type
	30 June 2020	31 December 2019
Loans to, or guaranteed by, public authorities	41,925	42,190
Loans secured by mortgages	348,769	348,526
Loans guaranteed by credit institutions	4,397	3,775
Personal lending	28,814	28,250
Corporate loans	194,511	189,878
	618,416	612,619
Loan loss provisions	–6,029	–4,590
	612,387	608,029

As at 30 June2020, Loans and advances to customers – corporate loans include receivables with regard to securities which have been acquired in reverse repurchase transactions amounting to EUR 3,012 million (31 December 2019: EUR 180 million).

For details on credit quality and loan loss provisioning, refer to ‘Risk management – Credit risk’ paragraph ‘Credit quality’.

Loans and advances to customers by subordination
	30 June 2020	31 December 2019
Non-subordinated	612,309	607,908
Subordinated	78	121
	612,387	608,029

No individual loan or advance has terms and conditions that significantly affect the amount, timing or certainty of the consolidated cash flows of the Group.

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Investments in associates and joint ventures

6 Months Ended

Jun. 30, 2020

Investments in associates and joint ventures [Abstract]

Investments in associates and joint ventures

6 Investments in associates and joint ventures
Investments in associates and joint ventures
30 June 2020	Interestheld (%)	Fair valueof listedinvest-ments	Balancesheetvalue	Totalassets	Totalliabilities	Totalincome	Totalexpenses
TMB Public Company Limited	23	673	1,492	54,563	48,832	526	378
Other investments in associates and joint ventures			283
			1,775

Investments in associates and joint ventures
31 December 2019	Interestheld (%)	Fair valueof listedinvest-ments	Balancesheetvalue	Totalassets	Totalliabilities	Totalincome	Totalexpenses
TMB Public Company Limited	23	1,109	1,509	55,804	49,974	1,145	891
Other investments in associates and joint ventures			281
			1,790

The reporting dates of certain associates and joint ventures can differ from the reporting date of the Group, but by no more than three months.

TMB Bank Public Company Limited

ING Group has a 23.03% investment in TMB Bank Public Company Limited (hereafter: TMB), a bank listed on the Stock Exchange of Thailand. TMB is providing products and services to Wholesale, Small and Medium Enterprise (SME), and Retail customers. In December 2019 TMB merged with Thanachart Bank and became Thailand’s sixth largest bank.

TMB is accounted for as an investment in associate based on the size of ING shareholding and representation on the Board.IFRS requires to test its investment in TMB for impairment when there is an indication that impairment might exist.

Impairment testing

In the first half year of 2020, the fair value of ING’s investment in TMB significantly declined below the purchase cost. This indicator triggered ING to perform an impairment test on the recoverability of the investment of TMB. The impairment test performed led to no impairment at 30 June 2020, as the recoverable amount, as determined by a Value in Use calculation, was higher than the carrying amount.

Investments in associates and joint ventures
30 June 2020	Value in Use	Fair value	Carrying value
TMB Public Company Limited	1,606	673	1,492

Methodology

In line with IFRS, the recoverable amount is determined as the higher of the fair value less costs of disposal and Value in Use (‘VIU’). Fair value less costs of disposal is based on observable share price. The ViU calculation uses discounted cash flow projections based on management’s best estimates. VIU is derived using a Dividend Discount Model (DDM) where distributable equity, i.e. future earnings available to ordinary shareholders, is used as a proxy for future cash flows. The valuation looks at expected cash flows into perpetuity resulting in two main components to the ViU calculation:

i) the estimation of future earnings over a 5 year forecast period; and

ii) the terminal value being the extrapolation of earnings into perpetuity applying a long term growth rate. The earnings that are used for extrapolation represent the stable long term financial results and position of TMB, i.e. a steady state. The terminal value comprises the majority of the total VIU.

Key assumptions used in the VIU calculation

The value in use is determined using a valuation model which is subject to multiple management assumptions. The key assumptions, i.e. those to which the overall result is most sensitive to, are the following:

Terminal growth rate: 3% for periods after 2024, consistent with current long term forecastsof GDP growth for Thailand;

Discount rate (cost of equity): 9%, based on the capital asset pricing model (CAPM) calculated for TMB, using current market data.

The model was tested for reasonably possible changes to key assumptions in the model. This reflects the sensitivity of the VIU to each key assumption on its own and it is possible that more than one favourable and/or unfavourable change may occur at the same time. A reduction in all of the forecasted annual cash flows, including terminal value, of 7.1% would reduce the recoverable amount to the carrying amount.A -122bps change in the terminal growth rate or a 46bps change in the discount rate would cause the VIU to equal the carrying amount.

Changes in Investments in associates and joint ventures
	30 June 2020	31 December 2019
Opening balance as at 1 January	1,790	1,203
Additions	10	507
Transfers to and from Investments/Other assets and liabilities	–0	4
Revaluations	2	–18
Share of results	33	82
Dividends received	–11	–58
Disposals	–1	–10
Impairments	1	–34
Exchange rate differences	–55	113
Other	6
Closing balance	1,775	1,790

Share of results from associates and joint ventures of EUR 33million (2019: EUR 82 million) as included in the table above, is mainly attributable to results of TMB of EUR 39 million (2019: EUR 77 million).

Share of results from associates and joint ventures as presented in the statement of profit or loss includes, besides above mentioned share of results, also impairments.

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Intangbile assets

6 Months Ended

Jun. 30, 2020

Intangible assets [abstract]

Disclosure of intangible assets [text block]

7 Intangible assets
Changes in intangible assets
	Goodwill		Software		Other		Total
	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Opening balance	907	918	958	868	52	53	1,916	1,839
Additions		17	50	94		–	50	111
Capitalised expenses			115	285			115	285
Amortisation			–120	–235	–1	–2	–121	–237
Impairments1	–310		–3	–61	–15	–0	–328	–61
Exchange rate differences	–35	–28	–5	–	–0	–0	–40	–28
Disposals			–8	–1		–0	–8	–1
Changes in the composition of the groupand other changes			2	8	–	1	2	9
Closing balance	562	907	989	958	35	52	1,586	1,916
Gross carrying amount	872	907	2,738	2,608	60	61	3,670	3,575
Accumulated amortisation			–1,737	–1,641	–8	–7	–1,745	–1,648
Accumulated impairments	–310		–11	–9	–17	–2	–338	–11
Net carrying value	562	907	989	958	35	52	1,586	1,916
1 Impairments of intangible assets are presented within Other operating expenses in the statement of Profit or Loss.

Goodwill
Goodwill is allocated to groups of cash generating units (CGUs) as follows:
Goodwill allocation to group of CGUs
	Method used forrecoverable amount	Discount rate	Long term growth rate	Goodwill	Goodwill
Group of CGUs				30 June 2020	31 December 2019
Retail Netherlands	Values in use	8.46%	0.00%	30	30
Retail Belgium	Values in use	9.54%	0.00%		50
Retail Germany	Values in use	8.43%	0.00%	349	349
Retail Growth Markets1	Values in use	13.59%	3.61%	182	209
Wholesale Banking1	Values in use	9.38%	0.85%		268
				562	907

1Goodwill related to Growth Countries is allocated across two groups of CGUs, EUR 182 million to Retail Growth Markets and EUR 0 million to Wholesale Banking (31 December 2019: EUR 209million to Retail Growth Markets and EUR 61 million to Wholesale Banking).

Covid-19 has resulted in adverse changes in the market and economic environment. Due to the impact of the significant deterioration in the economic environment on the cash flow outlook of our businesses, we completed a goodwill impairment review across ING Group in the second quarter of 2020.

This review resulted in the recognition of goodwill impairments on the CGU Retail Belgium of EUR 50 million (of which EUR 43 million Retail Belgium segment and EUR 8 million Corporate Line) and on the CGU Wholesale Banking of EUR 260 million (fully reported in the Wholesale Banking segment).

For both CGUs the impairment resulted from the negative developments in the macro-economic outlook in the context of the Covid-19 pandemic. In addition, the applicable discount rate is also affected by the deteriorated economic and risk environment. The discount rate used to estimate the value in use of the CGU Belgium as at 30 June 2020 was 9.54% (31 December 2019: 6.94 %). The discount rate used to estimate the value in use of CGU Wholesale Banking, whichis based on the weighted average of the discount rates of various local businesses as Wholesale Banking is a global business line, was at 30 June 9.38% (31 December 2019: 7.29%).

For each of the other group of CGU’s the recoverable amount exceeds the carrying value of the CGUs for 2020 and 2019 and therefore no impairment is required.

Methodology

Several methodologies are applied to arrive at the best estimate of the recoverable amount. In line with IFRS, the recoverable amount is determined as the higher of the fair value less costs of disposal and Value in Use (VIU). The VIU calculation is based on a Dividend Discount model using three year management approved plans, updated for the expected impact of Covid-19. When estimating the VIU of a CGU, local conditions and requirements determine the capital requirements, discount rates, and terminal growth rates.These local conditions and capital requirements determine the ability to upstream excess capital and profits to ING Group. The discount rate calculation includes other inputs such as equity market premium, country risk premium, and long term inflation which are based on market sources and management’s judgement. The long term growth rate for EU-countries is based on long-term risk-free rate by reference to the yield of a composite index consisting of Euro generic government bonds, with a maturity of 30 years. For other countries, the growth rate includes long term inflation rate obtained from market sources.

Sensitivity of key assumptions

Key assumptions in the goodwill impairment test model are the projected locally available cash flows (based on local capital requirements and projected profits), discount rates (cost of equity), and long term growth rates.

The recoverable amounts of the unimpaired CGU’s are sensitive to the above key assumptions.

A decrease in the available cash flow of 10%, an increase in the discount rate of 1 percent point or a reduction of future growth rate to zero are considered reasonably possible changes in key assumptions. If the aforementioned changes occur to the above key assumptions holding the other key assumptions constant, goodwill of the remaining CGUs will continue to be recoverable and no impairment will occur.

Other intangible assets with indefinite life

The carrying value of CGU Wholesale Banking includes as at 30 June 2020 EUR 11million (31 December 2019:EUR 20 million) of intangibles with indefinite life which relates to acquired trade names in the payments and cash management business. The asset is deemed to have indefinite life because there is no foreseeable limit to the cash flows generated by those intangible assets.

In the first half year of 2020 an impairment of an indefinite useful life asset of EUR 10 million was recognised, related to a trade name no longer in use.

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Deposits from banks

6 Months Ended

Jun. 30, 2020

Deposits from banks [Abstract]

Deposits from banks

8 Deposits from banks

Deposits from banks include non-subordinated debt from banks, except for amounts in the form of debt securities.

Deposits from banks by type
	30 June 2020	31 December 2019
Non-interest bearing	19	180
Interest bearing	78,631	34,646
	78,649	34,826

Deposits from banks includes ING’s participation in the targeted longer-term refinancing operations (TLTRO) of EUR 59.5 billion (31 December 2019: EUR 17.7 billion). ING participated in a new series of Targeted Longer-Term Refinancing Operations (TLTRO III) for EUR 4.5 billion in March 2020, EUR 55.0 billion in June 2020 and repaid EUR 17.7 billion on previous TLTRO.The TLTRO funding is granted for a period of three years with early repayment option after 1 year. The interest rate on the TLTRO depends on the lending volumes granted to corporates (excluding financial institutions) and households (excluding mortgages).

Under the conditions of the program, banks that show growth in lending volumes equal to or above 0% between 1 March 2020 and 31 March 2021 the interest rate applied on all TLTRO III operations outstanding over the period between 24 June 2020 and 23 June 2021 will be 50 basis points below the average interest rate on the deposit facility prevailing over the same period, and in any case not higher than -1%. In subsequent years the interest will be in a corridor between the Deposit Facility and Main Refinancing Operations rates, depending to what extent ING meets the lending growth conditions of the TLTRO III program. The amount of interest to be recognised on the TLTRO depends on a reasonable expectation of whether the conditions will be met over the life of the loan. Interest on TLTRO is presented as part of net interest margin.

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Financial liabilities at fair value through profit or loss

6 Months Ended

Jun. 30, 2020

Financial liability fair value through profit or loss [abstract]

Financial liabilities at fair value through profit or loss

9 Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
	30 June 2020	31 December 2019
Trading liabilities	35,745	28,042
Non-trading derivatives	2,435	2,215
Designated at fair value through profit or loss	52,461	47,684
	90,641	77,942

As at 30 June 2020, trading liabilities include funds on deposit of EUR 8,559 million (31 December 2019: EUR 4,556million) with regard to repurchase transactions.

As at 30 June 2020, financial liabilities designated at fair value through profit or loss include funds entrusted of EUR 43,180 million (31 December 2019: EUR 38,492million) with regard to repurchase transactions.

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Debt Securities in Issue

6 Months Ended

Jun. 30, 2020

Debt securities in issue [abstract]

Debt securities in issue

10 Debt securities in issue

Debt securities in issue relate to debentures and other issued debt securities with either fixed interest rates or interest rates based on floating interest rate levels, such as certificates of deposit and accepted bills issued by ING Group, except for subordinated items. Debt securities in issue do not include debt securities presented as Financial liabilities at fair value through profit or loss. ING Group does not have debt securities that are issued on terms other than those available in the normal course of business. The maturities of the debt securities are as follows:

Debt securities in issue – maturities
	30 June 2020	31 December 2019
Fixed rate debt securities
Within 1 year	32,575	26,871
More than 1 year but less than 2 years	13,311	10,358
More than 2 years but less than 3 years	3,232	9,527
More than 3 years but less than 4 years	6,608	6,321
More than 4 years but less than 5 years	3,466	2,836
More than 5 years	28,705	29,007
Total fixed rate debt securities	87,896	84,920
Floating rate debt securities
Within 1 year	26,090	24,938
More than 1 year but less than 2 years	3,380	3,126
More than 2 years but less than 3 years	1,469	3,041
More than 3 years but less than 4 years	1,458	1,541
More than 4 years but less than 5 years	90	144
More than 5 years	755	816
Total floating rate debt securities	33,242	33,608
Total debt securities	121,138	118,528

In the first six months of 2020, Debt securities in issue increased by EUR 2.6 billion. This increase is mainly attributable to issuances of commercial paper of EUR 4.7 billion, certificates of deposits of EUR 0.6 billion and an increase in other debt securities of EUR 1.2billion partly offset by matured savings certificates of EUR 0.2 billion, the redemption of RMBS (residential mortgage backed securities) of EUR 0.5 billion and matured long term maturity bonds of EUR 3.2billion.

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Subordinated Loans

6 Months Ended

Jun. 30, 2020

Subordinated loans [abstract]

Subordinated loans

11 Subordinated loans
Subordinated loans by group companies
	30 June 2020	31 December 2019
ING Groep N.V.	13,691	13,069
ING Group companies	3,007	3,519
	16,697	16,588

Subordinated loans issued by ING Groep N.V. include bonds issued to raise Tier 1 and Tier 2 (CRD IV eligible) capital for ING Bank N.V. Under IFRS these bonds are classified as liabilities and for regulatory purposes, they are considered capital. Subordinated loans issued by ING Group companies comprise, for the most part, subordinated loans which are subordinated to all current and future liabilities of ING Bank N.V.

Changes in subordinated loans
	30 June 2020	31 December 2019
Opening balance as at 1 January	16,588	13,724
New issuances	2,165	3,429
Repayments	–2,608	–933
Exchange rate differences and other	553	367
Closing balance	16,697	16,588

In 2020 ING Groep N.V. issued in February USD 750 million4.875% Perpetual Additional Tier 1 Contingent Convertible Capital Securities and in May EUR 1.5 billion 2.125% Subordinated Tier 2 Notes. In February ING Bank N.V. bought back USD 1 billion 5.800% Tier 2 securities via a tender and in April ING Groep N.V. redeemed USD 1 billion 6.000% Perpetual Additional Tier 1 Contingent Convertible Capital Securities and USD 700 million 6.125% Perpetual Debt Securities.

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Equity

6 Months Ended

Jun. 30, 2020

Equity [abstract]

Equity

Equity
12 Equity
Total equity
	30June2020	31December2019
Share capital and share premium
-           Share capital	39	39
-           Share premium	17,089	17,078
	17,128	17,117
Other reserves
-  Revaluation reserve: Equity securities at FVOCI	1,270	1,580
-  Revaluation reserve: Debt instruments at FVOCI	219	322
-  Revaluation reserve: Cash flow hedge	1,709	1,208
-  Revaluation reserve: Credit liability	–103	–114
-  Revaluation reserve: Property in own use	262	253
-  Net defined benefit asset/liability remeasurement reserve	–252	–336
-  Currency translation reserve	–2,729	–2,079
-  Share of associates and joint ventures and other reserves	3,243	3,189
-  Treasury shares	–3	–10
	3,616	4,013
Retained earnings	30,406	29,866
Shareholders’ equity (parent)	51,149	50,996
Non-controlling interests	1,022	893
Total equity	52,171	51,889

In March 2020, ING Groupannounced that it will suspend any payment of dividends until 1 October 2020, following an industry wide recommendation of the ECB. The ECB subsequently updated their recommendation at the end of July, extending the timeframe for suspension of dividend payments until 1 January 2021. Any dividend payment by ING will therefore be delayed until after 1 January 2021. Final dividend 2019 paid out in the first half year of 2020 is therefore nil (2019: EUR 1,714 million).

Changes in revaluation reserve
	Equity securities at FVOCI		Debt instruments at FVOCI		Cash flow hedge		Credit liability		Property in own use
	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Opening balance	1,580	1,914	322	398	1,208	604	-114	8	253	204
Changes in credit liability reserve							11	-116
Unrealised revaluations	-312	137	-76	-43	501	604			11	58
Realised gains/losses transferred to the statement of profit or loss			-27	-33
Realised revaluations transferred to retained earnings	2	-472	–				–	-6	-2	-9
Closing balance	1,270	1,580	219	322	1,709	1,208	-103	-114	262	253

Equity securities at FVOCI

In 2020, the unrealised revaluations of EUR -312 million includes EUR -297 million of revaluations of shares in Bank of Beijing.

In 2019, the unrealised revaluations of EUR 137 million are due to the revaluation of shares in Bank of Beijing EUR 35 million and shares in EquensWorldLine EUR 101 million. The EUR -472 million transfer of revaluation reserve to retained earnings is mainly related to the sale of shares in Kotak Mahindra Bank EUR -320 million and EquensWorldLine EUR -149 million.

Cash flow hedge reserve

ING mainly hedges floating rate lending with interest rate swaps. Due to decrease in interest rate yield curve the interest rate swaps had a positive revaluation of EUR 501 million (2019: EUR 604 million) which is recognised in cash flow hedge reserve.

Changes in currency translation reserve
	30 June 2020	31 December 2019
Opening balance	–2,079	–2,043
Unrealised revaluations	84	–134
Realised gains/losses transferred to the statement of profit or loss		–138
Exchange rate differences	–734	236
Closing balance	–2,729	–2,079

Unrealised revaluations relates to changes in the value of hedging instruments that are designated as net investment hedges. The hedging strategy is to hedge the CET1 ratio. The net decrease of unrealized revaluations and Exchange rate differences of EUR -650 million (2019: EUR 102 million increase) is related to several currencies including TRY, PLN, GBP, RUB and AUD that depreciated against the EUR.

Realised gains/losses transferred to the statement of profit or loss in 2019 is related to the sale of shares in Kotak Mahindra Bank (EUR -119 million) and the effect of the merger transaction of TMB (EUR -18 million).

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Net Interest Income

6 Months Ended

Jun. 30, 2020

Net interest income [abstract]

Net interest income

Notes to the Condensed statement of profit or loss
13 Net interest income
Net interest income
	1 January to 30 June			1 January to 30 June
	2020	2019		2020	2019
Interest income on loans	8,333	9,659	Interest expense on deposits from banks	113	184
Interest income on financial assets at fair value through OCI	283	311	Interest expense on customer deposits	823	1,482
Interest income on financial assets at amortised cost	263	359	Interest expense on debt securities in issue	1,005	1,239
Interest income on non-trading derivatives (hedge accounting)	1,769	2,268	Interest expense on subordinated loans	323	324
Negative interest on liabilities	288	202	Negative interest on assets	117	186
Total interest income using effective interest rate method	10,935	12,799	Interest expense on non-trading derivatives (hedge accounting)	1,779	2,466
			Total interest expense using effective interest rate method	4,160	5,880
Interest income on financial assets at fair value through profit or loss	450	1,006	Interest expense on financial liabilities at fair value through profit or loss	348	892
Interest income on non-trading derivatives (no hedge accounting)	556	588 1	Interest expense on non-trading derivatives (no hedge accounting)	540	701 1
Interest income other	21	16	Interest expense on lease liabilities	11	12
Total other interest income	1,026	1,610	Interest expense other	25	29
			Total other interest expense	925	1,633
Total interest income	11,962	14,410	Total interest expense	5,085	7,513
			Net interest income	6,877	6,896
1 The prior periods have been updated to improve consistency and comparability.

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Net Fee and Commission Income

6 Months Ended

Jun. 30, 2020

Net fee And Commission Income [abstract]

Net fee and commission income

14 Net fee and commission income
Fee and commission income
	1 January to 30 June
	2020	2019
Funds transfer	686	736
Securities business	439	316
Insurance broking	101	91
Asset management fees	115	97
Brokerage and advisory fees	321	278
Other	644	648
	2,307	2,164

Other, mainly consists of commission fees in respect of bank guarantees of EUR 98 million (first six months of 2019: EUR 103 million), in respect of underwriting syndication loans of EUR 10 million (first six months of 2019: EUR 6 million), in respect of structured finance fees of EUR 67 million (first six months of 2019: EUR 76million) and in respect of collective instruments distributed but not managed by ING of EUR 112million (first six months of 2019: EUR 80million).

Fee and commission expenses
	1 January to 30 June
	2020	2019
Funds transfer	301	321
Securities business	80	95
Insurance broking	–	1
Asset management fees	3	4
Brokerage and advisory fees	157	129
Other	260	229
	801	778

All of ING’s net fee and commission income are in scope of IFRS 15 ‘Revenue from Contracts with Customers’. Reference is made to Note 18 ‘Segments’ which includes net fee and commission income, as reported to the Executive Board and the Management Board Banking, disaggregated by line of business and by geographical segment.

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Valuation Results and Net Trading Income

6 Months Ended

Jun. 30, 2020

Valuation Results And Net Trading Income [Abstract]

Valuation results and net trading income

15 Valuation results and net trading income
Valuation results and net trading income
	1 January to 30 June
	2020	2019
Securities trading results	–1,024	718
Derivatives trading results	1,596	–433
Other trading results	54	65
Change in fair value of derivatives relating to
–  fair value hedges	231	–164
–  cash flow hedges (ineffective portion)	–42	24
–  other non-trading derivatives	383	150
Change in fair value of assets and liabilities (hedged items)	–644	–830
Valuation results on assets and liabilities designated at FVPL and assets mandatorily measured at FVPL	–293	–329
Foreign exchange transactions results	–264	310
	–4	–489

Securities trading results include the results of market making in instruments such as government securities, equity securities, corporate debt securities, money-market instruments, and interest rate derivatives such as swaps, options, futures, and forward contracts. Foreign exchange transactions results include gains and losses from spot and forward contracts, options, futures, and translated foreign currency assets and liabilities. Other trading results include the results of trading loans and funds entrusted.

Net trading income relates to trading assets and trading liabilities which include assets and liabilities that are classified under IFRS as Trading but are closely related to servicing the needs of the clients of ING. ING offers products that are traded on the financial markets to institutional clients, corporate clients, and governments.

The majority of the risks involved in security and currency trading is economically hedged with derivatives. The securities trading results are partly offset by results on these derivatives. The result of these derivatives is included in Derivatives trading results. The result on currency trading is included in foreign exchange transactions results.

The fair value movements on the derivatives are influenced by changes in the market conditions such as stock prices, interest rates and currency exchange rates. Following the increased concerns about the Covid-19 pandemic, the global financial markets experienced more volatility than usual in the first half of 2020 which had considerable impact on the results. Aided by substantial central bank intervention, markets have recovered during the second quarter of 2020 and volatility haslargely returned to pre-pandemic levels.

Derivatives trading results is also impacted by fair value movements arising from changes in credit spreads (CVA and DVA), bid offer spreads, model risk and incremental cost of funding on derivatives (FVA and CollVA). As result of the economic consequences of the Covid-19 pandemic, ING also observed significant widening of the spreads resulting in increased negative fair value changes. As markets stabilised in the second quarter of 2020 and spreads tightened, the fair value changes decreased again.

In the first six months of 2020, Derivatives trading results include EUR -99 million CVA/DVA adjustments on trading derivatives (in the first six months of 2019: EUR -1 million).

‘Valuation results and net trading income’ include the fair value movements on derivatives (used for both hedge accounting and economically hedging exposures) as well as the changes in the fair value of assets and liabilities included in hedging relationships as hedged items.

In addition, ‘Valuation results and net trading income’ include the results on assets and liabilities designated at fair value through profit or loss and assets mandatorily measured at fair value through profit or loss.

In the first six months of 2020, Valuation results on assets and liabilities designated at fair value through profit or loss include fair value adjustments on own issued notes amounting to EUR-141million (in the first six months of 2019: EUR -373million).

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Other income

6 Months Ended

Jun. 30, 2020

Other income [abstract]

Other income

16 Other income

Other income
	1 January to 30 June
	2020	2019
Share of result associates and joint ventures	34	19
Result on disposal of group companies	–	117
Net result derecognition of FA measured  at amortised cost	187	16
Other	48	144
	269	296

In the first six months of 2020, ING realised a result of EUR 186 million following a one-off sale of certain securities at amortised cost driven by exceptional market conditions due to Covid-19. The sale is considered to be infrequent, but more than insignificant in value.

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Earnings per ordinary share

6 Months Ended

Jun. 30, 2020

Earnings per ordinary share [abstract]

Earnings per ordinary share

17 Earnings per ordinary share
Earnings per ordinary share
			Weighted average
			number of ordinary
			shares outstanding
	Amount		during the period		Per ordinary share
	(in EUR million)		(in millions)		(in EUR)
	1 January to 30 June		1 January to 30 June		1 January to 30 June
	2020	2019	2020	2019	2020	2019
Basic earnings	591	1,707	3,897.9	3,893.6	0.15	0.44
Basic earnings from continuing operations	591	1,707			0.15	0.44
Effect of dilutive instruments:
Stock option and share plans			0.5	0.6
			0.5	0.6
Diluted earnings	591	1,707	3,898.5	3,894.2	0.15	0.44
Diluted earnings from continuing operations	591	1,707			0.15	0.44

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Segments

6 Months Ended

Jun. 30, 2020

Segment reporting [abstract]

Segments

Segment reporting

18 Segments

ING Group’s segments are based on the internal reporting structures by lines of business.

The Executive Board of ING Group and the Management Board Banking set the performance targets, approve and monitor the budgets prepared by the business lines. Business lines formulate strategic, commercial, and financial plans in conformity with the strategy and performance targets set by the Executive Board of ING Group and the Management Board Banking.

Recognition and measurement of segment results are in line with the accounting policies as described in Note 1 ‘Basis for preparation and accounting policies’. Corporate expenses are allocated to business lines based on time spent by head office personnel, the relative number of staff, or on the basis of income, expenses and/or assets of the segment.

The following table specifies the segments by line of business and main sources of income of each of the segments:

Specification of the main sources of income of each of the segments by line of business
Segments of results by line of business	Main source of income
Retail Netherlands	Income from retail and private banking activities in the Netherlands, including the SME and mid-corporate segments, and the Real Estate Finance portfolio related to Dutch domestic mid-corporates. The main products offered are current and savings accounts, business lending, mortgages and other consumer lending in the Netherlands.
(Market Leaders)
Retail Belgium	Income from retail and private banking activities in Belgium (including Luxembourg), including the SME and mid-corporate segments. The main products offered are similar to those in the Netherlands.
(Market Leaders)
Retail Germany	Income from retail and private banking activities in Germany (including Austria). The main products offered are current and savings accounts, mortgages and other customer lending.
(Challengers and Growth Markets)
Retail Other	Income from retail banking activities in the rest of the world, including the SME and mid-corporate segments in specific countries. The main products offered are similar to those in the Netherlands.
(Challengers and Growth Markets)
Wholesale Banking	Income from wholesale banking activities. The main products are: lending, debt capital markets, working capital solutions, export finance, daily banking solutions, treasury and risk solutions, and corporate finance.

Specification of geographical segments
Geographical segments	Main countries
The Netherlands
Belgium	Including Luxembourg
Germany	Including Austria
Other Challengers	Australia, France, Italy, Spain, Portugal, Czech Republic, and UK Legacy and Other
Growth Markets	Poland, Romania, Turkey, Philippines and Asian bank stakes
Wholesale Banking Rest of World	UK, Americas, Asia and other countries in Central and Eastern Europe
Other	Corporate Line Banking and the run-off portfolio of Real Estate

ING Group monitors and evaluates the performance of ING Group at a consolidated level and by segment using results based on figures according to IFRS as adopted by the European Union (IFRS-EU). The Executive Board and the Management Board Banking consider this measure to be relevant to an understanding of the Group’s financial performance, because it allows investors to understand the primary method used by management to evaluate the Group’s operating performance and make decisions about allocating resources. In addition, ING Group believes that the presentation of results in accordance with IFRS-EU helps investors compare its segment performance on a meaningful basis by highlighting result before tax attributable to ongoing operations and the profitability of the segment businesses. IFRS-EU result is derived by excluding from IFRS-IASB the impact of the IFRS-EU ‘IAS 39 carve out’ adjustment.

The IFRS-EU ‘IAS 39 carve-out’ adjustment relates to fair value portfolio hedge accounting strategies for the mortgage and savings portfolios in the Benelux, Germany and Other Challengers that are not eligible under IFRS-IASB. As no hedge accounting is applied to these mortgage and savings portfolios under IFRS-IASB, the fair value changes of the derivatives are not offset by fair value changes of the hedge items (mortgages and savings).

ING Group reconciles the total segment results to the total result using Corporate Line. The Corporate Line is a reflection of capital management activities and certain income and expenses that are not allocated to the banking businesses, including a recognition of a value-added tax (VAT) refund in the first half of 2020 (recorded under expenses), while the same period of last year included a EUR 119million gain from the release of a currency translation reserve following the sale of ING’s stake in Kotak Mahindra Bank in 2019 and the recognition of a EUR 79 million receivable related to the insolvency of a financial institution (both recorded under income). Furthermore, the Corporate Line includes the isolated legacy costs (mainly negative interest results) caused by the replacement of short-term funding with long-term funding during 2013 and 2014. ING Group applies a system of capital charging for its banking operations in order to create a comparable basis for the results of business units globally, irrespective of the business units’ book equity and the currency they operate in.

The difference between IFRS-IASB and IFRS-EU is reflected in the Wholesale segment, and in the geographical segments the Netherlands, Belgium, Germany and Other Challengers. As from the financial year 2020 the information presented to the Executive Board is no longer based on underlying results but on IFRS as endorsed by the EU. Previously monitoring and evaluation of ING Group’s segments was based on a non-GAAP financial performance measure called underlying. Underlying result was derived by excluding from IFRS-IASB the following: the impact of the IFRS-EU ‘IAS 39 carve-out’ adjustment, special items, divestments and results from former insurance related activities. In 2020 and 2019 no special items, divestments or results from former insurance related activities were recorded anymore.

The information presented in this note is in line with the information presented to the Executive Board of ING Group and Management Board Banking.

This note does not provide information on the revenue specified to each product or service as this is not reported internally and is therefore not readily available.

Reconciliation between IFRS-IASB and IFRS-EU income, expenses and net result
6 month period
1 January to 30 June	2020					2019
	Income	Expenses	Taxation	Non-controlling interests	Net result 1	Income	Expenses	Taxation	Non-controlling interests	Net result 1
Net result IFRS-IASB attributable to equity holder of the parent	8,688	7,623	438	36	591	8,148	5,654	740	47	1,707
Remove impact of:
Adjustment of the EU 'IAS 39 carve out' 2	493		115		379	1,093		243		850
Result IFRS-EU3	9,182	7,623	553	36	969	9,241	5,654	983	47	2,556
1 Net result, after tax and non-controlling interests.
2 ING prepares the Form 6-K in accordance with IFRS-IASB. This information is prepared by reversing the hedge accounting impacts that applied under the EU 'carve-out' version of IAS 39. For the IFRS-EU result, the impact of the carve-out is reinstated as this is the measure at which management monitors the business.
3 Results are derived from figures in accordance with IFRS-IASB by excluding the impact of adjustment of the EU 'IAS 39 carve-out'.

ING Group Total
6 month period
1 January to 30 June	2020			2019
	INGBank N.V.	Other Banking 1	Total	INGBank N.V.	Other Banking 1	Total
Income
– Net interest income	6,931	–	6,931	6,950	3	6,953
– Net fee and commission income	1,507	–1	1,506	1,386	–0	1,386
– Total investment and other income	760	–16	745	896	6	902
Total income	9,198	–16	9,182	9,232	9	9,241
Expenditure
– Operating expenses	5,625	1	5,626	5,226	12	5,238
– Addition to loan loss provisions	1,997	–	1,998	416	–	416
Total expenses	7,623	1	7,623	5,643	12	5,654
Result before taxation	1,575	–17	1,558	3,590	–3	3,586
Taxation	519	34	553	954	29	983
Non-controlling interests	36		36	47	–	47
Net result IFRS-EU	1,021	–51	969	2,589	–32	2,556
Adjustment of the EU 'IAS 39 carve out'	–379		–379	–850		–850
Net result IFRS-IASB attributable to equity holder of the parent	642	–51	591	1,739	–32	1,707
1 Comprises for the most part the funding charges of ING Groep N.V. (Holding).

c. Banking activities
Segments by line of business
6 month period	2020							2019
1 January to 30 June	Retail Netherlands	Retail Belgium	Retail Germany	Retail Other	Wholesale Banking	Corporate Line	Total	Retail Netherlands	Retail Belgium	Retail Germany	Retail Other	Wholesale Banking	Corporate Line	Total
Income
– Net interest income	1,763	937	801	1,392	1,864	173	6,931	1,740	959	796	1,374	1,831	253	6,953
– Net fee and commission income	332	207	215	193	561	–2	1,506	329	188	123	212	538	–6	1,386
– Total investment and other income	175	71	59	134	354	–48	745	190	112	86	100	248	166	902
Total income	2,269	1,215	1,075	1,720	2,780	123	9,182	2,260	1,259	1,005	1,687	2,618	413	9,241
Expenditure
– Operating expenses	1,088	969	567	1,120	1,728	154	5,626	1,095	873	579	1,061	1,438	192	5,238
– Addition to loan loss provisions	139	282	14	304	1,256	3	1,998	33	58	–23	187	162	–	416
Total expenses	1,227	1,251	581	1,424	2,984	156	7,623	1,128	931	556	1,248	1,600	192	5,654
Result before taxation	1,043	–36	494	295	–204	–34	1,558	1,132	328	449	438	1,018	221	3,586
Taxation	262	9	188	85	23	–14	553	287	100	153	123	209	112	983
Non-controlling interests	–1	–	2	27	8	–0	36	–	–	1	38	8	–0	47
Net result IFRS-EU	781	–44	304	183	–235	–19	969	845	229	295	278	801	109	2,556
Adjustment of the EU 'IAS 39 carve out'					–379		–379					–850		–850
Net result IFRS-IASB	781	–44	304	183	–614	–19	591	845	229	295	278	–49	109	1,707

Geographical split of the segments
6 month period	2020								2019
1 January to 30 June	Netherlands	Belgium	Germany	Other Challengers	Growth Markets	Wholesale Banking Rest of World	Other	Total	Netherlands	Belgium	Germany	Other Challengers	Growth Markets 1	Wholesale Banking Rest of World 1	Other	Total
Income
– Net interest income	2,097	1,090	1,059	893	799	823	169	6,931	2,061	1,112	1,060	885	800	787	247	6,953
– Net fee and commission income	494	302	228	136	131	217	–3	1,506	487	270	142	142	156	197	–6	1,386
– Total investment and other income	197	98	80	14	203	197	–44	745	90	177	108	5	167	183	172	902
Total income	2,788	1,491	1,367	1,043	1,133	1,237	123	9,182	2,638	1,558	1,310	1,032	1,123	1,167	413	9,241
Expenditure
– Operating expenses	1,736	1,126	652	669	644	644	155	5,626	1,472	1,025	654	638	616	640	193	5,238
– Addition to loan loss provisions	320	338	241	212	205	678	3	1,998	78	99	–32	92	130	50	–	416
Total expenses	2,056	1,465	893	882	849	1,322	158	7,623	1,550	1,124	622	730	746	690	193	5,654
Result before taxation	732	26	474	162	284	–85	–35	1,558	1,088	435	689	302	377	477	219	3,586
Retail Banking	1,043	–36	494	74	222	–	–	1,796	1,132	328	449	163	275			2,348
Wholesale Banking	–310	62	–20	88	62	–85	–2	–204	–44	106	240	139	102	477	–2	1,018
Corporate Line	–	–	–	–	–	–	–34	–34							221	221
Result before taxation	732	26	474	162	284	–85	–35	1,558	1,088	435	689	302	377	477	219	3,586
Taxation	252	25	170	56	71	–10	–10	553	271	132	233	101	84	48	113	983
Non-controlling interests	–1	–	2	–	35	–	–0	36	–0	–	1		46			47
Net result IFRS-EU	481	2	302	106	178	–74	–25	969	817	303	454	201	246	429	106	2,556
Adjustment of the EU 'IAS 39 carve out'	–338	3	–97	53	–	–	–	–379	–413	–287	–160	10				–850
Net result IFRS-IASB	143	5	205	159	178	–74	–25	591	404	16	294	211	246	429	106	1,707
1) As from 2020 financials of Philippines are reported in Growth Markets while previously Wholesale Banking in Philippines was reported in WB Rest of World; historical figures have been adjusted.

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Fair value of assets and liabilities

6 Months Ended

Jun. 30, 2020

Fair value of assets and liabilities [abstract]

Fair value of assets and liabilities

19 Fair value of assets and liabilities

a) Financial assets and liabilities

The following table presents the estimated fair values of ING Group’s financial assets and liabilities. Certain items per the statement of financial position are not included in the table, as they do not meet the definition of a financial asset or liability. The aggregation of the fair values presented below does not represent, and should not be construed as representing, the underlying value of ING Group.

The Covid-19 pandemic impacted the global financial markets in the first six months of 2020. ING observed large volatility in the market resulting in increased spreads, markets distortion and also illiquidity in some specific markets which has stressed ING’s valuation processes and movements in level classifications. The volatility in the market has stabilised in the second quarter of 2020. Financial Assets and Liabilities, including Level 3, continued to be valued using agreed methodologies and ING continued to limit the unobservable input to arrive at the most appropriate Fair Market value.

Fair value of financial assets and liabilities
	Estimated fair value		Carrying value in the Statement of financial position
	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Financial assets
Cash and balances with central banks	118,971	53,202	118,971	53,202
Loans and advances to banks	30,671	35,133	30,664	35,136
Financial assets at fair value through profit or loss
–Trading assets	53,781	49,254	53,781	49,254
–Non-trading derivatives	2,488	2,257	2,488	2,257
–  Assets mandatorily as at fair value through profit or loss	51,142	41,600	51,142	41,600
–  Assets designated as at fair value through profit or loss	3,700	3,076	3,700	3,076
Financial assets at fair value through other comprehensive income
–  Equity securities	1,998	2,306	1,998	2,306
–  Debt securities	35,650	30,483	35,650	30,483
–  Loans and advances	1,345	1,680	1,345	1,680
Securities at amortised cost	52,147	46,928	51,085	46,108
Loans and advances to customers	626,983	621,194	612,387	608,029
Other assets1	8,381	5,854	8,381	5,854
	987,257	892,966	971,591	878,985
Financial liabilities
Deposits from banks	78,531	35,086	78,649	34,826
Customer deposits	606,363	575,055	605,633	574,355
Financial liabilities at fair value through profit or loss
–  Trading liabilities	35,745	28,042	35,745	28,042
–Non-trading derivatives	2,435	2,215	2,435	2,215
–Designated as at fair value through profit or loss	52,461	47,684	52,461	47,684
Other liabilities2	12,115	9,776	12,115	9,776
Debt securities in issue	120,907	118,844	121,138	118,528
Subordinated loans	16,250	17,253	16,697	16,588
	924,807	833,956	924,875	832,014

1Other assets do not include, among others: (deferred) tax assets, net defined benefit asset, inventory, property development and property obtained from foreclosures.

2Other liabilities do not include, among others: (deferred) tax liabilities, net defined benefit and related employee benefit liabilities, reorganisation and other provisions, other taxation, social security contributions and lease liabilities.

b) Fair value hierarchy

ING Group has categorised its financial instruments that are either measured in the statement of financial position at fair value or of which the fair value is disclosed, into a three level hierarchy based on the priority of the inputs to the valuation. The fair value hierarchy gives the highest priority to (unadjusted) quoted prices in active markets for identical assets or liabilities and the lowest priority to valuation techniques supported by unobservable inputs. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide reliable pricing information on an ongoing basis. The fair value hierarchy consists of three levels, depending upon whether fair values were determined based on (unadjusted) quoted prices in an active market (Level 1), valuation techniques with observable inputs (Level 2) or valuation techniques that incorporate inputs which are unobservable and which have a more than insignificant impact on the fair value of the instrument (Level 3). Financial assets in Level 3 include for example illiquid debt securities, complex derivatives, certain complex loans (for which current market information about similar assets to use as observable, corroborated data for all significant inputs into a valuation model is not available), and asset backed securities for which there is no active market and a wide dispersion in quoted prices.

Observable inputs reflect market data obtained from independent sources. Unobservable inputs are inputs which are based on the Group’s own assumptions about the factors that market participants would use in pricing an asset or liability, developed based on the best information available in the market. Unobservable inputs may include volatility, correlation, spreads to discount rates, default rates and recovery rates, prepayment rates, and certain credit spreads. Transfers into and transfers out of fair value hierarchy levels are made on a quarterly basis.

A comprehensive description of Fair value hierarchy is reported in ‘Note 38Fair value of assets and liabilities’ of the 2019 Annual Report on Form 20-F of ING Group. This chapter of the Interim financial report should be read in conjunction with the 2019 Annual Report on Form 20-F of ING Group.

Methods applied in determining fair values of financial assets and liabilities (carried at fair value)
	Level 1		Level 2		Level 3		Total
	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Financial Assets
Financial assets at fair value through profit or loss
- Trading assets	9,361	13,228	43,504	35,852	915	174	53,781	49,254
- Non-trading derivatives			2,482	2,249	6	8	2,488	2,257
- Assets mandatorily at fair value through profit or loss	27	22	49,836	40,196	1,280	1,381	51,142	41,600
- Assets designated as at fair value through profit or loss	142	203	2,492	1,628	1,066	1,244	3,700	3,076
Financial assets at fair value through other comprehensive income	36,312	32,165	1,057	343	1,624	1,961	38,993	34,468
	45,842	45,618	99,372	80,269	4,890	4,768	150,103	130,655
Financial liabilities
Financial liabilities at fair value through profit or loss
–  Trading liabilities	1,217	1,446	34,332	26,401	197	195	35,745	28,042
–  Non-trading derivatives	1		2,278	2,105	155	110	2,435	2,215
–  Financial liabilities designated as at fair value through profit or loss	966	1,081	50,712	46,419	783	184	52,461	47,684
	2,184	2,527	87,322	74,924	1,135	490	90,641	77,942

In the first six months of 2020, the increase in financial assets mandatorily at fair value through profit or loss and financial liabilities designated as at fair value through profit or loss mainly relates to (reverse) repurchase transactions for which the valuation technique is supported by observable inputs.

In 2020 there were no significant transfers between level 1 and 2 and no significant changes in valuation techniques.

Changes in Level 3 Financial assets
	Trading assets		Non-tradingderivatives		Financial assets mandatorily at FVPL		Financial assetsdesignated at FVPL		Financial assetsat FVOCI		Total
	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Opening balance	174	494	8	27	1,381	1,042	1,244	1,075	1,961	2,749	4,768	5,387
Realised gain/loss recognised in the statement of profit or loss during the period 1	–42	40	–1	–21	–70	–63	–110	–6	–9	–15	–231	–66
Revaluation recognised in other comprehensive income during the period 2									–51	155	–51	155
Purchase of assets	96	28	3		928	1,494	173	360	9	11	1,208	1,893
Sale of assets	–53	–53	–3	–3	–836	–832	–101	–212	–187	–680	–1,179	–1,780
Maturity/settlement	–29	–11	–1		–43	–461	–41	–35	–97	–212	–210	–719
Reclassifications		–279			2	279			1	3	3	4
Transfers into Level 3	787	26		4	–2	9		63			785	103
Transfers out of Level 3	–18	–72			–86	–88	–101			–53	–205	–214
Exchange rate differences		1			2	–1			–2	1	1	1
Changes in the composition of the group and other changes					2	2			–0	1	2	3
Closing balance	915	174	6	8	1,280	1,381	1,066	1,244	1,624	1,961	4,890	4,768

1Net gains/losses were recorded as ‘Valuation results and net trading income’ in the statement of profit or loss. The total amounts includes EUR 202 million(31 December 2019: EUR 43 million)of unrealised gains and losses recognised in the statement of profit or loss.

2Revaluation recognised in other comprehensive income is included on the line ‘Net change in fair value of debt instruments at fair value through other comprehensive income’.

In the first six months of 2020, the transfer into Level 3 assets is mainly driven by debt securities that are part of a structure transferred into level 3 due to illiquidity in the market which decreased market observability for an input.

Transfers out of Level 3 is mainly related to debt obligations due to the valuation no longer being significantly impacted by unobservable inputs.

In 2019 the amounts reported on the line reclassifications relate to syndicated loans reclassified from trading assets to financial assets mandatory at FVPL.

Changes in Level 3 Financial liabilities
					Financial liabilities designated as at fair value through profit or loss
	Trading liabilities		Non-trading derivatives				Total
	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Opening balance	195	122	110	80	184	708	490	910
Realised gain/loss recognised in the statement of profit or loss during the period1	–30	102	28	–16	–10	32	–12	118
Issue of liabilities	32	72	18	46	555	35	605	154
Early repayment of liabilities	–73	–30	–0	–0	–68	–10	–141	–40
Maturity/settlement	–8	–32	–1		–59	–479	–69	–511
Transfers into Level 3	92	13			224	49	316	62
Transfers out of Level 3	–11	–52			–42	–150	–54	–202
Closing balance	197	195	155	110	783	184	1,135	490

1Net gains/losses were recorded as ‘Valuation results and net trading income’ in the statement of profit or loss.The total amount includes EUR 13million(31 December 2019: EUR 115 million) of unrealised gains and losses recognised in the statement of profit or loss.

In the first six months of 2020, the tranfers into level 3 mainly consisted of debt issued at designated fair value, mainly structured notes, which were transferred into Level 3 due to illiquidity in the market which caused the valuation being significantly impacted by unobservable inputs.

In 2019, financial liabilities mainly repo’s were transferred out of Level 3 mainly due to the valuation not being significantly impacted by unobservable inputs.

Recognition of unrealised gains and losses in Level 3

Amounts recognised in the statement of profit or loss relating to unrealised gains and losses during the year that relates to Level 3 assets and liabilities are included in the line item ‘Valuation results and net trading income’ in the statement of profit or loss.

Unrealised gains and losses that relate to ‘Financial assets at fair value through other comprehensive income’ are included in the Revaluation reserve – Equity securities at fair value through other comprehensive income or Debt Instruments at fair value through other comprehensive income.

Level 3 Financial assets and liabilities

Financial assets measured at fair value in the statement of financial position as at 30 June2020 of EUR 150billion includes an amount of EUR 4.9billion ( 3.3%) which is classified as Level 3 (31 December 2019: EUR 4.8 billion, being 3.6%). Changes in Level 3 from 31 December2019 to 30 June2020 are detailed above in the table Changes in Level 3 Financial assets.

Financial liabilities measured at fair value in the statement of financial position as at 30 June2020 of EUR 91billion includes an amount of EUR 1.1billion ( 1.3%) which is classified as Level 3 (31 December 2019: EUR 0.5 billion, being 0.6%). Changes in Level 3 from 31 December 2019 to 30 June2020 are disclosed above in the table ‘Changes in Level 3 Financial liabilities’.

Financial assets and liabilities in Level 3 include both assets and liabilities for which the fair value was determined using (i) valuation techniques that incorporate unobservable inputs as well as (ii) quoted prices which have been adjusted to reflect that the market was not actively trading at or around the balance sheet date. Unobservable inputs are inputs which are based on ING’s own assumptions about the factors that market participants would use in pricing an asset or liability, developed based on the best information available in the circumstances. Unobservable inputs may include volatility, correlation, spreads to discount rates, default rates and recovery rates, prepayment rates, and certain credit spreads. Valuation techniques that incorporate unobservable inputs are sensitive to the inputs used.

Of the total amount of financial assets classified as Level 3 as at 30 June2020 of EUR 4.9billion (31 December 2019: EUR 4.8 billion), an amount of EUR 2.9billion ( 59.9%) (31 December 2019: EUR 2.5billion, being52.6%) is based on unadjusted quoted prices in inactive markets. As ING does not generally adjust quoted prices using its own inputs, there is no significant sensitivity to ING’s own unobservable inputs.

Furthermore, Level 3 financial assets includes approximately EUR1.1billion (31 December 2019: EUR1.3billion) which relates to financial assets that are part of structures that are designed to be fully neutral in terms of market risk. Such structures include various financial assets and liabilities for which the overall sensitivity to market risk is insignificant. Whereas the fair value of individual components of these structures may be determined using different techniques and the fair value of each of the components of these structures may be sensitive to unobservable inputs, the overall sensitivity is by design not significant.

The remaining EUR 0.8billion (31 December 2019: EUR 1.0billion) of the fair value classified in Level 3 financial assets is established using valuation techniques that incorporates certain inputs that are unobservable.

Of the total amount of financial liabilities classified as Level 3 as at 30 June2020 of EUR 1.1billion (31 December 2019: EUR 0.5 billion), an amount of EUR 0.7billion (64.6%) (31 December 2019: EUR 0.2billion, being 39.3%) is based on unadjusted quoted prices in inactive markets. As ING does not generally adjust quoted prices using its own inputs, there is no significant sensitivity to ING’s own unobservable inputs.

Furthermore, Level 3 financial liabilities includes approximately EUR 0.1billion (31 December 2019: EUR 0.1billion) which relates to financial liabilities that are part of structures that are designed to be fully neutral in terms of market risk. As explained above, the fair value of each of the components of these structures may be sensitive to unobservable inputs, but the overall sensitivity is by design not significant.

The remaining EUR 0.3billion (31 December 2019: EUR 0.2billion) of the fair value classified in Level 3 financial liabilities is established using valuation techniques that incorporates certain inputs that are unobservable.

The table below provides a summary of the valuation techniques, key unobservable inputs and the lower and upper range of such unobservable inputs, by type of Level 3 asset/liability. The lower and upper range mentioned in the overview represent the lowest and highest variance of the respective valuation input as actually used in the valuation of the different financial instruments. Amounts and percentages stated are unweighted. The range can vary from period to period subject to market movements and change in Level 3 position. Lower and upper bounds reflect the variability of Level 3 positions and their underlying valuation inputs in the portfolio, but do not adequately reflect their level of valuation uncertainty. For valuation uncertainty assessment, reference is made to section Sensitivity analysis of unobservable inputs (Level 3).

Valuation techniques and range of unobservable inputs (Level 3)
	Assets		Liabilities		Valuation techniques	Significant unobservable inputs	Lower range		Upper range
	30 June 2020	31 December 2019	30 June 2020	31 December 2019			30 June 2020	31 December 2019	30 June 2020	31 December 2019
At fair value through profit or loss
Debt securities	1,470	920			Price based	Price (%)	0%	0%	107%	121%
					Net asset value	Price (%)	n/a	n/a	n/a	n/a
					Present value techniques	Credit spread (bps)	n/a	n/a	n/a	n/a
					Loan pricing model	Credit spread (bps)	n/a	n/a	n/a	n/a
Equity securities	139	146		1	Price based	Price	–	–	5,475	5,475
Loans and advances	919	1,576			Price based	Price (%)	0%	0%	100%	104%
					Present value techniques	Price (%)	n/a	n/a	n/a	n/a
						Credit spread (bps)	2	1	1,013	250
(Reverse) repo's	539	3	434	1	Present value techniques	Interest rate	1%	4%	4%	4%
Structured notes			350	184	Price based	Price (%)	69%	83%	112%	124%
					Net asset value	Price (%)	n/a	n/a	n/a	n/a
					Option pricing model	Equity volatility (%)	14%	13%	27%	20%
						Equity/Equity correlation	0.6	0.6	0.9	0.8
						Equity/FX correlation	-0.7	-0.5	0.3	0.3
						Dividend yield (%)	1%	2%	5%	4%
						Interest rate volatility (%)	n/a	n/a	n/a	n/a
						IR/IR correlation	n/a	n/a	n/a	n/a
					Present value techniques	Implied correlation	n/a	n/a	n/a	n/a
Derivatives
–  Rates	5	13	83	68	Option pricing model	Interest rate volatility (bps)	17	17	137	137
						Interest rate correlation	n/a	n/a	n/a	n/a
						IR/INF correlation	n/a	n/a	n/a	n/a
					Present value techniques	Reset spread (%)	2%	2%	2%	2%
						Prepayment rate (%)	n/a	n/a	n/a	n/a
						Inflation rate (%)	n/a	n/a	n/a	n/a
						Credit spread (bps)	n/a	n/a	n/a	n/a
–  FX		1			Present value techniques	Inflation rate (%)	n/a	n/a	n/a	n/a
					Option pricing model	FX volatility (bps)	9	5	10	8
–  Credit	144	102	185	183	Present value techniques	Credit spread (bps)	4	2	25,961	11,054
						Implied correlation	n/a	n/a	n/a	n/a
						Jump rate (%)	12%	12%	12%	12%
					Price based	Price (%)	99%	n/a	107%	n/a
–  Equity	45	42	80	50	Option pricing model	Equity volatility (%)	3%	4%	113%	84%
						Equity/Equity correlation	0.2	-	0.9	-
						Equity/FX correlation	-0.6	-0.6	0.3	0.6
						Dividend yield (%)	0%	0%	29%	13%
–  Other	5	3	3	3	Option pricing model	Commodity volatility (%)	18%	11%	79%	53%
						Com/Com correlation	n/a	0.3	n/a	0.9
						Com/FX correlation	-0.5	-0.5	-0.3	-0.3
At fair value through other comprehensive income
–  Debt					Price based	Price (%)	n/a	n/a	n/a	n/a
–  Loans and advances	1,345	1,680			Present value techniques	Prepayment rate (%)	9%	6%	9%	6%
–  Equity	279	282			Present value techniques	Credit spread (bps)	2	n/a	1.91	n/a
						Inflation rate (%)	3%	3%	3%	3%
						Price (%)	100%	100%	100%	187%
						Other	63	n/a	80	n/a
Total	4,890	4,768	1,135	490

Valuation techniques

The presented Fair Values include an IFRS Fair Value Adjustment that reflects the fair exit price of which the valuation changes are booked through P&L or OCI.

Additionally, an adjustment that is to capture the 90% confidence prudency is considered as Additional Valuation Adjustment according to CRR Article 105/ RTS, which is not part of the IFRS Fair Value and is deducted from CET1.

Sensitivity analysis of unobservable inputs (Level 3)

Where the fair value of a financial instrument is determined using inputs which are unobservable and which have a more than insignificant impact on the fair value of the instrument, the actual value of those inputs at the balance date may be drawn from a range of reasonably possible alternatives. In line with market practice the upper and lower bounds of the range of alternative input values reflect a 90% level of valuation certainty. The actual levels chosen for the unobservable inputs in preparing the financial statements are consistent with the valuation methodology used for fair valued financial instruments.

If ING had used input values from the upper and lower bound of this range of reasonably possible alternative input values when valuing these instruments as of 30 June 2020, then the impact would have been higher or lower as indicated below. The purpose of this disclosure is to present the possible impact of a change of unobservable inputs in the fair value of financial instruments where unobservable inputs are significant to the valuation.

In practice valuation uncertainty is measured and managed per exposure to individual valuation inputs (i.e. risk factors) at portfolio level across different product categories. Where the disclosure looks at individual Level 3 inputs the actual valuation adjustments may also reflect the benefits of portfolio offsets.

Because of the approach taken, the valuation uncertainty in the table below is broken down by related risk class rather than by product.

In reality some valuation inputs are interrelated and it would be unlikely that all unobservable inputs would ever be simultaneously at the limits of their respective ranges of reasonably possible alternatives. Therefore it can be assumed that the estimates in the table below show a greater fair value uncertainty than the realistic position at period end assuming normal circumstances/normal markets.

Also, this disclosure does not attempt to indicate or predict future fair value movement. The numbers in isolation give limited information as in most cases these Level 3 assets and liabilities should be seen in combination with other instruments (for example as a hedge) that are classified as Level 2.

The possible impact of a change of unobservable inputs in the fair value of financial instruments at fair value through other comprehensive income are estimated to be immaterial.

Sensitivity analysis of Level 3 instruments
	Positive fair valuemovements from using reasonable possible alternatives		Negative fair valuemovements from using reasonable possible alternatives
	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Fair value through profit or loss
Equity (equity derivatives, structured notes)	43	35	–20
Interest rates (Rates derivatives, FX derivatives)	25	40	–1
Credit (Debt securities, Loans, structured notes, credit derivatives)	25	10	–9
	93	85	–30	–

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Legal Proceedings

6 Months Ended

Jun. 30, 2020

Legal Proceedings [Abstract]

Legal Proceedings

20 Legal proceedings

Settlement agreement: On 4 September 2018, ING announced that it had entered into a settlement agreement with the Dutch Public Prosecution Service relating to previously disclosed investigations regarding various requirements for client on-boarding and the prevention of money laundering and corrupt practices. Under the terms of the settlement agreement ING paid a fine of EUR 675 million and EUR 100 million for disgorgement. In connection with the investigations, ING had also received information requests from the US Securities and Exchange Commission (“SEC”). As ING announced on 5 September 2018, ING has received a formal notification from the SEC that it has concluded its investigation. In the letter dated 4 September 2018 the Division of Enforcement states that, based on information as of the date thereof, it does not intend to recommend an SEC enforcement action against ING. Following the entry into the settlement agreement, ING has experienced heightened scrutiny from authorities in various countries. 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, have filed requests with the Court of Appeal in The Netherlands to reconsider the prosecutor’s decision to enter into the settlement agreement with ING and not to prosecute ING or (former) ING employees and that the Court of Appeal is now taking procedural steps as part of due process of law before entering into its final decision making. In addition other parties have filed or may file requests for disciplinary proceedings against ING employees based on the Dutch “Banker’s oath”.

Findings regarding AML processes: As previously disclosed, after its September 2018 settlement with Dutch authorities concerning Anti-Money Laundering matters, and in the context of significantly increased attention on the prevention of financial economic crime, ING has experienced heightened scrutiny by authorities 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, and also have resulted in, and may continue to result in, findings, or other conclusions which may require appropriate remedial actions by ING, or may have other consequences. ING intends to continue to work in close cooperation with authorities as it seeks to improve its management of non-financial risks in terms of policies, tooling, monitoring, governance, knowledge and behaviour.

Interest rate derivatives claims: ING is involved in several legal proceedings in the Netherlands with respect to interest rate derivatives that were sold to clients in connection with floating interest rate loans in order to hedge the interest rate risk of the loans. These proceedings are based on several legal grounds, depending on the facts and circumstances of each specific case, inter alia alleged breach of duty of care, insufficient information provided to the clients on the product and its risks and other elements related to the interest rate derivatives that were sold to clients. In some cases, the court has ruled in favour of the claimants and awarded damages, annulled the interest rate derivative or ordered repayment of certain amounts to the claimants. The total amounts that need to be repaid or compensated in some cases still need to be determined. ING may decide to appeal against adverse rulings. Although the outcome of the pending litigation and similar cases that may be brought in the future is uncertain, it is possible that the courts may ultimately rule in favour of the claimants in some or all of such cases. Where appropriate a provision has been taken. The aggregate financial impact of the current and future litigation could become material.

As requested by the AFM, ING has reviewed a significant part of the files of clients who bought interest rate derivatives. In December 2015, the AFM concluded that Dutch banks may have to re-assess certain client files, potentially including certain derivative contracts that were terminated prior to April 2014 or other client files. As advised by the AFM, the Minister of Finance appointed a Committee of independent experts (the “Committee”) which has established a uniform recovery framework for Dutch SME clients with interest rate derivatives. ING has adopted this recovery framework and has reassessed individual files against this framework. ING has taken an additional provision for the financial consequences of the recovery framework. In 2017, ING has informed the majority of the relevant clients whether they are in scope of the recovery framework, and thus eligible for compensation, or not. Because implementation by ING of the uniform recovery framework encountered delay, ING has previously offered advance payments to customers out of the existing provision. As of December 2018, all customers in scope of the uniform recovery framework have received an offer of compensation from ING (including offers of no compensation). In July 2020, the independent derivative dispute committee rejected all claims by the client against ING in ING’s last open file under the uniform recovery framework.

Interest surcharges claims: ING received complaints and was involved in litigation with natural persons (natuurlijke personen) in the Netherlands regarding increases in interest surcharges with respect to several credit products, including but not limited to commercial property (commercieel verhuurd onroerend goed). ING has reviewed the relevant product portfolio. The provision previously taken has been reversed for certain of these complaints. All claims are dealt with individually. Thus far, the courts have ruled in favour of ING in each case, ruling that ING was allowed to increase the interest surcharged based upon the essential obligations in the contract. In line with the Dutch Supreme Court ruling in a case involving another bank, ING will continue to deal with all claims individually.

Criminal proceedings regarding cash company financing: In June 2017, a Belgian criminal Court ruled that ING Luxembourg assisted third parties in 2000 to commit a tax fraud in the context of the purchase of the shares of a cash company. The Court convicted ING Luxembourg, among others, and ordered ING to pay a penal fine of EUR 120,000 (suspended for half of the total amount). The court also ordered ING Luxembourg jointly and severally with other parties, to pay EUR 31.48 million (together with any interest payable under applicable law) to the bankruptcy trustee of the cash company. In July 2017, ING Luxembourg filed an appeal against this judgment. A settlement with all the civil parties involved was reached in mid-2018. However, this settlement does not apply to the criminal conviction of ING Luxembourg. In January 2020, the Court of Appeal of Antwerp reformed the first judgment: ING Luxemburg benefitted from an "opschorting van de uitspraak/suspension du prononcé" which means that the conviction has been upheld, but no penal sanction has been pronounced (penalties suspended). The judgement is now final.

Mortgage expenses claims: ING Spain has received claims and is involved in procedures with customers regarding reimbursement of expenses associated with the formalisation of mortgages. In most court proceedings in first instance the expense clause of the relevant mortgage contract has been declared null and ING Spain has been ordered to reimburse all or part of the applicable expenses. The courts in first instance have applied in their rulings different criteria regarding the reimbursement of expenses. ING Spain has filed an appeal against a number of these court decisions. ING Spain has also been included, together with other Spanish banks, in three class actions filed by customer associations. The outcome of the pending litigation and similar cases that may be brought in the future is uncertain. A provision has been taken. However, the aggregate financial impact of the current and future litigation could change. In February 2018, the Spanish Supreme Court ruled that Stamp Duty (Impuesto de Actos Jurídicos Documentados) expenses are chargeable to the customer, while in October 2018 it ruled that Stamp Duty is chargeable to the banks. In November 2018, the Spanish Supreme Court clarified the issue regarding Stamp Duty by stating that this tax should be borne by the customer. As for the remaining types of the expenses, in January 2019, the Spanish Supreme Court issued several decisions that stated that the client and the bank each have to bear half of the notary and management company costs and that registry costs have to be borne in full by the bank. Allocation of valuation costs between the bank and the customer were not addressed by the Spanish Supreme Court decisions and remain uncertain. In July 2020, the European Court of Justice ruled that if the clause that regulates the mortgage formation costs is declared null and void, any mortgage formation costs payable pursuant to such clause have to be borne in full by the bank, and not equally divided between the bank and the customer, contrary to the Spanish Supreme Court in its January 2019 ruling. ING Spain is assessing the impact of this decision on claims from customers against ING.

For further information regarding legal proceedings we refer to note 46 “Legal proceedings” in ING Group’s 2019 Consolidated financial statements as included in the Form 20-F.

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Related parties

6 Months Ended

Jun. 30, 2020

Related parties [abstract]

Related parties

21 Related parties

In the normal course of business, ING Group enters into various transactions with related parties. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions. Related parties of ING Group include, among others, its subsidiaries, associates, joint ventures, key management personnel, and various defined benefit and contribution plans. Transactions between related parties include rendering or receiving of services, leases, transfers under finance arrangements and provisions of guarantees or collateral. All transactions with related parties took place at conditions customary in the market. There are no significant provisions for doubtful debts or individually significant bad debt expenses recognised on outstanding balances with related parties.

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Subsequent events

6 Months Ended

Jun. 30, 2020

Subsequent events [abstract]

Disclosure of events after reporting period [text block]

22 Subsequent events

There are no subsequent events to report.

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Risk management

6 Months Ended

Jun. 30, 2020

Risk Management [abstract]

Risk management

Credit risk management practices (*)

In many countries, Governments have adopted economic support programs (such as tax advantages, unemployment regulations or guarantees) that we believe will assist ING clients in potential financial difficulty to manage through these extraordinary times. In addition, various initiatives have been taken to grant payment holidays, (guaranteed) new money facilities etc.

Governments in almost all Retail Banking countries have adopted measures providing for payment holidays. As of end of June, approximately 189,000 customerswere granted payment holidays. The total exposure of loans for which a payment holiday is granted amounts to €18.1 billion, of which over55% were for customers located in the Netherlands and Belgium.

The payment holiday schemes offered in the various countries differ in terms of scope, benefit duration and key conditions. Generally these schemes offer a 3 or 6 month suspension of principal payment, and in some instances also of interest payment. The payment holidays are applied to business lending and for mortgages and consumer loans.

The modification of contractual terms of loans subject to payment holiday arrangements does not automatically result in derecognition of the financial assets. Where applicable, the carrying amount of the financial asset has been recalculated as the present value of the renegotiated or modified contractual cash flows, discounted at the original effective interest rate and a gain or loss was recognized.

The various measures by governments and ING to alleviate the impact of Covid-19 also impact the loan classification in terms of forbearance and consequently IFRS 9 staging. In light of this, the EBA has provided guidelines which define eligibility criteria for a payment holiday arrangement offered to a large group of customers to be classified as a “general payment moratorium”. The application of such a general payment moratorium should not lead to a forbearance classification. Therefore it should not automatically trigger recognition of lifetime ECL either. ING follows the EBA guidelines and when a payment holiday is provided to a customer as part of a “general payment moratorium”, ING does not consider this measure to classify as forbearance.

Loan LossProvisioning (*)

Since 1 January 2018, ING has recognised loss allowances based on the expected credit loss model (ECL) of IFRS 9, which is designed to be forward-looking. The IFRS 9 impairment requirements are applicable to on-balance sheet financial assets measured at amortised cost or fair value through other comprehensive income (FVOCI), such as loans, debt securities and lease receivables, as well as off-balance sheet items such as undrawn loan commitments, certain financial guarantees, and undrawn committed revolving credit facilities.

The table below describes the portfolio composition over the different IFRS 9 stages and rating classes. The Stage 1 portfolio represents91.9% (31 December 2019: 94.0%) of the total gross carrying amounts, mainly

composed of investment grade, while Stage 2 makes up 6.7% (31 December 2019: 4.7%) and Stage 3 makes up 1.4% (31 December 2019: 1.3%)total gross carrying amounts, respectively.

Gross Carrying amount per IFRS 9 stage and rating class (*)1
30 June 2020		12-month ECL (Stage 1)		Lifetime ECL not credit impaired (Stage 2)		Lifetime ECL credit impaired (Stage 3)		Total
Rating class		Gross Carrying Amount	Provisions	Gross Carrying Amount	Provisions	Gross Carrying Amount	Provisions	Gross Carrying Amount	Provisions
Investment grade	1 (AAA)	125,600	5	273				125,873	5
	2-4 (AA)	103,608	5	297				103,905	5
	5-7 (A)	134,992	23	1,177	1			136,168	24
	8-10 (BBB)	296,019	90	7,825	14			303,844	104
Non-Investment grade	11-13 (BB)	171,411	215	17,849	119			189,260	334
	14-16 (B)	30,548	210	24,388	496			54,936	706
	17 (CCC)	1,421	169	4,676	436			6,097	605
Substandard grade	18 (CC)			4,055	200			4,055	200
	19 (C)			2,238	145			2,238	145
NPL grade	20-22 (D)					13,476	3,984	13,476	3,984
Total		863,599	717	62,777	1,412	13,476	3,984	939,852	6,112
1 IAS 37 provisions (EUR 95.4 million) are excluded.

Gross Carrying amount per IFRS 9 stage and rating class (*)1
31 December 2019		12-month ECL (Stage 1)		Lifetime ECL not credit impaired (Stage 2)		Lifetime ECL credit impaired (Stage 3)		Total
Rating class		Gross Carrying Amount	Provisions	Gross Carrying Amount	Provisions	Gross Carrying Amount	Provisions	Gross Carrying Amount	Provisions
Investment grade	1 (AAA)	75,144	1					75,144	1
	2-4 (AA)	82,992	3	28				83,020	3
	5-7 (A)	131,931	11	273				132,204	11
	8-10 (BBB)	295,449	55	4,905	6			300,354	61
Non-Investment grade	11-13 (BB)	194,643	209	7,925	54			202,568	263
	14-16 (B)	36,683	202	18,416	367			55,099	569
	17 (CCC)	405	7	4,067	146			4,472	153
Substandard grade	18 (CC)			3,253	160			3,253	160
	19 (C)			2,216	148			2,216	148
NPL grade	20-22 (D)					10,955	3,275	10,955	3,275
Total		817,247	490	41,082	881	10,955	3,275	869,284	4,646
1 IAS 37 provisions (EUR 93.3 million) are excluded.

Changes in gross carrying amounts and loan loss provision (*)

The table below provides a reconciliation by stage of the gross carrying/nominal amount and allowances for loans and advances to banks and customers, including loan commitments and financial guarantees. The transfers of financial instruments represents the impact of stage transfers upon the gross carrying/nominal amount and associated allowance for ECL. This includes the net remeasurement of ECL arising from stage transfers, for example, moving from a 12-month (stage 1) to a lifetime (stage 2) ECL measurement basis.

The net remeasurement line represents the changes in provisions for facilities that remain in the same stage.

Please note the following comments with respect to the movements observed in the table below for the first half-year 2020:

•Stage 3 gross carrying amount increased by €2.5billion from €10.9 billion as per 31 December 2019 mainly as a result of ING’s introduction of a new definition of default which had an impact of €1.0billionand due to developments with respect to certain large individual files.For further background on implementation of new Definition of Default, please refer to section 1.5 of the Condensed Consolidated Financial Statements.

•Stage 2 gross carrying amount increased by €21.6billion from €41.1billion as per 31 December 2019. This is mainly caused by the significant lifetime PD trigger (€8.4 billion), the Watchlist trigger (€4.0billion),primarily in Wholesale Banking, and to a lesser extent Forbearance (€3.3billion);

•Transportation & Logistics, Services, Real Estate and Food, Beverages & Personal Care were the sectors particularly impacted by the Covid-19 pandemic, with an increase in Stage 2 amounts of €4.7 billion, €2.1 billion, €2.0 billion and €1.7 billion respectively. These sectors represent 12%, 9%, 9% and 8% of the total Stage 2 gross carrying amounts respectively.

•The net remeasurement of loan loss provisions in Stage 1 and Stage 2 of €182 million and €354 million respectively and the transfer into lifetime ECL of €522 million were significantly impacted by the worsened macro-economic outlook, including management adjustments of €90 million to reflect the risks in payment holidays and the impact of oil price decrease on the upstream Reserve Based Lending book in the US.

Additional information on macro-economic scenarios is included in the section “Macro-economic scenarios and sensitivity analysis of key sources of estimation uncertainty”.

Changes in gross carrying amounts and loan loss provisions (*)1,2,3
30 June 2020	12-month ECL (Stage 1)		Lifetime ECL not credit impaired (Stage 2)		Lifetime ECL credit impaired (Stage 3)		Total
	Gross carrying amount	Provisions	Gross carrying amount	Provisions	Gross carrying amount	Provisions	Gross carrying amount	Provisions
Opening balance as at 1 January 2020	817,247	490	41,082	881	10,955	3,275	869,284	4,645
Transfer into 12-month ECL (Stage 1)	7,746	14	-7,401	-126	-346	-8		-120
Transfer into lifetime ECL not credit impaired (Stage 2)	-33,528	-50	33,948	522	-420	-46		426
Transfer into lifetime ECL credit impaired (Stage 3)	-2,136	-20	-2,144	-136	4,280	1,058		900
Net remeasurement of loan loss provisions		182		354		261		797
New financial assets originated or purchased	95,280	146					95,280	146
Financial assets that have been derecognised	-65,966	-43	-4,230	-66	-551	-73	-70,747	-182
Net drawdowns and repayments	44,955		1,522		-9		46,468
Changes in models/risk parameters		–
Increase in loan loss provisions		230		548		1,192		1,970
Write-offs					-433	-433	-433	-433
Recoveries of amounts previously written off						19		19
Foreign exchange and other movements		-2		-17		-70		-89
Closing balance as at 30 June 2020	863,599	717	62,777	1,412	13,476	3,983	939,852	6,112
1 At the end of June 2020, the Gross carrying amounts included loans and advances to central banks (€116.9 billion), loans and advances to banks (€30.7 billion), financial assets at FVOCI (€37.0 billion),
securities at amortised cost (€51.1 billion), loans and advances to customers (€618.4 billion) and financial guarantees (credit replacement) in scope of IFRS 9 impairment requirements (€112.7 billion) and
excludes receivables related to securities in reverse repurchase transaction (EUR -13.4 billion), cash collateral in respect of derivatives (€-9.4 billion), the value adjustment hedged items (€-0.1 billion),
a receivable that is offset by a liquidity facility (€-1.5 billion), on-demand bank balances (€-2.7 billion) and other differences amounting to €0.1 billion.
2 Stage 3 Lifetime credit impaired includes €5 million Purchased or Originated Credit Impaired.
3 At the end of June 2020, the stock of provisions included provisions for loans and advances to central banks (€5 million), loans and advances to banks (€13 million), financial assets at FVOCI (€13 million),
securities at amortised cost (€21 million), provisions for loans and advances to customers (€6,029 million) and provisions for contingent liabilities (credit replacements) recorded under Provisions (€30 million).

Changes in gross carrying amounts and loan loss provisions (*)1,2,3
31 December 2019	12-month ECL (Stage 1)		Lifetime ECL not credit impaired (Stage 2)		Lifetime ECL credit impaired (Stage 3)		Total
	Gross carrying amount	Provisions	Gross carrying amount	Provisions	Gross carrying amount	Provisions	Gross carrying amount	Provisions
Opening balance as at 1 January 2019	788,537	501	46,949	925	10,758	3,141	846,244	4,568
Transfer into 12-month ECL (Stage 1)	12,856	30	-12,579	-253	-277	-23		-246
Transfer into lifetime ECL not credit impaired (Stage 2)	-21,577	-73	22,382	474	-805	-81		320
Transfer into lifetime ECL credit impaired (Stage 3)	-2,210	-6	-1,753	-135	3,964	1,113		972
Net remeasurement of loan loss provisions		-77		36		283		242
New financial assets originated or purchased	180,605	205					180,605	205
Financial assets that have been derecognised	-126,082	-103	-9,108	-162	-1,659	-137	-136,849	-402
Net drawdowns and repayments	-14,880		-4,807		1		-19,686
Changes in models/risk parameters		15		2		-8		9
Increase in loan loss provisions		-9		-39		1,147		1,099
Write-offs	-1	-1	-2	-2	-1,027	-1,028	-1,030	-1,031
Recoveries of amounts previously written off						55		55
Foreign exchange and other movements		-1		-3		-41		-45
Closing balance as at 31 December 2019	817,247	490	41,082	881	10,955	3,275	869,284	4,646
1 At the end of December 2019, the Gross carrying amounts included loans and advances to central banks (€51.2 billion), loans and advances to banks (€35.1 billion), financial assets at FVOCI (€32.2 billion),
securities at amortised cost (€46.1 billion), loans and advances to customers (€612.6 billion) and financial guarantees (credit replacement) in scope of IFRS 9 impairment requirements (€115.7 billion) and
excludes receivables related to securities in reverse repurchase transaction (€-9.9 billion), cash collateral in respect of derivatives (€-10.2 billion), a receivable that is offset by a liquidity facility (€-1.3 billion),
de-netting of cash pool balances (€-1.8 billion) and other differences amounting to €-0.3 billion.
2 Stage 3 Lifetime credit impaired includes €1 million Purchased or Originated Credit Impaired.
3 At the end of December 2019, the stock of provisions included provisions for loans and advances to central banks (€1 million), loans and advances to banks (€9 million), financial assets at FVOCI (€10 million),
securities at amortised cost (€10 million), provisions for loans and advances to customers (€4,590 million) and provisions for contingent liabilities (credit replacements) recorded under Provisions (€25 million).

Macro-economic scenarios and sensitivity analysis of key sources of estimation uncertainty (*)

Methodology (*)

Our methodology in relation to the adoption and generation of macroeconomic scenarios is described in the Risk Management section of the Annual Report on Form 20F 2019. We continue to follow this methodology in generating our probability-weighted ECL, with consideration of alternative scenarios and management adjustments supplementing this ECL where, in management's opinion, the consensus forecast does not fully capture the extent of recent credit or economic events. The macro-economic scenarios are applicable to the whole ING portfolio in the scope of IFRS9 ECL’s.

Macro-economic scenarios (*)

The provisions are based on the end of June macro-economic consensus forecasts, with the main inputs for four of our main portfolios in the upside scenario, baseline scenario and downside scenario presented in the sensitivity table below. The Macro-economic (ME) forecast resulted increased calculated model based collective provisions. The main driver for the increase is the significant GDP growth deterioration which is forecasted as result of the Covid-19 crisis, which mainly impacted risk costs in Wholesale Banking. For Retail portfolios, unemployment rate and house prices are the most important drivers and those did show more moderate deterioration. Hence the impact of worsened macroeconomic forecasts on the Retail portfolios is more moderate.

The macro-economic scenarios reflects how the Covid-19 pandemic, the (reversal of) lockdown measures and government and central bank support measures potentially can impact the economic outlook. In the consensus forecast, a rebound in activity is projected to start in the second half of 2020 despite ongoing containment measures. Nevertheless, the consensus does not expect the major economies to return to pre-crisis levels until after 2021. Making predictions is difficult as there are still many uncertainties about the development of the Covid-19 pandemic.

Management adjustments (*)

In times of volatility and uncertainty where the portfolio quality and economic environment is rapidly changing, models alone may not be able to accurately predict losses. In these cases management adjustments can be applied to appropriately reflect ECL. Adjustments can also be applied where the impact of the updated macroeconomic scenarios is over- or under-estimated by the IFRS 9 models.

As mentioned above, per the guidance from EBA, Covid-19 related payment holidays should not be regarded as an automatic forbearance trigger, and hence, should not automatically trigger recognition of lifetime ECL.

Looking forward, it is expected that the phasing out of the Covid-19 related payment holiday schemes and other support measures in the second half of 2020 could potentially lead to more business insolvencies and unemployment. This could lead to more clients that have currently taken payment holidays, getting into financial difficulties and to higher levels of defaults. To the extent ING believes that this elevated risk is not yet covered in the IFRS9 models, a management adjustment has been recognised.

This management adjustment has been recognised for SME portfolios as these portfolios are considered to be most at risk and have the highest percentage of customers requesting payment holidays compared to other portfolios. ING has recognised a management adjustment of €45million in Netherlands and €15 million in Belgium as they are the largest SME portfolios and not significantly impacted by ME forecasts updates.

In addition, as oil price remains volatile, as well as exposed to the impacts of the Covid-19 crisis and subject to political decisions, ING recognised a management adjustment for the upstream oil book of €30 million.

Analysis on sensitivity (*)

Based on the above, analysis on the sensitivity of key forward-looking macroeconomic inputs used in the ECL collective-assessment modelling process and the probability-weights applied to each of the three scenarios is presented below. The countries included in the analysis are the Group’s most significant geographic regions, in terms of both gross contribution to reportable ECL, and sensitivity of ECL to forward-looking macroeconomics. Accordingly, the Groupconsiders these portfolios to present the most significant risk of resulting in a material adjustment to the carrying amount of financial assets within the next financial year. The Groupalso observes that, in general, the Wholesale business is more sensitive to the impact of forward-looking macroeconomic scenarios.

While the table does give a high-level indication of the sensitivity of the outputs to the different scenarios, it does not provide insight on the interdependencies and correlations between different macroeconomic variable inputs.

Sensitivity analysis (*)1,2,3
		2020	2021	2022	Un-weightedECL (Eur mln)	Probability-weighing	Reportable ECL (Eur mln)4
Netherlands
Upside scenario	Real GDP	-6.0	5.2	3.9	476	20%	559
	Unemployment	4.9	4.4	3.8
	HPI	3.7	14.7	5.3
Baseline Scenario	Real GDP	-6.3	4.0	2.3	536	60%
	Unemployment	5.3	5.4	5.4
	HPI	-0.2	0.8	3.2
Downside scenario	Real GDP	-6.9	0.6	0.1	708	20%
	Unemployment	6.2	7.5	8.3
	HPI	-4.4	-14.4	0.3
Sensitivity analysis (*)1,2,3
		2020	2021	2022	Un-weightedECL (Eur mln)	Probability-weighing	Reportable ECL (Eur mln)4
Germany
Upside scenario	Real GDP	-5.8	7.1	2.6	518	20%	575
	Unemployment	3.7	2.4	1.6
	HPI	6.0	7.0	8.5
Baseline Scenario	Real GDP	-6.3	5.3	1.9	558	60%
	Unemployment	4.0	3.6	3.2
	HPI	4.4	3.2	5.1
Downside scenario	Real GDP	-6.9	1.7	-0.4	681	20%
	Unemployment	4.7	5.1	5.2
	HPI	0.7	-1.3	1.3
Belgium
Upside scenario	Real GDP	-7.6	6.2	2.8	450	20%	510
	Unemployment	8.9	7.7	7.2
	HPI	2.8	5.0	4.4
Baseline Scenario	Real GDP	-7.9	4.9	2.3	491	60%
	Unemployment	9.2	7.7	7.7
	HPI	1.9	3.9	3.5
Downside scenario	Real GDP	-8.5	2.5	1.0	628	20%
	Unemployment	10.3	10.2	10.3
	HPI	0.7	2.2	2.6
United States
Upside scenario	Real GDP	-5.6	5.3	4.9	205	20%	335
	Unemployment	9.8	5.2	2.7
	HPI	3.1	6.8	8.8
Baseline Scenario	Real GDP	-5.7	4.2	3.0	285	60%
	Unemployment	10.2	6.6	4.7
	HPI	2.3	2.8	3.0
Downside scenario	Real GDP	-6.6	0.5	0.7	612	20%
	Unemployment	10.9	9.1	8.1
	HPI	1.3	-1.9	-3.3
1 Real GDP, in % year-on-year change
2 Unemployment in % of total labour force
3 House Price Index (HPI) in % year-on-year
4 Sensitivity does not include the effect of manual adjustments, which are not material

The setting of PD threshold bandings requires management judgement, and is a key source of estimation uncertainty. To demonstrate the sensitivity of the ECL to these PD thresholds bandings, analysis was run on all collectively-assessed assets, which assumed all assets (Stage 1 and 2) were below the threshold, and apportioned a 12 month ECL. On ING Group level, the total ECL collective-assessment for performing assets is €2,129million (2019: €1,291million). On the same asset base, analysis was run which assumed all performing assets were above the threshold, and apportioned a lifetime ECL. This gave rise to a hypothetical collective-assessment ECLs €1,636 million (2019: €866 million) and €3,409 million (2019: €2,665 million) respectively. Please note that in this analysis all other ECL risk parameters (except for the stage) were kept equal.

It should be noted that the lifetime PD thresholds are not the only drivers of stage allocation. An asset can change stages as a result of being in arrears, on a Watch List or being forborne, among other triggers.

Market risk in trading books(*)

Sensitivities (*)

As part of the risk monitoring framework, ING actively monitors the daily changes of sensitivities of the trading portfolios. Sensitivities measure the impact of movements in individual market risk factors (foreign exchange rates, interest rates, credit spreads, equity, and commodity prices) on profit and loss results of the trading positions and portfolios.

The following tables show the five largest trading positions in terms of sensitivities to foreign exchange, interest rate and credit spread risk factor movements. These largest exposures also reflect concentrations of risk in FX risk per currency, IR risk per currency, and Credit Spread risk per country and rating and sector. Due to the nature of the trading portfolios, positions in the portfolios can change significantly from day to day, and sensitivities of the portfolios can change daily accordingly.

Most important foreign exchange trading positions (*)
amounts in EUR millions	30 June 2020		31 December 2019
Foreign exchange		Foreign exchange
US Dollar	127	US Dollar	116
Great Britain Pound	-37	Chinese Yuan Renminbi	–21
Chinese Yuan Renminbi	27	South Korean Won	20
Japanese Yen	-26	Brazilian Real	–15
Switzerland Franc	-24	Japanese Yen	–10

Most important interest rate and credit spread sensitivities (*)
amounts in EUR thousands	30 June 2020		31 December 2019
Interest Rate (BPV) 1		Interest Rate (BPV) 1
Euro	-1,280	Euro	–740
US Dollar	-745	US Dollar	–325
Great-Britain Pound	-154	Russian Ruble	–105
Japanese Yen	-92	Great-Britain Pound	–68
Australian Dollar	-66	Australian Dollar	–31
Credit Spread (CSO1) 2		Credit Spread (CSO1) 2
Germany	153	United States	360
United States	109	Germany	163
Republic of Korea	-58	France	117
Indonesia	42	Russian Federation	73
United Kingdom	40	United Kingdom	72
1 Basis Point Value (BPV) measures the impact on value of a 1 basis point increase in interest rates. The figures include commodity risk in banking books.
2 Credit Spread Sensitivity (CS01) measures the impact on value of a 1 basis point increase in credit spreads. Exposures to supranational institutions are not assigned to a specific country.

Credit spread sensitivities per risk class and sector (excluding sovereign exposures) (*)
	30 June 2020		31 December 2019
amounts in EUR thousands	Corporate	Financial Institutions	Corporate	Financial Institutions
Credit Spread (CSO1) 1
Risk classes
1 (AAA)	1	-3	1	–1
2–4 (AA)	21	-64	–15	–63
5–7 (A)	56	-50	143	32
8–10 (BBB)	207	-24	273	1
11–13 (BB)	57	-4	148	9
14–16 (B)	20	-2	51	1
17–22 (CCC and NPL)	3		26
Not rated
Total	365	-147	626	–21
1 Credit Spread Sensitivity (CS01) measures the impact on value of a 1 basis point increase in credit spreads.

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Capital management

6 Months Ended

Jun. 30, 2020

Capital Management [abstract]

Capital management

23 Capital management

ING Group’s CET1 ratio increased to 15.0% in Q2 2020 (EOY 2019: 14.6%), mainly due to capital generation and decreased RWA from various relief measures and management actions taken.

Policy changes due to the Covid-19 pandemic

As a reaction to the ongoing global pandemic, the following relevant regulators have introduced a number of changes to regulatory capital requirements applicable to ING:

The DNB decreased ING Group’s Systemic Risk Buffer requirement from 3.00% to 2.50%. Moreover, various competent authorities changed or removed Countercyclical Buffer (CCyB) requirements, which reduced the fully loaded CCyB for ING from 24 basis points to 3 basis points.

The ECB effectuated Art 104(a) CRDV as of the first quarter of 2020, which essentially brings forward the possibility to cover Pillar 2 Requirements with a mix of own funds instead of CET1 only.

Consequentially, ING Group’s fully loaded Total Capital Maximum Distributable Amount trigger level decreased from 15.49% to 14.78%. This also reduced the fully loaded CET1 requirement, which decreased from 11.99% to 10.51%, and the fully loaded Tier 1 requirement, which decreased from 13.49% to 12.34%.

ING is committed to maintaining a CET1 ratio above the prevailing fully loaded requirement plus a comfortable management buffer.

The ECB provided some relief on RWA increases by postponing pending TRIM reviews by at least six months. The DNB further announced it is delaying the introduction of a floor for mortgage loan risk weighting.

The Basel Committee on Banking Supervision announced the postponement of the implementation date of Basel IV standards by one year to the beginning of 2023.

Following the CRR amendments due to Covid-19 (“CRR quick fix” or CRR 2.5), ING adopted a) an extension of the IFRS 9 transitional arrangements (EUR 0.2 billion capital increase), b) the infrastructure support factor (EUR 0.9 billion RWA relief) and c) the SME support factor (EUR 2.0 billion RWA relief).

Dividend

In March 2020, ING Group announced that it will suspend any payment of dividends following an industry wide recommendation of the ECB. The ECB subsequently updated their recommendation at the end of July, extending the timeframe for suspension of dividend payments until 1 January 2021. Any dividend payment by ING will therefore be delayed until after 1 January 2021.

Ratings

The ratings from S&P, Moody’s and Fitch remained unchanged in the first half of the year. Fitch changed its outlook on both ING Group and ING Bank to ‘Rating Watch Negative’ (RWN) on 1 April 2020. Standard & Poor's changed its outlook for ING Group to 'Negative' on 23 April 2020.

Main credit ratings of ING at 30 June 2020
	Standard & Poor’s		Moody’s		Fitch
	Rating	Outlook	Rating	Outlook	Rating	Outlook
ING Groep N.V.
Long-term	A-	Negative	Baa1	Stable	A+	RWN*
ING Bank N.V.
Long-term	A+	Stable	Aa3	Stable	AA-	RWN*
Short-term	A-1		P-1		F1+
* Rating Watch Negative

ING’s key credit ratings and outlook are shown in the table above. Each of these ratings reflects only the view of the applicable rating agency at the time the rating was issued, and any explanation of the significance of a rating may be obtained only from the rating agency.

A security rating is not a recommendation to buy, sell or hold securities and each rating should be evaluated independently of other ratings. There is no assurance that any credit rating will remain in effect for any given period of time or that a rating will not be lowered, suspended or withdrawn entirely by the rating agency if, in the rating agency’s judgment, circumstances so warrant. ING accepts no responsibility for the accuracy or reliability of the ratings.

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Basis of preparation and accounting policies (Policies)

6 Months Ended

Jun. 30, 2020

Basis of preparation and accounting policies [abstract]

Presentation of Risk management disclosures

1.2.1 Presentation of Risk management disclosures

Certain disclosures of the nature and extent of risks related to financial instruments as disclosed in the 2019 ING Group Consolidated financial statements and included in the 2019 ING Group Annual Report on Form 20-F are updated due to the Covid-19 developments in the first six months of 2020.

Although these disclosures are included in the ‘Risk management’ section, they are an integral part of the ING Group Condensed consolidated interim financial statements. The disclosures are indicated by the symbol (*).

Reconciliation net result under IFRS-EU and IFRS-IASB

1.2.2Reconciliation between IFRS-EU and IFRS-IASB

ING Group also publishes its Consolidated financial statements and Condensed consolidated interim financial statements based on IFRS-EU. IFRS-EU refers to International Financial Reporting Standards (‘IFRS’) as adopted by the European Union (EU), including the decisions ING Group made with regard to the options available under IFRS as adopted by the EU. IFRS-EU differs from IFRS-IASB in respect of certain paragraphs in IAS 39 ‘Financial Instruments: Recognition and Measurement’ regarding hedge accounting for portfolio hedges of interest rate risk. Under IFRS 9, the IAS 39 hedge accounting principles can be applied.

Under IFRS-EU, ING Group applies fair value hedge accounting for portfolio hedges of interest rate risk (fair value macro hedges) in accordance with the EU carve-out version of IAS 39. Under the EU IAS 39 carve-out, hedge accounting may be applied, in respect of fair value macro hedges, to core deposits and hedge ineffectiveness is only recognised when the revised estimate of the amount of cash flows in scheduled time buckets falls below the original designated amount of that bucket and is not recognised when the revised amount of cash flows in scheduled time buckets is more than the original designated amount. Under IFRS-IASB, hedge accounting for fair value macro hedges cannot be applied to core deposits and ineffectiveness arises whenever the revised estimate of the amount of cash flows in scheduled time buckets is either more or less than the original designated amount of that bucket.

This information is prepared by reversing the hedge accounting impacts that are applied under the EU ‘carve-out’ version of IAS 39. Financial information under IFRS-IASB accordingly does not take account of the possibility that had ING Group applied IFRS-IASB as its primary accounting framework it might have applied alternative hedge strategies where those alternative hedge strategies could have qualified for IFRS-IASB compliant hedge accounting. These decisions could have resulted in different shareholders’ equity and net result amounts compared to those indicated in this Condensed consolidated interim financial statements on Form 6-K.

Both IFRS-EU and IFRS-IASB differ in several areas from accounting principles generally accepted in the United States of America (US GAAP)

A reconciliation between IFRS-EU and IFRS-IASB is included below.

Reconciliation net result under IFRS-EU and IFRS-IASB
	1 January to 30 June
	2020	2019
In accordance with IFRS-EU	969	2,556
Adjustment of the EU IAS 39 carve-out	–493	–1,093
Tax effect of the adjustment	115	243
Effect of adjustment after tax	–379	–850
In accordance with IFRS-IASB (attributable to the shareholders of the parent)	591	1,707
Non-controlling interests	36	47
In accordance with IFRS-IASB Total net result	626	1,754

Reconciliation shareholders’ equity under IFRS-EU and IFRS-IASB
	30 June 2020	31 December 2019
In accordance with IFRS-EU	54,305	53,769
Adjustment of the EU IAS 39 carve-out	–4,157	–3,658
Tax effect of the adjustment	1,001	885
Effect of adjustment after tax	–3,156	–2,773
Shareholders’ equity	51,149	50,996
Non-controlling interests	1,022	893
In accordance with IFRS-IASB Total Equity	52,171	51,889

Changes in IFRS effective in 2020

1.3 Changes to accounting policies

ING Group has consistently applied its accounting policies to all periods presented in these Condensed consolidated interim financial statements, except for amendments that became effective in 2020.

1.3.1 Changes in IFRS effective in 2020

A number of amended standards became applicable for the current reporting period with no significant impact on ING Group’s accounting policies, ING Group’s results or financial position.

The list of amendments effective in the current period and applicable for ING Group:

•Amendments to IAS 39 ‘ Financial Instruments: Recognition and Measurements’ and IFRS 7 ‘ Financial Instruments: Disclosures’: ‘IBOR Reform and its Effects on Financial Reporting – Phase 1’ (issued on 26 September 2019 and early adopted by ING in 2019);

•Amendments to IFRS 3 ‘Business Combinations’: Definition of a Business (issued on 22 October 2018);

•Amendments to IAS 1 and IAS 8: ‘Definition of Material’ (issued on 31 October 2018); and

•Amendments to References to the Conceptual Framework in IFRS Standards (issued on 29 March 2018).

In May 2020 the IASB also issued amendments to IFRS 16 ‘Leases’: ‘Covid-19-Related Rent Concessions’ to provide lessees with an exemption from assessing whether a Covid-19-related rent concession is a lease modification. The amendments are effective for annual reporting periods beginning on or after 1 June 2020, with earlier application permitted (including financial statements not yet authorised for issue at 28 May 2020) and are also available for interim reports. The amendments will not have material impact on ING Group’s accounting policies, ING Group’s results or financial position.

ING Group has not early adopted any standard, interpretation or amendment (including the above mentioned IFRS 16 amendments) which has been issued, but is not yet effective.

For further information, reference is made to Note 1 ‘Basis of preparation and accounting policies, 1.4.2 Upcoming changes in IFRS after 2019’ in the 2019 ING Group Consolidated financial statements as included in the Form 20-F

Significant judgments and critical accounting estimates and assumptions

1.4 Significant judgments and critical accounting estimates and assumptionsThe preparation of the Condensed consolidated interim financial statements requires management to make judgements in the process of applying its accounting policies and to use estimates and assumptions. The estimates and assumptions affect the reported amounts of the assets and liabilities and the amounts of the contingent assets and contingent liabilities at the balance sheet date, as well as reported income and expenses for the period. The actual outcome may differ from these estimates. The process of setting assumptions is subject to internal control procedures and approvals.

As discussed in Note 1.5 ‘ Significant judgements and critical accounting estimates and assumptions’ of the 2019 ING Group Consolidated financial statements as included in the Form 20-F, ING Group has identified the following 3 areas that require management to make significant judgements and use critical accounting estimates and assumptions based on the information and financial data that may change in future periods:

•The determination of the fair values of financial assets and liabilities;

•Loan loss provisions; and

•Provisions.

These areas continue to be relevant for these Condensed consolidated interim financial statements, and, in particular, an increased level of estimation uncertainty is observed for Loan loss provisions due to Covid-19 outbreak and determination of the fair values of financial assets and liabilities due to market developments in the first six months of 2020.

In addition to the disclosures in the 2019 Annual Report on Form 20-F, the increased uncertainty for Loan loss provisions from Covid-19 manifested itself in the following key areas: the uncertainty around macroeconomic forecasts and the period and duration of the economic recovery path; uncertainty around determining when there has been a significant increase in credit risk, especially in the light of government measures such as payment holidays where traditional risk drivers in ECL models based on payment behaviour can be ineffective as these clients are not required to make regular payments and limited (if any) information is available. For further discussion and details of the significant judgements and critical accounting estimates and assumptions relating to the Loan loss provisions, reference is made to paragraph ‘Loan loss provisioning’ in the ‘Risk management’ section of the interim report.

In light of uncertainties due to Covid-19, the assessment of impairment of non-financial assets became a new area of critical accounting estimates in the first six months of 2020. For ING it mainly related to the assessment for potential impairment of goodwill and an investment in associate (TMB), which involves estimation of their recoverable amounts. Recoverable amounts are sensitive to the assumptions used and their estimation becomes particularly judgmental in light of uncertainties due to Covid-19. The projected cash flows, discount rates and growth rates are particularly relevant and the sensitivity of the recoverable amounts to these assumptions is described in Note 7 ‘Intangible assets’ and Note 6 ‘Investments in associates and joint ventures’.

Description of policy of other developments explanatory

1.5 Other developments

ING has historically aligned the Definition of Default for regulatory purposes with the definition of ‘credit-impaired’ financial assets under IFRS 9 (Stage 3). To comply with new regulatory technical standards (RTS) and EBA guidelines ING updated its Definition of Default in the first quarter of 2020. Consequently, ING updated this definition also for IFRS 9 purposes. From an accounting perspective, this represents a change in accounting estimate. This change had no material impact on the Expected Credit Losses but impacted the migration of assets mainly between Stage 2 and Stage 3 resulting in an increase in Stage 3 assets. For more details on this impact, reference is made to paragraph ‘Loan loss provisioning’ in the ‘Risk management’ section of the interim report.

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Basis of preparation and accounting policies (Tables)

6 Months Ended

Jun. 30, 2020

Basis of preparation and accounting policies [abstract]

Reconciliation Net Result under IFRS-EU and IFRS-IASB

Reconciliation net result under IFRS-EU and IFRS-IASB
	1 January to 30 June
	2020	2019
In accordance with IFRS-EU	969	2,556
Adjustment of the EU IAS 39 carve-out	–493	–1,093
Tax effect of the adjustment	115	243
Effect of adjustment after tax	–379	–850
In accordance with IFRS-IASB (attributable to the shareholders of the parent)	591	1,707
Non-controlling interests	36	47
In accordance with IFRS-IASB Total net result	626	1,754

Reconciliation Shareholders' Equity under IFRS-EU and IFRS-IASB

Reconciliation shareholders’ equity under IFRS-EU and IFRS-IASB
	30 June 2020	31 December 2019
In accordance with IFRS-EU	54,305	53,769
Adjustment of the EU IAS 39 carve-out	–4,157	–3,658
Tax effect of the adjustment	1,001	885
Effect of adjustment after tax	–3,156	–2,773
Shareholders’ equity	51,149	50,996
Non-controlling interests	1,022	893
In accordance with IFRS-IASB Total Equity	52,171	51,889

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Financial assets at fair value through profit or loss (Tables)

6 Months Ended

Jun. 30, 2020

Financial asset at fair value through profit or loss [abstract]

Summary of Financial Assets at Fair Value Through Profit or Loss

2 Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss
	30 June 2020	31 December 2019
Trading assets	53,781	49,254
Non-trading derivatives	2,488	2,257
Designated at fair value through profit or loss	3,700	3,076
Mandatorily measured at fair value through profit or loss	51,142	41,600
	111,110	96,187

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Financial assets at fair value through other comprehensive income (Tables)

6 Months Ended

Jun. 30, 2020

Financial Assets At Fair Value Through Other Comprehensive Income [Abstract]

Summary of financial assets at fair value through other comprehensive income

3 Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income by type
	30 June 2020	31 December 2019
Equity securities	1,998	2,306
Debt securities1	35,650	30,483
Loans and advances1	1,345	1,680
	38,993	34,468

1 Debt securities include an amount of EUR -10 million (31 December 2019: EUR -7 million) and the Loans and advances includes EUR -3 million (31 December 2019: EUR -3 million) of Loan loss provisions.

Summary of Equity Securities Designated as at Fair Value Tthrough Other Comprehensive Income

Exposure to equity securities
Equity securities designated as at fair value through other comprehensive income
	Carryingvalue	Dividend income	Carryingvalue	Dividend income
	30 June 2020	30 June 2020	31 December 2019	31 December 2019
Investment in Bank of Beijing	1,704	–	2,001	93
Other Investments	294	2	305	18
	1,998	2	2,306	111

Summary of Changes in Fair Value through Other Comprehensive Income Financial Assets

Changes in fair value through other comprehensive income financial assets
	FVOCI equity securities		FVOCI debt instruments 1		Total
	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Opening balance as at 1 January	2,306	3,228	32,163	27,995	34,468	31,223
Additions	9	11	13,087	16,259	13,095	16,270
Amortisation			32	–12	32	–12
Transfers and reclassifications	1	3	–	–0	1	3
Changes in unrealised revaluations2	–289	139	611	258	322	397
Impairments			–0	–2	–0	–2
Reversals of impairments			–3	1	–3	1
Disposals and redemptions	–1	–1,091	–8,524	–12,298	–8,526	–13,389
Exchange rate differences	–27	15	–369	–40	–396	–25
Changes in the composition of the group and other changes	–0	–	–0	2	–0	3
Closing balance	1,998	2,306	36,995	32,163	38,993	34,468
1 Fair value through other comprehensive income debt instruments includes both debt securities and loans and advances.
2 Changes in unrealised revaluations include changes on hedged items which are recognised in the statement of profit or loss.

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Securities at amortised cost (Tables)

6 Months Ended

Jun. 30, 2020

Disclosure of financial assets [abstract]

Expsoure to debt securities in the statement of financial position

Exposure to debt securities
	30 June 2020	31 December 2019
Debt securities at fair value through other comprehensive income	35,650	30,483
Debt securities at amortised cost	51,085	46,108
Debt securities at fair value through other comprehensive income and amortised cost	86,735	76,592
Trading assets	6,852	6,256
Debt securities at fair value through profit or loss	3,643	3,067
Total debt securities at fair value through profit or loss	10,496	9,323
	97,230	85,914

Debt Securities by Type and Balance Sheet Lines

Debt securities by type of exposure
	Debt Securitiesat FVPL		Debt Securitiesat FVOCI		Debt Securitiesat AC		Total
	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Government bonds	148	408	24,679	20,300	28,427	25,627	53,254	46,334
Sub-sovereign, Supranationals and Agencies	1,413	505	7,862	6,606	13,006	10,689	22,281	17,801
Covered bonds			1,986	1,734	6,669	6,960	8,655	8,693
Corporate bonds			325	476	137	143	462	619
Financial institutions' bonds	1,353	1,440	377	332	1,933	1,536	3,663	3,308
ABS portfolio	730	714	431	1,043	934	1,163	2,095	2,920
	3,643	3,067	35,660	30,491	51,106	46,118	90,409	79,676
Loan loss provisions			–10	–7	–21	–10	–31	–17
Bond portfolio	3,643	3,067	35,650	30,483	51,085	46,108	90,378	79,659

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Loans and advances to customers (Tables)

6 Months Ended

Jun. 30, 2020

Loans and advances to customers [Abstract]

Summary of Loans and Advances to Customers

5 Loans and advances to customers
Loans and advances to customers by type
	30 June 2020	31 December 2019
Loans to, or guaranteed by, public authorities	41,925	42,190
Loans secured by mortgages	348,769	348,526
Loans guaranteed by credit institutions	4,397	3,775
Personal lending	28,814	28,250
Corporate loans	194,511	189,878
	618,416	612,619
Loan loss provisions	–6,029	–4,590
	612,387	608,029

Summary of Loans and Advances to Customers by Subordination

Loans and advances to customers by subordination
	30 June 2020	31 December 2019
Non-subordinated	612,309	607,908
Subordinated	78	121
	612,387	608,029

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Investments in associates and joint ventures (Tables)

6 Months Ended

Jun. 30, 2020

Investments in associates and joint ventures [Abstract]

Summary of Investments in Associates and Joint Ventures

6 Investments in associates and joint ventures
Investments in associates and joint ventures
30 June 2020	Interestheld (%)	Fair valueof listedinvest-ments	Balancesheetvalue	Totalassets	Totalliabilities	Totalincome	Totalexpenses
TMB Public Company Limited	23	673	1,492	54,563	48,832	526	378
Other investments in associates and joint ventures			283
			1,775

Investments in associates and joint ventures
31 December 2019	Interestheld (%)	Fair valueof listedinvest-ments	Balancesheetvalue	Totalassets	Totalliabilities	Totalincome	Totalexpenses
TMB Public Company Limited	23	1,109	1,509	55,804	49,974	1,145	891
Other investments in associates and joint ventures			281
			1,790

Summary of Changes in Investments in Associates and Joint ventures

Changes in Investments in associates and joint ventures
	30 June 2020	31 December 2019
Opening balance as at 1 January	1,790	1,203
Additions	10	507
Transfers to and from Investments/Other assets and liabilities	–0	4
Revaluations	2	–18
Share of results	33	82
Dividends received	–11	–58
Disposals	–1	–10
Impairments	1	–34
Exchange rate differences	–55	113
Other	6
Closing balance	1,775	1,790

Impairment testing, Investments in associates and joint ventures

Investments in associates and joint ventures
30 June 2020	Value in Use	Fair value	Carrying value
TMB Public Company Limited	1,606	673	1,492

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Intangible assets (Tables)

6 Months Ended

Jun. 30, 2020

Intangible assets [abstract]

Schedule of Changes in Intangible Assets

7 Intangible assets
Changes in intangible assets
	Goodwill		Software		Other		Total
	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Opening balance	907	918	958	868	52	53	1,916	1,839
Additions		17	50	94		–	50	111
Capitalised expenses			115	285			115	285
Amortisation			–120	–235	–1	–2	–121	–237
Impairments1	–310		–3	–61	–15	–0	–328	–61
Exchange rate differences	–35	–28	–5	–	–0	–0	–40	–28
Disposals			–8	–1		–0	–8	–1
Changes in the composition of the groupand other changes			2	8	–	1	2	9
Closing balance	562	907	989	958	35	52	1,586	1,916
Gross carrying amount	872	907	2,738	2,608	60	61	3,670	3,575
Accumulated amortisation			–1,737	–1,641	–8	–7	–1,745	–1,648
Accumulated impairments	–310		–11	–9	–17	–2	–338	–11
Net carrying value	562	907	989	958	35	52	1,586	1,916
1 Impairments of intangible assets are presented within Other operating expenses in the statement of Profit or Loss.

Schedule of Goodwill Allocation to Group of CGUs

Goodwill
Goodwill is allocated to groups of cash generating units (CGUs) as follows:
Goodwill allocation to group of CGUs
	Method used forrecoverable amount	Discount rate	Long term growth rate	Goodwill	Goodwill
Group of CGUs				30 June 2020	31 December 2019
Retail Netherlands	Values in use	8.46%	0.00%	30	30
Retail Belgium	Values in use	9.54%	0.00%		50
Retail Germany	Values in use	8.43%	0.00%	349	349
Retail Growth Markets1	Values in use	13.59%	3.61%	182	209
Wholesale Banking1	Values in use	9.38%	0.85%		268
				562	907

1Goodwill related to Growth Countries is allocated across two groups of CGUs, EUR 182 million to Retail Growth Markets and EUR 0 million to Wholesale Banking (31 December 2019: EUR 209million to Retail Growth Markets and EUR 61 million to Wholesale Banking).

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Deposits from banks (Tables)

6 Months Ended

Jun. 30, 2020

Deposits from banks [Abstract]

Schedule of Deposits from Banks by Type

Deposits from banks by type
	30 June 2020	31 December 2019
Non-interest bearing	19	180
Interest bearing	78,631	34,646
	78,649	34,826

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Financial liabilities at fair value through profit or loss (Tables)

6 Months Ended

Jun. 30, 2020

Financial liability fair value through profit or loss [abstract]

Summary of Financial Liabilities at Fair Value through Profit or Loss

9 Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
	30 June 2020	31 December 2019
Trading liabilities	35,745	28,042
Non-trading derivatives	2,435	2,215
Designated at fair value through profit or loss	52,461	47,684
	90,641	77,942

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Debt securities in issue (Tables)

6 Months Ended

Jun. 30, 2020

Debt securities in issue [abstract]

Summary of Maturities of Debt Securities in Issue

Debt securities in issue – maturities
	30 June 2020	31 December 2019
Fixed rate debt securities
Within 1 year	32,575	26,871
More than 1 year but less than 2 years	13,311	10,358
More than 2 years but less than 3 years	3,232	9,527
More than 3 years but less than 4 years	6,608	6,321
More than 4 years but less than 5 years	3,466	2,836
More than 5 years	28,705	29,007
Total fixed rate debt securities	87,896	84,920
Floating rate debt securities
Within 1 year	26,090	24,938
More than 1 year but less than 2 years	3,380	3,126
More than 2 years but less than 3 years	1,469	3,041
More than 3 years but less than 4 years	1,458	1,541
More than 4 years but less than 5 years	90	144
More than 5 years	755	816
Total floating rate debt securities	33,242	33,608
Total debt securities	121,138	118,528

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Subordinated loans (Tables)

6 Months Ended

Jun. 30, 2020

Subordinated loans [abstract]

Schedule of Subordinated Loans by Group Companies

11 Subordinated loans
Subordinated loans by group companies
	30 June 2020	31 December 2019
ING Groep N.V.	13,691	13,069
ING Group companies	3,007	3,519
	16,697	16,588

Schedule of Changes in Subordinated Loans

Changes in subordinated loans
	30 June 2020	31 December 2019
Opening balance as at 1 January	16,588	13,724
New issuances	2,165	3,429
Repayments	–2,608	–933
Exchange rate differences and other	553	367
Closing balance	16,697	16,588

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Equity (Tables)

6 Months Ended

Jun. 30, 2020

Summary of Equity

Equity
12 Equity
Total equity
	30June2020	31December2019
Share capital and share premium
-           Share capital	39	39
-           Share premium	17,089	17,078
	17,128	17,117
Other reserves
-  Revaluation reserve: Equity securities at FVOCI	1,270	1,580
-  Revaluation reserve: Debt instruments at FVOCI	219	322
-  Revaluation reserve: Cash flow hedge	1,709	1,208
-  Revaluation reserve: Credit liability	–103	–114
-  Revaluation reserve: Property in own use	262	253
-  Net defined benefit asset/liability remeasurement reserve	–252	–336
-  Currency translation reserve	–2,729	–2,079
-  Share of associates and joint ventures and other reserves	3,243	3,189
-  Treasury shares	–3	–10
	3,616	4,013
Retained earnings	30,406	29,866
Shareholders’ equity (parent)	51,149	50,996
Non-controlling interests	1,022	893
Total equity	52,171	51,889

Revaluation Reserve [Member]

Reserves And Other Equity Interest

Changes in revaluation reserve
	Equity securities at FVOCI		Debt instruments at FVOCI		Cash flow hedge		Credit liability		Property in own use
	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Opening balance	1,580	1,914	322	398	1,208	604	-114	8	253	204
Changes in credit liability reserve							11	-116
Unrealised revaluations	-312	137	-76	-43	501	604			11	58
Realised gains/losses transferred to the statement of profit or loss			-27	-33
Realised revaluations transferred to retained earnings	2	-472	–				–	-6	-2	-9
Closing balance	1,270	1,580	219	322	1,709	1,208	-103	-114	262	253

Currency Translation Reserve [member]

Reserves And Other Equity Interest

Changes in currency translation reserve
	30 June 2020	31 December 2019
Opening balance	–2,079	–2,043
Unrealised revaluations	84	–134
Realised gains/losses transferred to the statement of profit or loss		–138
Exchange rate differences	–734	236
Closing balance	–2,729	–2,079

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Net interest income (Tables)

6 Months Ended

Jun. 30, 2020

Net interest income [abstract]

Summary of Net Interest Income

Notes to the Condensed statement of profit or loss
13 Net interest income
Net interest income
	1 January to 30 June			1 January to 30 June
	2020	2019		2020	2019
Interest income on loans	8,333	9,659	Interest expense on deposits from banks	113	184
Interest income on financial assets at fair value through OCI	283	311	Interest expense on customer deposits	823	1,482
Interest income on financial assets at amortised cost	263	359	Interest expense on debt securities in issue	1,005	1,239
Interest income on non-trading derivatives (hedge accounting)	1,769	2,268	Interest expense on subordinated loans	323	324
Negative interest on liabilities	288	202	Negative interest on assets	117	186
Total interest income using effective interest rate method	10,935	12,799	Interest expense on non-trading derivatives (hedge accounting)	1,779	2,466
			Total interest expense using effective interest rate method	4,160	5,880
Interest income on financial assets at fair value through profit or loss	450	1,006	Interest expense on financial liabilities at fair value through profit or loss	348	892
Interest income on non-trading derivatives (no hedge accounting)	556	588 1	Interest expense on non-trading derivatives (no hedge accounting)	540	701 1
Interest income other	21	16	Interest expense on lease liabilities	11	12
Total other interest income	1,026	1,610	Interest expense other	25	29
			Total other interest expense	925	1,633
Total interest income	11,962	14,410	Total interest expense	5,085	7,513
			Net interest income	6,877	6,896
1 The prior periods have been updated to improve consistency and comparability.

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Net fee and commission income (Tables)

6 Months Ended

Jun. 30, 2020

Net fee And Commission Income [abstract]

Schedule of Fee and Commission Income

14 Net fee and commission income
Fee and commission income
	1 January to 30 June
	2020	2019
Funds transfer	686	736
Securities business	439	316
Insurance broking	101	91
Asset management fees	115	97
Brokerage and advisory fees	321	278
Other	644	648
	2,307	2,164

Schedule of Fee and Commission Expense

Fee and commission expenses
	1 January to 30 June
	2020	2019
Funds transfer	301	321
Securities business	80	95
Insurance broking	–	1
Asset management fees	3	4
Brokerage and advisory fees	157	129
Other	260	229
	801	778

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Valuation results and net trading income (Tables)

6 Months Ended

Jun. 30, 2020

Valuation Results And Net Trading Income [Abstract]

Summary of Valuation Results and Net Trading Income

15 Valuation results and net trading income
Valuation results and net trading income
	1 January to 30 June
	2020	2019
Securities trading results	–1,024	718
Derivatives trading results	1,596	–433
Other trading results	54	65
Change in fair value of derivatives relating to
–  fair value hedges	231	–164
–  cash flow hedges (ineffective portion)	–42	24
–  other non-trading derivatives	383	150
Change in fair value of assets and liabilities (hedged items)	–644	–830
Valuation results on assets and liabilities designated at FVPL and assets mandatorily measured at FVPL	–293	–329
Foreign exchange transactions results	–264	310
	–4	–489

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Other Income (Tables)

6 Months Ended

Jun. 30, 2020

Other income [abstract]

Other income

Other income
	1 January to 30 June
	2020	2019
Share of result associates and joint ventures	34	19
Result on disposal of group companies	–	117
Net result derecognition of FA measured  at amortised cost	187	16
Other	48	144
	269	296

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Earnings per ordinary share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings per ordinary share [abstract]

Summary of Earnings Per Ordinary Share

17 Earnings per ordinary share
Earnings per ordinary share
			Weighted average
			number of ordinary
			shares outstanding
	Amount		during the period		Per ordinary share
	(in EUR million)		(in millions)		(in EUR)
	1 January to 30 June		1 January to 30 June		1 January to 30 June
	2020	2019	2020	2019	2020	2019
Basic earnings	591	1,707	3,897.9	3,893.6	0.15	0.44
Basic earnings from continuing operations	591	1,707			0.15	0.44
Effect of dilutive instruments:
Stock option and share plans			0.5	0.6
			0.5	0.6
Diluted earnings	591	1,707	3,898.5	3,894.2	0.15	0.44
Diluted earnings from continuing operations	591	1,707			0.15	0.44

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Segments (Tables)

6 Months Ended

Jun. 30, 2020

Segment reporting [abstract]

Summary of Reconciliation Between IFRS and Underlying Income, Expenses and Net Result

Reconciliation between IFRS-IASB and IFRS-EU income, expenses and net result
6 month period
1 January to 30 June	2020					2019
	Income	Expenses	Taxation	Non-controlling interests	Net result 1	Income	Expenses	Taxation	Non-controlling interests	Net result 1
Net result IFRS-IASB attributable to equity holder of the parent	8,688	7,623	438	36	591	8,148	5,654	740	47	1,707
Remove impact of:
Adjustment of the EU 'IAS 39 carve out' 2	493		115		379	1,093		243		850
Result IFRS-EU3	9,182	7,623	553	36	969	9,241	5,654	983	47	2,556
1 Net result, after tax and non-controlling interests.
2 ING prepares the Form 6-K in accordance with IFRS-IASB. This information is prepared by reversing the hedge accounting impacts that applied under the EU 'carve-out' version of IAS 39. For the IFRS-EU result, the impact of the carve-out is reinstated as this is the measure at which management monitors the business.
3 Results are derived from figures in accordance with IFRS-IASB by excluding the impact of adjustment of the EU 'IAS 39 carve-out'.

Schedule of ING Group Total

ING Group Total
6 month period
1 January to 30 June	2020			2019
	INGBank N.V.	Other Banking 1	Total	INGBank N.V.	Other Banking 1	Total
Income
– Net interest income	6,931	–	6,931	6,950	3	6,953
– Net fee and commission income	1,507	–1	1,506	1,386	–0	1,386
– Total investment and other income	760	–16	745	896	6	902
Total income	9,198	–16	9,182	9,232	9	9,241
Expenditure
– Operating expenses	5,625	1	5,626	5,226	12	5,238
– Addition to loan loss provisions	1,997	–	1,998	416	–	416
Total expenses	7,623	1	7,623	5,643	12	5,654
Result before taxation	1,575	–17	1,558	3,590	–3	3,586
Taxation	519	34	553	954	29	983
Non-controlling interests	36		36	47	–	47
Net result IFRS-EU	1,021	–51	969	2,589	–32	2,556
Adjustment of the EU 'IAS 39 carve out'	–379		–379	–850		–850
Net result IFRS-IASB attributable to equity holder of the parent	642	–51	591	1,739	–32	1,707
1 Comprises for the most part the funding charges of ING Groep N.V. (Holding).

Summary of Segments Banking by Line of Business

c. Banking activities
Segments by line of business
6 month period	2020							2019
1 January to 30 June	Retail Netherlands	Retail Belgium	Retail Germany	Retail Other	Wholesale Banking	Corporate Line	Total	Retail Netherlands	Retail Belgium	Retail Germany	Retail Other	Wholesale Banking	Corporate Line	Total
Income
– Net interest income	1,763	937	801	1,392	1,864	173	6,931	1,740	959	796	1,374	1,831	253	6,953
– Net fee and commission income	332	207	215	193	561	–2	1,506	329	188	123	212	538	–6	1,386
– Total investment and other income	175	71	59	134	354	–48	745	190	112	86	100	248	166	902
Total income	2,269	1,215	1,075	1,720	2,780	123	9,182	2,260	1,259	1,005	1,687	2,618	413	9,241
Expenditure
– Operating expenses	1,088	969	567	1,120	1,728	154	5,626	1,095	873	579	1,061	1,438	192	5,238
– Addition to loan loss provisions	139	282	14	304	1,256	3	1,998	33	58	–23	187	162	–	416
Total expenses	1,227	1,251	581	1,424	2,984	156	7,623	1,128	931	556	1,248	1,600	192	5,654
Result before taxation	1,043	–36	494	295	–204	–34	1,558	1,132	328	449	438	1,018	221	3,586
Taxation	262	9	188	85	23	–14	553	287	100	153	123	209	112	983
Non-controlling interests	–1	–	2	27	8	–0	36	–	–	1	38	8	–0	47
Net result IFRS-EU	781	–44	304	183	–235	–19	969	845	229	295	278	801	109	2,556
Adjustment of the EU 'IAS 39 carve out'					–379		–379					–850		–850
Net result IFRS-IASB	781	–44	304	183	–614	–19	591	845	229	295	278	–49	109	1,707

Summary of Geographical Segments Banking

Geographical split of the segments
6 month period	2020								2019
1 January to 30 June	Netherlands	Belgium	Germany	Other Challengers	Growth Markets	Wholesale Banking Rest of World	Other	Total	Netherlands	Belgium	Germany	Other Challengers	Growth Markets 1	Wholesale Banking Rest of World 1	Other	Total
Income
– Net interest income	2,097	1,090	1,059	893	799	823	169	6,931	2,061	1,112	1,060	885	800	787	247	6,953
– Net fee and commission income	494	302	228	136	131	217	–3	1,506	487	270	142	142	156	197	–6	1,386
– Total investment and other income	197	98	80	14	203	197	–44	745	90	177	108	5	167	183	172	902
Total income	2,788	1,491	1,367	1,043	1,133	1,237	123	9,182	2,638	1,558	1,310	1,032	1,123	1,167	413	9,241
Expenditure
– Operating expenses	1,736	1,126	652	669	644	644	155	5,626	1,472	1,025	654	638	616	640	193	5,238
– Addition to loan loss provisions	320	338	241	212	205	678	3	1,998	78	99	–32	92	130	50	–	416
Total expenses	2,056	1,465	893	882	849	1,322	158	7,623	1,550	1,124	622	730	746	690	193	5,654
Result before taxation	732	26	474	162	284	–85	–35	1,558	1,088	435	689	302	377	477	219	3,586
Retail Banking	1,043	–36	494	74	222	–	–	1,796	1,132	328	449	163	275			2,348
Wholesale Banking	–310	62	–20	88	62	–85	–2	–204	–44	106	240	139	102	477	–2	1,018
Corporate Line	–	–	–	–	–	–	–34	–34							221	221
Result before taxation	732	26	474	162	284	–85	–35	1,558	1,088	435	689	302	377	477	219	3,586
Taxation	252	25	170	56	71	–10	–10	553	271	132	233	101	84	48	113	983
Non-controlling interests	–1	–	2	–	35	–	–0	36	–0	–	1		46			47
Net result IFRS-EU	481	2	302	106	178	–74	–25	969	817	303	454	201	246	429	106	2,556
Adjustment of the EU 'IAS 39 carve out'	–338	3	–97	53	–	–	–	–379	–413	–287	–160	10				–850
Net result IFRS-IASB	143	5	205	159	178	–74	–25	591	404	16	294	211	246	429	106	1,707
1) As from 2020 financials of Philippines are reported in Growth Markets while previously Wholesale Banking in Philippines was reported in WB Rest of World; historical figures have been adjusted.

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Fair value of assets and liabilities (Tables)

6 Months Ended

Jun. 30, 2020

Fair value of assets and liabilities [abstract]

Summary of Financial Assets and Liabilities

Fair value of financial assets and liabilities
	Estimated fair value		Carrying value in the Statement of financial position
	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Financial assets
Cash and balances with central banks	118,971	53,202	118,971	53,202
Loans and advances to banks	30,671	35,133	30,664	35,136
Financial assets at fair value through profit or loss
–Trading assets	53,781	49,254	53,781	49,254
–Non-trading derivatives	2,488	2,257	2,488	2,257
–  Assets mandatorily as at fair value through profit or loss	51,142	41,600	51,142	41,600
–  Assets designated as at fair value through profit or loss	3,700	3,076	3,700	3,076
Financial assets at fair value through other comprehensive income
–  Equity securities	1,998	2,306	1,998	2,306
–  Debt securities	35,650	30,483	35,650	30,483
–  Loans and advances	1,345	1,680	1,345	1,680
Securities at amortised cost	52,147	46,928	51,085	46,108
Loans and advances to customers	626,983	621,194	612,387	608,029
Other assets1	8,381	5,854	8,381	5,854
	987,257	892,966	971,591	878,985
Financial liabilities
Deposits from banks	78,531	35,086	78,649	34,826
Customer deposits	606,363	575,055	605,633	574,355
Financial liabilities at fair value through profit or loss
–  Trading liabilities	35,745	28,042	35,745	28,042
–Non-trading derivatives	2,435	2,215	2,435	2,215
–Designated as at fair value through profit or loss	52,461	47,684	52,461	47,684
Other liabilities2	12,115	9,776	12,115	9,776
Debt securities in issue	120,907	118,844	121,138	118,528
Subordinated loans	16,250	17,253	16,697	16,588
	924,807	833,956	924,875	832,014

1Other assets do not include, among others: (deferred) tax assets, net defined benefit asset, inventory, property development and property obtained from foreclosures.

2Other liabilities do not include, among others: (deferred) tax liabilities, net defined benefit and related employee benefit liabilities, reorganisation and other provisions, other taxation, social security contributions and lease liabilities.

Changes in Fair Value Hierarchy

Methods applied in determining fair values of financial assets and liabilities (carried at fair value)
	Level 1		Level 2		Level 3		Total
	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Financial Assets
Financial assets at fair value through profit or loss
- Trading assets	9,361	13,228	43,504	35,852	915	174	53,781	49,254
- Non-trading derivatives			2,482	2,249	6	8	2,488	2,257
- Assets mandatorily at fair value through profit or loss	27	22	49,836	40,196	1,280	1,381	51,142	41,600
- Assets designated as at fair value through profit or loss	142	203	2,492	1,628	1,066	1,244	3,700	3,076
Financial assets at fair value through other comprehensive income	36,312	32,165	1,057	343	1,624	1,961	38,993	34,468
	45,842	45,618	99,372	80,269	4,890	4,768	150,103	130,655
Financial liabilities
Financial liabilities at fair value through profit or loss
–  Trading liabilities	1,217	1,446	34,332	26,401	197	195	35,745	28,042
–  Non-trading derivatives	1		2,278	2,105	155	110	2,435	2,215
–  Financial liabilities designated as at fair value through profit or loss	966	1,081	50,712	46,419	783	184	52,461	47,684
	2,184	2,527	87,322	74,924	1,135	490	90,641	77,942

Changes in Level 3 Financial Assets

Changes in Level 3 Financial assets
	Trading assets		Non-tradingderivatives		Financial assets mandatorily at FVPL		Financial assetsdesignated at FVPL		Financial assetsat FVOCI		Total
	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Opening balance	174	494	8	27	1,381	1,042	1,244	1,075	1,961	2,749	4,768	5,387
Realised gain/loss recognised in the statement of profit or loss during the period 1	–42	40	–1	–21	–70	–63	–110	–6	–9	–15	–231	–66
Revaluation recognised in other comprehensive income during the period 2									–51	155	–51	155
Purchase of assets	96	28	3		928	1,494	173	360	9	11	1,208	1,893
Sale of assets	–53	–53	–3	–3	–836	–832	–101	–212	–187	–680	–1,179	–1,780
Maturity/settlement	–29	–11	–1		–43	–461	–41	–35	–97	–212	–210	–719
Reclassifications		–279			2	279			1	3	3	4
Transfers into Level 3	787	26		4	–2	9		63			785	103
Transfers out of Level 3	–18	–72			–86	–88	–101			–53	–205	–214
Exchange rate differences		1			2	–1			–2	1	1	1
Changes in the composition of the group and other changes					2	2			–0	1	2	3
Closing balance	915	174	6	8	1,280	1,381	1,066	1,244	1,624	1,961	4,890	4,768

1Net gains/losses were recorded as ‘Valuation results and net trading income’ in the statement of profit or loss. The total amounts includes EUR 202 million(31 December 2019: EUR 43 million)of unrealised gains and losses recognised in the statement of profit or loss.

2Revaluation recognised in other comprehensive income is included on the line ‘Net change in fair value of debt instruments at fair value through other comprehensive income’.

Changes in Level 3 Financial Liabilities

Changes in Level 3 Financial liabilities
					Financial liabilities designated as at fair value through profit or loss
	Trading liabilities		Non-trading derivatives				Total
	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Opening balance	195	122	110	80	184	708	490	910
Realised gain/loss recognised in the statement of profit or loss during the period1	–30	102	28	–16	–10	32	–12	118
Issue of liabilities	32	72	18	46	555	35	605	154
Early repayment of liabilities	–73	–30	–0	–0	–68	–10	–141	–40
Maturity/settlement	–8	–32	–1		–59	–479	–69	–511
Transfers into Level 3	92	13			224	49	316	62
Transfers out of Level 3	–11	–52			–42	–150	–54	–202
Closing balance	197	195	155	110	783	184	1,135	490

1Net gains/losses were recorded as ‘Valuation results and net trading income’ in the statement of profit or loss.The total amount includes EUR 13million(31 December 2019: EUR 115 million) of unrealised gains and losses recognised in the statement of profit or loss.

Valuation Techniques and Range of Unobservable Inputs

Valuation techniques and range of unobservable inputs (Level 3)
	Assets		Liabilities		Valuation techniques	Significant unobservable inputs	Lower range		Upper range
	30 June 2020	31 December 2019	30 June 2020	31 December 2019			30 June 2020	31 December 2019	30 June 2020	31 December 2019
At fair value through profit or loss
Debt securities	1,470	920			Price based	Price (%)	0%	0%	107%	121%
					Net asset value	Price (%)	n/a	n/a	n/a	n/a
					Present value techniques	Credit spread (bps)	n/a	n/a	n/a	n/a
					Loan pricing model	Credit spread (bps)	n/a	n/a	n/a	n/a
Equity securities	139	146		1	Price based	Price	–	–	5,475	5,475
Loans and advances	919	1,576			Price based	Price (%)	0%	0%	100%	104%
					Present value techniques	Price (%)	n/a	n/a	n/a	n/a
						Credit spread (bps)	2	1	1,013	250
(Reverse) repo's	539	3	434	1	Present value techniques	Interest rate	1%	4%	4%	4%
Structured notes			350	184	Price based	Price (%)	69%	83%	112%	124%
					Net asset value	Price (%)	n/a	n/a	n/a	n/a
					Option pricing model	Equity volatility (%)	14%	13%	27%	20%
						Equity/Equity correlation	0.6	0.6	0.9	0.8
						Equity/FX correlation	-0.7	-0.5	0.3	0.3
						Dividend yield (%)	1%	2%	5%	4%
						Interest rate volatility (%)	n/a	n/a	n/a	n/a
						IR/IR correlation	n/a	n/a	n/a	n/a
					Present value techniques	Implied correlation	n/a	n/a	n/a	n/a
Derivatives
–  Rates	5	13	83	68	Option pricing model	Interest rate volatility (bps)	17	17	137	137
						Interest rate correlation	n/a	n/a	n/a	n/a
						IR/INF correlation	n/a	n/a	n/a	n/a
					Present value techniques	Reset spread (%)	2%	2%	2%	2%
						Prepayment rate (%)	n/a	n/a	n/a	n/a
						Inflation rate (%)	n/a	n/a	n/a	n/a
						Credit spread (bps)	n/a	n/a	n/a	n/a
–  FX		1			Present value techniques	Inflation rate (%)	n/a	n/a	n/a	n/a
					Option pricing model	FX volatility (bps)	9	5	10	8
–  Credit	144	102	185	183	Present value techniques	Credit spread (bps)	4	2	25,961	11,054
						Implied correlation	n/a	n/a	n/a	n/a
						Jump rate (%)	12%	12%	12%	12%
					Price based	Price (%)	99%	n/a	107%	n/a
–  Equity	45	42	80	50	Option pricing model	Equity volatility (%)	3%	4%	113%	84%
						Equity/Equity correlation	0.2	-	0.9	-
						Equity/FX correlation	-0.6	-0.6	0.3	0.6
						Dividend yield (%)	0%	0%	29%	13%
–  Other	5	3	3	3	Option pricing model	Commodity volatility (%)	18%	11%	79%	53%
						Com/Com correlation	n/a	0.3	n/a	0.9
						Com/FX correlation	-0.5	-0.5	-0.3	-0.3
At fair value through other comprehensive income
–  Debt					Price based	Price (%)	n/a	n/a	n/a	n/a
–  Loans and advances	1,345	1,680			Present value techniques	Prepayment rate (%)	9%	6%	9%	6%
–  Equity	279	282			Present value techniques	Credit spread (bps)	2	n/a	1.91	n/a
						Inflation rate (%)	3%	3%	3%	3%
						Price (%)	100%	100%	100%	187%
						Other	63	n/a	80	n/a
Total	4,890	4,768	1,135	490

Fair Value of Sensitivity Analysis Instruments

Sensitivity analysis of Level 3 instruments
	Positive fair valuemovements from using reasonable possible alternatives		Negative fair valuemovements from using reasonable possible alternatives
	30 June 2020	31 December 2019	30 June 2020	31 December 2019
Fair value through profit or loss
Equity (equity derivatives, structured notes)	43	35	–20
Interest rates (Rates derivatives, FX derivatives)	25	40	–1
Credit (Debt securities, Loans, structured notes, credit derivatives)	25	10	–9
	93	85	–30	–

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Risk management section (Tables)

6 Months Ended

Jun. 30, 2020

Disclosure of credit risk exposure [line items]

Gross Carrying amount per IFRS 9 stage and rating class

Gross Carrying amount per IFRS 9 stage and rating class (*)1
30 June 2020		12-month ECL (Stage 1)		Lifetime ECL not credit impaired (Stage 2)		Lifetime ECL credit impaired (Stage 3)		Total
Rating class		Gross Carrying Amount	Provisions	Gross Carrying Amount	Provisions	Gross Carrying Amount	Provisions	Gross Carrying Amount	Provisions
Investment grade	1 (AAA)	125,600	5	273				125,873	5
	2-4 (AA)	103,608	5	297				103,905	5
	5-7 (A)	134,992	23	1,177	1			136,168	24
	8-10 (BBB)	296,019	90	7,825	14			303,844	104
Non-Investment grade	11-13 (BB)	171,411	215	17,849	119			189,260	334
	14-16 (B)	30,548	210	24,388	496			54,936	706
	17 (CCC)	1,421	169	4,676	436			6,097	605
Substandard grade	18 (CC)			4,055	200			4,055	200
	19 (C)			2,238	145			2,238	145
NPL grade	20-22 (D)					13,476	3,984	13,476	3,984
Total		863,599	717	62,777	1,412	13,476	3,984	939,852	6,112
1 IAS 37 provisions (EUR 95.4 million) are excluded.

Gross Carrying amount per IFRS 9 stage and rating class (*)1
31 December 2019		12-month ECL (Stage 1)		Lifetime ECL not credit impaired (Stage 2)		Lifetime ECL credit impaired (Stage 3)		Total
Rating class		Gross Carrying Amount	Provisions	Gross Carrying Amount	Provisions	Gross Carrying Amount	Provisions	Gross Carrying Amount	Provisions
Investment grade	1 (AAA)	75,144	1					75,144	1
	2-4 (AA)	82,992	3	28				83,020	3
	5-7 (A)	131,931	11	273				132,204	11
	8-10 (BBB)	295,449	55	4,905	6			300,354	61
Non-Investment grade	11-13 (BB)	194,643	209	7,925	54			202,568	263
	14-16 (B)	36,683	202	18,416	367			55,099	569
	17 (CCC)	405	7	4,067	146			4,472	153
Substandard grade	18 (CC)			3,253	160			3,253	160
	19 (C)			2,216	148			2,216	148
NPL grade	20-22 (D)					10,955	3,275	10,955	3,275
Total		817,247	490	41,082	881	10,955	3,275	869,284	4,646
1 IAS 37 provisions (EUR 93.3 million) are excluded.

Changes in loan loss provisions and gross carrying amounts

Changes in gross carrying amounts and loan loss provisions (*)1,2,3
30 June 2020	12-month ECL (Stage 1)		Lifetime ECL not credit impaired (Stage 2)		Lifetime ECL credit impaired (Stage 3)		Total
	Gross carrying amount	Provisions	Gross carrying amount	Provisions	Gross carrying amount	Provisions	Gross carrying amount	Provisions
Opening balance as at 1 January 2020	817,247	490	41,082	881	10,955	3,275	869,284	4,645
Transfer into 12-month ECL (Stage 1)	7,746	14	-7,401	-126	-346	-8		-120
Transfer into lifetime ECL not credit impaired (Stage 2)	-33,528	-50	33,948	522	-420	-46		426
Transfer into lifetime ECL credit impaired (Stage 3)	-2,136	-20	-2,144	-136	4,280	1,058		900
Net remeasurement of loan loss provisions		182		354		261		797
New financial assets originated or purchased	95,280	146					95,280	146
Financial assets that have been derecognised	-65,966	-43	-4,230	-66	-551	-73	-70,747	-182
Net drawdowns and repayments	44,955		1,522		-9		46,468
Changes in models/risk parameters		–
Increase in loan loss provisions		230		548		1,192		1,970
Write-offs					-433	-433	-433	-433
Recoveries of amounts previously written off						19		19
Foreign exchange and other movements		-2		-17		-70		-89
Closing balance as at 30 June 2020	863,599	717	62,777	1,412	13,476	3,983	939,852	6,112
1 At the end of June 2020, the Gross carrying amounts included loans and advances to central banks (€116.9 billion), loans and advances to banks (€30.7 billion), financial assets at FVOCI (€37.0 billion),
securities at amortised cost (€51.1 billion), loans and advances to customers (€618.4 billion) and financial guarantees (credit replacement) in scope of IFRS 9 impairment requirements (€112.7 billion) and
excludes receivables related to securities in reverse repurchase transaction (EUR -13.4 billion), cash collateral in respect of derivatives (€-9.4 billion), the value adjustment hedged items (€-0.1 billion),
a receivable that is offset by a liquidity facility (€-1.5 billion), on-demand bank balances (€-2.7 billion) and other differences amounting to €0.1 billion.
2 Stage 3 Lifetime credit impaired includes €5 million Purchased or Originated Credit Impaired.
3 At the end of June 2020, the stock of provisions included provisions for loans and advances to central banks (€5 million), loans and advances to banks (€13 million), financial assets at FVOCI (€13 million),
securities at amortised cost (€21 million), provisions for loans and advances to customers (€6,029 million) and provisions for contingent liabilities (credit replacements) recorded under Provisions (€30 million).

Changes in gross carrying amounts and loan loss provisions (*)1,2,3
31 December 2019	12-month ECL (Stage 1)		Lifetime ECL not credit impaired (Stage 2)		Lifetime ECL credit impaired (Stage 3)		Total
	Gross carrying amount	Provisions	Gross carrying amount	Provisions	Gross carrying amount	Provisions	Gross carrying amount	Provisions
Opening balance as at 1 January 2019	788,537	501	46,949	925	10,758	3,141	846,244	4,568
Transfer into 12-month ECL (Stage 1)	12,856	30	-12,579	-253	-277	-23		-246
Transfer into lifetime ECL not credit impaired (Stage 2)	-21,577	-73	22,382	474	-805	-81		320
Transfer into lifetime ECL credit impaired (Stage 3)	-2,210	-6	-1,753	-135	3,964	1,113		972
Net remeasurement of loan loss provisions		-77		36		283		242
New financial assets originated or purchased	180,605	205					180,605	205
Financial assets that have been derecognised	-126,082	-103	-9,108	-162	-1,659	-137	-136,849	-402
Net drawdowns and repayments	-14,880		-4,807		1		-19,686
Changes in models/risk parameters		15		2		-8		9
Increase in loan loss provisions		-9		-39		1,147		1,099
Write-offs	-1	-1	-2	-2	-1,027	-1,028	-1,030	-1,031
Recoveries of amounts previously written off						55		55
Foreign exchange and other movements		-1		-3		-41		-45
Closing balance as at 31 December 2019	817,247	490	41,082	881	10,955	3,275	869,284	4,646
1 At the end of December 2019, the Gross carrying amounts included loans and advances to central banks (€51.2 billion), loans and advances to banks (€35.1 billion), financial assets at FVOCI (€32.2 billion),
securities at amortised cost (€46.1 billion), loans and advances to customers (€612.6 billion) and financial guarantees (credit replacement) in scope of IFRS 9 impairment requirements (€115.7 billion) and
excludes receivables related to securities in reverse repurchase transaction (€-9.9 billion), cash collateral in respect of derivatives (€-10.2 billion), a receivable that is offset by a liquidity facility (€-1.3 billion),
de-netting of cash pool balances (€-1.8 billion) and other differences amounting to €-0.3 billion.
2 Stage 3 Lifetime credit impaired includes €1 million Purchased or Originated Credit Impaired.
3 At the end of December 2019, the stock of provisions included provisions for loans and advances to central banks (€1 million), loans and advances to banks (€9 million), financial assets at FVOCI (€10 million),
securities at amortised cost (€10 million), provisions for loans and advances to customers (€4,590 million) and provisions for contingent liabilities (credit replacements) recorded under Provisions (€25 million).

Sensitivity Analsis

Sensitivity analysis (*)1,2,3
		2020	2021	2022	Un-weightedECL (Eur mln)	Probability-weighing	Reportable ECL (Eur mln)4
Netherlands
Upside scenario	Real GDP	-6.0	5.2	3.9	476	20%	559
	Unemployment	4.9	4.4	3.8
	HPI	3.7	14.7	5.3
Baseline Scenario	Real GDP	-6.3	4.0	2.3	536	60%
	Unemployment	5.3	5.4	5.4
	HPI	-0.2	0.8	3.2
Downside scenario	Real GDP	-6.9	0.6	0.1	708	20%
	Unemployment	6.2	7.5	8.3
	HPI	-4.4	-14.4	0.3
Sensitivity analysis (*)1,2,3
		2020	2021	2022	Un-weightedECL (Eur mln)	Probability-weighing	Reportable ECL (Eur mln)4
Germany
Upside scenario	Real GDP	-5.8	7.1	2.6	518	20%	575
	Unemployment	3.7	2.4	1.6
	HPI	6.0	7.0	8.5
Baseline Scenario	Real GDP	-6.3	5.3	1.9	558	60%
	Unemployment	4.0	3.6	3.2
	HPI	4.4	3.2	5.1
Downside scenario	Real GDP	-6.9	1.7	-0.4	681	20%
	Unemployment	4.7	5.1	5.2
	HPI	0.7	-1.3	1.3
Belgium
Upside scenario	Real GDP	-7.6	6.2	2.8	450	20%	510
	Unemployment	8.9	7.7	7.2
	HPI	2.8	5.0	4.4
Baseline Scenario	Real GDP	-7.9	4.9	2.3	491	60%
	Unemployment	9.2	7.7	7.7
	HPI	1.9	3.9	3.5
Downside scenario	Real GDP	-8.5	2.5	1.0	628	20%
	Unemployment	10.3	10.2	10.3
	HPI	0.7	2.2	2.6
United States
Upside scenario	Real GDP	-5.6	5.3	4.9	205	20%	335
	Unemployment	9.8	5.2	2.7
	HPI	3.1	6.8	8.8
Baseline Scenario	Real GDP	-5.7	4.2	3.0	285	60%
	Unemployment	10.2	6.6	4.7
	HPI	2.3	2.8	3.0
Downside scenario	Real GDP	-6.6	0.5	0.7	612	20%
	Unemployment	10.9	9.1	8.1
	HPI	1.3	-1.9	-3.3
1 Real GDP, in % year-on-year change
2 Unemployment in % of total labour force
3 House Price Index (HPI) in % year-on-year
4 Sensitivity does not include the effect of manual adjustments, which are not material

Most important foreign exchange year-end trading positions

Most important foreign exchange trading positions (*)
amounts in EUR millions	30 June 2020		31 December 2019
Foreign exchange		Foreign exchange
US Dollar	127	US Dollar	116
Great Britain Pound	-37	Chinese Yuan Renminbi	–21
Chinese Yuan Renminbi	27	South Korean Won	20
Japanese Yen	-26	Brazilian Real	–15
Switzerland Franc	-24	Japanese Yen	–10

Most important interest rate and credit spread sensitivities explanatory

Most important interest rate and credit spread sensitivities (*)
amounts in EUR thousands	30 June 2020		31 December 2019
Interest Rate (BPV) 1		Interest Rate (BPV) 1
Euro	-1,280	Euro	–740
US Dollar	-745	US Dollar	–325
Great-Britain Pound	-154	Russian Ruble	–105
Japanese Yen	-92	Great-Britain Pound	–68
Australian Dollar	-66	Australian Dollar	–31
Credit Spread (CSO1) 2		Credit Spread (CSO1) 2
Germany	153	United States	360
United States	109	Germany	163
Republic of Korea	-58	France	117
Indonesia	42	Russian Federation	73
United Kingdom	40	United Kingdom	72
1 Basis Point Value (BPV) measures the impact on value of a 1 basis point increase in interest rates. The figures include commodity risk in banking books.
2 Credit Spread Sensitivity (CS01) measures the impact on value of a 1 basis point increase in credit spreads. Exposures to supranational institutions are not assigned to a specific country.

Credit spread sensitivities per risk class and sector explanatory

Credit spread sensitivities per risk class and sector (excluding sovereign exposures) (*)
	30 June 2020		31 December 2019
amounts in EUR thousands	Corporate	Financial Institutions	Corporate	Financial Institutions
Credit Spread (CSO1) 1
Risk classes
1 (AAA)	1	-3	1	–1
2–4 (AA)	21	-64	–15	–63
5–7 (A)	56	-50	143	32
8–10 (BBB)	207	-24	273	1
11–13 (BB)	57	-4	148	9
14–16 (B)	20	-2	51	1
17–22 (CCC and NPL)	3		26
Not rated
Total	365	-147	626	–21
1 Credit Spread Sensitivity (CS01) measures the impact on value of a 1 basis point increase in credit spreads.

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Capital management (Tables)

6 Months Ended

Jun. 30, 2020

Capital Management [abstract]

Main credit ratings

Main credit ratings of ING at 30 June 2020
	Standard & Poor’s		Moody’s		Fitch
	Rating	Outlook	Rating	Outlook	Rating	Outlook
ING Groep N.V.
Long-term	A-	Negative	Baa1	Stable	A+	RWN*
ING Bank N.V.
Long-term	A+	Stable	Aa3	Stable	AA-	RWN*
Short-term	A-1		P-1		F1+
* Rating Watch Negative

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Basis of preparation and accounting policies - Reporting entity (Detail)	6 Months Ended
	Jun. 30, 2020
Disclosure of reporting entity [Abstract]
Name of reporting entity	ING Groep N.V.
Domicile of entity	Amsterdam, the Netherlands
Description of nature of entity's operations	ING Group is a global financial institution with a strong European base, offering a wide range of retail and wholesale banking services to customers in over 40 countries.

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Basis of preparation and accounting policies - Reconciliation Net Result under IFRS-EU and IFRS-IASB (Detail) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure Of Reconciliation Net Result Eu Ifrs And Iasb Ifrs [abstract]
In accordance with IFRS-EU	€ 969	€ 2,556
Adjustment of the EU IAS 39 carve-out	(493)	(1,093)
Tax effect of the adjustment	115	243
Effect of adjustment after tax	(379)	(850)
In accordance with IFRS-IASB (attributable to the shareholders of the parent)	591	1,707
Non-controlling interests	36	47
In accordance with IFRS-IASB Total net result	€ 626	€ 1,754

XML

Basis of preparation and accounting policies - Reconciliation Shareholders' Equity under IFRS-EU and IFRS-IASB (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Disclosure of reconciliation shareholder equity eu ifrs and iasb ifrs [abstract]
In accordance with IFRS-EU	€ 54,305	€ 53,769
Adjustment of the EU IAS 39 carve-out	(4,157)	(3,658)
Tax effect of the adjustment	1,001	885
Effect of adjustment after tax	(3,156)	(2,773)
Shareholders' equity	51,149	50,996
Non-controlling interests	1,022	893
In accordance with IFRS-IASB Total Equity	€ 52,171	€ 51,889	€ 50,723	€ 49,851

XML

Financial Assets at Fair Value through Profit or Loss - Summary of Financial Assets at Fair Value through Profit or Loss (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of fair value measurement of assets [abstract]
Trading assets	€ 53,781	€ 49,254
Non-trading derivatives	2,488	2,257
Designated at fair value through profit or loss	3,700	3,076
Mandatorily measured at fair value through profit or loss	51,142	41,600
Financial assets at fair value through profit or loss	€ 111,110	€ 96,187

XML

Financial Assets at Fair Value Through Profit or Loss - Additional Information (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of fair value measurement of assets [line items]
Reverse repurchase agreements	€ 3,012	€ 180
Financial assets mandatorily at FVPL [member]
Disclosure of fair value measurement of assets [line items]
Reverse repurchase agreements	49,048	38,985
Trading assets [member]
Disclosure of fair value measurement of assets [line items]
Reverse repurchase agreements	€ 14,344	€ 11,969

XML

Financial assets at fair value through other comprehensive income - Securities by type (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Financial assets at fair value through other comprehensive income	€ 38,993	€ 34,468
Equity securities [member]
Disclosure of financial assets [line items]
Financial assets at fair value through other comprehensive income	1,998	2,306
Debt securities [Member]
Disclosure of financial assets [line items]
Financial assets at fair value through other comprehensive income	35,650	30,483
Loans and advances [member]
Disclosure of financial assets [line items]
Financial assets at fair value through other comprehensive income	€ 1,345	€ 1,680

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Financial assets at fair value through other comprehensive income - Equity Securities (Details) - EUR (€) € in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Carrying value	€ 1,998	€ 2,306
Dividend income	2	111
Investment in Bank of Beijing [member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Carrying value	1,704	2,001
Dividend income	0	93
Other Investments [member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Carrying value	294	305
Dividend income	€ 2	€ 18

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Financial assets at fair value through other comprehensive income - Changes in fair value (Details) - EUR (€) € in Millions		3 Months Ended	6 Months Ended	12 Months Ended
		Mar. 31, 2019	Jun. 30, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Opening balance			€ 878,985
Closing balance			971,591	€ 878,985
FVOCI [member]
Disclosure of financial assets [line items]
Opening balance		€ 31,223	34,468	31,223
Additions			13,095	16,270
Amortisation			32	(12)
Transfers and reclassifications			1	3
Changes in unrealised revaluations	[1]		322	397
Impairments			0	(2)
Reversals of impairments			(3)	1
Disposals and redemptions		(880)	(8,526)	(13,389)
Exchange rate differences			(396)	(25)
Changes in the composition of the group and other changes			0	3
Closing balance			38,993	34,468
FVOCI [member] | Equity securities [member]
Disclosure of financial assets [line items]
Opening balance		3,228	2,306	3,228
Additions			9	11
Transfers and reclassifications			1	3
Changes in unrealised revaluations	[1]		(289)	139
Disposals and redemptions			(1)	(1,091)
Exchange rate differences			(27)	15
Changes in the composition of the group and other changes				0
Closing balance			1,998	2,306
FVOCI [member] | Debt securities and loans and advances [Member]
Disclosure of financial assets [line items]
Opening balance	[2]	€ 27,995	32,163	27,995
Additions	[2]		13,087	16,259
Amortisation	[2]		32	(12)
Transfers and reclassifications	[2]		0	0
Changes in unrealised revaluations	[1],[2]		611	258
Impairments	[2]		0	(2)
Reversals of impairments	[2]		(3)	1
Disposals and redemptions	[2]		(8,524)	(12,298)
Exchange rate differences	[2]		(369)	(40)
Changes in the composition of the group and other changes	[2]		0	2
Closing balance			€ 36,995	€ 32,163	[2]

[1] 2 Changes in unrealised revaluations include changes on hedged items which are recognised in the statement of profit or loss.

[2] 1 Fair value through other comprehensive income debt instruments includes both debt securities and loans and advances.

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Financial assets at fair value through other comprehensive income - Additional information (Details) - EUR (€) € in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Dec. 31, 2019	Mar. 31, 2019	Jun. 30, 2020	Dec. 31, 2019
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Loan loss provisions	€ (4,590)		€ (6,029)	€ (4,590)
Debt securities [Member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Loan loss provisions	(17)		(31)	(17)
Financial assets at fair value through other comprehensive income [member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Disposals and redemptions		€ 880	8,526	13,389
Financial assets at fair value through other comprehensive income [member] | Debt securities [Member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Loan loss provisions	(7)		(10)	(7)
Financial assets at fair value through other comprehensive income [member] | Loans and receivables, category [member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Loan loss provisions	€ (3)		(3)	(3)
Financial assets at fair value through other comprehensive income [member] | Equity securities [member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Disposals and redemptions			€ 1	€ 1,091
Investment in Bank of Beijing [member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Ownership Interest Held In Equity Based Investments	13.00%		13.00%	13.00%
Minimum percentage of equity ownership required to supply additional capital			5.00%
Decrease in revaluations of equity securities			€ 271
Kotak Mahindra Bank [Member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Proportion of ownership interest divested		3.07%
Kotak Mahindra Bank [Member] | Financial assets at fair value through other comprehensive income [member] | Equity securities [member]
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items]
Disposals and redemptions	€ 880

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Securities at amortised cost - Debt Securities (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets [line items]
Total	€ 971,591	€ 878,985
Financial assets at fair value through other comprehensive income [member]
Disclosure of financial assets [line items]
Total	38,993	34,468	€ 31,223
Debt securities [Member]
Disclosure of financial assets [line items]
Total	97,230	85,914
Debt securities [Member] | Financial assets at fair value through other comprehensive income [member]
Disclosure of financial assets [line items]
Total	35,650	30,483
Debt securities [Member] | Financial assets at amortised cost [member]
Disclosure of financial assets [line items]
Total	51,085	46,108
Debt securities [Member] | Fair value through other comprehensive income and amortised cost [Member]
Disclosure of financial assets [line items]
Total	86,735	76,592
Debt securities [Member] | Trading assets [member]
Disclosure of financial assets [line items]
Total	6,852	6,256
Debt securities [Member] | Financial assets at FVPL [member]
Disclosure of financial assets [line items]
Total	3,643	3,067
Debt securities [Member] | Total debt securities at fair value through profit or loss [Member]
Disclosure of financial assets [line items]
Total	€ 10,496	€ 9,323

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Securities at amortised cost - Debt securities by type and balance sheet lines (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets [line items]
Loan loss provisions	€ (6,029)	€ (4,590)
Financial assets	971,591	878,985
FVOCI [member]
Disclosure of financial assets [line items]
Financial assets	38,993	34,468	€ 31,223
Debt securities [Member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	90,409	79,676
Loan loss provisions	(31)	(17)
Financial assets	97,230	85,914
Debt securities [Member] | Financial assets at FVPL [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	3,643	3,067
Financial assets	3,643	3,067
Debt securities [Member] | FVOCI [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	35,660	30,491
Loan loss provisions	(10)	(7)
Financial assets	35,650	30,483
Debt securities [Member] | AC [Member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	51,106	46,118
Loan loss provisions	(21)	(10)
Financial assets	51,085	46,108
Debt securities [Member] | Government bonds [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	53,254	46,334
Debt securities [Member] | Government bonds [member] | Financial assets at FVPL [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	148	408
Debt securities [Member] | Government bonds [member] | FVOCI [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	24,679	20,300
Debt securities [Member] | Government bonds [member] | AC [Member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	28,427	25,627
Debt securities [Member] | Sub-sovereign Supranationals and Agencies [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	22,281	17,801
Debt securities [Member] | Sub-sovereign Supranationals and Agencies [member] | Financial assets at FVPL [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	1,413	505
Debt securities [Member] | Sub-sovereign Supranationals and Agencies [member] | FVOCI [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	7,862	6,606
Debt securities [Member] | Sub-sovereign Supranationals and Agencies [member] | AC [Member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	13,006	10,689
Debt securities [Member] | Covered bonds [Member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	8,655	8,693
Debt securities [Member] | Covered bonds [Member] | FVOCI [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	1,986	1,734
Debt securities [Member] | Covered bonds [Member] | AC [Member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	6,669	6,960
Debt securities [Member] | Corporate bonds [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	462	619
Debt securities [Member] | Corporate bonds [member] | Financial assets at FVPL [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision		0
Debt securities [Member] | Corporate bonds [member] | FVOCI [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	325	476
Debt securities [Member] | Corporate bonds [member] | AC [Member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	137	143
Debt securities [Member] | Financial institutions' bonds [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	3,663	3,308
Debt securities [Member] | Financial institutions' bonds [member] | Financial assets at FVPL [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	1,353	1,440
Debt securities [Member] | Financial institutions' bonds [member] | FVOCI [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	377	332
Debt securities [Member] | Financial institutions' bonds [member] | AC [Member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	1,933	1,536
Debt securities [Member] | ABS portfolio [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	2,095	2,920
Debt securities [Member] | ABS portfolio [member] | Financial assets at FVPL [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	730	714
Debt securities [Member] | ABS portfolio [member] | FVOCI [member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	431	1,043
Debt securities [Member] | ABS portfolio [member] | AC [Member]
Disclosure of financial assets [line items]
Financial assets before allowance for loan loss provision	934	1,163
Debt securities [Member] | Bond portfolio [member]
Disclosure of financial assets [line items]
Financial assets	90,378	79,659
Debt securities [Member] | Bond portfolio [member] | Financial assets at FVPL [member]
Disclosure of financial assets [line items]
Financial assets	3,643	3,067
Debt securities [Member] | Bond portfolio [member] | FVOCI [member]
Disclosure of financial assets [line items]
Financial assets	35,650	30,483
Debt securities [Member] | Bond portfolio [member] | AC [Member]
Disclosure of financial assets [line items]
Financial assets	€ 51,085	€ 46,108

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Securities at amortised cost - Additional Information (Detail) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Financial assets	€ 971,591		€ 878,985
Exposure percentage in ABS portfolio	88.00%	90.00%
Debt securities [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets	€ 97,230		85,914
Borrowed debt securities	0
Debt securities [Member] | Bond Portfolio [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets	€ 90,378		€ 79,659

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Loans and Advances to Customers - Summary of Loans and advances to customers by type (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Loans and advances to customers before provisions	€ 618,416	€ 612,619
Loan loss provisions	(6,029)	(4,590)
Loans and advances to customers	612,387	608,029
Loans to, or guaranteed by, public authorities [member]
Disclosure of detailed information about financial instruments [line items]
Loans and advances to customers before provisions	41,925	42,190
Loans secured by mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Loans and advances to customers before provisions	348,769	348,526
Loans guaranteed by credit institutions [Member]
Disclosure of detailed information about financial instruments [line items]
Loans and advances to customers before provisions	4,397	3,775
Personal lending [Member]
Disclosure of detailed information about financial instruments [line items]
Loans and advances to customers before provisions	28,814	28,250
Corporate loans [member]
Disclosure of detailed information about financial instruments [line items]
Loans and advances to customers before provisions	€ 194,511	€ 189,878

XML

Loans and Advances to Customers - Summary of Loans and Advances to Customers by Subordination (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Loans and advances to customers	€ 612,387	€ 608,029
Loans and advances to customers [member]
Disclosure of detailed information about financial instruments [line items]
Loans and advances to customers	612,387	608,029
Non-subordinated [member] | Loans and advances to customers [member]
Disclosure of detailed information about financial instruments [line items]
Loans and advances to customers	612,309	607,908
Subordinated [member] | Loans and advances to customers [member]
Disclosure of detailed information about financial instruments [line items]
Loans and advances to customers	€ 78	€ 121

XML

Loans and Advances to Customers - Additional Information (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Reverse repurchase agreements	€ 3,012	€ 180

XML

Investments in Associates and Joint Ventures - Summary of Investments in Associates and Joint Ventures (Detail) - EUR (€) € in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disclosure of Investments in Associates and Joint Ventures [Line Items]
Balance sheet value	€ 1,775		€ 1,790
Total assets	981,262		888,520
Total liabilities	929,091		€ 836,631
Total Income	€ 8,688	€ 8,148
TMB Public Company Limited. [member]
Disclosure of Investments in Associates and Joint Ventures [Line Items]
Interest held	23.00%		23.00%
Fair value of listed investments	€ 673		€ 1,109
Balance sheet value	1,492		1,509
Total assets	54,563		55,804
Total liabilities	48,832		49,974
Total Income	526		1,145
Total expenses	378		891
Other investments in associates and joint ventures [member]
Disclosure of Investments in Associates and Joint Ventures [Line Items]
Balance sheet value	€ 283		€ 281

XML

Investments in Associates and Joint Ventures - Impairment testing (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of information for impairment testing for individual asset or cash-generating unit [line items]
Carrying value	€ 1,775	€ 1,790
TMB Public Company Limited. [member]
Disclosure of information for impairment testing for individual asset or cash-generating unit [line items]
VIU	1,606
Fair value	673
Carrying value	€ 1,492	€ 1,509

XML

Investments in Associates and Joint Ventures - Summary of Changes in Investments in Associates and Joint ventures (Detail) - EUR (€) € in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disclosure of Investments in Associates and Joint Ventures [Line Items]
Opening balance	€ 1,790
Share of results	34	€ 19
Closing balance	1,775		€ 1,790
Associates and joint ventures [member]
Disclosure of Investments in Associates and Joint Ventures [Line Items]
Opening balance	1,790	€ 1,203	1,203
Additions	10		507
Transfers to and from Investments/Other assets and liabilities	0		4
Revaluations	2		(18)
Share of results	33		82
Dividends received	(11)		(58)
Disposals	(1)		(10)
Impairments	1		(34)
Exchange rate differences	(55)		113
Other	6		0
Closing balance	€ 1,775		€ 1,790

XML

Investments in Associates and Joint Ventures - Additional Information (Detail) - EUR (€) € in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Investments in Associates and Joint Ventures [Line Items]
Balance sheet value	€ 1,775		€ 1,790
Share of result from associates and joint ventures	€ 34	€ 19
Terminal growth rate	3.00%
Discount rate (cost of equity)	9.00%
Estimate of future earnings value in use calculations	5 years
Change in the terminal growth rate (BPS)	(1.22%)
Change in the discount rate (BPS)	0.46%
Reduction in terminal value rate in percentage	7.10%
TMB Public Company Limited. [member]
Disclosure of Investments in Associates and Joint Ventures [Line Items]
Percentage of ownership interest	23.00%		23.00%
Balance sheet value	€ 1,492		€ 1,509
Share of result from associates and joint ventures	39	€ 77
Associates and joint ventures [member]
Disclosure of Investments in Associates and Joint Ventures [Line Items]
Balance sheet value	1,775		1,790	€ 1,203
Share of result from associates and joint ventures	33		82
Disposals and held for sales	€ 1		€ 10

XML

Intangible assets - Changes in intangible assets (Details) - EUR (€) € in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Disclosure of detailed information about intangible assets [line items]
Opening balance	€ 1,916	€ 1,839
Additions	50	111
Capitalised expenses	115	285
Amortisation	(121)	(237)
Impairments	(328)	(61)
Exchange rate differences	(40)	(28)
Disposals	(8)	(1)
Changes in the composition of the group and other changes	2	9
Closing balance	1,586	1,916
Gross carrying amount [member]
Disclosure of detailed information about intangible assets [line items]
Opening balance	3,575
Closing balance	3,670	3,575
Accumulated amortisation [Member]
Disclosure of detailed information about intangible assets [line items]
Opening balance	(1,648)
Closing balance	(1,745)	(1,648)
Accumulated impairments [member]
Disclosure of detailed information about intangible assets [line items]
Opening balance	(11)
Closing balance	(338)	(11)
Goodwill [member]
Disclosure of detailed information about intangible assets [line items]
Opening balance	907	918
Additions		17
Impairments	(310)
Exchange rate differences	(35)	(28)
Closing balance	562	907
Goodwill [member] | Gross carrying amount [member]
Disclosure of detailed information about intangible assets [line items]
Opening balance	907
Closing balance	872	907
Goodwill [member] | Accumulated impairments [member]
Disclosure of detailed information about intangible assets [line items]
Closing balance	(310)
Computer software [member]
Disclosure of detailed information about intangible assets [line items]
Opening balance	958	868
Additions	50	94
Capitalised expenses	115	285
Amortisation	(120)	(235)
Impairments	(3)	(61)
Exchange rate differences	(5)	0
Disposals	(8)	(1)
Changes in the composition of the group and other changes	2	8
Closing balance	989	958
Computer software [member] | Gross carrying amount [member]
Disclosure of detailed information about intangible assets [line items]
Opening balance	2,608
Closing balance	2,738	2,608
Computer software [member] | Accumulated amortisation [Member]
Disclosure of detailed information about intangible assets [line items]
Opening balance	(1,641)
Closing balance	(1,737)	(1,641)
Computer software [member] | Accumulated impairments [member]
Disclosure of detailed information about intangible assets [line items]
Opening balance	(9)
Closing balance	(11)	(9)
Other intangible assets [member]
Disclosure of detailed information about intangible assets [line items]
Opening balance	52	53
Amortisation	(1)	(2)
Impairments	(15)	0
Changes in the composition of the group and other changes	0	1
Closing balance	35	52
Other intangible assets [member] | Gross carrying amount [member]
Disclosure of detailed information about intangible assets [line items]
Opening balance	61
Closing balance	60	61
Other intangible assets [member] | Accumulated amortisation [Member]
Disclosure of detailed information about intangible assets [line items]
Opening balance	(7)
Closing balance	(8)	(7)
Other intangible assets [member] | Accumulated impairments [member]
Disclosure of detailed information about intangible assets [line items]
Opening balance	(2)
Closing balance	€ (17)	€ (2)

XML

Intangible Assets - Schedule of Goodwill Allocation to Group of CGUs (Detail) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Disclosure of detailed information about intangible assets [line items]
Long term growth rate	3.00%
Cash-generating unit [member]
Disclosure of detailed information about intangible assets [line items]
Goodwill	€ 562	€ 907
Retail Netherlands [Member] | Cash-generating unit [member]
Disclosure of detailed information about intangible assets [line items]
Method used for recoverable amount	Values in use
Discount rate	8.46%
Long term growth rate	0.00%
Goodwill	€ 30	€ 30
Retail Belgium [member]
Disclosure of detailed information about intangible assets [line items]
Discount rate	9.54%	6.94%
Retail Belgium [member] | Cash-generating unit [member]
Disclosure of detailed information about intangible assets [line items]
Method used for recoverable amount	Values in use
Discount rate	9.54%
Long term growth rate	0.00%
Goodwill	€ 0	€ 50
Retail Germany [member] | Cash-generating unit [member]
Disclosure of detailed information about intangible assets [line items]
Method used for recoverable amount	Values in use
Discount rate	8.43%
Long term growth rate	0.00%
Goodwill	€ 349	349
Retail Growth Markets [member] | Cash-generating unit [member]
Disclosure of detailed information about intangible assets [line items]
Method used for recoverable amount	Values in use
Discount rate	13.59%
Long term growth rate	3.61%
Goodwill	€ 182	€ 209
Wholesale Banking [member]
Disclosure of detailed information about intangible assets [line items]
Discount rate	9.38%	7.29%
Wholesale Banking [member] | Cash-generating unit [member]
Disclosure of detailed information about intangible assets [line items]
Method used for recoverable amount	Values in use
Discount rate	9.38%
Long term growth rate	0.85%
Goodwill	€ 0	€ 268

XML

Intangible Assets - Schedule of Goodwill Allocation to Group of CGUs (Parenthetical) (Detail) - Growth Countries [Member] - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Wholesale Banking [member]
Disclosure of detailed information about intangible assets [line items]
Goodwill	€ 0	€ 61
Retail Growth Markets [member]
Disclosure of detailed information about intangible assets [line items]
Goodwill	€ 182	€ 209

XML

Intangible assets - Additional Information (Detail) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Description to measure fair value less costs of disposal	Several methodologies are applied to arrive at the best estimate of the recoverable amount. In line with IFRS, the recoverable amount is determined as the higher of the fair value less costs of disposal and Value in Use (VIU). The VIU calculation is based on a Dividend Discount model using three year management approved plans, updated for the expected impact of Covid-19. When estimating the VIU of a CGU, local conditions and requirements determine the capital requirements, discount rates, and terminal growth rates.
Bonds maturity year	30 years
impairment of an indefinite usefull life asset	€ 10
Percentage decrease in the available cash flow	(10.00%)
Reasonably possible increase in discount rate	1.00%
Reduction of future growth rate	0.00%
Wholesale Banking Segment [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill impairment	€ 260
Wholesale Banking [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill impairment	€ 260
Discount rate	9.38%	7.29%
Retail Belgium [member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill impairment	€ 50
Discount rate	9.54%	6.94%
Retail Belgium [member] | Retail Belux segment [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill impairment	€ 43
Retail Belgium [member] | Corporate Line Banking [Member]
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Goodwill impairment	€ 8

XML

Deposits from Banks - Schedule of Deposits from Banks by Type (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure Of Deposits From Bank [Line Items]
Non-interest bearing	€ 19	€ 180
Interest bearing	78,631	34,646
Deposits from banks	€ 78,649	€ 34,826

XML

Deposits from Banks - Additional Information (Detail) - EUR (€) € in Billions	1 Months Ended		6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Deposits from banks [Abstract]
New targeted longer term refinancing operations	€ 59.5		€ 59.5	€ 17.7
Repayment of new targeted longer term refinancing operations	€ 17.7
Percentage of growth in lending volumes equal to or above	0.00%		0.00%
Percentage of interest rate applied on all TLTRO III operations (BPS)	0.50%		0.50%
Maximum average interest rate on the deposit facility	(1.00%)		(1.00%)
Longer-term refinancing operations (TLTRO III)		€ 4.5	€ 55.0

XML

Financial Liabilities at Fair Value Through Profit or Loss - Financial Liabilities at Fair Value Through Profit or Loss (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of fair value measurement of liabilities [abstract]
Trading liabilities	€ 35,745	€ 28,042
Non-trading derivatives	2,435	2,215
Designated as at fair value through profit or loss	52,461	47,684
Financial Liabilities	€ 90,641	€ 77,942

XML

Financial Liabilities at Fair Value Through Profit or Loss - Additional Information (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of fair value measurement of liabilities [abstract]
Funds on deposit related to repurchase transactions	€ 8,559	€ 4,556
Funds entrusted related to repurchase transactions	€ 43,180	€ 38,492

XML

Debt Securities in Issue - Summary of Maturities of Debt Securities in Issue (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of financial liabilities [line items]
Total debt securities	€ 121,138	€ 118,528
Fixed rate debt securities [member]
Disclosure of financial liabilities [line items]
Total debt securities	87,896	84,920
Fixed rate debt securities [member] | Within 1 year [member]
Disclosure of financial liabilities [line items]
Total debt securities	32,575	26,871
Fixed rate debt securities [member] | More than 1 year but less than 2 years [member]
Disclosure of financial liabilities [line items]
Total debt securities	13,311	10,358
Fixed rate debt securities [member] | More than 2 years but less than 3 years [member]
Disclosure of financial liabilities [line items]
Total debt securities	3,232	9,527
Fixed rate debt securities [member] | More than 3 years but less than 4 years [member]
Disclosure of financial liabilities [line items]
Total debt securities	6,608	6,321
Fixed rate debt securities [member] | More than 4 years but less than 5 years [member]
Disclosure of financial liabilities [line items]
Total debt securities	3,466	2,836
Fixed rate debt securities [member] | More than 5 years [member]
Disclosure of financial liabilities [line items]
Total debt securities	28,705	29,007
Floating rate debt securities [member]
Disclosure of financial liabilities [line items]
Total debt securities	33,242	33,608
Floating rate debt securities [member] | Within 1 year [member]
Disclosure of financial liabilities [line items]
Total debt securities	26,090	24,938
Floating rate debt securities [member] | More than 1 year but less than 2 years [member]
Disclosure of financial liabilities [line items]
Total debt securities	3,380	3,126
Floating rate debt securities [member] | More than 2 years but less than 3 years [member]
Disclosure of financial liabilities [line items]
Total debt securities	1,469	3,041
Floating rate debt securities [member] | More than 3 years but less than 4 years [member]
Disclosure of financial liabilities [line items]
Total debt securities	1,458	1,541
Floating rate debt securities [member] | More than 4 years but less than 5 years [member]
Disclosure of financial liabilities [line items]
Total debt securities	90	144
Floating rate debt securities [member] | More than 5 years [member]
Disclosure of financial liabilities [line items]
Total debt securities	€ 755	€ 816

XML

Debt Securities in Issue - Additional Information (Detail) € in Billions	6 Months Ended
	Jun. 30, 2020 EUR (€)
Disclosure of financial liabilities [line items]
Increase (decrease) in debt securities	€ 2.6
Commercial paper [Member]
Disclosure of financial liabilities [line items]
Increase (decrease) in debt securities	4.7
Certificates of deposits [Member]
Disclosure of financial liabilities [line items]
Increase (decrease) in debt securities	0.6
Other debt securities [Member]
Disclosure of financial liabilities [line items]
Increase (decrease) in debt securities	1.2
Matured savings certificates [Member]
Disclosure of financial liabilities [line items]
Increase (decrease) in debt securities	(0.2)
Residential mortgage backed securities [Member]
Disclosure of financial liabilities [line items]
Increase (decrease) in debt securities	(0.5)
Long term maturity bonds [Member]
Disclosure of financial liabilities [line items]
Increase (decrease) in debt securities	€ (3.2)

XML

Subordinated Loans - Schedule of Subordinated Loans by Group Companies (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about borrowings [line items]
Subordinated loans	€ 16,697	€ 16,588	€ 13,724
ING Groep N.V. [Member]
Disclosure of detailed information about borrowings [line items]
Subordinated loans	13,691	13,069
ING Group Companies [Member]
Disclosure of detailed information about borrowings [line items]
Subordinated loans	€ 3,007	€ 3,519

XML

Subordinated Loans - Schedule of Changes In Subordinated Loans (Detail) - EUR (€) € in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disclosure of detailed information about borrowings [abstract]
Opening balance	€ 16,588	€ 13,724	€ 13,724
New issuances	2,165	1,089	3,429
Repayments	(2,608)	€ (933)	(933)
Exchange rate differences and other	553		367
Closing balance	€ 16,697		€ 16,588

XML

Subordinated Loans - Additional Information (Detail) € in Millions, $ in Millions	1 Months Ended		6 Months Ended
	Apr. 30, 2020 USD ($)	Feb. 29, 2020 USD ($)	Jun. 30, 2020 EUR (€)	Jun. 30, 2019 EUR (€)	May 31, 2020 EUR (€)	Dec. 31, 2019 EUR (€)
Disclosure of detailed information about borrowings [line items]
Debt instruments issued | €			€ 121,138			€ 118,528
Redemption of subordinated loans | €			€ 46,335	€ 57,088
Perpetual Additional Tier 1 Contingent Convertible Capital Securities [Member]
Disclosure of detailed information about borrowings [line items]
Debt instruments issued		$ 750
Redemption of subordinated loans	$ 1,000
Average interest rate	6.00%	4.875%
Subordinated Tier 2 Notes [Member]
Disclosure of detailed information about borrowings [line items]
Debt instruments issued | €					€ 1,500
Redemption of subordinated loans		$ 1,000
Average interest rate		5.80%			2.125%
Debt securities [Member]
Disclosure of detailed information about borrowings [line items]
Redemption of subordinated loans	$ 700
Average interest rate	6.125%

XML

Equity - Summary of Equity (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Share capital and share premium
Share capital	€ 39	€ 39
Share premium	17,089	17,078
Total share capital and share premium	17,128	17,117
Disclosure of financial assets [line items]
Revaluation reserve: Cash flow hedge	1,709	1,208
Revaluation reserves: Credit liability	(103)	(114)
Revaluation reserve: Property in own use	262	253
Revaluation reserves	3,357	3,249
Net defined benefit asset/liability remeasurement reserve	(252)	(336)
Currency translation reserve	(2,729)	(2,079)
Share of associates and joint ventures and other reserves	3,243	3,189
Treasury shares	(3)	(10)
Total other reserves	3,616	4,013
Retained earnings	30,406	29,866
Shareholders' equity (parent)	51,149	50,996
Non-controlling interests	1,022	893
Equity	52,171	51,889	€ 50,723	€ 49,851
Debt instruments at FVOCI [Member]
Disclosure of financial assets [line items]
Revaluation reserves: financial assets	219	322
Equity securities at FVOCI [Member]
Disclosure of financial assets [line items]
Revaluation reserves: financial assets	€ 1,270	€ 1,580

XML

Equity - Schedule of Changes in Revaluation Reserve (Detail) - EUR (€) € in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Disclosure of reserves within equity [Line Items]
Opening balance	€ 4,013
Closing balance	3,616	€ 4,013
Equity securities [Member]
Disclosure of reserves within equity [Line Items]
Opening balance	1,580
Changes in unrealised revaluations		137
Realised gains/losses transferred to retained earnings		(472)
Closing balance		1,580
Debt instruments [Member]
Disclosure of reserves within equity [Line Items]
Opening balance	322
Changes in unrealised revaluations		(43)
Realised gains/losses transferred to the statement of profit or loss		(33)
Closing balance		322
Reserve of gain loss FVOCI [Member] | Equity securities [Member]
Disclosure of reserves within equity [Line Items]
Opening balance	1,580	1,914
Changes in unrealised revaluations	(312)
Realised gains/losses transferred to retained earnings	2
Closing balance	1,270	1,580
Reserve of gain loss FVOCI [Member] | Debt instruments [Member]
Disclosure of reserves within equity [Line Items]
Opening balance	322	398
Changes in unrealised revaluations	(76)
Realised gains/losses transferred to the statement of profit or loss	(27)
Realised gains/losses transferred to retained earnings	0
Closing balance	219	322
Cash flow hedge [Member]
Disclosure of reserves within equity [Line Items]
Opening balance	1,208	604
Changes in unrealised revaluations	501	604
Closing balance	1,709	1,208
Cash flow hedge [Member] | Equity securities [Member]
Disclosure of reserves within equity [Line Items]
Changes in unrealised revaluations	501	604
Credit liability [Member]
Disclosure of reserves within equity [Line Items]
Opening balance	(114)	8
Changes in credit liability reserve	11	(116)
Realised gains/losses transferred to retained earnings	0	(6)
Closing balance	(103)	(114)
Property in own use [Member]
Disclosure of reserves within equity [Line Items]
Opening balance	253	204
Changes in unrealised revaluations	11	58
Realised gains/losses transferred to retained earnings	(2)	(9)
Closing balance	€ 262	€ 253

XML

Equity - Schedule of Changes in Currency Translation Reserve (Detail) - EUR (€) € in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Disclosure of reserves within equity [Line Items]
Opening balance	€ (4,013)
Closing balance	(3,616)	€ (4,013)
Currency translation reserve [Member]
Disclosure of reserves within equity [Line Items]
Opening balance	(2,079)	(2,043)
Unrealised revaluations	84	(134)
Realised gains/losses transferred to the statement of profit or loss		(138)
Exchange rate differences	(734)	236
Closing balance	€ (2,729)	€ (2,079)

XML

Equity - Additional Information (Detail) - EUR (€) € in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disclosure of equity [Line Items]
Cash dividend paid	€ 3	€ 1,741
Unrealised revaluations and exchange rate differences, net	(650)		€ 102
Reserve of cash flow hedges [Member]
Disclosure of equity [Line Items]
Changes in unrealised revaluations	501		604
Equity investments [Member]
Disclosure of equity [Line Items]
Transfer of revaluation reserve to retained earnings			(472)
Changes in unrealised revaluations			137
Equity investments [Member] | Reserve of gains and losses on financial assets measured at fair value through other comprehensive income [Member]
Disclosure of equity [Line Items]
Transfer of revaluation reserve to retained earnings	2
Changes in unrealised revaluations	(312)
Equity investments [Member] | Reserve of cash flow hedges [Member]
Disclosure of equity [Line Items]
Changes in unrealised revaluations	501		604
Equity securities at fair value through other comprehensive income [Member]
Disclosure of equity [Line Items]
Transfer of revaluation reserve to retained earnings			(472)
Bank of Beijing [Member] | Equity investments [Member] | Reserve of gains and losses on financial assets measured at fair value through other comprehensive income [Member]
Disclosure of equity [Line Items]
Increase (decrease) in revaluation reserves	€ (297)
Bank of Beijing [Member] | Equity securities at fair value through other comprehensive income [Member]
Disclosure of equity [Line Items]
Increase (decrease) in revaluation reserves			35
Kotak Mahindra Bank [Member] | Equity investments [Member]
Disclosure of equity [Line Items]
Realised gains/losses transferred to the statement of profit or loss			(119)
Kotak Mahindra Bank [Member] | Equity securities at fair value through other comprehensive income [Member]
Disclosure of equity [Line Items]
Transfer of revaluation reserve to retained earnings			(320)
EquensWorldLine [Member] | Equity securities at fair value through other comprehensive income [Member]
Disclosure of equity [Line Items]
Increase (decrease) in revaluation reserves			101
Transfer of revaluation reserve to retained earnings			(149)
TMB Bank Public Company Ltd [Member] | Equity investments [Member]
Disclosure of equity [Line Items]
Realised gains/losses transferred to the statement of profit or loss			€ (18)
Retained earnings [Member]
Disclosure of equity [Line Items]
Cash dividend paid		€ 1,714

XML

Net Interest Income - Summary of Net Interest Income (Detail) - EUR (€) € in Millions		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
Net Interest Income [Abstract]
Interest income on loans		€ 8,333	€ 9,659
Interest income on financial assets at fair value through OCI		283	311
Interest income on financial assets at amortised cost		263	359
Interest income on non-trading derivatives (hedge accounting)		1,769	2,268
Negative interest on liabilities		288	202
Total interest income using effective interest rate method		10,935	12,799
Interest income on financial assets at fair value through profit or loss		450	1,006
Interest income on non-trading derivatives (no hedge accounting)	[1]	556	588
Interest income other		21	16
Total other interest income		1,026	1,610
Total Interest income		11,962	14,410
Interest expense on deposits from banks		113	184
Interest expense on customer deposits		823	1,482
Interest expense on debt securities in issue		1,005	1,239
Interest expense on subordinated loans		323	324
Negative interest on assets		117	186
Interest expense on non-trading derivatives (hedge accounting)		1,779	2,466
Total interest expense using effective interest rate method		4,160	5,880
Interest expense on financial liabilities at fair value through profit or loss		348	892
Interest expense on non-trading derivatives (no hedge accounting)		540	701	[1]
Interest expense on lease liabilities		11	12
Interest expense other		25	29
Total other interest expense		925	1,633
Total interest expense		5,085	7,513
Net interest income		€ 6,877	€ 6,896

[1] 1 The prior periods have been updated to improve consistency and comparability.

XML

Net Fee and Commission Income - Schedule of Fee and Commission Income (Detail) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Fee and commission income (expense) [abstract]
Funds transfer	€ 686	€ 736
Securities business	439	316
Insurance broking	101	91
Asset management fees	115	97
Brokerage and advisory fees	321	278
Other	644	648
Total Fee and commission income	€ 2,307	€ 2,164

XML

Net Fee and Commission Income - Schedule of Fee and Commission Expense (Detail) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Fee and commission expense [abstract]
Funds transfer	€ 301	€ 321
Securities business	80	95
Insurance broking	0	1
Asset management fees	3	4
Brokerage and advisory fees	157	129
Other	260	229
Total fee and commission expenses	€ 801	€ 778

XML

Net Fee and Commission Income - Additional Information (Detail) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Fee and commission income (expense) [abstract]
Bank guarantees fee and commission income	€ 98	€ 103
Underwriting syndication loans fee and commission income	10	6
Structured finance fee and commission income	67	76
Collective instruments distribution fee and commission income	€ 112	€ 80

XML

Valuation Results and Net Trading Income - Summary of Valuation Results and Net Trading Income (Detail) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Valuation Results And Net Trading Income [Abstract]
Securities trading results	€ (1,024)	€ 718
Derivatives trading results	1,596	(433)
Other trading results	54	65
Change in fair value of derivatives relating to
- fair value hedges	231	(164)
- cash flow hedges (ineffective portion)	(42)	24
- other non-tradingderivatives	383	150
Change in fair value of assets and liabilities (hedged items)	(644)	(830)
Valuation results on assets and liabilities designated at FVPL and assets mandatorily measured at FVPL	(293)	(329)
Foreign exchange transactions results	(264)	310
Valuation results and net trading income	€ (4)	€ (489)

XML

Valuation Results and Net Trading Income - Additional Information (Detail) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure Of Valuation Results And Net Trading Income [Line Items]
CVA/DVA Adjustments on trading derivatives	€ (99)	€ (1)
Fair value adjustments on own issued notes	€ (141)	€ (373)

XML

Other Income - Summary of Other Income (Detail) - EUR (€) € in Millions		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
Disclosure of analysis of other comprehensive income by item
Share of result from associates and joint ventures		€ 34	€ 19
Result on disposal of group companies		0	117
Net result derecognition of FA measured at amortised cost		187	16
Other		48	144
Other income	[1]	€ 269	€ 296

[1] 2 Other income includes Result from associates and joint ventures, Result on disposal of group companies, Net result on derecognition of financial assets at amortised cost and Other.

XML

Other Income - Additional information (Details) € in Millions	6 Months Ended
	Jun. 30, 2020 EUR (€)
Other income [abstract]
Net result following one off sale of certain securities at amortised cost, market condition change due to COVID-19	€ 186

XML

Earnings per ordinary share - Summary of Earnings Per Ordinary Share (Detail) - EUR (€) € / shares in Units, € in Millions, shares in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Amount
Basic earnings	€ 591	€ 1,707
Basic earnings from continuing operations, amount	591	1,707
Diluted earnings, amount	591	1,707
Diluted earnings from continuing operations, amount	€ 591	€ 1,707
Weighted average number of ordinary shares outstanding during the period
Basic earnings	3,897.9	3,893.6
Stock option and share plans	0.5	0.6
Total effect of dilutive instruments	0.5	0.6
Diluted earnings	3,898.5	3,894.2
Per ordinary share
Basic earnings	€ 0.15	€ 0.44
Basic earnings from continuing operations	0.15	0.44
Diluted earnings	0.15	0.44
Diluted earnings from continuing operations	€ 0.15	€ 0.44

XML

Segments - Summary of Reconciliation Between IFRS and Underlying Income, Expenses and Net Result (Detail) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of operating segments [line items]
Income	€ 8,688	€ 8,148
Taxation	438	740
Non-controlling interests	36	47
Net result	591	1,707
Adjustment of the EU IAS 39 carve out [Member]
Disclosure of operating segments [line items]
Income	493	1,093
Taxation	115	243
Net result	379	850
Result IFRS-EU [member]
Disclosure of operating segments [line items]
Income	9,182	9,241
Expenses	7,623	5,654
Taxation	553	983
Non-controlling interests	36	47
Net result	969	2,556
Net Result IFRS Attribuatble to Equity Holder of Parent
Disclosure of operating segments [line items]
Income	8,688	8,148
Expenses	7,623	5,654
Taxation	438	740
Non-controlling interests	36	47
Net result	€ 591	€ 1,707

XML

Segments - Schedule of ING Group Total (Detail) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of operating segments [line items]
- Net interest income	€ 6,877	€ 6,896
- Net fee and commission income	1,506	1,386
Total Income	8,688	8,148
- Additions to loan loss provision	1,998	416
Total expenses	7,623	5,654
Result before taxation	1,065	2,493
Taxation	438	740
Non-controlling interests	36	47
Net result	591	1,707
IFRS-EU Results [Member]
Disclosure of operating segments [line items]
Total Income	9,182	9,241
- Operating expenses	7,623	5,654
Taxation	553	983
Non-controlling interests	36	47
Net result	969	2,556
Adjustment of the EU IAS 39 carve out [Member]
Disclosure of operating segments [line items]
Total Income	493	1,093
Taxation	115	243
Net result	379	850
ING Group [Member]
Disclosure of operating segments [line items]
Net result	591	1,707
ING Group [Member] | IFRS-EU Results [Member]
Disclosure of operating segments [line items]
- Net interest income	6,931	6,953
- Net fee and commission income	1,506	1,386
- Total investment and other income	745	902
Total Income	9,182	9,241
- Operating expenses	5,626	5,238
- Additions to loan loss provision	1,998	416
Total expenses	7,623	5,654
Result before taxation	1,558	3,586
Taxation	553	983
Non-controlling interests	36	47
Net result	969	2,556
ING Group [Member] | Adjustment of the EU IAS 39 carve out [Member]
Disclosure of operating segments [line items]
Net result	(379)	(850)
ING Group [Member] | ING Bank N.V. [member]
Disclosure of operating segments [line items]
Net result	642	1,739
ING Group [Member] | ING Bank N.V. [member] | IFRS-EU Results [Member]
Disclosure of operating segments [line items]
- Net interest income	6,931	6,950
- Net fee and commission income	1,507	1,386
- Total investment and other income	760	896
Total Income	9,198	9,232
- Operating expenses	5,625	5,226
- Additions to loan loss provision	1,997	416
Total expenses	7,623	5,643
Result before taxation	1,575	3,590
Taxation	519	954
Non-controlling interests	36	47
Net result	1,021	2,589
ING Group [Member] | ING Bank N.V. [member] | Adjustment of the EU IAS 39 carve out [Member]
Disclosure of operating segments [line items]
Net result	(379)	(850)
ING Group [Member] | Other banking [member]
Disclosure of operating segments [line items]
Net result	(51)	(32)
ING Group [Member] | Other banking [member] | IFRS-EU Results [Member]
Disclosure of operating segments [line items]
- Net interest income	0	3
- Net fee and commission income	(1)	0
- Total investment and other income	(16)	6
Total Income	(16)	9
- Operating expenses	1	12
- Additions to loan loss provision	0	0
Total expenses	1	12
Result before taxation	(17)	(3)
Taxation	34	29
Non-controlling interests	0	0
Net result	€ (51)	€ (32)

XML

Segments - Summary of Segments Banking by Line of Business (Detail) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of operating segments [line items]
- Net interest income	€ 6,877	€ 6,896
- Net fee and commission income	1,506	1,386
Income	8,688	8,148
- Additions to loan loss provision	1,998	416
Total expenses	7,623	5,654
Result before taxation	1,065	2,493
Taxation	438	740
Non-controlling interests	36	47
Net result	591	1,707
Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Income	9,182	9,241
- Operating expenses	7,623	5,654
Taxation	553	983
Non-controlling interests	36	47
Net result	969	2,556
Adjustment of the EU IAS 39 carve out [Member]
Disclosure of operating segments [line items]
Income	493	1,093
Taxation	115	243
Net result	379	850
Segments Banking Activities [Member]
Disclosure of operating segments [line items]
Net result	591	1,707
Segments Banking Activities [Member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
- Net interest income	6,931	6,953
- Net fee and commission income	1,506	1,386
- Total investment and other income	745	902
Income	9,182	9,241
- Operating expenses	5,626	5,238
- Additions to loan loss provision	1,998	416
Total expenses	7,623	5,654
Result before taxation	1,558	3,586
Taxation	553	983
Non-controlling interests	36	47
Net result	969	2,556
Segments Banking Activities [Member] | Adjustment of the EU IAS 39 carve out [Member]
Disclosure of operating segments [line items]
Net result	(379)	(850)
Retail Netherlands [member] | Segments Banking Activities [Member]
Disclosure of operating segments [line items]
Net result	781	845
Retail Netherlands [member] | Segments Banking Activities [Member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
- Net interest income	1,763	1,740
- Net fee and commission income	332	329
- Total investment and other income	175	190
Income	2,269	2,260
- Operating expenses	1,088	1,095
- Additions to loan loss provision	139	33
Total expenses	1,227	1,128
Result before taxation	1,043	1,132
Taxation	262	287
Non-controlling interests	(1)	0
Net result	781	845
Retail Belgium [member] | Segments Banking Activities [Member]
Disclosure of operating segments [line items]
Net result	(44)	229
Retail Belgium [member] | Segments Banking Activities [Member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
- Net interest income	937	959
- Net fee and commission income	207	188
- Total investment and other income	71	112
Income	1,215	1,259
- Operating expenses	969	873
- Additions to loan loss provision	282	58
Total expenses	1,251	931
Result before taxation	(36)	328
Taxation	9	100
Non-controlling interests	0	0
Net result	(44)	229
Retail Germany [member] | Segments Banking Activities [Member]
Disclosure of operating segments [line items]
Net result	304	295
Retail Germany [member] | Segments Banking Activities [Member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
- Net interest income	801	796
- Net fee and commission income	215	123
- Total investment and other income	59	86
Income	1,075	1,005
- Operating expenses	567	579
- Additions to loan loss provision	14	(23)
Total expenses	581	556
Result before taxation	494	449
Taxation	188	153
Non-controlling interests	2	1
Net result	304	295
Retail Other [member] | Segments Banking Activities [Member]
Disclosure of operating segments [line items]
Net result	183	278
Retail Other [member] | Segments Banking Activities [Member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
- Net interest income	1,392	1,374
- Net fee and commission income	193	212
- Total investment and other income	134	100
Income	1,720	1,687
- Operating expenses	1,120	1,061
- Additions to loan loss provision	304	187
Total expenses	1,424	1,248
Result before taxation	295	438
Taxation	85	123
Non-controlling interests	27	38
Net result	183	278
Wholesale Banking [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	(204)	1,018
Wholesale Banking [member] | Segments Banking Activities [Member]
Disclosure of operating segments [line items]
Net result	(614)	(49)
Wholesale Banking [member] | Segments Banking Activities [Member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
- Net interest income	1,864	1,831
- Net fee and commission income	561	538
- Total investment and other income	354	248
Income	2,780	2,618
- Operating expenses	1,728	1,438
- Additions to loan loss provision	1,256	162
Total expenses	2,984	1,600
Result before taxation	(204)	1,018
Taxation	23	209
Non-controlling interests	8	8
Net result	(235)	801
Wholesale Banking [member] | Segments Banking Activities [Member] | Adjustment of the EU IAS 39 carve out [Member]
Disclosure of operating segments [line items]
Net result	(379)	(850)
Corporate Line Banking [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	(34)	221
Corporate Line Banking [member] | Segments Banking Activities [Member]
Disclosure of operating segments [line items]
Net result	(19)	109
Corporate Line Banking [member] | Segments Banking Activities [Member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
- Net interest income	173	253
- Net fee and commission income	(2)	(6)
- Total investment and other income	(48)	166
Income	123	413
- Operating expenses	154	192
- Additions to loan loss provision	3	0
Total expenses	156	192
Result before taxation	(34)	221
Taxation	(14)	112
Non-controlling interests	0	0
Net result	€ (19)	€ 109

XML

Segments - Summary of Geographical Segments Banking (Detail) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of operating segments [line items]
- Net interest income	€ 6,877	€ 6,896
- Net fee and commission income	1,506	1,386
Total income	8,688	8,148
- Additions to loan loss provision	1,998	416
Total expenses	7,623	5,654
Result before taxation	1,065	2,493
Taxation	438	740
Non-controlling interests	36	47
Net result	591	1,707
Adjustment of the EU IAS 39 carve out [Member]
Disclosure of operating segments [line items]
Total income	493	1,093
Taxation	115	243
Net result	379	850
Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Total income	9,182	9,241
- Operating expenses	7,623	5,654
Taxation	553	983
Non-controlling interests	36	47
Net result	969	2,556
Geographical Segments Banking [Member]
Disclosure of operating segments [line items]
Net result	591	1,707
Geographical Segments Banking [Member] | Adjustment of the EU IAS 39 carve out [Member]
Disclosure of operating segments [line items]
Net result	(379)	(850)
Geographical Segments Banking [Member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
- Net interest income	6,931	6,953
- Net fee and commission income	1,506	1,386
- Total investment and other income	745	902
Total income	9,182	9,241
- Operating expenses	5,626	5,238
- Additions to loan loss provision	1,998	416
Total expenses	7,623	5,654
Result before taxation	1,558	3,586
Taxation	553	983
Non-controlling interests	36	47
Net result	969	2,556
Geographical Segments Banking [Member] | Netherlands [member]
Disclosure of operating segments [line items]
Net result	143	404
Geographical Segments Banking [Member] | Netherlands [member] | Adjustment of the EU IAS 39 carve out [Member]
Disclosure of operating segments [line items]
Net result	(338)	(413)
Geographical Segments Banking [Member] | Netherlands [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
- Net interest income	2,097	2,061
- Net fee and commission income	494	487
- Total investment and other income	197	90
Total income	2,788	2,638
- Operating expenses	1,736	1,472
- Additions to loan loss provision	320	78
Total expenses	2,056	1,550
Result before taxation	732	1,088
Taxation	252	271
Non-controlling interests	(1)	0
Net result	481	817
Geographical Segments Banking [Member] | Belgium [member]
Disclosure of operating segments [line items]
Net result	5	16
Geographical Segments Banking [Member] | Belgium [member] | Adjustment of the EU IAS 39 carve out [Member]
Disclosure of operating segments [line items]
Net result	3	(287)
Geographical Segments Banking [Member] | Belgium [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
- Net interest income	1,090	1,112
- Net fee and commission income	302	270
- Total investment and other income	98	177
Total income	1,491	1,558
- Operating expenses	1,126	1,025
- Additions to loan loss provision	338	99
Total expenses	1,465	1,124
Result before taxation	26	435
Taxation	25	132
Non-controlling interests	0	0
Net result	2	303
Geographical Segments Banking [Member] | Germany [member]
Disclosure of operating segments [line items]
Net result	205	294
Geographical Segments Banking [Member] | Germany [member] | Adjustment of the EU IAS 39 carve out [Member]
Disclosure of operating segments [line items]
Net result	(97)	(160)
Geographical Segments Banking [Member] | Germany [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
- Net interest income	1,059	1,060
- Net fee and commission income	228	142
- Total investment and other income	80	108
Total income	1,367	1,310
- Operating expenses	652	654
- Additions to loan loss provision	241	(32)
Total expenses	893	622
Result before taxation	474	689
Taxation	170	233
Non-controlling interests	2	1
Net result	302	454
Geographical Segments Banking [Member] | Other Challengers [member]
Disclosure of operating segments [line items]
Net result	159	211
Geographical Segments Banking [Member] | Other Challengers [member] | Adjustment of the EU IAS 39 carve out [Member]
Disclosure of operating segments [line items]
Net result	53	10
Geographical Segments Banking [Member] | Other Challengers [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
- Net interest income	893	885
- Net fee and commission income	136	142
- Total investment and other income	14	5
Total income	1,043	1,032
- Operating expenses	669	638
- Additions to loan loss provision	212	92
Total expenses	882	730
Result before taxation	162	302
Taxation	56	101
Non-controlling interests		0
Net result	106	201
Geographical Segments Banking [Member] | Growth Markets [member]
Disclosure of operating segments [line items]
Net result	178	246
Geographical Segments Banking [Member] | Growth Markets [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
- Net interest income	799	800
- Net fee and commission income	131	156
- Total investment and other income	203	167
Total income	1,133	1,123
- Operating expenses	644	616
- Additions to loan loss provision	205	130
Total expenses	849	746
Result before taxation	284	377
Taxation	71	84
Non-controlling interests	35	46
Net result	178	246
Geographical Segments Banking [Member] | Wholesale Banking Rest Of World [member]
Disclosure of operating segments [line items]
Net result	(74)	429
Geographical Segments Banking [Member] | Wholesale Banking Rest Of World [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
- Net interest income	823	787
- Net fee and commission income	217	197
- Total investment and other income	197	183
Total income	1,237	1,167
- Operating expenses	644	640
- Additions to loan loss provision	678	50
Total expenses	1,322	690
Result before taxation	(85)	477
Taxation	(10)	48
Net result	(74)	429
Geographical Segments Banking [Member] | Other [member]
Disclosure of operating segments [line items]
Net result	(25)	106
Geographical Segments Banking [Member] | Other [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
- Net interest income	169	247
- Net fee and commission income	(3)	(6)
- Total investment and other income	(44)	172
Total income	123	413
- Operating expenses	155	193
- Additions to loan loss provision	3	0
Total expenses	158	193
Result before taxation	(35)	219
Taxation	(10)	113
Net result	(25)	106
Retail [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	1,796	2,348
Retail [member] | Netherlands [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	1,043	1,132
Retail [member] | Belgium [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	(36)	328
Retail [member] | Germany [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	494	449
Retail [member] | Other Challengers [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	74	163
Retail [member] | Growth Markets [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	222	275
Wholesale Banking [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	(204)	1,018
Wholesale Banking [member] | Netherlands [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	(310)	(44)
Wholesale Banking [member] | Belgium [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	62	106
Wholesale Banking [member] | Germany [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	(20)	240
Wholesale Banking [member] | Other Challengers [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	88	139
Wholesale Banking [member] | Growth Markets [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	62	102
Wholesale Banking [member] | Wholesale Banking Rest Of World [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	(85)	477
Wholesale Banking [member] | Other [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	(2)	(2)
Corporate Line Banking [Member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	(34)	221
Corporate Line Banking [Member] | Other [member] | Net Result IFRS-EU [member]
Disclosure of operating segments [line items]
Result before taxation	€ (34)	€ 221

XML

Segments - Additional information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($)
Kotak Mahindra Bank [Member]
Disclosure of operating segments [line items]
Gains (losses) on disposals of non-current assets	$ 119
Other Financial Institution [Member]
Disclosure of operating segments [line items]
Receivable related to the insolvency of a financial institution	$ 79

XML

Fair Value of Assets and Liabilities - Summary of Financial Assets and Liabilities (Detail) - EUR (€) € in Millions		Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Financial Assets
Cash and balances with central banks		€ 118,971	€ 53,202	€ 52,171
Loans and advances to banks		30,664	35,136
Financial assets at fair value through profit or loss
- Trading assets		53,781	49,254
- Non-trading derivatives		2,488	2,257
- Assets mandatorily at fair value through profit or loss		51,142	41,600
- Assets designated as at fair value through profit or loss		3,700	3,076
Financial assets at fair value through other comprehensive income [abstract]
Financial assets at fair value through other comprehensive income		38,993	34,468
Securities at amortised cost 4		51,085	46,108
Loans and advances to customers		612,387	608,029
Other assets	[1]	8,381	5,854
Total		971,591	878,985
Financial liabilities
Deposits from banks		78,649	34,826
Customer deposits		605,633	574,355
Financial liabilities at fair value through profit or loss
- Trading liabilities		35,745	28,042
- non-tradingderivatives		2,435	2,215
- designated at fair value through profit or loss		52,461	47,684
Other liabilities	[2]	12,115	9,776
Debt securities in issue		121,138	118,528
Subordinated loans		16,697	16,588		€ 13,724
Total		924,875	832,014
Equity securities [Member]
Financial assets at fair value through other comprehensive income [abstract]
Financial assets at fair value through other comprehensive income		1,998	2,306
Debt securities [Member]
Financial assets at fair value through other comprehensive income [abstract]
Financial assets at fair value through other comprehensive income		35,650	30,483
Securities at amortised cost 4		51,085	46,108
Total		97,230	85,914
Loans And Advances [Member]
Financial assets at fair value through other comprehensive income [abstract]
Financial assets at fair value through other comprehensive income		1,345	1,680
Estimated fair value [member]
Financial Assets
Cash and balances with central banks		118,971	53,202
Loans and advances to banks		30,671	35,133
Financial assets at fair value through profit or loss
- Trading assets		53,781	49,254
- Non-trading derivatives		2,488	2,257
- Assets mandatorily at fair value through profit or loss		51,142	41,600
- Assets designated as at fair value through profit or loss		3,700	3,076
Financial assets at fair value through other comprehensive income [abstract]
Loans and advances to customers		626,983	621,194
Other assets	[1]	8,381	5,854
Total		987,257	892,966
Financial liabilities
Deposits from banks		78,531	35,086
Customer deposits		606,363	575,055
Financial liabilities at fair value through profit or loss
- Trading liabilities		35,745	28,042
- non-tradingderivatives		2,435	2,215
- designated at fair value through profit or loss		52,461	47,684
Other liabilities	[2]	12,115	9,776
Debt securities in issue		120,907	118,844
Subordinated loans		16,250	17,253
Total		924,807	833,956
Estimated fair value [member] | Equity securities [Member]
Financial assets at fair value through other comprehensive income [abstract]
Financial assets at fair value through other comprehensive income		1,998	2,306
Estimated fair value [member] | Debt securities [Member]
Financial assets at fair value through other comprehensive income [abstract]
Financial assets at fair value through other comprehensive income		35,650	30,483
Securities at amortised cost 4		52,147	46,928
Estimated fair value [member] | Loans And Advances [Member]
Financial assets at fair value through other comprehensive income [abstract]
Financial assets at fair value through other comprehensive income		€ 1,345	€ 1,680

[1] Other assets do not include, among others: (deferred) tax assets, net defined benefit asset, inventory, property development and property obtained from foreclosures.

[2] Other liabilities do not include, among others: (deferred) tax liabilities, net defined benefit and related employee benefit liabilities, reorganisation and other provisions, other taxation, social security contributions and lease liabilities.

XML

Fair Value of Assets and Liabilities - Methods applied in determining fair values of financial assets, liabilities (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial Assets
- Trading assets	€ 53,781	€ 49,254
- Non-trading derivatives	2,488	2,257
- Assets mandatorily at fair value through profit or loss	51,142	41,600
- Assets designated as at fair value through profit or loss	3,700	3,076
Financial assets at fair value through other comprehensive income	38,993	34,468
Fair value	150,103	130,655
Financial liabilities
Trading liabilities	35,745	28,042
Non-trading derivatives	2,435	2,215
Financial liabilities designated as at fair value through profit or loss	52,461	47,684
Fair value	90,641	77,942
Level 1 [member]
Financial Assets
- Trading assets	9,361	13,228
- Assets mandatorily at fair value through profit or loss	27	22
- Assets designated as at fair value through profit or loss	142	203
Financial assets at fair value through other comprehensive income	36,312	32,165
Fair value	45,842	45,618
Financial liabilities
Trading liabilities	1,217	1,446
Non-trading derivatives	1
Financial liabilities designated as at fair value through profit or loss	966	1,081
Fair value	2,184	2,527
Level 2 [member]
Financial Assets
- Trading assets	43,504	35,852
- Non-trading derivatives	2,482	2,249
- Assets mandatorily at fair value through profit or loss	49,836	40,196
- Assets designated as at fair value through profit or loss	2,492	1,628
Financial assets at fair value through other comprehensive income	1,057	343
Fair value	99,372	80,269
Financial liabilities
Trading liabilities	34,332	26,401
Non-trading derivatives	2,278	2,105
Financial liabilities designated as at fair value through profit or loss	50,712	46,419
Fair value	87,322	74,924
Level 3 [member]
Financial Assets
- Trading assets	915	174
- Non-trading derivatives	6	8
- Assets mandatorily at fair value through profit or loss	1,280	1,381
- Assets designated as at fair value through profit or loss	1,066	1,244
Financial assets at fair value through other comprehensive income	1,624	1,961
Fair value	4,890	4,768	€ 5,387
Financial liabilities
Trading liabilities	197	195
Non-trading derivatives	155	110
Financial liabilities designated as at fair value through profit or loss	783	184
Fair value	€ 1,135	€ 490	€ 910

XML

Fair Value of Assets and Liabilities - Changes in Level 3 Financial Assets (Detail) - EUR (€) € in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2020	Dec. 31, 2019
Disclosure of fair value measurement of assets [line items]
Opening balance		€ 130,655
Realised gain/loss recognised in the statement of profit or loss during the period		202	€ 43
Closing balance		150,103	130,655
Level 3 [member]
Disclosure of fair value measurement of assets [line items]
Opening balance		4,768	5,387
Realised gain/loss recognised in the statement of profit or loss during the period	[1]	(231)	(66)
Revaluation recognised in other comprehensive income during the period	[2]	(51)	155
Purchase of assets		1,208	1,893
Sale of assets		(1,179)	(1,780)
Maturity/settlement		(210)	(719)
Reclassifications		3	4
Transfers into Level 3		785	103
Transfers out of Level 3		(205)	(214)
Exchange rate differences		1	1
Changes in the composition of the group and other changes		2	3
Closing balance		4,890	4,768
Level 3 [member] | Financial assets mandatorily at FVPL [member]
Disclosure of fair value measurement of assets [line items]
Opening balance		1,381	1,042
Realised gain/loss recognised in the statement of profit or loss during the period	[1]	(70)	(63)
Purchase of assets		928	1,494
Sale of assets		(836)	(832)
Maturity/settlement		(43)	(461)
Reclassifications		2	279
Transfers into Level 3		(2)	9
Transfers out of Level 3		(86)	(88)
Exchange rate differences		2	(1)
Changes in the composition of the group and other changes		2	2
Closing balance		1,280	1,381
Level 3 [member] | Financial assets designated at FVPL [member]
Disclosure of fair value measurement of assets [line items]
Opening balance		1,244	1,075
Realised gain/loss recognised in the statement of profit or loss during the period		(110)	(6)
Purchase of assets		173	360
Sale of assets		(101)	(212)
Maturity/settlement		(41)	(35)
Transfers into Level 3			63
Transfers out of Level 3		(101)
Closing balance		1,066	1,244
Level 3 [member] | Financial assets at FVOCI [member]
Disclosure of fair value measurement of assets [line items]
Opening balance		1,961	2,749
Realised gain/loss recognised in the statement of profit or loss during the period	[1]	(9)	(15)
Revaluation recognised in other comprehensive income during the period	[2]	(51)	155
Purchase of assets		9	11
Sale of assets		(187)	(680)
Maturity/settlement		(97)	(212)
Reclassifications		1	3
Transfers out of Level 3			(53)
Exchange rate differences		(2)	1
Changes in the composition of the group and other changes		0	1
Closing balance		1,624	1,961
Level 3 [member] | Trading assets [member]
Disclosure of fair value measurement of assets [line items]
Opening balance		174	494
Realised gain/loss recognised in the statement of profit or loss during the period	[1]	(42)	40
Purchase of assets		96	28
Sale of assets		(53)	(53)
Maturity/settlement		(29)	(11)
Reclassifications			279
Transfers into Level 3		787	26
Transfers out of Level 3		(18)	(72)
Exchange rate differences			1
Closing balance		915	174
Level 3 [member] | Non-trading derivatives [member]
Disclosure of fair value measurement of assets [line items]
Opening balance		8	27
Realised gain/loss recognised in the statement of profit or loss during the period	[1]	(1)	(21)
Purchase of assets		3
Sale of assets		(3)	(3)
Maturity/settlement		(1)
Transfers into Level 3			4
Closing balance		€ 6	€ 8

[1] Net gains/losses were recorded as ‘Valuation results and net trading income’ in the statement of profit or loss. The total amounts includes EUR 202 million (31 December 2019 : EUR 43 million ) of unrealised ga ins and losses recognised in the statement of profit or loss.

[2] Revaluation recognised in other comprehensive income is included on the line ‘Net change in fair value of debt instruments at fair value through other comprehensive income’.

XML

Fair Value of Assets and Liabilities - Changes in Level 3 Financial liabilities (Detail) - EUR (€) € in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2020	Dec. 31, 2019
Disclosure of fair value measurement of liabilities [line items]
Opening balance		€ 77,942
Closing balance		90,641	€ 77,942
Level 3 [member]
Disclosure of fair value measurement of liabilities [line items]
Opening balance		490	910
Realised gain/loss recognised in the statement of profit or loss during the period	[1]	(12)	118
Issue of liabilities		605	154
Early repayment of liabilities		(141)	(40)
Maturity/settlement		(69)	(511)
Transfers into Level 3		316	62
Transfers out of Level 3		(54)	(202)
Closing balance		1,135	490
Level 3 [member] | Trading liabilities [member]
Disclosure of fair value measurement of liabilities [line items]
Opening balance		195	122
Realised gain/loss recognised in the statement of profit or loss during the period	[1]	(30)	102
Issue of liabilities		32	72
Early repayment of liabilities		(73)	(30)
Maturity/settlement		(8)	(32)
Transfers into Level 3		92	13
Transfers out of Level 3		(11)	(52)
Closing balance		197	195
Level 3 [member] | Non-trading derivatives liabilities [member]
Disclosure of fair value measurement of liabilities [line items]
Opening balance		110	80
Realised gain/loss recognised in the statement of profit or loss during the period	[1]	28	(16)
Issue of liabilities		18	46
Maturity/settlement		(1)
Closing balance		155	110
Level 3 [member] | Financial liabilities designated as at fair value through profit and loss [member]
Disclosure of fair value measurement of liabilities [line items]
Opening balance		184	708
Realised gain/loss recognised in the statement of profit or loss during the period	[1]	(10)	32
Issue of liabilities		555	35
Early repayment of liabilities		(68)	(10)
Maturity/settlement		(59)	(479)
Transfers into Level 3		224	49
Transfers out of Level 3		(42)	(150)
Closing balance		€ 783	€ 184

[1] Net gains/losses were recorded as ‘Valuation results and net trading income’ in the statement of profit or loss. The total amount includes EUR 13 million (31 December 2019 : EUR 115 million ) of unrealised gains and losses recognised in the statement of profit or loss.

XML

Fair Value of Assets and Liabilities - Valuation Techniques and Range of Unobservable Inputs (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2020 EUR (€)	Dec. 31, 2019 EUR (€)
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Assets, at fair value through profit or loss	€ 111,110,000,000	€ 96,187,000,000
Liabilities, at fair value through profit or loss	90,641,000,000	77,942,000,000
Level 3 [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Assets, at fair value through profit or loss	4,890,000,000	4,768,000,000
Liabilities, at fair value through profit or loss	1,135,000,000	490,000,000
Level 3 [member] | Loans and advances [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Assets, at fair value through profit or loss	919,000,000	1,576,000,000
Level 3 [member] | Reverse (Repos) [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Assets, at fair value through profit or loss	539,000,000	3,000,000
Liabilities, at fair value through profit or loss	434,000,000	1,000,000
Level 3 [member] | Structured notes [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Liabilities, at fair value through profit or loss	350,000,000	184,000,000
Level 3 [member] | Derivatives at rates [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Assets, at fair value through profit or loss	5,000,000	13,000,000
Liabilities, at fair value through profit or loss	83,000,000	68,000,000
Level 3 [member] | Derivatives at foreign exchange [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Assets, at fair value through profit or loss		1,000,000
Level 3 [member] | Derivative at credit [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Assets, at fair value through profit or loss	144,000,000	102,000,000
Liabilities, at fair value through profit or loss	185,000,000	183,000,000
Level 3 [member] | Derivatives at equity [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Assets, at fair value through profit or loss	45,000,000	42,000,000
Liabilities, at fair value through profit or loss	80,000,000	50,000,000
Level 3 [member] | Other derivatives [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Assets, at fair value through profit or loss	5,000,000	3,000,000
Liabilities, at fair value through profit or loss	3,000,000	3,000,000
Level 3 [member] | Loan and advances at fair value through other comprehensive income [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Assets, at fair value through profit or loss	1,345,000,000	1,680,000,000
Level 3 [member] | Equity, at fair value through other comprehensive income [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Assets, at fair value through profit or loss	279,000,000	282,000,000
Level 3 [member] | Debt securities [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Assets, at fair value through profit or loss	1,470,000,000	920,000,000
Level 3 [member] | Equity securities [Member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Assets, at fair value through profit or loss	€ 139,000,000	146,000,000
Liabilities, at fair value through profit or loss		€ 1,000,000
Level 3 [member] | Minimum [Member] | Price (%) [member] | Loans and advances [member] | Price based [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	0.00%	0.00%
Level 3 [member] | Minimum [Member] | Price (%) [member] | Structured notes [member] | Price based [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	69.00%	83.00%
Level 3 [member] | Minimum [Member] | Price (%) [member] | Equity, at fair value through other comprehensive income [Member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	100.00%	100.00%
Level 3 [member] | Minimum [Member] | Interest Rate [Member] | Reverse (Repos) [Member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	1.00%	4.00%
Level 3 [member] | Minimum [Member] | Credit Spread (CSO1) [member] | Loans and advances [member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, credit spread	0.02%	0.01%
Level 3 [member] | Minimum [Member] | Credit Spread (CSO1) [member] | Derivative at credit [member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, credit spread	0.04%	0.02%
Level 3 [member] | Minimum [Member] | Credit Spread (CSO1) [member] | Equity, at fair value through other comprehensive income [Member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, credit spread	0.02%
Level 3 [member] | Minimum [Member] | Reset spread (%) [member] | Derivatives at rates [member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	2.00%	2.00%
Level 3 [member] | Minimum [Member] | Prepayment rate (%) [member] | Loan and advances at fair value through other comprehensive income [Member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	9.00%	6.00%
Level 3 [member] | Minimum [Member] | Inflation rate (%) [member] | Equity, at fair value through other comprehensive income [Member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	3.00%	3.00%
Level 3 [member] | Minimum [Member] | FX volatility (bps ) [member] | Derivatives at foreign exchange [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, credit spread	0.09%	0.05%
Level 3 [member] | Minimum [Member] | Jump rate (%) [member] | Derivatives at foreign exchange [member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	12.00%	12.00%
Level 3 [member] | Minimum [Member] | Equity/equity correlation [member] | Structured notes [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation	0.6	0.6
Level 3 [member] | Minimum [Member] | Equity/equity correlation [member] | Derivatives at equity [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation	0.2	0
Level 3 [member] | Minimum [Member] | Commodity volatility [member] | Other derivatives [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	18.00%	11.00%
Level 3 [member] | Minimum [Member] | Com/com correlation [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation		0.3
Level 3 [member] | Minimum [Member] | Com/com correlation [member] | Other derivatives [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation		0.3
Level 3 [member] | Minimum [Member] | Com/FX correlation [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation	(0.5)	(0.5)
Level 3 [member] | Minimum [Member] | Other [member] | Equity, at fair value through other comprehensive income [Member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation	63
Level 3 [member] | Minimum [Member] | Equity volatility Percentage [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	14.00%	13.00%
Level 3 [member] | Minimum [Member] | Equity volatility Percentage [member] | Derivatives at equity [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	3.00%	4.00%
Level 3 [member] | Minimum [Member] | Equity FX correlation [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation	(0.007)	(0.005)
Level 3 [member] | Minimum [Member] | Equity FX correlation [member] | Derivatives at equity [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation	(0.6)	(0.6)
Level 3 [member] | Minimum [Member] | Dividend yield % [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	1.00%	2.00%
Level 3 [member] | Minimum [Member] | Dividend yield % [member] | Derivatives at equity [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	0.00%	0.00%
Level 3 [member] | Minimum [Member] | Price [member] | Derivative at credit [member] | Price based [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	99.00%
Level 3 [member] | Minimum [Member] | Interest rate volatility (bps) [member] | Derivatives at rates [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	0.17%	0.17%
Level 3 [member] | Minimum [Member] | Debt securities [Member] | Price (%) [member] | Price based [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	0.00%	0.00%
Level 3 [member] | Minimum [Member] | Equity securities [Member] | Price based [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation	0	0
Level 3 [member] | Maximum [Member] | Price (%) [member] | Loans and advances [member] | Price based [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	100.00%	104.00%
Level 3 [member] | Maximum [Member] | Price (%) [member] | Structured notes [member] | Price based [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	112.00%	124.00%
Level 3 [member] | Maximum [Member] | Price (%) [member] | Equity, at fair value through other comprehensive income [Member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	100.00%	187.00%
Level 3 [member] | Maximum [Member] | Interest Rate [Member] | Reverse (Repos) [Member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	4.00%	4.00%
Level 3 [member] | Maximum [Member] | Credit Spread (CSO1) [member] | Loans and advances [member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, credit spread	10.13%	2.50%
Level 3 [member] | Maximum [Member] | Credit Spread (CSO1) [member] | Derivative at credit [member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, credit spread	259.61%	110.54%
Level 3 [member] | Maximum [Member] | Credit Spread (CSO1) [member] | Equity, at fair value through other comprehensive income [Member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, credit spread	0.0191%
Level 3 [member] | Maximum [Member] | Reset spread (%) [member] | Derivatives at rates [member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	2.00%	2.00%
Level 3 [member] | Maximum [Member] | Prepayment rate (%) [member] | Loan and advances at fair value through other comprehensive income [Member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	9.00%	6.00%
Level 3 [member] | Maximum [Member] | Inflation rate (%) [member] | Equity, at fair value through other comprehensive income [Member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	3.00%	3.00%
Level 3 [member] | Maximum [Member] | FX volatility (bps ) [member] | Derivatives at foreign exchange [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, credit spread	0.10%	0.08%
Level 3 [member] | Maximum [Member] | Jump rate (%) [member] | Derivatives at foreign exchange [member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	12.00%	12.00%
Level 3 [member] | Maximum [Member] | Equity/equity correlation [member] | Structured notes [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation	0.9	0.8
Level 3 [member] | Maximum [Member] | Equity/equity correlation [member] | Derivatives at equity [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation	0.9	0
Level 3 [member] | Maximum [Member] | Commodity volatility [member] | Other derivatives [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	79.00%	53.00%
Level 3 [member] | Maximum [Member] | Com/com correlation [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation		0.9
Level 3 [member] | Maximum [Member] | Com/com correlation [member] | Other derivatives [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation		0.9
Level 3 [member] | Maximum [Member] | Com/FX correlation [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation	(0.3)	(0.3)
Level 3 [member] | Maximum [Member] | Other [member] | Equity, at fair value through other comprehensive income [Member] | Present value techniques [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation	80
Level 3 [member] | Maximum [Member] | Equity volatility Percentage [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	27.00%	20.00%
Level 3 [member] | Maximum [Member] | Equity volatility Percentage [member] | Derivatives at equity [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	113.00%	84.00%
Level 3 [member] | Maximum [Member] | Equity FX correlation [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation	0.003	0.003
Level 3 [member] | Maximum [Member] | Equity FX correlation [member] | Derivatives at equity [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation	0.3	0.6
Level 3 [member] | Maximum [Member] | Dividend yield % [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	5.00%	4.00%
Level 3 [member] | Maximum [Member] | Dividend yield % [member] | Derivatives at equity [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	29.00%	13.00%
Level 3 [member] | Maximum [Member] | Price [member] | Derivative at credit [member] | Price based [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	107.00%
Level 3 [member] | Maximum [Member] | Interest rate volatility (bps) [member] | Derivatives at rates [member] | Option pricing model [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	1.37%	1.37%
Level 3 [member] | Maximum [Member] | Debt securities [Member] | Price (%) [member] | Price based [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs, percentage	107.00%	121.00%
Level 3 [member] | Maximum [Member] | Equity securities [Member] | Price based [member]
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable inputs,correlation	5,475	5,475

XML

Fair Value of Assets and Liabilities - Sensitivity analysis of Level 3 instruments (Detail) - Level 3 [member] - EUR (€) € in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disclosure of fair value measurement of assets [line items]
Positive fair value movements from using reasonable possible alternatives	€ 93		€ 85
Negative fair value movements from using reasonable possible alternatives	30	€ 0
Financial assets at fair value through profit or loss [member] | Equity (equity derivatives, structured notes) [member]
Disclosure of fair value measurement of assets [line items]
Positive fair value movements from using reasonable possible alternatives	43		35
Negative fair value movements from using reasonable possible alternatives	20	€ 0
Financial assets at fair value through profit or loss [member] | Interest rates (Rates derivatives, FX derivatives) [member]
Disclosure of fair value measurement of assets [line items]
Positive fair value movements from using reasonable possible alternatives	25		40
Negative fair value movements from using reasonable possible alternatives	1
Financial assets at fair value through profit or loss [member] | Credit (Debt securities, Loans, structured notes, credit derivatives) [member]
Disclosure of fair value measurement of assets [line items]
Positive fair value movements from using reasonable possible alternatives	25		€ 10
Negative fair value movements from using reasonable possible alternatives	€ 9

XML

Fair Value of Assets and Liabilities - Additional Information (Detail) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Disclosure of fair value measurement of assets and liabilities [Line Items]
Financial assets, at fair value	€ 150,103		€ 130,655
Financial assets measured at fair value	51,142		41,600
Financial liabilities measured at fair value	90,641		77,942
Transfers between Level 1 and Level 2
Financial assets classified as Level 3 based on quoted price	€ 2,900		2,500
Percentage on financial asset based on unadjusted quoted price	59.90%	52.60%
Amount of risk neutral designed financial assets	€ 1,100		1,300
Remaining financial assets classified as level 3 using valuation techniques	800		1,000
Financial Liabilities classified as Level 3 based on unadjusted quoted price	700		200
Financial Liabilities designed to be fully neutral in terms of market risk	100		100
Property and equipment	3,086		3,172
Financial liabilities, class [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Unrealised gains on (losses) recognised in the statement of profit or loss	13
Level 3 [member]
Disclosure of fair value measurement of assets and liabilities [Line Items]
Financial assets, at fair value	4,890		4,768	€ 5,387
Financial assets measured at fair value	€ 1,280		1,381
Percentage of financial assets classified as level 3	3.30%	3.60%
Financial liabilities measured at fair value	€ 1,135		490
Financial liabilities classified as Level 3	€ 1,100	€ 500
Percentage of financial liabilities classified as level 3	1.30%	0.60%
Percentage on financial asset based on unadjusted quoted price	64.60%	39.30%
Remaining financial liabilities classified as level 3 using valuation techniques	€ 300		€ 200
Percentage of valuation certainty	90.00%

XML

Legal Proceedings - Additional Information (Detail) - EUR (€)	8 Months Ended
	Sep. 04, 2018	Jun. 30, 2017
Penal fine [member]
Disclosure of Legal Proceedings [line items]
Legal Proceedings Provision		€ 120,000
Fine, bankruptcy trustee, Cash Company [Member]
Disclosure of Legal Proceedings [line items]
Legal Proceedings Provision		€ 31,480,000
Criminal investigations, fine [Member]
Disclosure of Legal Proceedings [line items]
Losses On Litigation Settlements	€ 675,000,000
Criminal investigations, disgorgement [Member]
Disclosure of Legal Proceedings [line items]
Losses On Litigation Settlements	€ 100,000,000

XML

Related parties (Details) € in Millions	Jun. 30, 2020 EUR (€)
Related parties [abstract]
Provision for doubtful debts	€ 0

XML

Capital Management - Additional Information (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Disclosure of Capital Management [Line Items]
Common equity Tier 1 required	15.00%	14.60%
Maximum [Member]
Disclosure of Capital Management [Line Items]
Systemic Risk Buffer requirement Percentage	3.00%
Countercyclical Buffer (CCyB) requirements percentage	0.24%
Maximum Distributable Amount trigger level percentage	15.49%
Common equity Tier 1 required	11.99%
Fully loaded Tier 1 requirement percentage	13.49%
Minimum [Member]
Disclosure of Capital Management [Line Items]
Systemic Risk Buffer requirement Percentage	2.50%
Countercyclical Buffer (CCyB) requirements percentage	0.03%
Maximum Distributable Amount trigger level percentage	14.78%
Common equity Tier 1 required	10.51%
Fully loaded Tier 1 requirement percentage	12.34%

XML

Capital Management - Main Credit Ratings of ING (Detail)	6 Months Ended
	Jun. 30, 2020
Standard & Poor [Member]
Disclosure of Capital Management [Line Items]
Credit rating status long term	A-
Moody's [Member]
Disclosure of Capital Management [Line Items]
Credit rating status long term	Baa1
Fitch [Member]
Disclosure of Capital Management [Line Items]
Credit rating status long term	A+
ING Bank N.V. [member] | Standard & Poor [Member]
Disclosure of Capital Management [Line Items]
Credit rating status long term	A+
Credit rating status short term	A-1
ING Bank N.V. [member] | Moody's [Member]
Disclosure of Capital Management [Line Items]
Credit rating status long term	Aa3
Credit rating status short term	P-1
ING Bank N.V. [member] | Fitch [Member]
Disclosure of Capital Management [Line Items]
Credit rating status long term	AA-
Credit rating status short term	F1+

XML

Risk Management Section - Gross Carrying amount per IFRS 9 stage and rating class (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of credit risk exposure [line items]
Financial assets	€ 971,591	€ 878,985
-Loans [member] | Gross carrying amount [member]
Disclosure of credit risk exposure [line items]
Financial assets	939,852	869,284	€ 846,244
-Loans [member] | Gross carrying amount [member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	863,599	817,247	788,537
-Loans [member] | Gross carrying amount [member] | Credit impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	13,476	10,955	10,758
-Loans [member] | Gross carrying amount [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	62,777	41,082	46,949
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member]
Disclosure of credit risk exposure [line items]
Financial assets	939,852	869,284
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	863,599	817,247
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | Credit impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	13,476	10,955
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	62,777
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 1 (AAA) [Member]
Disclosure of credit risk exposure [line items]
Financial assets	125,873	75,144
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 1 (AAA) [Member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	125,600	75,144
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 1 (AAA) [Member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	273
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 2-4 (AA) [member]
Disclosure of credit risk exposure [line items]
Financial assets	103,905	83,020
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 2-4 (AA) [member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	103,608	82,992
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 2-4 (AA) [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	297	28
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 5-7 (A) [member]
Disclosure of credit risk exposure [line items]
Financial assets	136,168	132,204
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 5-7 (A) [member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	134,992	131,931
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 5-7 (A) [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	1,177	273
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 8-10 (BBB) [member]
Disclosure of credit risk exposure [line items]
Financial assets	303,844	300,354
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 8-10 (BBB) [member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	296,019	295,449
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 8-10 (BBB) [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	7,825	4,905
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 11-13 (BB) [member]
Disclosure of credit risk exposure [line items]
Financial assets	189,260	202,568
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 11-13 (BB) [member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	171,411	194,643
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 11-13 (BB) [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	17,849	7,925
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 14-16 (B) [Member]
Disclosure of credit risk exposure [line items]
Financial assets	54,936	55,099
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 14-16 (B) [Member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	30,548	36,683
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 14-16 (B) [Member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	24,388	18,416
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 17 (CCC) [member]
Disclosure of credit risk exposure [line items]
Financial assets	6,097	4,472
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 17 (CCC) [member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	1,421	405
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 17 (CCC) [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	4,676	4,067
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 18 (CC) [member]
Disclosure of credit risk exposure [line items]
Financial assets	4,055	3,253
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 18 (CC) [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	4,055	3,253
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 19 (C) [member]
Disclosure of credit risk exposure [line items]
Financial assets	2,238	2,216
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 19 (C) [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	2,238	2,216
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 20-22 (D)
Disclosure of credit risk exposure [line items]
Financial assets	13,476	10,955
-Loans [member] | Gross carrying amount [member] | In accordance with IFRS 9 [member] | 20-22 (D) | Credit impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	13,476	10,955
-Loans [member] | Provisions [member]
Disclosure of credit risk exposure [line items]
Financial assets	6,112	4,646	4,568
-Loans [member] | Provisions [member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	717	490	501
-Loans [member] | Provisions [member] | Credit impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	3,983	3,275	3,141
-Loans [member] | Provisions [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	1,412	881	€ 925
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member]
Disclosure of credit risk exposure [line items]
Financial assets	6,112	4,646
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	717	490
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | Credit impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	3,984	3,275
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	1,412
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 1 (AAA) [Member]
Disclosure of credit risk exposure [line items]
Financial assets	5	1
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 1 (AAA) [Member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	5	1
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 2-4 (AA) [member]
Disclosure of credit risk exposure [line items]
Financial assets	5	3
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 2-4 (AA) [member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	5	3
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 5-7 (A) [member]
Disclosure of credit risk exposure [line items]
Financial assets	24	11
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 5-7 (A) [member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	23	11
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 5-7 (A) [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	1
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 8-10 (BBB) [member]
Disclosure of credit risk exposure [line items]
Financial assets	104	61
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 8-10 (BBB) [member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	90	55
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 8-10 (BBB) [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	14	6
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 11-13 (BB) [member]
Disclosure of credit risk exposure [line items]
Financial assets	334	263
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 11-13 (BB) [member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	215	209
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 11-13 (BB) [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	119	54
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 14-16 (B) [Member]
Disclosure of credit risk exposure [line items]
Financial assets	706	569
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 14-16 (B) [Member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	210	202
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 14-16 (B) [Member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	496	367
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 17 (CCC) [member]
Disclosure of credit risk exposure [line items]
Financial assets	605	153
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 17 (CCC) [member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	169	7
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 17 (CCC) [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	436	146
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 18 (CC) [member]
Disclosure of credit risk exposure [line items]
Financial assets	200	160
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 18 (CC) [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	200	160
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 19 (C) [member]
Disclosure of credit risk exposure [line items]
Financial assets	145	148
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 19 (C) [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	145	148
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 20-22 (D)
Disclosure of credit risk exposure [line items]
Financial assets	3,984	3,275
-Loans [member] | Provisions [member] | In accordance with IFRS 9 [member] | 20-22 (D) | Credit impaired [member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	€ 3,984	€ 3,275

XML

Risk Management Section - Changes in gross carrying amounts and loan loss provision (Detail) - EUR (€) € in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disclosure of financial assets [line items]
Opening balance	€ 878,985
Increase in loan loss provisions	1,998	€ 416
Closing balance	971,591		€ 878,985
-Loans [member] | Gross carrying amount [member]
Disclosure of financial assets [line items]
Opening balance	869,284	846,244	846,244
New financial assets originated or purchased	95,280		180,605
Financial assets that have been derecognised	(70,747)		(136,849)
Net drawdowns and repayments	46,468		(19,686)
Write-offs	(433)		(1,030)
Closing balance	939,852		869,284
-Loans [member] | Gross carrying amount [member] | 12-month expected credit losses [member]
Disclosure of financial assets [line items]
Opening balance	817,247	788,537	788,537
Transfer into 12-month ECL (Stage 1)	7,746		12,856
Transfer into lifetime ECL not credit impaired (Stage 2)	(33,528)		(21,577)
Transfer into lifetime ECL credit impaired (Stage 3)	(2,136)		(2,210)
New financial assets originated or purchased	95,280		180,605
Financial assets that have been derecognised	(65,966)		(126,082)
Net drawdowns and repayments	44,955		(14,880)
Write-offs			(1)
Closing balance	863,599		817,247
-Loans [member] | Gross carrying amount [member] | Credit impaired [member] | Lifetime expected credit losses [member]
Disclosure of financial assets [line items]
Opening balance	10,955	10,758	10,758
Transfer into 12-month ECL (Stage 1)	(346)		(277)
Transfer into lifetime ECL not credit impaired (Stage 2)	(420)		(805)
Transfer into lifetime ECL credit impaired (Stage 3)	4,280		3,964
Financial assets that have been derecognised	(551)		(1,659)
Net drawdowns and repayments	(9)		1
Write-offs	(433)		(1,027)
Closing balance	13,476		10,955
-Loans [member] | Gross carrying amount [member] | Not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of financial assets [line items]
Opening balance	41,082	46,949	46,949
Transfer into 12-month ECL (Stage 1)	(7,401)		(12,579)
Transfer into lifetime ECL not credit impaired (Stage 2)	33,948		22,382
Transfer into lifetime ECL credit impaired (Stage 3)	(2,144)		(1,753)
Financial assets that have been derecognised	(4,230)		(9,108)
Net drawdowns and repayments	1,522		(4,807)
Write-offs			(2)
Closing balance	62,777		41,082
-Loans [member] | Provisions [member]
Disclosure of financial assets [line items]
Opening balance	4,646	4,568	4,568
Transfer into 12-month ECL (Stage 1)	(120)		(246)
Transfer into lifetime ECL not credit impaired (Stage 2)	426		320
Transfer into lifetime ECL credit impaired (Stage 3)	900		972
Net remeasurement of loan loss provision	797		242
New financial assets originated or purchased	146		205
Financial assets that have been derecognised	(182)		(402)
Changes in models/risk parameters			9
Increase in loan loss provisions	1,970		1,099
Write-offs	(433)		(1,031)
Recoveries of amounts previously written off	19		55
Foreign exchange and other movements	(89)		(45)
Closing balance	6,112		4,646
-Loans [member] | Provisions [member] | 12-month expected credit losses [member]
Disclosure of financial assets [line items]
Opening balance	490	501	501
Transfer into 12-month ECL (Stage 1)	14		30
Transfer into lifetime ECL not credit impaired (Stage 2)	(50)		(73)
Transfer into lifetime ECL credit impaired (Stage 3)	(20)		(6)
Net remeasurement of loan loss provision	182		(77)
New financial assets originated or purchased	146		205
Financial assets that have been derecognised	(43)		(103)
Changes in models/risk parameters	0		15
Increase in loan loss provisions	230		(9)
Write-offs			(1)
Foreign exchange and other movements	(2)		(1)
Closing balance	717		490
-Loans [member] | Provisions [member] | Credit impaired [member] | Lifetime expected credit losses [member]
Disclosure of financial assets [line items]
Opening balance	3,275	3,141	3,141
Transfer into 12-month ECL (Stage 1)	(8)		(23)
Transfer into lifetime ECL not credit impaired (Stage 2)	(46)		(81)
Transfer into lifetime ECL credit impaired (Stage 3)	1,058		1,113
Net remeasurement of loan loss provision	261		283
Financial assets that have been derecognised	(73)		(137)
Changes in models/risk parameters			(8)
Increase in loan loss provisions	1,192		1,147
Write-offs	(433)		(1,028)
Recoveries of amounts previously written off	19		55
Foreign exchange and other movements	(70)		(41)
Closing balance	3,983		3,275
-Loans [member] | Provisions [member] | Not credit-impaired [member] | Lifetime expected credit losses [member]
Disclosure of financial assets [line items]
Opening balance	881	€ 925	925
Transfer into 12-month ECL (Stage 1)	(126)		(253)
Transfer into lifetime ECL not credit impaired (Stage 2)	522		474
Transfer into lifetime ECL credit impaired (Stage 3)	(136)		(135)
Net remeasurement of loan loss provision	354		36
Financial assets that have been derecognised	(66)		(162)
Changes in models/risk parameters			2
Increase in loan loss provisions	548		(39)
Write-offs			(2)
Foreign exchange and other movements	(17)		(3)
Closing balance	€ 1,412		€ 881

XML

Risk Management Section - Sensitivity Analysis (Details) € in Millions	Jun. 30, 2020 EUR (€)	Dec. 31, 2019 EUR (€)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	€ 971,591	€ 878,985
Credit risk [member] | Netherlands [member] | Reportable ECL
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	559
Credit risk [member] | Germany [member] | Reportable ECL
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	575
Credit risk [member] | Belgium [member] | Reportable ECL
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	510
Credit risk [member] | USA [member] | Reportable ECL
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	€ 335
Upside scenario[Member] | Netherlands [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.2
Upside scenario[Member] | Netherlands [member] | Un-weigthed ECL
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	€ 476
Upside scenario[Member] | Netherlands [member] | 2020 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.06)
Upside scenario[Member] | Netherlands [member] | 2020 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.049
Upside scenario[Member] | Netherlands [member] | 2020 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.037
Upside scenario[Member] | Netherlands [member] | 2021 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.052
Upside scenario[Member] | Netherlands [member] | 2021 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.044
Upside scenario[Member] | Netherlands [member] | 2021 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.147
Upside scenario[Member] | Netherlands [member] | 2022 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.039
Upside scenario[Member] | Netherlands [member] | 2022 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.038
Upside scenario[Member] | Netherlands [member] | 2022 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.053
Upside scenario[Member] | Germany [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.2
Upside scenario[Member] | Germany [member] | Un-weigthed ECL
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	€ 518
Upside scenario[Member] | Germany [member] | 2020 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.058)
Upside scenario[Member] | Germany [member] | 2020 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.037
Upside scenario[Member] | Germany [member] | 2020 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.06
Upside scenario[Member] | Germany [member] | 2021 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.071
Upside scenario[Member] | Germany [member] | 2021 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.024
Upside scenario[Member] | Germany [member] | 2021 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.07
Upside scenario[Member] | Germany [member] | 2022 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.026
Upside scenario[Member] | Germany [member] | 2022 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.016
Upside scenario[Member] | Germany [member] | 2022 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.085
Upside scenario[Member] | Belgium [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.2
Upside scenario[Member] | Belgium [member] | Un-weigthed ECL
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	€ 450
Upside scenario[Member] | Belgium [member] | 2020 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.076)
Upside scenario[Member] | Belgium [member] | 2020 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.089
Upside scenario[Member] | Belgium [member] | 2020 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.028
Upside scenario[Member] | Belgium [member] | 2021 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.062
Upside scenario[Member] | Belgium [member] | 2021 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.077
Upside scenario[Member] | Belgium [member] | 2021 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.05
Upside scenario[Member] | Belgium [member] | 2022 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.028
Upside scenario[Member] | Belgium [member] | 2022 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.072
Upside scenario[Member] | Belgium [member] | 2022 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.044
Upside scenario[Member] | USA [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.2
Upside scenario[Member] | USA [member] | Un-weigthed ECL
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	€ 205
Upside scenario[Member] | USA [member] | 2020 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.056)
Upside scenario[Member] | USA [member] | 2020 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.098
Upside scenario[Member] | USA [member] | 2020 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.031
Upside scenario[Member] | USA [member] | 2021 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.053
Upside scenario[Member] | USA [member] | 2021 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.052
Upside scenario[Member] | USA [member] | 2021 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.068
Upside scenario[Member] | USA [member] | 2022 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.049
Upside scenario[Member] | USA [member] | 2022 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.027
Upside scenario[Member] | USA [member] | 2022 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.088
Baseline Scenario [Member] | Netherlands [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.6
Baseline Scenario [Member] | Netherlands [member] | Un-weigthed ECL
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	€ 536
Baseline Scenario [Member] | Netherlands [member] | 2020 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.063)
Baseline Scenario [Member] | Netherlands [member] | 2020 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.053
Baseline Scenario [Member] | Netherlands [member] | 2020 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.002)
Baseline Scenario [Member] | Netherlands [member] | 2021 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.04
Baseline Scenario [Member] | Netherlands [member] | 2021 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.054
Baseline Scenario [Member] | Netherlands [member] | 2021 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.008
Baseline Scenario [Member] | Netherlands [member] | 2022 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.023
Baseline Scenario [Member] | Netherlands [member] | 2022 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.054
Baseline Scenario [Member] | Netherlands [member] | 2022 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.032
Baseline Scenario [Member] | Germany [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.6
Baseline Scenario [Member] | Germany [member] | Un-weigthed ECL
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	€ 558
Baseline Scenario [Member] | Germany [member] | 2020 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.063)
Baseline Scenario [Member] | Germany [member] | 2020 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.04
Baseline Scenario [Member] | Germany [member] | 2020 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.044
Baseline Scenario [Member] | Germany [member] | 2021 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.053
Baseline Scenario [Member] | Germany [member] | 2021 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.036
Baseline Scenario [Member] | Germany [member] | 2021 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.032
Baseline Scenario [Member] | Germany [member] | 2022 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.019
Baseline Scenario [Member] | Germany [member] | 2022 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.032
Baseline Scenario [Member] | Germany [member] | 2022 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.051
Baseline Scenario [Member] | Belgium [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.6
Baseline Scenario [Member] | Belgium [member] | Un-weigthed ECL
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	€ 491
Baseline Scenario [Member] | Belgium [member] | 2020 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.079)
Baseline Scenario [Member] | Belgium [member] | 2020 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.092
Baseline Scenario [Member] | Belgium [member] | 2020 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.019
Baseline Scenario [Member] | Belgium [member] | 2021 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.049
Baseline Scenario [Member] | Belgium [member] | 2021 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.077
Baseline Scenario [Member] | Belgium [member] | 2021 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.039
Baseline Scenario [Member] | Belgium [member] | 2022 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.023
Baseline Scenario [Member] | Belgium [member] | 2022 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.077
Baseline Scenario [Member] | Belgium [member] | 2022 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.035
Baseline Scenario [Member] | USA [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.6
Baseline Scenario [Member] | USA [member] | Un-weigthed ECL
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	€ 285
Baseline Scenario [Member] | USA [member] | 2020 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.057)
Baseline Scenario [Member] | USA [member] | 2020 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.102
Baseline Scenario [Member] | USA [member] | 2020 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.023
Baseline Scenario [Member] | USA [member] | 2021 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.042
Baseline Scenario [Member] | USA [member] | 2021 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.066
Baseline Scenario [Member] | USA [member] | 2021 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.028
Baseline Scenario [Member] | USA [member] | 2022 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.03
Baseline Scenario [Member] | USA [member] | 2022 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.047
Baseline Scenario [Member] | USA [member] | 2022 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.03
Downside scenario [Member] | Netherlands [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.2
Downside scenario [Member] | Netherlands [member] | Un-weigthed ECL
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	€ 708
Downside scenario [Member] | Netherlands [member] | 2020 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.069)
Downside scenario [Member] | Netherlands [member] | 2020 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.062
Downside scenario [Member] | Netherlands [member] | 2020 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.044)
Downside scenario [Member] | Netherlands [member] | 2021 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.006
Downside scenario [Member] | Netherlands [member] | 2021 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.075
Downside scenario [Member] | Netherlands [member] | 2021 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.144)
Downside scenario [Member] | Netherlands [member] | 2022 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.001
Downside scenario [Member] | Netherlands [member] | 2022 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.083
Downside scenario [Member] | Netherlands [member] | 2022 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.003
Downside scenario [Member] | Germany [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.2
Downside scenario [Member] | Germany [member] | Un-weigthed ECL
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	€ 681
Downside scenario [Member] | Germany [member] | 2020 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.069)
Downside scenario [Member] | Germany [member] | 2020 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.047
Downside scenario [Member] | Germany [member] | 2020 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.007
Downside scenario [Member] | Germany [member] | 2021 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.017
Downside scenario [Member] | Germany [member] | 2021 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.051
Downside scenario [Member] | Germany [member] | 2021 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.013)
Downside scenario [Member] | Germany [member] | 2022 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.004)
Downside scenario [Member] | Germany [member] | 2022 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.052
Downside scenario [Member] | Germany [member] | 2022 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.013
Downside scenario [Member] | Belgium [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.2
Downside scenario [Member] | Belgium [member] | Un-weigthed ECL
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	€ 628
Downside scenario [Member] | Belgium [member] | 2020 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.085)
Downside scenario [Member] | Belgium [member] | 2020 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.103
Downside scenario [Member] | Belgium [member] | 2020 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.007
Downside scenario [Member] | Belgium [member] | 2021 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.025
Downside scenario [Member] | Belgium [member] | 2021 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.102
Downside scenario [Member] | Belgium [member] | 2021 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.022
Downside scenario [Member] | Belgium [member] | 2022 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.01
Downside scenario [Member] | Belgium [member] | 2022 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.103
Downside scenario [Member] | Belgium [member] | 2022 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.026
Downside scenario [Member] | USA [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.2
Downside scenario [Member] | USA [member] | Un-weigthed ECL
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	€ 612
Downside scenario [Member] | USA [member] | 2020 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.066)
Downside scenario [Member] | USA [member] | 2020 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.109
Downside scenario [Member] | USA [member] | 2020 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.013
Downside scenario [Member] | USA [member] | 2021 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.005
Downside scenario [Member] | USA [member] | 2021 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.091
Downside scenario [Member] | USA [member] | 2021 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.019)
Downside scenario [Member] | USA [member] | 2022 [member] | Real GDP
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.007
Downside scenario [Member] | USA [member] | 2022 [member] | Unemployment
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	0.081
Downside scenario [Member] | USA [member] | 2022 [member] | HPI
Disclosure of nature and extent of risks arising from financial instruments [line items]
Scenario probability weighting	(0.033)

XML

Risk Management Section - Most important foreign exchange year-end trading positions (Detail) - Risk diversification effect [member] - Foreign exchange risk [member] - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
US Dollar [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	€ 127	€ 116
Great Britain, Pounds [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	(37)
Chinese Yuan [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	27	(21)
Japanese, Yen [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	(26)	(10)
Swiss Francs [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	€ (24)
South Korean Won [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions		20
Brazilian Real [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions		€ (15)

XML

Risk Management Section - Most important interest rate and credit spread sensitivities at year-end (Detail) - Risk diversification effect [member] - EUR (€) € in Thousands	Jun. 30, 2020	Dec. 31, 2019
Interest Rate (BPV) [member] | Euro [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	€ (1,280)	€ (740)
Interest Rate (BPV) [member] | US Dollar [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	(745)	(325)
Interest Rate (BPV) [member] | Russian Rouble [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	(154)	(105)
Interest Rate (BPV) [member] | Great Britain, Pounds [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	(92)	(68)
Interest Rate (BPV) [member] | Japanese, Yen [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	(66)
Interest Rate (BPV) [member] | Australian Dollar [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions		(31)
Credit Spread (CSO1) [member] | USA [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	109	360
Credit Spread (CSO1) [member] | Germany [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	153	163
Credit Spread (CSO1) [member] | France [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions		117
Credit Spread (CSO1) [member] | Russian Federation [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions		73
Credit Spread (CSO1) [member] | United Kingdom [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	40	72
Credit Spread (CSO1) [member] | Republic of Korea [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	(58)
Credit Spread (CSO1) [member] | Indonesia [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	42
Corporate Segment [Member] | Credit Spread (CSO1) [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	365,000	626
Corporate Segment [Member] | Credit Spread (CSO1) [member] | 1 (AAA) [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	1,000	1
Corporate Segment [Member] | Credit Spread (CSO1) [member] | 2-4 (AA) [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	21,000	(15)
Corporate Segment [Member] | Credit Spread (CSO1) [member] | 5-7 (A) [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	56,000	143
Corporate Segment [Member] | Credit Spread (CSO1) [member] | 8-10 (BBB) [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	207,000	273
Corporate Segment [Member] | Credit Spread (CSO1) [member] | 11-13 (BB) [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	57,000	148
Corporate Segment [Member] | Credit Spread (CSO1) [member] | 14-16 (B) [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	20,000	51
Corporate Segment [Member] | Credit Spread (CSO1) [member] | 17-22 (CCC and NPL) [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	3,000	26
Financial institutions [Member] | Credit Spread (CSO1) [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	(147,000)	(21)
Financial institutions [Member] | Credit Spread (CSO1) [member] | 1 (AAA) [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	(3,000)	(1)
Financial institutions [Member] | Credit Spread (CSO1) [member] | 2-4 (AA) [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	(64,000)	(63)
Financial institutions [Member] | Credit Spread (CSO1) [member] | 5-7 (A) [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	(50,000)	32
Financial institutions [Member] | Credit Spread (CSO1) [member] | 8-10 (BBB) [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	(24,000)	1
Financial institutions [Member] | Credit Spread (CSO1) [member] | 11-13 (BB) [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	(4,000)	9
Financial institutions [Member] | Credit Spread (CSO1) [member] | 14-16 (B) [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk positions	€ (2,000)	€ 1

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Risk Management Section - Additional infomation (Details) € in Billions	Jun. 30, 2020 EUR (€) Employee	Dec. 31, 2019
Disclosure of credit risk exposure [line items]
Number of customers | Employee	189,000
Total outstanding amount under payment holidays program | €	€ 18.1
Percentage of total loans deferred	55.00%
Stage 1 [member]
Disclosure of credit risk exposure [line items]
Percentage of Risk Portfolio	91.90%	94.00%
Stage 2 [member]
Disclosure of credit risk exposure [line items]
Percentage of Risk Portfolio	6.70%	4.70%
Stage 3 [member]
Disclosure of credit risk exposure [line items]
Percentage of Risk Portfolio	1.40%	1.30%

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Risk Management Section - Changes in gross carrying amounts and loan loss provision - Additional information (Detail) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Disclosure of credit risk exposure [line items]
Financial assets	€ 971,591	€ 878,985
Stage 2 [member] | Transportation, Logistics and Automotive [Member]
Disclosure of credit risk exposure [line items]
Percentage of gross carrying amount	12.00%
Stage 2 [member] | Services [Member]
Disclosure of credit risk exposure [line items]
Percentage of gross carrying amount	9.00%
Stage 2 [member] | Real Estate Market [Member]
Disclosure of credit risk exposure [line items]
Percentage of gross carrying amount	9.00%
Stage 2 [member] | Food, Beverages & Personal Care [Member]
Disclosure of credit risk exposure [line items]
Percentage of gross carrying amount	8.00%
-Loans [member] | Gross carrying amount [member] | Management adjustments [Member] | Netherlands [member]
Disclosure of credit risk exposure [line items]
Financial assets	€ 45
-Loans [member] | Gross carrying amount [member] | Management adjustments [Member] | Belgium [member]
Disclosure of credit risk exposure [line items]
Financial assets	15
-Loans [member] | Gross carrying amount [member] | Oil price volatility [Member] | Management adjustments [Member]
Disclosure of credit risk exposure [line items]
Increase (decrease) in financial assets	90
Financial assets	30
-Loans [member] | Gross carrying amount [member] | Stage 2 [member]
Disclosure of credit risk exposure [line items]
Increase (decrease) in financial assets	21,600
Financial assets		41,100
Forborne assets	3,300
-Loans [member] | Gross carrying amount [member] | Stage 2 [member] | Transportation, Logistics and Automotive [Member]
Disclosure of credit risk exposure [line items]
Increase (decrease) in financial assets	4,700
-Loans [member] | Gross carrying amount [member] | Stage 2 [member] | Services [Member]
Disclosure of credit risk exposure [line items]
Increase (Decrease) Of Forborne Assets	2,100
-Loans [member] | Gross carrying amount [member] | Stage 2 [member] | Real Estate Market [Member]
Disclosure of credit risk exposure [line items]
Increase (Decrease) Of Forborne Assets	2,000
-Loans [member] | Gross carrying amount [member] | Stage 2 [member] | Food, Beverages & Personal Care [Member]
Disclosure of credit risk exposure [line items]
Increase (decrease) in financial assets	1,700
-Loans [member] | Gross carrying amount [member] | Stage 3: Lifetime Expected Credit Losses [member]
Disclosure of credit risk exposure [line items]
Increase (decrease) in financial assets	2,500
Financial assets		€ 10,900
-Loans [member] | Gross carrying amount [member] | Stage 3: Lifetime Expected Credit Losses [member] | Definition of default [Member]
Disclosure of credit risk exposure [line items]
Increase (Decrease) Of Forborne Assets	1,000
-Loans [member] | Gross carrying amount [member] | Wholesale Banking [member] | Stage 2 [member] | Watchlist trigger [Member]
Disclosure of credit risk exposure [line items]
Financial assets	4,000
-Loans [member] | Gross carrying amount [member] | Wholesale Banking [member] | Stage 2 [member] | Significant LT PD trigger [Member]
Disclosure of credit risk exposure [line items]
Financial assets	8,400
-Loans [member] | Provisions [member] | Stage 1 [member] | Worsened macro-economic outlook [Member]
Disclosure of credit risk exposure [line items]
Increase (decrease) in financial assets	182
-Loans [member] | Provisions [member] | Stage 2 [member] | Worsened macro-economic outlook [Member]
Disclosure of credit risk exposure [line items]
Increase (decrease) in financial assets	354
-Loans [member] | Provisions [member] | Stage 3: Lifetime Expected Credit Losses [member] | Worsened macro-economic outlook [Member]
Disclosure of credit risk exposure [line items]
Increase (decrease) in financial assets	€ 522

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Risk Management Section - Changes in gross carrying amounts and loan loss provision footnote - Additional Information (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Gross Carrying amount per IFRS 9 stage and rating class [abstract]
Amounts included in credit outstanding	€ 14,879.0	€ 12,829.0
Changes in gross carrying amounts and loan loss provisions [abstract]
Financial assets	971,591.0	878,985.0
Value adjustment hedged items in respect of portfolio hedges	(100.0)
Liquidity facility	(1,500.0)	(1,300.0)
De-netting of cash pool balances		(1,800.0)
Other items not inclued in receivables	100.0	(300.0)
On-demand bank balances	(2,700.0)
Securities at amortised cost [Member]
Changes in gross carrying amounts and loan loss provisions [abstract]
Repurchase agreements and cash collateral on securities lent	(13,400.0)	(9,900.0)
Derivatives [member]
Changes in gross carrying amounts and loan loss provisions [abstract]
Repurchase agreements and cash collateral on securities lent	(9,400.0)	(10,200.0)
Gross carrying amount [member] | Financial instruments purchased or originated credit-impaired [member] | Stage 3: Lifetime Expected Credit Losses [member]
Changes in gross carrying amounts and loan loss provisions [abstract]
Financial assets	5.0	1.0
Gross carrying amount [member] | contingent liabilities (credit replacements) [Member]
Changes in gross carrying amounts and loan loss provisions [abstract]
Financial assets	112,700.0	115,700.0
Gross carrying amount [member] | Loans and advances to central banks [Member]
Changes in gross carrying amounts and loan loss provisions [abstract]
Financial assets	116,900.0	51,200.0
Gross carrying amount [member] | Financial assets at FVOCI [member]
Changes in gross carrying amounts and loan loss provisions [abstract]
Financial assets	37,000.0	32,200.0
Gross carrying amount [member] | Securities at amortised cost [Member]
Changes in gross carrying amounts and loan loss provisions [abstract]
Financial assets	51,100.0	46,100.0
Gross carrying amount [member] | Loans And Advances To Banks [Member]
Changes in gross carrying amounts and loan loss provisions [abstract]
Financial assets	30,700.0	35,100.0
Gross carrying amount [member] | Loans and advances to customers [member]
Changes in gross carrying amounts and loan loss provisions [abstract]
Financial assets	618,400.0	612,600.0
Provisions [member] | contingent liabilities (credit replacements) [Member]
Changes in gross carrying amounts and loan loss provisions [abstract]
Financial assets	30.0	25.0
Provisions [member] | Loans and advances to central banks [Member]
Changes in gross carrying amounts and loan loss provisions [abstract]
Financial assets	5.0	1.0
Provisions [member] | Financial assets at FVOCI [member]
Changes in gross carrying amounts and loan loss provisions [abstract]
Financial assets	13.0	10.0
Provisions [member] | Securities at amortised cost [Member]
Changes in gross carrying amounts and loan loss provisions [abstract]
Financial assets	21.0	10.0
Provisions [member] | Loans And Advances To Banks [Member]
Changes in gross carrying amounts and loan loss provisions [abstract]
Financial assets	13.0	9.0
Provisions [member] | Loans and advances to customers [member]
Changes in gross carrying amounts and loan loss provisions [abstract]
Financial assets	6,029.0	4,590.0
IAS 37 & IFRS 9 Off-Balance Provisions [Member]
Gross Carrying amount per IFRS 9 stage and rating class [abstract]
Amounts included in credit outstanding	€ 95.4	€ 93.3

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Risk Management Section - Sensitivity Analysis - Additional Information (Detail) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of credit risk exposure [line items]
Financial assets	€ 971,591	€ 878,985
ECL collective-assessment [member]
Disclosure of credit risk exposure [line items]
Financial assets	2,129	1,291
Hypothetical collective-assessment ECLs [Member] | 12-month expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	1,636	866
Hypothetical collective-assessment ECLs [Member] | Lifetime expected credit losses [member]
Disclosure of credit risk exposure [line items]
Financial assets	€ 3,409	€ 2,665