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SKN | ING Reports Higher Third-Quarter Profit as Wholesale Banking Restructuring Targets Greater Efficiency

Business

SKN | ING Reports Higher Third-Quarter Profit as Wholesale Banking Restructuring Targets Greater Efficiency

By Or Sushan

•

October 31, 2026

Key Takeaways:

  • ING Groep reported third-quarter 2026 net profit of €1.85 billion, an increase of 3.5% year over year, while total income advanced 5.6% to €6.23 billion.
  • The bank plans approximately 400 job reductions globally as it reorganizes Wholesale Banking into Corporate and Institutional Banking, with the objective of simplifying operations and strengthening client relationships.
  • The restructuring is expected to generate €75 million in annual cost savings from 2028, following a one-time pre-tax charge of approximately €175 million in the fourth quarter of 2026.

ING Groep’s third-quarter results combine improving financial performance with a significant organizational adjustment. The Dutch banking group increased net profit and total income while announcing a restructuring of its wholesale operations that will eliminate approximately 400 positions worldwide. The decision reflects a broader effort to simplify the bank’s corporate structure, improve operating efficiency, and position its institutional banking franchise for its next stage of development.

Higher Earnings Reflect Continued Commercial Momentum

ING reported net profit of €1.85 billion for the three months ended September 2026, compared with €1.79 billion in the corresponding period last year. Total income increased 5.6% to €6.23 billion, supported by growth in commercial interest income and fees. However, higher interest-rate volatility weighed on other income, partly offsetting the improvement in core revenue streams.

The bank also reported continued customer and balance-sheet expansion. Its mobile primary customer base increased by 259,000 during the quarter, while net core lending growth reached €11 billion and net core deposit growth totaled €12.1 billion. Fee income advanced 9.3% year over year to €1.273 billion.

Return on tangible equity reached 16.3%, while the Common Equity Tier 1 ratio stood at 13.3%. These indicators provide important context for the restructuring: ING is undertaking organizational changes while maintaining profitability and a substantial regulatory capital position.

Wholesale Banking Reorganization Targets a More Focused Client Model

The most significant strategic announcement concerns ING’s Wholesale Banking division, which serves large corporations and institutional clients. The bank plans to rename the business Corporate and Institutional Banking and introduce a more streamlined structure intended to strengthen client relationships and make its services easier to access.

The changes are expected to result in approximately 400 redundancies globally. ING has indicated that it will work with relevant stakeholders and support affected employees in finding alternative positions within or outside the organization.

The restructuring is not simply a workforce reduction. Management describes it as a strategic adjustment to improve how the bank serves corporate and institutional customers. ING’s wholesale franchise serves more than 4,000 major corporations and financial institutions across 36 countries, giving the reorganization significance beyond internal cost management.

Cost Savings Will Be Measured Against Execution

ING expects to recognize approximately €175 million in pre-tax restructuring costs during the fourth quarter of 2026. Once implemented, the changes are expected to produce recurring annual savings of approximately €75 million from 2028 onward.

For investors, the key consideration is whether these savings translate into sustainable improvements in operating efficiency without weakening the bank’s ability to serve complex corporate and institutional clients. The transition will require disciplined execution, particularly as ING continues to compete across international financing, transaction banking, and capital-market services.

ING’s Next Strategic Test

ING’s results demonstrate that earnings growth and organizational restructuring are proceeding simultaneously. The bank’s ability to convert its simplified wholesale structure into stronger client relationships, recurring income, and durable cost efficiencies will determine the longer-term value of the initiative. Investors should monitor implementation progress, the realization of savings from 2028, and whether the bank maintains its commercial momentum while managing the transition.

For a confidential discussion regarding your cross-border banking structure and global wealth management arrangements, contact our senior advisory team.

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