Exhibit 99.1

ING posts 2Q2023 net result of €2,155 million with strong income growth and low risk costs Profit before tax increases significantly to €3,035 million in 2Q2023; CET1 ratio rises to 14.9% • Good interest income after a long period of negative rates • Operating expenses excluding regulatory costs slightly lower quarter - on - quarter • Low risk costs, reflecting strong asset quality • Growth of 227,000 primary customers and an increase in net core deposits of €17 billion • Four - quarter rolling RoE increased to 11.7%; ING will pay an interim cash dividend of €0.35 per ordinary share CEO statement “The second quarter of 2023 was characterised by ongoing challenges, as economic sentiment weakened, geopolitical uncertainties persisted and inflation remained elevated - albeit less pronounced than in previous quarters,” said Steven van Rijswijk, CEO of ING. “In these circumstances, we continued to deliver strong results. The current interest rate environment drove income growth in both Retail and Wholesale Banking, with continued deposit inflows across our retail markets. Despite cooling economies, we had another quarter with lending growth and higher fee income. “I’m pleased with the significant customer growth that we recorded this quarter, which is an important driver for future value creation. Our primary customer base grew by 227,000 to 14.9 million. The number of mobile payment transactions increased by 18% in the quarter and was 37% higher than in the second quarter of 2022. The share of mobile - only customers is now 60%. They only do business with us through their mobile, our main channel. “In Retail Banking, we realised good results across our markets. Deposit growth continued, with a significant inflow of €17 billion in Germany, while in the Netherlands and Spain, growth was driven by seasonal inflows as well as by the introduction of a savings product for our Business Banking clients in the Netherlands. Our mortgage portfolio grew as well, driven by increases in Australia, the Netherlands and Germany. “Wholesale Banking recorded another strong quarter with disciplined capital management and higher income over risk - weighted assets. Daily Banking and Trade Finance benefited from the current interest rate environment. Fee income rose, both in Global Capital Markets and in Lending. We continued to support the activities and initiatives of our clients, although growth in Lending was offset by lower volumes in Trade and Commodity Finance and in Working Capital Solutions, reflecting lower commodity prices and lower economic activity. “Expenses came down slightly compared to the previous quarter, despite inflationary effects on staff costs and continued investments in the future growth of our business. Risk costs were limited in the second quarter, underlining the quality of our loan book. Despite low risk costs and no identifiable trends in provisioning we remain vigilant, as the cost of living and of doing business rises for our customers. Strong capital generation resulted in an increased CET1 ratio of 14.9%, despite our share buyback programme. “We aim to put sustainability at the heart of what we do. As a global bank we're financing today's society, which is not yet green enough. However, we're determined to use our strength and capabilities to help our clients transition to a low - carbon economy, by providing them with the necessary products and advice. A good example during this quarter is the introduction of an ‘eco - renovation loan’ for our Business Banking clients in Belgium, which enables them to make their real estate more sustainable. We continued to support our Wholesale Banking clients in their transitions, achieving a volume mobilised of €25 billion in the second quarter. “In a challenging macro environment, our business model allowed us to achieve strong results as we continued to execute our strategy, enabled by our digital foundations. I’m confident in our efforts and ability to continue to make the difference for people and the planet and deliver value to all our stakeholders. I want to thank all our colleagues for their dedication, our customers for their loyalty, and our shareholders and other stakeholders for their trust in us.” Press release ING Corporate Communications Amsterdam, 3 August 2023 Investor enquiries E: investor.relations@ing.com Press enquiries T: +31 (0)20 576 5000 E: media.relations@ing.com Analyst call 3 August 2023 at 9:00 am CET +31 20 794 8428 (NL), PIN code: 5380367# +44 330 551 0202 (UK), PIN code: 5380367# (Registration required via invitation) Live audio webcast at www.ing.com Media call 3 August 2023 at 11:00 am CET +31 20 708 5073 (NL) +44 330 551 0200 (UK) (Quote ING Media Call 2Q2023 when prompted by the operator) Live audio webcast at www.ing.com

Primary customers 14.9 mln +227,000 in 2Q2023 Mobile - only customers 60% of total active customers vs 53% in 2Q2022 Net result €2,155 mln +83% vs 2Q2022 Fee income €912 mln +3% vs 2Q2022 CET1 ratio 14.9% +0.1% vs 1Q2023 Return on equity (4 - qtr rolling avg) 11.7% +4.2% vs 2Q2022 Customer experience NPS score: Ranked #1 in 5 of 10 Retail markets Primary customers: +227,000 in 2Q2023 Our primary customer base grew by 227,000 during the second quarter. This, along with our NPS rankings, shows customers appreciate the experience we offer. An example of this is in mobile banking. In Türkiye, we launched a new, more user - friendly mobile app. And in Germany, we reached a milestone during this quarter: four million customers are using our app, which received the highest score for customer experience in a test of 14 banking apps on behalf of the Handelsblatt Media Group. Digital onboarding is on the rise too. In the Netherlands, 63% of new customers were digitally onboarded this quarter, versus 52% at the end of 2022. We’re continuously working to provide a superior experience that is personal, easy, relevant and instant. An example is the initiative in the Netherlands that offers customers the possibility to withdraw up to €100 per day from Geldmaat ATMs without using their debit card. All they need is a code on ING’s mobile app. We have similar cardless solutions for customers in Poland, Romania, Luxembourg, Germany and Türkiye. Portugal and Luxembourg joined three other WB countries providing SEPA Instant Payments for improved cash flow and cash management; this strengthens our payments offering in Europe. More WB countries will follow. We continued to expand our digital lending offerings. We released Romania's first fully digital instant term loan for Business Banking clients, and our German online mortgage broker, Interhyp, is working on a fully digital mortgage process, including an automated loan decision. Sustainability Volume mobilised: €46.9 bln in 1H2023 vs €40.0 bln in 1H2022 ING Press Release 2Q2023 2 Sustainability deals supported by ING: 234 in 1H2023 vs 205 in 1H2022 We want to help clients transition to a low - carbon economy. It’s about making progress together, step - by - step. We do so through our financing, advice and support to clients, as well as through collaboration and partnerships. During this quarter, we joined the Partnership for Carbon Accounting Financials. Being part of this global network will also help us further enhance our measurement of financed emissions by working with other financial institutions on data and methodology improvements. Another example of how we support the transition to a sustainable economy is our involvement in RetuRo Sistem Garantie Returnare, the most important circular - economy project in Romania. ING as sole bank provided a green loan of €86 million for the implementation. The loan will finance the set - up of regional centres which will aim to collect, sort and prepare more than six billion returned plastic, glass and metal beverage packages for recycling each year. We also expanded our product offering to help our clients make energy - efficient renovations. In Belgium, for example, we launched a new eco - renovation loan to support Business Banking clients in making their real estate more sustainable. This followed earlier efforts in the Netherlands, where we introduced product features that made it easier for new and existing customers to use their mortgage to finance sustainable renovations, such as insulation, solar panels or heat pumps. In recognition of the work we’re doing to finance our clients’ transition, we received five sustainable finance awards from Global Finance magazine in 2Q2023, including a global award for outstanding leadership in sustainable bonds, three regional awards in Western Europe for outstanding leadership in sustainable finance, sustainable bonds and ESG - related loans respectively, and a country award for best bank for sustainable finance in the Netherlands. Our people are essential to putting sustainability into action. To engage them with our approach, we organised our first internal Global Sustainability Week in June. Colleagues from around the world participated in more than 80 online and in - person sessions to share knowledge, inspire each other and exchange views on how to make the difference both in and outside their work. We aim to put sustainability at the heart of what we do and be a banking leader in building a sustainable future. Society is transitioning to a low - carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that's not. See how we're progressing on ing.com/climate. Business Highlights

Consolidated results Change 1H2022 1H2023 Change 1Q2023 Change 2Q2022 2Q2023 Profit or loss (in € million) 20.1% 6,722 8,073 1.2% 4,012 19.8% 3,389 4,061 Net interest income - excl. net TLTRO impact - 100.0% 158 0 0 - 100.0% 76 0 Net interest income - net TLTRO impact 1) - 0.8% 1,822 1,807 1.8% 896 2.7% 888 912 Net fee and commission income - 73.3% 60 16 - 93.3% 15 - 96.8% 31 1 Investment income 175.3% 519 1,429 21.9% 644 164.3% 297 785 Other income 22.0% 9,282 11,325 3.4% 5,567 23.0% 4,682 5,759 Total income 5.4% 4,820 5,080 - 0.5% 2,546 0.4% 2,524 2,534 Expenses excl. regulatory costs - 28.6% 863 616 - 82.7% 525 - 57.5% 214 91 Regulatory costs 2) 0.2% 5,682 5,696 - 14.5% 3,071 - 4.1% 2,738 2,626 Operating expenses 56.4% 3,599 5,629 25.5% 2,496 61.2% 1,944 3,133 Gross result - 79.0% 1,189 250 - 35.5% 152 - 51.5% 202 98 Addition to loan loss provisions 123.1% 2,411 5,379 29.5% 2,344 74.1% 1,743 3,035 Result before tax 111.7% 724 1,533 14.4% 715 54.3% 530 818 Taxation 25.0% 80 100 63.2% 38 82.4% 34 62 Non - controlling interests 133.3% 1,606 3,746 35.4% 1,591 82.9% 1,178 2,155 Net result Profitability and efficiency 1.37% 1.57% 1.59% 1.36% 1.56% Interest margin 61.2% 50.3% 55.2% 58.5% 45.6% Cost/income ratio 37 8 9 13 6 Risk costs in bps of average customer lending 6.2% 15.3% 13.0% 9.2% 17.5% Return on equity based on IFRS - EU equity 3) 14.7% 14.9% 14.8% 14.7% 14.9% ING Group common equity Tier 1 ratio - 3.9% 335.9 322.9 - 1.4% 327.4 - 3.9% 335.9 322.9 Risk - weighted assets (end of period, in € billion) Customer balances (in € billion) 0.1% 642.9 643.2 0.6% 639.5 0.1% 642.9 643.2 Customer lending 5.6% 642.1 678.0 2.7% 660.2 5.6% 642.1 678.0 Customer deposits 10.4 3.7 1.0 10.1 2.8 Net core lending growth (in € billion) 4) 7.5 18.5 1.3 8.1 17.2 Net core deposits growth (in € billion) 4) 1) Net TLTRO impact includes both the spread between the funding rate of our TLTRO III participation and the prevailing ECB deposit facility rate. 2) Regulatory costs comprise bank taxes and contributions to the deposit guarantee schemes (‘DGS’) and the (European) single resolution fund (‘SRF’). 3) Annualised net result divided by average IFRS - EU shareholders' equity excluding reserved profits not included in CET1 capital. 4) Net core lending growth represents the development in loans and advances to customers excluding provisions for loan losses, adjusted for currency impacts, Treasury and run - off portfolios. Net core deposits growth represents customer deposits adjusted for currency impacts, Treasury and run - off portfolios. Consolidated profit or loss account per Business Line Corporate Line 1) Retail Banking 1) Wholesale Banking 1Q2023 2Q2022 2Q2023 1Q2023 2Q2022 2Q2023 1Q2023 2Q2022 2Q2023 Profit or loss (in € million) 136 131 134 1,059 1,042 1,017 2,817 2,215 2,911 Net interest income - excl. net TLTRO impact 0 17 0 0 36 0 0 24 0 Net interest income - net TLTRO impact - 3 - 2 - 3 323 280 346 575 610 569 Net fee and commission income 0 2 2 3 7 - 2 12 22 1 Investment income - 70 - 289 14 406 367 485 308 220 285 Other income 63 - 141 147 1,791 1,732 1,846 3,712 3,091 3,766 Total income 118 148 115 725 694 759 1,703 1,682 1,660 Expenses excl. regulatory costs 0 0 - 1 136 15 11 389 199 81 Regulatory costs 118 148 114 860 708 770 2,092 1,881 1,741 Operating expenses - 55 - 289 32 931 1,024 1,076 1,620 1,210 2,025 Gross result 0 0 0 - 90 88 - 15 242 113 113 Addition to loan loss provisions - 55 - 289 32 1,021 935 1,091 1,379 1,097 1,911 Result before tax Profitability and efficiency - 1.2 3.0 - 0.6 2.2 7.1 3.3 Net core lending growth (in € billion) - 0.4 - 0.6 - 1.7 1.7 8.7 18.9 Net core deposits growth (in € billion) n.a. 187.2% 78.1% 48.0% 40.9% 41.7% 56.4% 60.9% 46.2% Cost/income ratio - 19 19 - 3 21 10 10 Risk costs in bps of average customer lending 15.2% 14.2% 18.1% 19.2% 16.2% 29.1% Return on equity based on 12.5% CET1 2) 15.9 15.6 15.7 156.2 166.7 149.9 155.6 153.4 157.2 Risk - weighted assets (end of period, in € billion) ING Press Release 2Q2023 3 1) In 2Q2023, a governance change over the Asian stakes resulted in their transfer from Retail Banking to Corporate Line. Comparatives have been adjusted. 2) After - tax return divided by average equity based on 12.5% of RWA (annualised). Consolidated Results

Total income Total income in 2Q2023 was very strong at €5,759 million. It was particularly driven by Retail Banking and the cash management activities within Wholesale Banking, reflecting the current interest rate environment. Year - on - year, net interest income was supported by a strong increase of interest margins on liabilities. Net interest income from mortgages decreased slightly, as growth in Germany and the Netherlands, on the back of higher volumes and slightly higher margins, was more than offset by lower income in Belgium and Retail Other. Interest income from other lending declined, as higher average volumes could not fully compensate for lower margins. Treasury benefited from favourable market opportunities through money market and FX transactions. These activities had an impact on net interest income of € - 225 million, which was more than offset by €261 million in other income. For Financial Markets, rising rates and increased business led to higher funding costs. Accounting - wise this resulted in a reduction in net interest income, while other income rose significantly. Sequentially, net interest income on liabilities continued to increase, particularly in Retail Banking. This more than compensated for a decline in net interest income from Financial Markets and from FX ratio hedging. In the previous quarter, the impact of the aforementioned Treasury activities was € - 234 million on net interest income and €267 million on other income. Net interest income (in € million) and net interest margin (in %) The net interest margin was 1.56% in 2Q2023, an improvement of 20 basis points year - on - year. Sequentially, the net interest margin declined by three basis points, as an increase in net interest income was more than offset by a higher average balance sheet total. ING Press Release 2Q2023 4 In Retail Banking, net core lending growth – which excludes FX impacts and movements in Treasury lending as well as in the run - off portfolios – was €3.3 billion. This consisted of €2.7 billion of growth in residential mortgages (primarily in Australia, the Netherlands and Germany) and €0.6 billion in other retail lending (mainly in Türkiye and Belgium). In Wholesale Banking, core lending declined by €0.6 billion, as €2.2 billion of growth in Lending was more than offset by lower volumes in Trade & Commodity Finance and in Working Capital Solutions (reflecting lower commodity prices and lower economic activity). In the second quarter of 2023, our deposit base grew strongly, driven by Retail Banking. Total net core deposits growth – which excludes FX impacts and movements in Treasury deposits as well as in the run - off portfolios – was €17.2 billion. The quarterly growth in Retail Banking amounted to €18.9 billion, of which the majority was in Germany following successful marketing campaigns. Net core deposits in Wholesale Banking showed an outflow of €1.7 billion. Net fee and commission income rose 2.7% year - on - year, driven by growth in Wholesale Banking, which reflected an increase in deal flow in Lending and in Global Capital Markets. Fee income in Retail Banking declined and was impacted by lower fees from mortgage brokerage in Germany, higher commissions paid to agents in Belgium and ING’s exit from the French retail market in 2022. Compared with 1Q2023, total fee income increased 1.8%. This was driven by Wholesale Banking, which recorded higher fees from Corporate Finance, Global Capital Markets and Lending. Net fee and commission income for Retail Banking was almost stable, with Belgium (including higher Corporate Finance fees) largely offsetting a decline in Germany (including lower fees from investment products due to lower trading activity). Investment income was €1 million in 2Q2023 compared with €31 million in 2Q2022 (which had included higher dividend income from investments) and €15 million in 1Q2023. Other income increased strongly year - on - year, partly because 2Q2022 had included a € - 247 million IAS 29 impact to reflect hyperinflation in Türkiye (compared with € - 9 million in this quarter). Excluding the IAS 29 impact, the growth in other income was mainly driven by Treasury (including €261 million due to the aforementioned activities) and Financial Markets, both with an offset in net interest income. Operating expenses Total operating expenses were €2,626 million, including €91 million of regulatory costs and €6 million of incidental cost items, reflecting hyperinflation accounting impacts on expenses in Türkiye. Expenses excluding regulatory costs and €6 million of incidental items were €2,528 million and rose 6.9% year - on - year. This was primarily attributable to the impact of high inflation on staff expenses, reflecting indexation and CLA increases across most of our markets. Retail Banking also included higher marketing expenses to invest in the further growth of our customer base, as well as €22 million of restructuring provisions in 2Q2023. These factors were partly offset by savings from exiting the retail markets in France and the Philippines in 2022, as well as by positive FX impacts. In 2Q2022, Wholesale Banking had included €20 million of legal provisions. Consolidated Results

Operating expenses (in € million) Quarter - on - quarter, expenses excluding regulatory costs and incidental items were 0.5% lower, despite the impact of higher staff expenses. The second quarter of 2023 included €22 million of restructuring costs, while the previous quarter had included €27 million of legal provisions and €17 million of restructuring costs recorded in Retail Banking. Regulatory costs were €91 million and dropped compared with 2Q2022, which had included a €92 million contribution to the Institutional Protection Scheme in Poland. Sequentially, regulatory costs declined as ING is required to recognise certain annual charges in full in the first quarter of the year. Incidental expense items in 2 Q 2023 were € 6 million, reflecting hyperinflation accounting impacts on expenses in Türkiye (due to accounting requirements of IAS 29 ) . This compares with € 159 million of incidental items in the second quarter of last year, mainly reflecting restructuring costs, and € 4 million in 1 Q 2023 . Addition to loan loss provisions Net additions to loan loss provisions amounted to €98 million. This is equivalent to six basis points of average customer lending and well below the through - the - cycle average. Stage 3 risk costs were €124 million, mainly reflecting additions to collective provisions in various retail markets. Stage 3 individual risk costs were mainly related to a few individual clients in Wholesale Banking. Total Stage 1 and 2 risk costs (including off - balance - sheet provisioning and modifications) were € - 26 million. This includes a €41 million net release of Stage 2 provisions for our Russia - related portfolio, mainly due to a further reduction of our exposure. Addition to loan loss provisions (in € million) Risk costs for Retail Banking were €113 million, mainly reflecting net additions in Poland, Spain and Belgium. Wholesale Banking recorded € - 15 million of risk costs, which included the aforementioned €41 million release for our Russia - related portfolio. Net result ING’s net result in 2Q2023 was €2,155 million compared with €1,178 million in 2Q2022. The increase reflects strong income growth, while operating expenses declined and risk costs remained limited. The effective tax rate in 2Q2023 was 26.9% compared with 30.4% in 2Q2022 and 30.5% in 1Q2023. The lower tax rate was mainly caused by a tax refund in Spain and lower non - deductible expenses in Türkiye and the Netherlands. The strong second - quarter result was reflected in the return on average IFRS - EU equity of 17.5%. On a four - quarter rolling average basis, the return on average IFRS - EU equity further increased to 11.7% from 9.7% in the previous four - quarter rolling period. Return on equity ING Group (in %) ING’s return on equity is calculated using IFRS - EU shareholders' equity after excluding 'reserved profit not included in CET1 capital', which amounted to €1,917 million at the end of 2Q2023. This reflects 50% of the resilient net profit in the first half of 2023, which has been reserved for distribution in line with our policy. Resilient net profit is defined as net profit adjusted for significant items that are not linked to the normal course of business. In line with this definition, and consistent with prior quarters, the impact of hyperinflation accounting has been excluded. Therefore, resilient net profit was €14 million higher than net profit in 2Q2023. ING Press Release 2Q2023 5 Dividend In line with our distribution policy, an interim dividend over 1H2023 of €0.35 per ordinary share (up from €0.17 over 1H2022) will be paid in cash on 14 August 2023 (representing approximately 1/3 of the 1H2023 resilient net profit). Consolidated Results

Consolidated balance sheet 31 Dec. 2022 31 March 2023 30 June 2023 in € million Assets 87,614 118,002 113,636 Cash and balances with central banks 35,104 32,655 32,905 Loans and advances to banks 113,766 139,888 141,983 Financial assets at fair value through profit or loss 56,870 57,343 62,827 – trading assets 3,893 2,843 2,935 – non - trading derivatives 6,159 5,848 6,005 – designated as at fair value through profit or loss 46,844 73,854 70,216 – mandatorily at fair value through profit or loss 31,625 34,426 37,391 Financial assets at fair value through OCI 1,887 1,897 1,888 – equity securities fair value through OCI 29,095 31,937 34,776 – debt securities fair value through OCI 643 592 727 – loans and advances fair value through OCI 48,160 47,722 48,212 Securities at amortised cost 635,506 633,705 637,582 Loans and advances to customers 641,490 639,490 643,245 – customer lending - 5,984 - 5,785 - 5,663 – provision for loan losses 1,500 1,520 1,485 Investments in associates and joint ventures 2,446 2,477 2,425 Property and equipment 1,102 1,108 1,120 Intangible assets 10,994 10,685 12,440 Other assets 967,817 1,022,188 1,029,181 Total assets 31 Dec. 2022 31 March 2023 30 June 2023 Liabilities 56,632 54,211 31,156 Deposits from banks 640,770 660,189 677,959 Customer deposits 321,005 330,446 352,995 – savings accounts 283,417 269,537 261,085 – credit balances on customer accounts 36,011 57,852 60,997 – corporate deposits 336 2,354 2,882 – other 93,019 114,071 116,281 Financial liabilities at fair value through profit or loss 39,088 40,914 40,075 – trading liabilities 3,048 2,377 2,340 – non - trading derivatives 50,883 70,780 73,866 – designated as at fair value through profit or loss 15,280 16,496 16,432 Other liabilities 95,918 107,963 120,129 Debt securities in issue 15,786 16,985 15,761 Subordinated loans 917,405 969,914 977,718 Total liabilities Equity 49,909 51,679 50,742 Shareholders' equity 504 595 721 Non - controlling interests 50,413 52,274 51,463 Total equity 967,817 1,022,188 1,029,181 Total liabilities and equity Balance sheet In 2Q2023, ING’s balance sheet increased by €7.0 billion to €1,029.2 billion, including negligible currency impacts. The increase on the asset side of the balance sheet was mainly visible in customer lending, which grew by €3.8 billion, of which the majority was in residential mortgages. Wholesale Banking showed a slight decrease in customer lending, as growth in the WB Lending portfolio was more than offset by lower volumes in Trade & Commodity Finance and Working Capital Solutions (reflecting lower commodity prices and lower economic activity). Financial assets at fair value through OCI rose by €3.0 billion due to higher investments in bonds, while financial assets at fair value through profit or loss increased by €2.1 billion, reflecting higher trading assets. The €1.8 billion increase in other assets was mainly related to financial assets pending settlement. Cash and balances with central banks declined by €4.4 billion. On the liability side of the balance sheet, the main increase was €17.8 billion in customer deposits. This was predominantly driven by savings growth in Retail Banking Germany, reflecting successful campaigns. Furthermore, debt securities in issue rose by €12.2 billion, of which €9.7 billion was in CD/CP and €2.4 billion in other debt securities in issue. These movements were partly offset by a decrease in deposits from banks, due to a €25 billion repayment of the TLTRO III participation. The remaining €6.0 billion TLTRO III participation will mature in March 2024. Shareholders’ equity Shareholders’ equity decreased by €937 million, reflecting the payment of the final dividend of €1,408 million in April and the €1,500 million share buyback, which was announced on 11 May and is expected to end no later than 18 October 2023. This decrease was partly offset by the €2,155 million net result recorded in 2Q2023. Shareholders’ equity per share decreased to €14.07 on 30 June 2023 from €14.28 on 31 March 2023. Change in shareholders’ equity ING Press Release 2Q2023 6 1H2023 2Q2023 in € million 49,909 51,679 Shareholders' equity beginning of period 3,746 2,155 Net result for the period 114 30 (Un)realised gains/losses fair value through OCI 8 4 (Un)realised other revaluations 162 - 69 Change in cashflow hedge reserve 35 - 73 Change in liability credit reserve - 43 - 29 Defined benefit remeasurement - 207 - 65 Exchange rate differences - 1,500 - 1,493 Change in treasury shares (incl. share buyback) - 21 9 Change in employee stock options and share plans - 1,408 - 1,408 Dividend - 53 0 Other changes 833 - 937 Total changes 50,742 50,742 Shareholders' equity end of period Consolidated Balance Sheet

ING Press Release 2Q2023 7 ING Group: Capital position 31 March 2023 30 June 2023 in € million 51,679 50,742 Shareholders' equity (parent) - 2,241 - 1,917 Reserved profits not included in CET1 capital - 850 - 700 Other regulatory adjustments 48,588 48,125 Available common equity Tier 1 capital 7,088 7,096 Additional Tier 1 securities 54 56 Regulatory adjustments additional Tier 1 55,731 55,277 Available Tier 1 capital 9,178 9,157 Supplementary capital - Tier 2 bonds - 25 27 Regulatory adjustments Tier 2 64,884 64,461 Available Total capital 327,377 322,926 Risk - weighted assets 14.8% 14.9% Common equity Tier 1 ratio 17.0% 17.1% Tier 1 ratio 19.8% 20.0% Total capital ratio 5.0% 4.9% Leverage Ratio Capital ratios The CET1 ratio rose to 14.9% due to the inclusion of €1.1 billion of the quarterly net profit after dividend reserving, coupled with lower RWA. This increase was partly offset by the €1.5 billion deduction from capital for the ongoing share buyback programme, as announced on 11 May 2023. The increase in both the Tier 1 and the Total Capital ratios mirrors trends in the CET1 ratio. The leverage ratio decreased slightly to 4.9% due to an increase in total assets. Risk - weighted assets (RWA) The decrease in total RWA mainly reflects lower credit RWA. ING Group: Composition of RWA 31 Mar. 2023 30 Jun. 2023 in € billion 278.0 272.6 Credit RWA 35.0 35.0 Operational RWA 14.3 15.3 Market RWA 327.4 322.9 Total RWA Excluding a €0.2 billion FX impact, credit RWA decreased by €5.6 billion. This was mainly due to a better profile of the loan book (€ - 1.7 billion), model impacts (€ - 2.5 billion) and a decrease due to movements in our book (€ - 1.3 billion). Market RWA increased by €1.0 billion, mainly due to increased Stressed Value - at - Risk for the trading portfolio. Distribution In line with our distribution policy, an interim dividend over 1 H 2023 of € 0 . 35 per share will be paid on 14 August 2023 , representing approximately 1 / 3 of the 1 H 2023 resilient net profit . ING has reserved €1,084 million of the 2Q2023 net profit for distribution. Resilient net profit in 2Q2023 (which is defined as net profit adjusted for significant items not linked to the normal course of business) was €2,169 million. This includes a positive adjustment to the reported net result of €14 million, related to hyperinflation accounting according to IAS 29 in the consolidation of our subsidiary in Türkiye. On 11 May 2023, ING announced a share buyback programme for a maximum amount of €1.5 billion. This programme is ongoing and is expected to end no later than 18 October 2023. The whole amount has already been deducted from CET1 capital. CET1 requirement ING targets a CET1 ratio of around 12.5%, which is comfortably above the prevailing CET1 ratio requirement (including buffer requirements) of 10.93%. This requirement has increased compared with 1Q2023 (10.73%) due to the phase - in of various countercyclical buffers. ING’s fully loaded CET1 requirement in 2Q2023 decreased to 10.70% (1Q2023: 10.98%). This reflects a 50 basis - points lower O - SII (Other Systemically Important Institutions) buffer, which was partly offset by the announced increase of the countercyclical buffers on Dutch risk - weighted exposures from 1% to 2%. Both will apply as of 31 May 2024. MREL and TLAC requirements Minimum Required Eligible Liabilities (MREL) and Total Loss Absorbing Capacity (TLAC) requirements apply to ING Group at the consolidated level of the resolution group. The available MREL and TLAC capacity consists of own funds and senior debt instruments issued by ING Group. The intermediate MREL requirements are 27.74% of RWA and 5.97% of leverage exposure. The MREL surplus based on RWA mirrors trends in the Total capital ratio and was furthermore impacted by the issuance of HoldCo instruments (€3 billion), which more than offset one instrument that lost MREL eligibility (maturity <1 year). The MREL surplus based on leverage ratio (LR) mirrors trends in the leverage ratio. ING Group: MREL requirement 31 Mar. 2023 30 Jun. 2023 in € million 100,599 102,214 MREL capacity 30.7% 31.7% MREL (as a percentage of RWA) 8.9% 9.0% MREL (as a percentage of leverage exposure) 33,429 34,669 MREL surplus (shortage) based on LR 10,468 12,642 MREL surplus (shortage) based on RWA Capital, Liquidity and Funding

The prevailing TLAC requirements are 23.45% of RWA and 6.75% of LR. The development in TLAC ratios mirrors trends in MREL. ING Group: TLAC requirement 31 Mar. 2023 30 Jun. 2023 in € million 100,534 102,214 TLAC capacity 30.7% 31.7% TLAC (as a percentage of RWA) 8.9% 9.0% TLAC (as a percentage of leverage exposure) 24,588 25,844 TLAC surplus (shortage) based on LR 24,448 26,495 TLAC surplus (shortage) based on RWA 31 Mar. 2023 30 Jun. 2023 in € billion 177.2 181.4 Level 1 5.4 4.3 Level 2A 4.5 4.4 Level 2B 187.1 190.2 Total HQLA 243.0 243.6 Outflow 103.3 104.3 Inflow 134% 137% LCR Ratings The ratings and outlook from S&P, Moody’s and Fitch remained unchanged during the quarter. Liquidity and funding In 2Q2023, the 12 - month moving average Liquidity Coverage Ratio (LCR) rose three percentage points to 137%. ING takes its relatively high proportion of stable and insured deposits into account in managing its LCR, as well as the available stock of ECB - eligible unencumbered assets. LCR 12 - month moving average In 2Q2023 the Net Stable Funding Ratio of ING remained comfortably above the regulatory minimum of 100%. In 2Q2023, ING repaid €25 billion of its TLTRO III participation, while core customer deposits increased by €17.2 billion. This explains the changes in the funding mix compared with the previous quarter. ING Group: Loan - to - deposit ratio and funding mix 31 Mar. 2023 30 Jun. 2023 In % 0.96 0.94 Loan - to - deposit ratio Key figures 48% 50% Customer deposits (private individuals) 23% 22% Customer deposits (other) 9% 9% Lending / repurchase agreements 5% 3% Interbank 4% 5% CD/CP 9% 9% Long - term senior debt 2% 2% Subordinated debt 100% 100% Total 1) 1) Liabilities excluding trading securities and IFRS equity. ING’s long - term debt position increased by € 1 . 8 billion versus 1 Q 2023 . The increase was mainly caused by the issuance of € 3 billion dual tranche Holdco Senior and € 1 . 25 billion of covered bonds by ING Belgium . This was partly offset by maturities amounting to € 2 . 8 billion . Long - term debt maturity ladder per currency, 30 June 2023 ING Press Release 2Q2023 8 >'28 28 27 26 25 24 23 Total in € billion 34 8 7 7 7 1 3 68 EUR 5 3 3 4 0 1 3 18 USD 3 1 0 2 1 1 1 10 Other 42 12 10 13 8 3 7 96 Total Credit ratings of ING on 2 August 2023 Fitch Moody's S&P ING Groep N.V. Issuer rating A+ n/a A - Long - term F1 n/a A - 2 Short - term Stable Stable 1) Stable Outlook A+ Baa1 A - Senior unsecured rating ING Bank N.V. Issuer rating AA - A1 A+ Long - term F1+ P - 1 A - 1 Short - term Stable Stable Stable Outlook AA - A1 A+ Senior unsecured rating 1) Outlook refers to the senior unsecured rating. Capital, Liquidity and Funding

ING Group: Total credit outstandings 1) 2) Stage 3 ratio Stage 3 Stage 2 ratio Stage 2 Credit outstandings 30 June 31 March 2023 2023 in € million 31 March 2023 30 June 2023 31 March 2023 30 June 2023 31 March 2023 30 June. 2023 31 March 2023 30 June 2023 0.9% 0.9% 2,957 2,959 3.5% 3.5% 11,262 11,509 326,274 329,046 Residential mortgages 0.4% 0.4% 503 507 1.8% 2.0% 2,006 2,253 113,333 113,877 of which Netherlands 3.0% 2.9% 1,312 1,286 13.1% 12.8% 5,721 5,594 43,602 43,634 of which Belgium 0.4% 0.5% 409 415 2.0% 2.1% 1,808 1,915 91,492 91,914 of which Germany 0.9% 0.9% 733 751 2.2% 2.2% 1,727 1,748 77,847 79,621 of which Rest of the world 4.0% 4.5% 1,052 1,077 6.6% 8.2% 1,723 1,948 26,187 23,816 Consumer Lending 3.0% 3.0% 3,077 3,126 14.2% 13.5% 14,636 14,244 103,454 105,285 Business Lending 2.2% 2.1% 821 783 15.2% 14.7% 5,652 5,563 37,142 37,795 of which business lending Netherlands 3.4% 3.3% 1,584 1,594 10.9% 9.3% 5,140 4,445 47,269 47,949 of which business lending Belgium 0.2% 0.2% 175 209 0.8% 0.6% 645 575 84,222 92,083 Other retail banking 1.3% 1.3% 7,261 7,371 5.2% 5.1% 28,266 28,277 540,137 550,229 Retail Banking 2.1% 1.9% 3,430 3,183 14.2% 12.9% 23,556 21,672 166,414 167,766 Lending 1.0% 0.8% 609 471 9.8% 9.7% 5,901 5,502 60,194 56,792 Daily Banking & Trade Finance 0.0% 0.0% 3.7% 9.1% 575 429 15,603 4,703 Financial Markets 0.2% 0.2% 53 65 1.3% 1.1% 381 322 28,975 30,207 Treasury & Other 1.5% 1.4% 4,093 3,718 11.2% 10.8% 30,413 27,926 271,186 259,468 Wholesale Banking 1.4% 1.4% 11,354 11,089 7.2% 6.9% 58,678 56,202 811,322 809,697 Total loan book ING Press Release 2Q2023 9 positions) and Corporate Line. 1) Lending and money market credit outstandings, including guarantees and letters of credit but excluding undrawn committed exposures (off - balance - sheet 2) Comparative numbers have been adjusted, including an IFRS 9 scope change after the adoption of IFRS 17. Credit risk management Total credit outstandings decreased slightly in 2Q2023, mainly due to lower cash and balances with central banks in Financial Markets, partly offset by an increase in Treasury - related outstandings. Stage 2 outstandings decreased by €2.5 billion, of which €1.9 billion in WB Lending, mainly reflecting sales and repayments (including a further reduction of our Russia - related exposure). Stage 3 outstandings declined slightly in this quarter. In 2Q2023, ING Group’s stock of provisions declined slightly, mainly due to lower Stage 2 provisions resulting from a further decline in our Russia - related portfolio. The Stage 3 coverage ratio rose to 33.8% from 33.1% in the previous quarter. The loan portfolio consists predominantly of asset - based and secured loans, including residential mortgages, project - and asset - based finance, and real estate finance, with generally low loan - to - value ratios. ING Group: Stock of provisions 1) Change 31 March 2023 30 June 2023 in € million - 10 598 588 Stage 1 - 12 - month ECL - 112 1,654 1,541 Stage 2 - Lifetime ECL not credit impaired - 10 3,755 3,745 Stage 3 - Lifetime ECL credit impaired 0 9 10 Purchased credit impaired - 133 6,016 5,884 Total 1) At the end of June 2023, the stock of provisions included provisions for loans and advances to customers (€5,663 million), loans and advances to central banks (€8 million), loans and advances to banks (€26 million), financial assets at FVOCI (€17 million), securities at amortised cost (€19 million) and ECL provisions for off - balance - sheet exposures (€152 million) recognised as liabilities. Market risk The average Value - at - Risk (VaR) for the trading portfolio increased to €15 million from €14 million in 1Q2023. ING Group: Consolidated VaR trading books 2Q2023 Quarter - end Average Maximum Minimum in € million 2 2 3 2 Foreign exchange 3 3 3 2 Equities 15 13 18 9 Interest rate 5 5 6 3 Credit spread - 8 - 8 Diversification 18 15 21 11 Total VaR 1) 1) The total VaR for the columns Minimum and Maximum cannot be calculated by taking the sum of the individual components since the observations for both the individual markets as well as for total VaR may occur on different dates. Non - financial risk As previously disclosed, after our September 2018 settlement with Dutch authorities concerning Anti - Money Laundering matters, and in the context of significantly increased attention to 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. Some have also 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. We intend to continue to work in close cooperation with authorities as we work to improve our management of non - financial risks. ING is also aware, including as a result of media reports, that other parties may, among other things, seek to commence legal proceedings against ING in connection with the subject matter of the settlement. Risk Management

ING Press Release 2Q2023 10 1Q2023 2Q2022 2Q2023 1Q2023 2Q2022 2Q2023 In € million Profit or loss 494 405 516 843 711 807 Net interest income - excl. net TLTRO impact 0 10 0 0 10 0 Net interest income - net TLTRO impact 115 133 125 235 224 235 Net fee and commission income 1 0 - 1 3 16 0 Investment income 31 44 48 224 95 183 Other income 641 591 689 1,305 1,056 1,226 Total income 383 455 396 474 432 466 Expenses excl. regulatory costs 177 - 4 3 93 34 21 Regulatory costs 560 450 399 567 466 487 Operating expenses 81 140 290 738 590 739 Gross result 78 28 13 56 11 - 14 Addition to loan loss provisions 3 113 277 682 579 753 Result before tax Profitability and efficiency 1.4 1.9 0.3 0.2 1.4 0.7 Net core lending growth (in € billion) 0.7 0.8 0.3 - 2.6 6.5 1.7 Net core deposits growth (in € billion) 87.4% 76.2% 57.9% 43.4% 44.1% 39.7% Cost/income ratio 34 12 6 15 3 - 4 Risk costs in bps of average customer lending - 2.1% 6.8% 19.4% 31.8% 26.6% 35.2% Return on equity based on 12.5% CET1 1) 34.6 35.1 33.6 50.8 48.2 50.8 Risk - weighted assets (end of period, in € billion) Retail Banking Market Leaders: Consolidated profit or loss account Retail Banking Netherlands Retail Banking Belgium 1) After - tax return divided by average equity based on 12.5% of RWA (annualised). Retail Netherlands Net interest income increased year - on - year, primarily driven by higher liability margins. Interest income from mortgages also rose, supported by higher volumes and margins. Treasury - related interest income declined, largely offset in other income, reflecting activities to benefit from favourable market opportunities through money market and FX transactions. Sequentially, net interest income declined due to Treasury and due to lower interest income from liabilities after the increase of savings rates. Fee income increased year - on - year, supported by higher fees for payment packages. Compared with 1Q2023, fee income was stable. Other income, which mainly relates to Treasury, grew strongly year - on - year (with an offset in net interest income) but declined sequentially. Net core lending grew by €0.7 billion in 2Q2023, reflecting higher mortgage volumes. Net core deposits growth was €1.7 billion, mainly driven by the payment of holiday allowances. Expenses excluding regulatory costs increased from one year ago, mostly due to higher staff expenses (including an accrual for the new CLA). Sequentially, expenses excluding regulatory costs declined, as 1Q2023 had included an €8 million restructuring provision. Risk costs were € - 14 million, driven by releases on Stage 3 individual provisions in the business banking portfolio. Retail Belgium (including Luxembourg) Net interest income increased both year - on - year and sequentially, as higher income from liabilities more than offset the impact of lower margins in lending due to higher funding costs. The decline in fee income year - on - year was mainly due to higher commissions paid to agents and to a decrease in commissions on insurance products. Sequentially, fee income rose, reflecting higher fees from corporate finance and daily banking. Net core lending increased by €0.3 billion, driven by other lending, while mortgages were stable. Net core deposits growth was €0.3 billion. Expenses excluding regulatory costs included €10 million of restructuring and related costs compared with €9 million in 1Q2023, while 2Q2022 had included €97 million of incidental expense items. Excluding the aforementioned items, expenses rose, mainly reflecting higher staff expenses due to automatic salary indexation. Risk costs amounted to €13 million in 2Q2023 and were primarily related to consumer lending. Segment Reporting: Retail Banking

ING Press Release 2Q2023 11 Retail Banking Challengers & Growth Markets: Consolidated profit or loss account Retail Banking Other 1) Retail Banking Germany In € million 1Q2023 2Q2022 2Q2023 1Q2023 2Q2022 2Q2023 Profit or loss 815 752 853 665 347 736 Net interest income - excl. net TLTRO impact 0 1 0 0 3 0 Net interest income - net TLTRO impact 128 140 125 96 113 83 Net fee and commission income 5 5 2 3 1 0 Investment income 65 44 82 - 12 37 - 29 Other income 1,013 942 1,061 753 502 790 Total income 562 531 528 283 265 270 Expenses excl. regulatory costs 80 142 45 40 27 12 Regulatory costs 642 673 573 323 291 282 Operating expenses 371 269 488 430 210 508 Gross result 75 61 99 33 13 16 Addition to loan loss provisions 296 208 389 397 197 493 Result before tax Profitability and efficiency 0.3 1.8 1.9 0.3 2.0 0.4 Net core lending growth (in € billion) 3.1 0.9 0.8 0.5 0.5 16.3 Net core deposits growth (in € billion) 63.4% 71.4% 54.0% 42.9% 58.1% 35.7% Cost/income ratio 28 22 37 13 5 6 Risk costs in bps of average customer lending 15.2% 11.3% 23.4% 28.1% 17.2% 38.3% Return on equity based on 12.5% CET1 2) 41.6 40.9 43.8 28.5 29.2 29.0 Risk - weighted assets (end of period, in € billion) 1) In 2Q2023, a governance change over the Asian stakes resulted in their transfer from Retail Banking Other to Corporate Line. Comparatives have been adjusted. 2) After - tax return divided by average equity based on 12.5% of RWA (annualised). Retail Germany Net interest income rose strongly compared with both prior periods. This was driven by significantly higher margins on liabilities and also supported by higher interest income from mortgages, reflecting improved margins and higher volumes. Fee income declined in line with a lower number of brokerage trades in investment products. Year - on - year, fees from mortgages also decreased due to lower volumes at Interhyp, while mortgage fees increased sequentially. Other income declined from both comparable quarters, reflecting lower Treasury - related income. Net core lending growth in 2Q2023 was €0.4 billion and driven entirely by mortgages. Net core deposits grew by €16.3 billion following successful promotional campaigns to attract new savings and customers. Expenses excluding regulatory costs increased year - on - year, predominantly attributable to higher staff expenses related to annual salary increases and investments in business growth. Compared with 1Q2023, expenses excluding regulatory costs decreased, primarily due to seasonally lower marketing expenses. Regulatory costs declined on both comparable periods, due to lower contributions to the European Single Resolution Fund and seasonality. Risk costs were €16 million and primarily related to consumer lending. Retail Other Net interest income was supported by higher margins on liabilities year - on - year, most notably in Spain and Australia, in a higher interest rate environment. This more than compensated for negative currency impacts and tighter lending margins. Sequentially, margins on both liabilities and on lending increased slightly. Fee income decreased year - on - year due to lower fees on investment products, reflecting subdued trading activity and the impact of ING’s exit from the French retail market in 2022. Sequentially, fees were stable. Other income increased due to higher Treasury - related results. Net core lending increased by €1.9 billion in 2Q2023, mainly driven by higher mortgage volumes in Australia. Net core deposits growth was €0.8 billion, as net inflows in Spain and Türkiye were partly offset by a net outflow in Poland. Expenses excluding regulatory costs declined slightly year - on - year, as inflationary pressure on staff expenses was offset by cost savings following the discontinuation of our retail activities in France and the Philippines, together with FX impacts. Expenses in 2Q2023 included €12 million of restructuring provisions compared with €18 million in 2Q2022. Sequentially, expenses excluding regulatory costs decreased due to FX impacts in Türkiye and €27 million of legal provisions recorded in the previous quarter. Regulatory costs dropped compared with 2Q2022, which had included a €92 million contribution to the Institutional Protection Scheme in Poland. Risk costs were €99 million with net additions mainly seen in Poland, Spain and Italy. Note that following a change in governance, the Asian stakes (our investments in Bank of Beijing and TMBThanachart Bank) are reported in Corporate Line as of 2Q2023 (with a profit before tax of €22 million), whereas previously they were reported in Retail Other. Comparable data have been adjusted accordingly. Segment Reporting: Retail Banking

Wholesale Banking: Consolidated profit or loss account ING Press Release 2Q2023 12 Total Wholesale Banking 2Q2022 In € million 2Q2023 Profit or loss 807 793 809 Lending 529 402 561 Daily Banking & Trade Finance 349 443 359 Financial Markets 107 94 117 Treasury & Other 1,791 1,732 1,846 Total income 725 694 759 Expenses excl. regulatory costs 136 15 11 Regulatory costs 860 708 770 Operating expenses 931 1,024 1,076 Gross result - 90 88 - 15 Addition to loan loss provisions 1,021 935 1,091 Result before tax Profitability and efficiency - 1.2 3.0 - 0.6 Net core lending growth (in € billion) - 0.4 - 0.6 - 1.7 Net core deposits growth (in € billion) 48.0% 40.9% 41.7% Cost/income ratio 454 419 482 Income over average risk - weighted assets (in bps) 1) - 19 19 - 3 Risk costs in bps of average customer lending 15.2% 14.2% 18.1% Return on equity based on 12.5% CET1 1) 156.2 166.7 149.9 Risk - weighted assets (end of period, in € billion) 1Q2023 1) Total income divided by average RWA (annualised). 2) After - tax return divided by average equity based on 12.5% of RWA (annualised). Wholesale Banking had a strong quarter with a result before tax of €1,091 million. Combined with disciplined capital management, this led to a return on equity of 18.1% and a further improvement in income over average risk - weighted assets. Income increased, mainly driven by Payments and Cash Management, while Lending continued to focus on better quality lending with lower risk weights. RWAs also declined because of active portfolio management and a further reduction in our Russia - related exposure. Lending income rose year - on - year, as a strong increase in fee income and higher volumes compensated for a positive FX revaluation result in other income in 2Q2022. Sequentially, total income increased slightly, driven by higher fee income. Income from Daily Banking & Trade Finance increased strongly year - on - year, predominantly driven by higher Payments & Cash Management income, which benefited from higher interest rates. This was partly offset by lower income from Trade & Commodity Finance, reflecting lower commodity prices and volumes. Sequentially, the higher income reflected a further increase of interest rates, the impact of which was partly offset by lower volumes in Payment & Cash Management and in Trade & Commodity Finance. Financial Markets recorded higher fee income, both year - on - year and sequentially, driven by a higher deal flow for Global Capital Markets. Quarter - on - quarter, income was also supported by positive valuation adjustments. Trading results declined compared with both comparable quarters, reflecting lower volatility on the markets. The quarterly income from Treasury & Other increased year - on - year, supported by higher results from liquidity management and higher Corporate Finance fees. Sequentially, income rose, mainly due to an increase in Corporate Finance fees and positive fair value adjustments in Corporate Investments. Segment Reporting: Wholesale Banking

Corporate Line: Consolidated profit or loss account IAS 29 impact 2) Corporate Line excl. IAS 29 impact 1) Line 1) 1Q2023 Corporate 2Q2022 Total 2Q2023 In € million 1Q2023 2Q2022 2Q2023 1Q2023 2Q2022 2Q2023 Profit or loss 1 15 2 134 117 131 136 131 134 Net interest income - excl. net TLTRO impact 0 0 0 0 17 0 0 17 0 Net interest income - net TLTRO impact 0 1 0 - 3 - 4 - 3 - 3 - 2 - 3 Net fee and commission income 0 0 0 0 2 2 0 2 2 Investment income - 70 - 247 - 9 0 - 42 23 - 70 - 289 14 Other income - 69 - 231 - 6 132 90 153 63 - 141 147 Total income 4 43 6 114 105 109 118 148 115 Expenses excl. regulatory costs 0 0 0 0 0 - 1 0 0 - 1 Regulatory costs 4 43 6 114 105 108 118 148 114 Operating expenses - 73 - 274 - 12 18 - 15 45 - 55 - 289 32 Gross result 0 0 0 0 0 0 0 0 0 Addition to loan loss provisions - 73 - 274 - 13 18 - 15 45 - 55 - 289 32 Result before tax of which: 0 0 0 20 2 42 20 2 42 Income on capital surplus 0 0 0 143 127 113 143 127 113 Foreign currency ratio hedging 0 0 0 - 22 - 72 - 8 - 22 - 72 - 8 Other Group Treasury 0 0 0 141 56 147 141 56 147 Group Treasury 0 0 0 20 18 22 20 18 22 Asian stakes - 73 - 274 - 13 - 144 - 90 - 124 - 217 - 364 - 136 Other Corporate Line - 73 - 274 - 13 18 - 15 45 - 55 - 289 32 Result before tax - 6 2 1 Taxation - 68 - 277 - 14 Net result ING Press Release 2Q2023 13 1) In 2Q2023, a governance change over the Asian stakes resulted in their transfer from Retail Banking Other to Corporate Line. Comparatives have been adjusted. 2) Hyperinflation accounting (IAS 29) has become applicable for ING’s subsidiary in Türkiye since 2Q2022 with retrospective application from 1 January 2022. Total income in 2Q2023 included a € - 6 million IAS 29 impact, reflecting the application of hyperinflation accounting in the consolidation of our subsidiary in Türkiye. The amount was limited in this quarter, reflecting the sharp drop of the Turkish lira against the euro. In 2Q2022, when ING had to apply IAS 29 for the first time, the impact on income had been € - 231 million. Excluding IAS 29 impacts, total income increased by €63 million year - on - year. This was mostly due to higher capital charges received from ING entities and the revaluation of derivatives. Compared with 1Q2023, total income excluding IAS 29 impacts increased by €21 million, as higher capital charges and revaluations were only partly offset by lower results from foreign currency ratio hedging (mainly on the US dollar). Expenses included an IAS 29 hyperinflation impact of €6 million compared with €11 million in 2Q2022 (next to a €32 million impairment loss related to the goodwill allocated to Türkiye) and €4 million in 1Q2023. Excluding IAS 29 impacts, expenses were relatively stable on both comparable quarters. Segment Reporting: Corporate Line

Share information 1Q2023 4Q2022 3Q2022 2Q2022 2Q2023 3,619.5 3,726.5 3,767.3 3,907.0 1.0 107.4 41.7 163.9 3,618.5 3,619.1 3,725.6 3,743.0 3,619.1 3,683.7 3,728.5 3,760.3 3,619.5 12.5 3,607.0 3,615.2 Shares (in millions, end of period) Total number of shares - Treasury shares - Shares outstanding Average number of shares 10.93 11.39 8.86 9.43 13.49 11.66 9.94 10.52 10.38 8.80 8.50 8.70 12.34 12.34 10.81 Share price (in euros) End of period High Low 0.44 0.30 0.26 0.31 14.28 13.79 13.77 13.79 - 0.39 - 0.17 8.3 11.6 9.5 9.2 0.77 0.83 0.64 0.68 0.60 14.07 0.35 7.7 0.88 Net result per share (in euros) Shareholders' equity per share (end of period in euros) Dividend per share (in euros) Price/earnings ratio 1) Price/book ratio 1) Four - quarter rolling average. Financial calendar Ex - date for interim dividend in 2023 (Euronext Amsterdam) 1) Record date for interim dividend in 2023 entitlement (Euronext Amsterdam) 1) Record date for interim dividend in 2023 entitlement (NYSE) 1) Payment date for interim dividend in 2023 (Euronext Amsterdam) 1) Payment date for interim dividend in 2023 1) (NYSE) Publication results 3Q2023 Publication results 4Q2023 Publication 2023 ING Group Annual Report 2023 Annual General Meeting Monday 7 August 2023 Tuesday 8 August 2023 Monday 14 August 2023 Monday 14 August 2023 Monday 21 August 2023 Thursday 2 November 2023 Thursday 1 February 2024 Thursday 7 March 2024 Monday 22 April 2024 1) Only if any dividend is paid All dates are provisional. ING profile ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 59,000 employees offer retail and wholesale banking services to customers in over 40 countries. ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). Sustainability is an integral part of ING’s strategy, evidenced by ING’s leading position in sector benchmarks. ING's Environmental, Social and Governance (ESG) rating by MSCI was affirmed 'AA' in September 2022. As of August 2022, Sustainalytics considers ING’s management of ESG material risk to be ‘strong’, and in June 2022 ING received an ESG rating of 'strong' from S&P Global Ratings. ING Group shares are also included in major sustainability and ESG index products of leading providers Euronext, STOXX, Morningstar and FTSE Russell. Further information All publications related to ING’s 2Q2023 results can be found at www.ing.com/2q2023, including a video with CEO Steven van Rijswijk. The 'ING ON AIR’ video is also available on YouTube. ING Press Release 2Q2023 14 Additional financial information is available at www.ing.com/ir: • ING Group Results presentation • ING Group Credit Update presentation • ING Group Historical Trend Data For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news X/Twitter feed. Photos and videos of ING operations, buildings and its executives are available for download at Flickr.

ING Press Release 2Q2023 15 Important legal information Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014. ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS - EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2022 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward - looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to 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 and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) ongoing and residual effects of the Covid - 19 pandemic and related response measures on economic conditions in countries in which ING operates (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) fiscal uncertainty in Europe and the United States (7) discontinuation of or changes in ‘benchmark’ indices (8) inflation and deflation in our principal markets (9) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (10) failures of banks falling under the scope of state compensation schemes (11) non - compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (12) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (13) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (14) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (15) ING’s ability to meet minimum capital and other prudential regulatory requirements (16) changes in regulation of US commodities and derivatives businesses of ING and its customers (17) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (18) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (19) changes in tax laws and regulations and risks of non - compliance or investigation in connection with tax laws, including FATCA (20) operational and IT risks, such as system disruptions or failures, breaches of security, cyber - attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business (21) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy (22) changes in general competitive factors, including ability to increase or maintain market share (23) inability to protect our intellectual property and infringement claims by third parties (24) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (25) changes in credit ratings (26) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG - related matters, including data gathering and reporting (27) inability to attract and retain key personnel (28) future liabilities under defined benefit retirement plans (29) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (30) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (31) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com. This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING 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. Any forward looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward - looking statements, whether as a result of new information or for any other reason. This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.