Fair value of assets and liabilities (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value of Assets and Liabilities [Abstract] |
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| Summary of valuation adjustment |
| | | | | | | | | | Adjustments in fair value on financial assets and liabilities | | in EUR million | 30 June 2025 | 31 December 2024 | | Deferred Day One Profit or Loss | -93 | | -94 | | | Own credit adjustments | -24 | | -17 | | | Bid/Offer | -150 | | -130 | | | Model Risk | -49 | | -33 | | | CVA | -138 | | -123 | | | DVA | 42 | | 50 | | | CollVA | -2 | | -3 | | | FVA | -98 | | -64 | | | Other valuation adjustments | 2 | | 2 | | | Total Valuation Adjustments | -511 | | -412 | |
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| Methods applied in determining fair values of financial assets and liabilities |
Financial instruments at fair value Transfers into and transfers out of fair value hierarchy levels are made on a quarterly basis at the end of the reporting period. The fair values of the financial instruments were determined as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Methods applied in determining fair values of financial assets and liabilities (carried at fair value) | | Level 1 | Level 2 | Level 3 | Total | | in EUR million | 30 June
2025 | 31
December
2024 | 30 June
2025 | 31 December 2024 | 30 June
2025 | 31
December
2024 | 30 June
2025 | 31
December
2024 | | Financial Assets | | | | | | | | | | Financial assets at fair value through profit or loss | | | | | | | | | | - Equity securities | 22,767 | | 20,789 | | 4 | | 15 | | 145 | | 141 | | 22,916 | | 20,945 | | | - Debt securities | 6,259 | | 7,485 | | 5,663 | | 4,596 | | 2,579 | | 3,505 | | 14,501 | | 15,586 | | | - Derivatives | 74 | | 1 | | 28,067 | | 31,792 | | 700 | | 475 | | 28,841 | | 32,268 | | | - Loans and receivables | 0 | | 0 | | 78,494 | | 62,168 | | 7,733 | | 6,614 | | 86,227 | | 68,782 | | | 29,100 | | 28,275 | | 112,228 | | 98,571 | | 11,157 | | 10,734 | | 152,486 | | 137,580 | | | Financial assets at fair value through other comprehensive income | | | | | | | | | | - Equity securities | 2,470 | | 2,292 | | 0 | | 0 | | 283 | | 270 | | 2,753 | | 2,562 | | | - Debt securities | 44,423 | | 39,859 | | 1,194 | | 2,360 | | 0 | | 0 | | 45,618 | | 42,219 | | | - Loans and receivables | 0 | | 0 | | 1,319 | | 1,608 | | 156 | | 0 | | 1,475 | | 1,608 | | | 46,893 | | 42,151 | | 2,513 | | 3,967 | | 440 | | 270 | | 49,846 | | 46,389 | | | Financial liabilities | | | | | | | | | | Financial liabilities at fair value through profit or loss | | | | | | | | | | – Debt securities | 1,398 | | 1,455 | | 7,766 | | 8,445 | | 53 | | 67 | | 9,218 | | 9,966 | | | – Deposits | 0 | | 0 | | 55,609 | | 45,014 | | 0 | | 0 | | 55,609 | | 45,014 | | | – Trading securities | 3,365 | | 3,631 | | 297 | | 12 | | 10 | | 10 | | 3,671 | | 3,653 | | | – Derivatives | 105 | | 45 | | 24,371 | | 27,528 | | 550 | | 694 | | 25,026 | | 28,267 | | | 4,868 | | 5,131 | | 88,043 | | 80,998 | | 613 | | 770 | | 93,524 | | 86,900 | |
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| 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 | | in EUR million | 30 June 2025 | 31 December 2024 | 30 June 2025 | 31 December 2024 | | | 30 June 2025 | 31 December 2024 | 30 June 2025 | 31 December 2024 | | At fair value through profit or loss | | | | | | | | | | | | Debt securities | 2,580 | | 3,504 | | 10 | | 10 | | Price based | Price (%) | 0 | % | 0 | % | 108 | % | 120 | % | | | | | | | Price (price per share) | 417 | 327 | 1,325 | 520 | | | | | | | | | | | | | | | | | Present value techniques | Price (%) | 96 | % | 96 | % | 99 | % | 100 | % | | Equity securities | 145 | | 141 | | | | Price based | Price (price per share) | 0 | 0 | 5,475 | 5,475 | | Loans and advances | 1,950 | | 1,565 | | 0 | | 0 | | Price based | Price (%) | 0 | % | 0 | % | 105 | % | 107 | % | | | | | | Present value techniques | Credit spread (bps) | 628 | 576 | 707 | 629 | | | | | | | | | | | | | | | | | | Prepayment rate (%) | 2 | % | 2 | % | 2 | % | 100 | % | | | | | | | Price (%) | 100 | % | n.a. | 100 | % | n.a. | | (Reverse) repos | 5,783 | | 5,050 | | | | Present value techniques | Interest rate (%) | 2 | % | 2 | % | 2 | % | 2 | % | | Structured notes | | | 53 | | 67 | | Price based | Price (%) | 94 | % | 93 | % | 103 | % | 104 | % | | | | | | Option pricing model | Equity volatility (%) | 16 | % | n.a. | 46 | % | n.a. | | | | | | | Equity/Equity correlation | 0.6 | 0.7 | 0.7 | 0.7 | | | | | | | Equity/FX correlation | -0.2 | n.a. | 0 | n.a. | | | | | | | Dividend yield (%) | 3.7 | % | n.a. | 4.3 | % | n.a. | | | | | | | | | | | | | | | | | Present value techniques | Prepayment rate (%) | n.a. | 99.59 | % | n.a. | 100.09 | % | | | | | | | Price (%) | 100 | % | n.a. | 100 | % | n.a. | | Derivatives | | | | | | | | | | | | – Rates | 494 | | 413 | | 477 | | 389 | | Option pricing model | Interest rate volatility (bps) | 64 | n.a. | 280 | n.a. | | | | | | Present value techniques | Reset spread (%) | 2 | % | 2 | % | 2 | % | 2 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | – FX | 5 | | 6 | | 4 | | 8 | | Option pricing model | Implied volatility (%) | 2 | % | 2 | % | 41 | % | 15 | % | | | | | | | | | | | | | – Credit | 181 | | 39 | | 33 | | 241 | | Present value techniques | Credit spread (bps) | 8 | 0 | 94 | 91 | | | | | | | | | | | | | | | | | Price based | Price (%) | 94 | % | 0 | % | 100 | % | 100 | % | | – Equity | 7 | | 10 | | 21 | | 47 | | Option pricing model | Equity volatility (%) | 7 | % | 7 | % | 76 | % | 81 | % | | | | | | | Equity/Equity correlation | 0.0 | 0.0 | 1.0 | 1.0 | | | | | | | Equity/FX correlation | -0.6 | -0.6 | 0.3 | 0.6 | | | | | | | Dividend yield (%) | 0 | % | 0 | % | 100 | % | 33 | % | | | | | | | | | | | | | – Other | 13 | | 6 | | 15 | | 9 | | Option pricing model | Commodity volatility (%) | 15 | % | 13.1 | % | 93 | % | 61 | % | | | | | | | | | | | | | | | | | | Com/FX correlation | -0.25 | -0.40 | -0.25 | -0.25 | | | | | | Price based | Price (commodity) | 67 | 68 | 67 | 68 | | At fair value through other comprehensive income | | | | | | | | | | | | – Loans and advances | 156 | | | | | Price based | Price (%) | n.a. | n.a. | n.a. | n.a. | | | | | | | | | | | | | – Equity | 283 | | 270 | | | | Present value techniques | Credit spread (bps) | 5.52 | 5.67 | 5.52 | 5.76 | | | | | | | Interest rate (%) | 3.5 | % | 1.5 | % | 3.5 | % | 3.5 | % | | | | | | | Payout ratio (%) | 70 | % | 70 | % | 90 | % | 90 | % | | | | | | Price based | Price (%) | | 122 | % | | 122 | % | | | | | | Price based | Price (price per share) | 125.74 | n.a | 125.74 | n.a | | Total | 11,597 | | 11,005 | | 613 | | 770 | | | | | | | |
1 The abbreviation n.a. stands for not applicable or not available. |
| Changes in level 3 financial assets |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | | in EUR million | 30 June
2025 | 31
December
2024 | 30 June
2025 | 31
December
2024 | 30 June
2025 | 31
December
2024 | 30 June
2025 | 31
December
2024 | 30 June
2025 | 31
December
2024 | 30 June
2025 | 31
December
2024 | | Opening balance as at 1 January | 824 | | 848 | | 68 | | 286 | | 5,721 | | 3,499 | | 4,121 | | 3,547 | | 270 | | 938 | | 11,005 | | 9,118 | | Realised gain/loss recognised in the statement of profit or loss during the period 1 | 180 | | -175 | | 17 | | -38 | | 123 | | 294 | | -622 | | -54 | | | | -302 | | 28 | | Revaluation recognised in other comprehensive income during the period 2 | | | | | | | | | 6 | | -3 | | 6 | | -3 | | | Purchase of assets | 609 | | 486 | | 1 | 198 | | 2,464 | | 4,424 | | 211 | | 1,600 | | 160 | | 154 | | 3,444 | | 6,862 | | | Sale of assets | -35 | | -111 | | 0 | -257 | | -251 | | -1,605 | | -778 | | -10 | | -4 | | -418 | | -1,067 | | -2,402 | | | Maturity/settlement | -9 | | -140 | | 0 | -7 | | -95 | | -294 | | -189 | | -988 | | 0 | -20 | | -294 | | -1,449 | | | Reclassifications | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 8 | 0 | 11 | 0 | | Transfers into Level 3 | 29 | | 370 | | 0 | 0 | 565 | | 615 | | 0 | 30 | | 0 | 0 | 593 | | 1,014 | | | Transfers out of Level 3 | -347 | | -454 | | -9 | | -114 | -1,440 | | -1,214 | | 0 | -3 | 0 | -384 | -1,796 | | -2,169 | | | Exchange rate differences | -1 | 0 | 0 | 0 | -4 | | 5 | | -4 | | -2 | | | | 9 | | -9 | | 12 | | | Changes in the composition of the group and other changes | 0 | 0 | 0 | 0 | 6 | | -1 | 1 | 0 | 0 | -5 | | 7 | | -6 | | | Closing balance | 1,249 | | 824 | | 77 | | 68 | | 7,092 | | 5,721 | | 2,740 | | 4,121 | | 440 | | 270 | | 11,597 | | 11,005 | | | | | | | | | | | | | | |
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 299 million (2024: EUR -41 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’. |
| Changes in level 3 financial liabilities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Changes in Level 3 Financial liabilities | | Trading liabilities | Non-trading derivatives | Financial liabilities designated as at fair value through profit or loss | Total | | | in EUR million | 30 June
2025 | 31
December
2024 | 30 June
2025 | 31
December
2024 | 30 June
2025 | 31
December
2024 | 30 June
2025 | 31
December
2024 | | Opening balance as at 1 January | 637 | | 382 | | 67 | | 301 | | 67 | | 47 | | 770 | | 729 | | Realised gain/loss recognised in the statement of profit or loss during the period1 | -116 | | -104 | | 12 | | -98 | | -4 | | -5 | | -109 | | -206 | | | Additions | 45 | | 55 | | 0 | | 190 | | 10 | | 29 | | 56 | | 274 | | | Redemptions | -29 | | -12 | | 0 | | -209 | | 0 | | 0 | | -30 | | -222 | | | Maturity/settlement | -40 | | -15 | | 0 | | -7 | | -30 | | -4 | | -70 | | -26 | | | Transfers into Level 3 | 34 | | 364 | | 0 | | 0 | | 12 | | 34 | | 46 | | 399 | | | Transfers out of Level 3 | -49 | | -33 | | 0 | | -111 | | 0 | | -34 | | -49 | | -179 | | | Exchange rate differences | -1 | | 0 | | 0 | | 0 | | 0 | | 0 | | -1 | | 0 | | | Closing balance | 481 | | 637 | | 78 | | 67 | | 53 | | 67 | | 613 | | 770 | | | | | | | | | | |
1Net gains/losses were recorded as ‘Valuation results and net trading income’ in the statement of profit or loss. The total amount includes EUR -108 million (2024: EUR -206 million) of unrealised gains and losses recognised in the statement of profit or loss.
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| Sensitivity analysis of level 3 instruments |
The valuation uncertainty in the table below is broken down by related risk class rather than by product. The possible impact of a change of unobservable inputs in the fair value of financial instruments where unobservable inputs are significant to the valuation is as follows: | | | | | | | | | | | | | | | | Sensitivity analysis of Level 3 instruments | | Positive fair value movements from using reasonable possible alternatives | Negative fair value movements from using reasonable possible alternatives | | in EUR million | 30 June
2025 | 31
December
2024 | 30 June
2025 | 31
December
2024 | | Equity (equity derivatives, structured notes) | 19 | | 21 | | -9 | | -20 | | | Interest rates (Rates derivatives, FX derivatives) | 1 | | 5 | | 0 | | 0 | | | Credit (Debt securities, Loans, structured notes, credit derivatives) | 15 | | 2 | | -19 | | -27 | | | Equity (FV OCI) | 2 | | 0 | | 0 | | 0 | | | 37 | | 28 | | -28 | | -47 | |
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| Fair value of assets and liabilities at amortised cost |
Financial instruments not measured at fair value The following table presents the estimated fair values of the financial instruments not measured at fair value in the statement of financial position. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Methods applied in determining fair values of financial assets and liabilities (carried at amortised cost) | | Carrying Amount | Carrying amount presented as fair value1 | Level 1 | Level 2 | Level 3 | Total fair value | | in EUR million | 30 June
2025 | 31
December
2024 | 30 June
2025 | 31
December
2024 | 30 June
2025 | 31
December
2024 | 30 June
2025 | 31
December
2024 | 30 June
2025 | 31
December
2024 | 30 June
2025 | 31
December
2024 | | Financial Assets | | | | | | | | | | | | | | Loans and advances to banks | 50,080 | | 21,770 | | 3,947 | | 3,195 | | | | 42,891 | | 15,614 | | 3,206 | | 2,957 | | 50,044 | | 21,766 | | Loans and advances to customers | 693,285 | | 683,611 | | 20,391 | | 18,291 | | | | 12,328 | | 18,626 | | 644,638 | | 630,493 | | 677,357 | | 667,410 | | Securities at amortised cost | 53,805 | | 50,273 | | | | 44,609 | | 42,871 | | 4,803 | | 2,908 | | 2,938 | | 2,523 | | 52,349 | | 48,303 | | | 797,169 | | 755,655 | | 24,338 | | 21,486 | | 44,609 | | 42,871 | | 60,022 | | 37,149 | | 650,782 | | 635,973 | | 779,750 | | 737,479 | | | | | | | | | | | | | | | | Financial liabilities | | | | | | | | | | | | | | Deposits from banks | 20,891 | | 16,723 | | 6,966 | | 4,348 | | | | 9,828 | | 8,208 | | 3,894 | | 3,943 | | 20,687 | | 16,499 | | | Customer deposits | 738,028 | | 691,661 | | 611,607 | | 582,387 | | | | 82,524 | | 61,916 | | 43,890 | | 46,984 | | 738,021 | | 691,287 | | Debt securities in issue | 151,016 | | 142,367 | | | | 78,330 | | 79,254 | | 71,301 | | 61,651 | | 1,982 | | 2,000 | | 151,613 | | 142,905 | | Subordinated loans | 16,566 | | 17,878 | | | | 16,575 | | 17,968 | | 350 | | 389 | | | | 16,926 | | 18,357 | | | 926,501 | | 868,630 | | 618,573 | | 586,735 | | 94,906 | | 97,221 | | 164,003 | | 132,164 | | 49,766 | | 52,927 | | 927,248 | | 869,048 | | | | | | | | | | | | | | |
1 In accordance with IFRS and for the purpose of this disclosure, the carrying amount of financial instruments with an immediate on demand feature is presented as fair value.
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