S&P Global – Benelux Banking Outlook, 2025

The report by S&P Global "Benelux Banking Outlook 2025" explores the economic and regulatory landscape for banks in Belgium, the Netherlands, and Luxembourg. Almost all ratings on Benelux banks carry a stable outlook, supported by slight GDP growth improvements in 2025 due to declining interest rates and receding inflation. Profitability is expected to remain solid but slightly lower as margins compress. Banks continue to focus on efficiency and digital investments. Credit costs are predicted to remain stable, with strong capital positions allowing continued payouts. Funding profiles remain diversified, with customer deposits as the mainstay. The report highlights specific bank rating actions, reflecting entity-specific performance and strategic moves.