Ing Groep NV (ING)

Price$37.25Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look reasonably priced for strong returns, but offer limited obvious bargain protection.

Each New York depositary share represents one ordinary ING share. Using the supplied 2025 earnings of €2.78 per share and the exchange-rate relationship between ING's U.S. and Amsterdam listings, the market values the shares at roughly 11 times recent annual earnings. The Amsterdam price also equals about 1.7 times 2025 year-end book value per share. Those multiples are defensible while ING earns mid-teens returns on shareholder capital, but they are no longer obviously cheap if interest-driven earnings weaken.

Big pictureProfits have strengthened sharply, though bank earnings remain sensitive to rates and credit conditions.

The supplied history shows net income rising from €2.25 billion in 2020 to €8.32 billion in 2025, while earnings per share reached €2.78. For a bank, ordinary operating cash flow is not a useful measure of cash durability because customer deposits, lending and securities movements dominate that figure. More useful evidence is recurring interest and fee income alongside credit quality and capital. Recent results remain strong: second-quarter 2026 profit before tax rose 23% year over year, while fee income increased 14%.

Business strengthING combines solid capital, growing customer activity and unusually aggressive returns of excess capital.

ING reported a 13.1% core capital ratio in the second quarter, providing a cushion above regulatory requirements while supporting lending growth. The supplied data show shareholder equity of €54.1 billion at 2025 year-end. Capital allocation has also favored owners: outstanding shares fell from about 3.90 billion in 2020 to 3.02 billion in 2025, a reduction of roughly 23%, while €3.89 billion of dividends was paid in 2025. ING's annual report separately records €1.46 billion of share repurchases and related changes during 2025.

What could change the storySustained high returns would make the shares attractive, while falling interest income could expose the premium.

The bull case is that growing deposits, loans and fees keep returns on shareholder capital above 15% while buybacks shrink the share count, allowing earnings per share to compound even without exceptional economic growth. Management now expects returns above 15% in 2026 and above 16% in 2027. The bear case is more cyclical: European rate changes can compress lending spreads, while weaker borrowers could raise credit losses. At roughly 1.7 times book value, investors are already assuming ING can maintain returns materially above its cost of capital.

AI: News

Guidance raisedA stronger second quarter led ING to raise income and shareholder-return expectations for coming years.

On July 30, ING reported second-quarter net profit of €1.95 billion, above the company-compiled analyst consensus of €1.83 billion. Fee income rose 14% to €1.28 billion, while profit before tax increased 23% year over year. ING raised its 2026 income target above €24.5 billion and lifted its expected shareholder return on tangible capital above 15%. Reuters reported the Amsterdam shares gaining about 2.5% in early trading after the announcement.

Spanish wealth expansionING agreed to buy a major Singular Bank stake, expanding into higher-fee Spanish private banking.

On July 6, ING announced an agreement to acquire approximately 40% of Singular Bank, a Spanish wealth manager. Reuters had reported that Singular managed about €18 billion of client assets. The investment broadens ING beyond traditional deposits and lending into private banking, where fee income can be less directly tied to interest rates. No reliable immediate share-price reaction was identified, so the investment's market effect is uncertain; its value depends on profitable asset growth and disciplined purchase economics.

Another large buybackStrong first-quarter earnings funded another major buyback, reinforcing ING's commitment to returning excess capital.

On April 30, ING announced a new €1.0 billion share repurchase after completing a €1.1 billion programme. First-quarter profit reached €1.56 billion, above the €1.43 billion analyst forecast cited by Reuters, while commercial interest income rose 7% year over year. Reuters reported shares rising about 2% in early Amsterdam trading. The buyback matters because ING cancels repurchased shares, increasing each remaining shareholder's claim on future earnings if capital ratios remain safely above requirements.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	€25.68B	€21.09B	€18.12B	€30.42B	€20.09B	€17.23B	€17.13B	€18.32B	€18.59B	€17.90B	€18.01B
Operating income	€25.68B	€21.09B	€18.12B	€30.42B	€20.09B	€17.23B	€17.13B	€18.32B	—	—	—
Operating margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	—	—	—
EBITDA	€26.34B	€21.76B	€18.80B	€31.13B	€20.93B	€18.06B	€17.91B	€18.84B	—	—	—
EBITDA margin	102.59%	103.19%	103.72%	102.34%	104.15%	104.81%	104.61%	102.84%	—	—	—
Net income	€8.60B	€5.59B	€4.37B	€12.13B	€5.95B	€2.25B	€5.65B	€6.99B	€8.09B	€6.75B	€5.33B
Net profit margin	33.49%	26.52%	24.14%	39.86%	29.62%	13.06%	33.01%	38.12%	43.49%	37.72%	29.62%
Basic EPSper basic share	€2.78	€1.65	€1.16	€3.35	€1.53	€0.58	€1.00	€1.22	€1.41	€1.28	€1.28
Diluted EPSper diluted share	€2.78	€1.65	€1.16	€3.35	€1.53	€0.58	€1.00	€1.22	€1.41	€1.28	€1.27

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of ING
Holder	Shares held
MORGAN STANLEY	12.84M
FMR LLC	7.84M
GOLDMAN SACHS GROUP INC	7.58M
BANK OF AMERICA CORP /DE/	6.18M
BlackRock, Inc.	5.88M
Fisher Asset Management, LLC	5.85M
NATIXIS ADVISORS, LLC	5.26M
JONES FINANCIAL COMPANIES LLLP	5.08M
Aristotle Capital Management, LLC	4.76M
NORTHERN TRUST CORP	3.91M
ROYAL BANK OF CANADA	3.55M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	2.8M
AMERICAN CENTURY COMPANIES INC	2.8M
TODD ASSET MANAGEMENT LLC	2.73M
JPMORGAN CHASE & CO	2.31M
WELLS FARGO & COMPANY/MN	2.25M
ENVESTNET ASSET MANAGEMENT INC	1.98M
Quantinno Capital Management LP	1.96M
TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	1.77M
CAUSEWAY CAPITAL MANAGEMENT LLC	1.69M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Ing Groep NV (ING)

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