Ing Groep N.V. (ING)
NYSE:ING
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ING Groep
(NYSE:ING)
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Rating:71Outperform
Price Target:
$33.00
▲(33.12% Upside)
Action:ReiteratedDate:01/30/26
Overall score driven primarily by mixed financial performance (notably leverage and negative free cash flow) balanced by favorable technical momentum and supportive valuation. The latest earnings call adds incremental strength via upgraded guidance and ongoing capital returns, tempered by higher risk costs and capital/RWA headwinds.
Positive Factors
Strong retail customer acquisition
Sustained digital customer additions expand low-cost deposit funding and deepen cross-sell opportunities across banking products. Persistent growth in mobile primary customers supports durable deposit stability, higher lifetime revenue per client, and a scalable channel for product adoption over the next several quarters.
Negative Factors
Negative free cash flow
Persistently negative free cash flow suggests the bank struggles to convert accounting profits into cash, limiting internal funding for growth, buybacks or buffers. Over months this raises reliance on external funding and constrains flexibility to absorb shocks or opportunistic investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong retail customer acquisition
Sustained digital customer additions expand low-cost deposit funding and deepen cross-sell opportunities across banking products. Persistent growth in mobile primary customers supports durable deposit stability, higher lifetime revenue per client, and a scalable channel for product adoption over the next several quarters.
Read all positive factors
ING Groep (ING) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$72.45B
Dividend Yield4.14%
Average Volume (3M)3.12M
Price to Earnings (P/E)11.2
Beta (1Y)0.81
Revenue Growth2.20%
EPS Growth-0.17%
CountryUS
Employees60,000
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)0.57
Shares Outstanding2,920,349,400
10 Day Avg. Volume3,845,692
30 Day Avg. Volume3,121,136
Financial Highlights & Ratios
PEG Ratio0.39
Price to Book (P/B)1.43
Price to Sales (P/S)3.09
P/FCF Ratio0.00
Enterprise Value/Market Cap2.53
Enterprise Value/Revenue4.41
Enterprise Value/Gross Profit4.56
Enterprise Value/Ebitda20.04
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.75
Revenue Forecast (FY)$28.44B
ING Groep Business Overview & Revenue Model
Company Description
ING Groep N.V., a financial institution, provides various banking products and services in the Netherlands, Belgium, Germany, Poland, Rest of Europe, North America, Latin America, Asia, and Australia. It operates in six segments: Retail Netherland...
How the Company Makes Money
ING Groep generates revenue primarily through interest income, which comes from lending activities such as personal loans, mortgages, and business loans. The bank charges interest on these loans, creating a significant stream of income. Additional...
ING Groep Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call communicated multiple strong operational and financial achievements — including robust customer acquisition (>1 million annually), double‑digit fee growth (15% FY, 22% Q4 YoY), record total income for the third consecutive year, solid NII (EUR 15.3 billion) and upgraded 2026–2027 guidance — underpinning upgraded profitability and continued shareholder distributions. At the same time, management disclosed several risks and challenges: notable Stage‑3 provisioning and elevated risk costs in Q4, a quarter‑on‑quarter decline in CET1 driven by distributions and RWA increases, deposit‑to‑loan mix pressure (loan growth outpacing deposits), cost/inflationary headwinds and uncertainty around liability margin pass‑through and treasury hedging income. Overall, the positive momentum, upgraded outlook and strong capital and shareholder return actions outweigh the listed headwinds, while the bank acknowledges and is taking steps to manage the highlighted risks.Positive Updates
Strong Customer and Deposit Growth
Added >350,000 mobile primary customers in Q4 and over 1 million customers for the full year; core deposits rose EUR 38.1 billion (+5.5% year‑on‑year) and Q4 retail deposits contributed EUR 11.3 billion, driven by targeted campaigns and seasonal inflows.
Negative Updates
Higher Risk Costs and Stage 3 Provisions
Total risk costs were EUR 365 million in Q4 (≈20 bps of average customer lending). Net addition to Stage 3 provisions amounted to EUR 389 million, mainly due to individual Stage 3 provisioning for several new and existing funds in the Wholesale Bank; Stage 3 ratio increased slightly.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Customer and Deposit Growth
Added >350,000 mobile primary customers in Q4 and over 1 million customers for the full year; core deposits rose EUR 38.1 billion (+5.5% year‑on‑year) and Q4 retail deposits contributed EUR 11.3 billion, driven by targeted campaigns and seasonal inflows.
Read all positive updates
Company Guidance
ING guided to total income of around EUR 24 billion in 2026 (assumed customer balance growth ~5% p.a., fees +5–10%, liability margin at the lower end of 100–110 bps, lending margin broadly stable and “other income” ~2.8 billion ex‑incidentals), with operating cost measures cited as EUR 12.6–12.8 billion excluding incidentals (and, more narrowly, EUR 11.6–11.8 billion excluding incidentals and regulatory items), a CET1 target of ~13% and returns of ROE 14% and ROTE >14% (2025 ROTE delta ~40 bps); for 2027 management upgraded targets to total income >EUR 25 billion (fees >EUR 5 billion), operating expenses excl. incidentals around EUR 13 billion, ROE 15% and ROTE >15%, while maintaining a 50% payout policy, continuing SRTs (expected to add ~15–20 bps to CET1 in 2026), and executing additional distributions/share buybacks (EUR 3.6 billion announced, EUR 500 million paid, buyback completing Apr 2026) with a proposed final cash dividend of EUR 0.736 per share.ING Groep Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
67
Positive
Cash Flow
60
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 23.04B | 66.41B | 58.90B | 33.61B | 25.78B |
| Gross Profit | 21.73B | 21.41B | 22.15B | 17.06B | 17.79B |
| EBITDA | 9.15B | 9.97B | 11.17B | 6.21B | 7.62B |
| Net Income | 6.33B | 6.39B | 7.29B | 3.67B | 4.78B |
Balance Sheet | |||||
| Total Assets | 1.05T | 1.02T | 975.58B | 967.82B | 951.29B |
| Cash, Cash Equivalents and Short-Term Investments | 106.31B | 114.74B | 130.06B | 118.23B | 135.85B |
| Total Debt | 169.33B | 171.33B | 150.00B | 119.50B | 116.01B |
| Total Liabilities | 1.00T | 969.24B | 923.40B | 917.41B | 896.63B |
| Stockholders Equity | 49.70B | 50.31B | 51.24B | 49.91B | 53.92B |
Cash Flow | |||||
| Free Cash Flow | 0.00 | -22.88B | -11.59B | -11.34B | -15.13B |
| Operating Cash Flow | 0.00 | -22.54B | -11.34B | -11.11B | -14.94B |
| Investing Cash Flow | 0.00 | -6.03B | -8.54B | -5.31B | 6.22B |
| Financing Cash Flow | 0.00 | 5.37B | 18.40B | 4.65B | 5.39B |
ING Groep Technical Analysis
Neutral
24.79
Price Trends
28.00
Negative
27.45
Negative
25.53
Positive
Market Momentum
-0.79
Negative
46.83
Neutral
35.10
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ING, the sentiment is Neutral. The current price of 24.79 is below the 20-day moving average (MA) of 25.97, below the 50-day MA of 28.00, and below the 200-day MA of 25.53, indicating a neutral trend. The MACD of -0.79 indicates Negative momentum. The RSI at 46.83 is Neutral, neither overbought nor oversold. The STOCH value of 35.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ING.
ING Groep Risk Analysis
ING Groep disclosed 39 risk factors in its most recent earnings report. ING Groep reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ING Groep Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $120.16B | 11.69 | 18.53% | 3.27% | 7.52% | 10.40% | |
71 Outperform | $72.45B | 11.24 | 12.46% | 4.14% | 2.20% | -0.17% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | $245.65B | 13.89 | 11.78% | 1.80% | -4.37% | 26.41% | |
60 Neutral | $70.70B | 11.28 | 9.41% | 1.71% | 17.50% | 49.25% | |
58 Neutral | $198.39B | 21.83 | 6.71% | 1.94% | -0.62% | 105.57% | |
58 Neutral | $58.37B | 4.48 | 14.33% | 3.67% | 7.43% | 30.31% |
* Financial Sector Average
ING
ING Groep
26.05
7.35
39.29%
BBVA
Banco Bilbao
21.66
8.45
63.98%
BCS
Barclays
21.16
5.73
37.10%
C
Citigroup
113.41
43.47
62.15%
NWG
NatWest Group
14.90
3.43
29.85%
WFC
Wells Fargo
79.61
8.89
12.56%
ING Groep Corporate Events
ING Groep Delivers €6.3 Billion Net Profit for 2025 and Raises Profitability Targets for 2026–27
Jan 29, 2026
On 29 January 2026, ING reported its full-year 2025 net result of €6.33 billion and profit before tax of €9.15 billion, alongside a 13.2% return on equity and a CET1 ratio of 13.1%. The bank delivered strong commercial growth with net ...
ING Groep Nears Halfway Mark in €1.1 Billion Share Buyback as of Late January 2026
Jan 27, 2026
On 27 January 2026, ING Groep reported weekly progress on its €1.1 billion share buyback programme launched on 30 October 2025, disclosing that it repurchased 1,907,413 shares between 19 and 23 January 2026 at an average price of €24.3...
ING Groep Nears 44% Completion of €1.1 Billion Share Buyback Programme
Jan 20, 2026
On 20 January 2026, ING Groep reported weekly progress on its €1.1 billion share buyback programme launched on 30 October 2025, confirming that it repurchased 1,822,110 shares between 12 and 16 January 2026 at an average price of €24.8...
ING Groep Reports 40% Completion of €1.1 Billion Share Buyback Programme
Jan 13, 2026
On 13 January 2026, ING Groep N.V. reported further progress on its €1.1 billion share buyback programme launched on 30 October 2025, confirming that it repurchased 1,463,534 shares between 5 and 9 January 2026 at an average price of €...
ING Sets €0.172 Cash Payout as Part of €1.6 Billion Shareholder Distribution
Jan 6, 2026
On 5 January 2026, ING Groep N.V. set the cash component of its previously announced capital distribution, confirming it will pay €0.172 per share on 15 January 2026, based on a €500 million total cash payout and 2,902 million ordinary...
ING Groep Advances €1.1 Billion Share Buyback, Retiring Over 17.7 Million Shares
Jan 6, 2026
On 6 January 2026, ING Groep reported progress on the €1.1 billion share buyback programme it launched on 30 October 2025, disclosing that it repurchased 1,390,645 shares between 29 December 2025 and 2 January 2026 at an average price of ...
ING Groep Reports One-Third Completion of €1.1 Billion Share Buyback
Dec 30, 2025
On 30 December 2025, ING Groep reported progress on the €1.1 billion share buyback programme it launched on 30 October 2025, confirming that it repurchased 956,622 shares between 22 and 26 December 2025 at an average price of €23.87, f...
ING Groep Advances €1.1 Billion Share Buyback, Completes Over 31% by Late December 2025
Dec 23, 2025
On 23 December 2025, ING Groep reported progress on the €1.1 billion share buyback programme it launched on 30 October 2025, confirming that it repurchased 1,974,051 shares between 15 and 19 December 2025 at an average price of €23.54,...
ING Groep Advances €1.1 Billion Share Buyback Program
Dec 16, 2025
On December 16, 2025, ING announced progress on its €1.1 billion share buyback program, which began on October 30, 2025. During the week of December 8 to 12, 2025, ING repurchased 2,017,765 shares at an average price of €23.14, totalin...
ING Groep Advances €1.1 Billion Share Buyback Program
Dec 9, 2025
On December 9, 2025, ING Groep N.V. announced progress on its €1.1 billion share buyback program, which began on October 30, 2025. During the week of December 1 to December 5, 2025, the company repurchased 1,710,214 shares at an average pric...
ING Groep Releases 2025 EU Transparency Exercise Results
Dec 8, 2025
On December 8, 2025, ING Groep announced the results of the 2025 EU-wide Transparency Exercise, conducted by the European Banking Authority and the European Central Bank. This annual exercise, which began in 2016, aims to provide market participan...
ING Groep Updates on Share Buyback Progress
Dec 2, 2025
On December 2, 2025, ING Groep announced progress on its €1.1 billion share buyback programme, revealing that 1,772,739 shares were repurchased between November 24 and November 28, 2025, at an average price of €22.02, totaling €3...
ING Groep Advances €1.1 Billion Share Buyback Program
Nov 28, 2025
On November 25, 2025, ING announced progress in its €1.1 billion share buyback program, revealing that 2,767,892 shares were repurchased between November 17 and November 21, 2025, at an average price of €21.60, totaling €59,777,9...
ING Group Completes Landmark Risk Transfer Transactions
Nov 24, 2025
On November 24, 2025, ING Group announced the successful completion of two significant risk transfer transactions, marking the first such deals for its Wholesale Banking division. These transactions, which cover corporate loans with a total notion...
ING Groep Advances €1.1 Billion Share Buyback Program
Nov 18, 2025
On November 18, 2025, ING Groep N.V. announced progress in its €1.1 billion share buyback program, having repurchased 2,056,087 shares between November 10 and 14, 2025, at an average price of €22.67. This initiative aims to reduce the ...
ING Bank Śląski Acquires Full Control of Goldman Sachs TFI
Nov 18, 2025
On November 18, 2025, ING Bank Śląski, a major Polish bank and part of ING Group, announced the acquisition of the remaining 55% stake in Goldman Sachs TFI, bringing its ownership to 100%. This strategic move aims to strengthen ING’...
ING Groep Advances €1.1 Billion Share Buyback Program
Nov 12, 2025
On November 11, 2025, ING Groep N.V. announced progress in its €1.1 billion share buyback program, initiated on October 30, 2025. During the week of November 3 to November 7, 2025, the company repurchased 1,902,307 shares at an average price...
ING Groep Advances €1.1 Billion Share Buyback Programme
Nov 4, 2025
On November 4, 2025, ING announced progress in its €1.1 billion share buyback programme, with 1,172,916 shares repurchased between October 30 and October 31, 2025, at an average price of €21.88. This initiative aims to reduce share cap...
ING Groep Completes 2025 SREP Process with ECB
Nov 3, 2025
On October 30, 2025, ING Group announced the completion of the 2025 Supervisory Review and Evaluation Process (SREP) conducted by the European Central Bank (ECB). As a result of the ECB’s decision, ING’s additional own funds requiremen...
ING Groep Reports Strong Q3 2025 Results with Focus on Growth and Sustainability
Oct 30, 2025
On October 30, 2025, ING Groep reported a robust financial performance for the third quarter of 2025, with a net result of €1,787 million and a profit before tax of €2,560 million. The company experienced significant growth in fee inco...
ING Groep Completes Share Buyback and Announces New Distribution Plan
Oct 30, 2025
On October 30, 2025, ING Groep announced the completion of its share buyback program, initially declared on May 2, 2025, repurchasing over 101 million shares at an average price of €19.77, totaling approximately €2 billion. Additionall...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.