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ING Groep
(NYSE:ING)
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Rating:71Outperform
Price Target:
$33.00
▲(0.52% Upside)
Action:Reiterated
Date: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
$99.36B
Dividend Yield4.27%
Average Volume (3M)3.45M
Price to Earnings (P/E)13.4
Beta (1Y)0.90
Revenue Growth12.60%
EPS Growth24.01%
CountryUS
Employees62,770
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)2.29
Shares Outstanding2,873,308,800
10 Day Avg. Volume2,183,493
30 Day Avg. Volume3,447,506
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.87
Revenue Forecast (FY)$28.26B
ING Groep Business Overview & Revenue Model
Company Description
ING Groep N.V. functions as a prominent global financial services institution, offering a comprehensive suite of banking products and solutions across a vast international footprint. Its operations extend throughout the Netherlands, Belgium, Germa...
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:Oct 29, 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 | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 40.54B | 23.04B | 66.41B | 58.90B | 33.61B | 25.78B |
| Gross Profit | 39.23B | 21.73B | 21.41B | 22.15B | 17.06B | 17.79B |
| EBITDA | 9.83B | 9.15B | 9.97B | 11.17B | 6.21B | 7.62B |
| Net Income | 6.70B | 6.33B | 6.39B | 7.29B | 3.67B | 4.78B |
Balance Sheet | ||||||
| Total Assets | 1.16T | 1.05T | 1.02T | 975.58B | 967.82B | 951.29B |
| Cash, Cash Equivalents and Short-Term Investments | 189.09B | 106.31B | 114.74B | 130.06B | 118.23B | 135.85B |
| Total Debt | 185.08B | 169.33B | 171.33B | 150.00B | 119.50B | 116.01B |
| Total Liabilities | 1.11T | 1.00T | 969.24B | 923.40B | 917.41B | 896.63B |
| Stockholders Equity | 50.24B | 49.70B | 50.31B | 51.24B | 49.91B | 53.92B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 0.00 | -22.88B | -11.59B | -11.34B | -15.13B |
| Operating Cash Flow | 0.00 | 0.00 | -22.54B | -11.34B | -11.11B | -14.94B |
| Investing Cash Flow | 0.00 | 0.00 | -6.03B | -8.54B | -5.31B | 6.22B |
| Financing Cash Flow | 0.00 | 0.00 | 5.37B | 18.40B | 4.65B | 5.39B |
ING Groep Technical Analysis
Positive
32.83
Price Trends
32.14
Positive
30.09
Positive
28.26
Positive
Market Momentum
1.04
Negative
69.05
Neutral
54.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ING, the sentiment is Positive. The current price of 32.83 is below the 20-day moving average (MA) of 33.96, above the 50-day MA of 32.14, and above the 200-day MA of 28.26, indicating a bullish trend. The MACD of 1.04 indicates Negative momentum. The RSI at 69.05 is Neutral, neither overbought nor oversold. The STOCH value of 54.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $159.25B | 12.91 | 19.31% | 4.15% | -2.29% | 14.33% | |
72 Outperform | $76.64B | 7.43 | 16.16% | 4.87% | 6.60% | 29.61% | |
72 Outperform | $268.92B | 12.69 | 12.57% | 2.09% | 4.24% | 18.04% | |
71 Outperform | $99.36B | 13.40 | 13.38% | 4.46% | 12.60% | 24.01% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $94.36B | 10.68 | 10.11% | 1.61% | 12.33% | 22.63% | |
61 Neutral | $230.78B | 14.71 | 8.39% | 1.82% | 3.91% | 37.25% |
* Financial Sector Average
ING
ING Groep
35.60
11.68
48.80%
BBVA
Banco Bilbao
28.65
10.34
56.47%
BCS
Barclays
28.09
7.99
39.72%
C
Citigroup
138.73
45.25
48.40%
NWG
NatWest Group
19.32
4.76
32.69%
WFC
Wells Fargo
88.11
10.39
13.38%
ING Groep Corporate Events
ING Groep Advances €1 Billion Share Buyback, Completes 42.66% by July 21, 2026
Jul 21, 2026
On July 21, 2026, ING Groep reported progress on the €1.0 billion share buyback programme it launched on April 30, 2026, repurchasing 1,200,000 shares between July 13 and July 17 at an average price of €28.54 for a total of €34.2...
ING Groep repurchases 950,000 shares as buyback programme reaches 39% completion
Jul 14, 2026
ING Groep N.V. reported on 14 July 2026 that it repurchased 950,000 shares during the week of 6–10 July 2026 as part of its €1.0 billion share buyback programme launched on 30 April 2026. The weekly purchases were executed at an averag...
ING Groep Buys 40% Stake in Spain’s Singular Bank to Accelerate Private Banking Growth
Jul 6, 2026
ING Groep moved to strengthen its private banking franchise on July 6, 2026, announcing a strategic deal to acquire roughly 40% of Singular Bank, an independent Spanish wealth manager with about €19 billion in client assets. The stake, bough...
ING Groep advances €1 billion share buyback, completes one-third of programme
Jun 30, 2026
On June 30, 2026, ING Groep reported progress on the €1.0 billion share buyback programme launched on April 30, 2026, highlighting the repurchase of 860,000 shares between June 22 and June 26 at an average price of €27.65 for a total o...
ING Groep advances €1 billion share buyback, completing over 31% by mid-June 2026
Jun 23, 2026
ING Groep N.V. reported progress on its €1.0 billion share buyback programme launched on 30 April 2026, disclosing that it repurchased 1,500,000 shares between 15 and 19 June 2026 at an average price of €27.09, for a total of €40...
ING Groep names Bob Bakker new head of investor relations
Jun 18, 2026
On 18 June 2026, ING Groep announced that long‑time Investor Relations executive Bob Bakker has been appointed head of Investor Relations, succeeding Sjoerd Miltenburg, who will lead Wholesale Banking in the Netherlands. Bakker, who has been...
ING Groep Advances €1 Billion Share Buyback, Nears 28% Completion
Jun 16, 2026
ING Groep N.V. reported progress on its €1.0 billion share buyback programme launched on 30 April 2026, confirming that it repurchased 1,750,000 shares during the week of 8–12 June 2026. These shares were bought at an average price of ...
ING Names KPN’s Hilde Garssen CHRO on Management Board Banking
Jun 15, 2026
ING Groep announced on 15 June 2026 that it will appoint Hilde Garssen as chief human resources officer and member of the Management Board Banking, effective 1 September 2026, succeeding former HR chief Ruth McGill, who left in November 2025. Gars...
ING Groep trims stake in Thailand’s TMBThanachart Bank via buyback
Jun 12, 2026
On June 12, 2026, ING Groep reported that it had participated in the latest share buyback programme of Thailand’s TMBThanachart Bank, trimming its stake from 23.1% to 19.5% and generating gross proceeds of about €243 million. The move ...
ING Groep launches global subscription banking model across retail markets
Jun 10, 2026
ING Groep N.V. has launched a new global subscription-based banking model, unveiled on 10 June 2026, aimed at simplifying daily banking and bundling financial services with lifestyle benefits. The initiative, already active in Belgium, Poland, Rom...
ING Groep Advances €1 Billion Share Buyback, Retires 23% of Target Value
Jun 9, 2026
ING Groep N.V. reported on June 9, 2026 that it continued executing its €1.0 billion share buyback programme launched on 30 April 2026, repurchasing 1,450,000 shares during the week of 1–5 June at an average price of €26.39 for a...
ING Groep Names Andrea Cesaroni Chief Risk Officer Ahead of July EGM
Jun 8, 2026
ING Groep N.V., the Dutch banking group listed in Amsterdam, Brussels and New York, continues to sharpen its profile as a global retail and wholesale lender with a strong European focus and a pronounced sustainability agenda, underpinned by upgrad...
ING Groep Advances €1 Billion Share Buyback, Nears 20% Completion
Jun 2, 2026
ING Groep N.V. reported progress on its €1.0 billion share buyback programme launched on 30 April 2026, detailing that during the week of 25–29 May 2026 it repurchased 1,350,000 shares at an average price of €26.81, for a total o...
ING Groep Reports Progress on €1 Billion Share Buyback Programme
May 26, 2026
On 26 May 2026, ING Groep reported progress on the €1.0 billion share buyback programme it launched on 30 April 2026, detailing that it repurchased 1,775,000 shares between 18 and 22 May at an average price of €25.77, for a total of ab...
ING Groep Reports Progress on €1 Billion Share Buyback Programme
May 19, 2026
ING Groep N.V. reported progress on its €1.0 billion share buyback programme announced on 30 April 2026, detailing repurchases made during the week of 11–15 May 2026. In that period, the bank bought back 1,725,000 shares at an average ...
ING Groep Advances €1 Billion Share Buyback with 6.6% Completed in Early May 2026
May 12, 2026
ING Groep N.V. reported progress on its €1.0 billion share buyback programme, launched on 30 April 2026, detailing repurchases executed during the week of 4–8 May 2026. The bank bought back 2,050,000 shares at an average price of ̈́...
ING Groep Reports Initial Progress on €1 Billion Share Buyback
May 5, 2026
ING Groep N.V., the Dutch banking group, reported progress on its €1.0 billion share buyback programme launched on 30 April 2026, confirming that 600,000 shares were repurchased that same day at an average price of €24.48, for a total ...
ING Groep completes €1.1bn buyback and launches new €1bn share repurchase
Apr 30, 2026
On 30 April 2026, ING Groep reported that it had completed the share buyback it launched on 30 October 2025, repurchasing 47,040,466 ordinary shares at an average price of €23.46 for a total consideration of about €1.10 billion, with e...
ING Groep lifts Q1 2026 profit and launches €1bn buyback on strong lending and fee growth
Apr 30, 2026
On 30 April 2026, ING reported a first-quarter 2026 net profit of €1.56 billion and profit before tax of €2.26 billion, up 7% and 6% year on year respectively, driven by higher commercial net interest income, strong fee growth and disc...
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.