ING Groep N.V. ING

FinancialsBanking ServicesNetherlands

Last close 31.46 USD on Nov 1, 2026, +18.1% year to date

Quant rating

Quant rating C Rank 130 of 304 in Financials

Growth A 43 of 304
Valuation C 170 of 304
Quality D 213 of 304
Revisions C 145 of 304
Momentum C 132 of 304

Wall Street consensus Buy (2.25)Average target 39.52 USD +25.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 90.7B
Enterprise value: 189.8B
52-week range: 24.36 – 37.52
3-year range: 12.63 – 37.52
Dividend yield: 4.84%
Beta (5 years): 0.91
Shares outstanding: 2,873M
Next earnings: Feb 2, 2027

About the company

ING Groep N.V. (ING) is a financial institution. The Company offers banking services. The Company's segments include Retail Netherlands, which offers current and savings accounts, business lending, mortgages and other consumer lending in the Netherlands; Retail Belgium, which offers products that are similar to those in the Netherlands; Retail Germany, which offers current and savings accounts, mortgages and other customer lending; Retail Other, which offers products that are similar to those in the Netherlands, and Wholesale Banking, which offers wholesale banking activities (a full range of products from cash management to corporate finance), real estate and lease. The Company's Retail Banking business lines provide products and services to individuals, small and medium-sized enterprises (SMEs) and mid-corporates. ING's banking activities in Australia are undertaken by ING Bank (Australia) Limited (trading as ING Direct) and ING Bank NV Sydney Branch.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	59,957	60,985	57,637	30,469	24,002	–
Revenue growth	−1.7%	5.8%	89.2%	26.9%	−13.4%	16.7%
EPS (basic, normalized)	2.59	2.13	2.36	1.17	1.47	–
EPS growth	21.4%	−9.6%	101.1%	−20.3%	50.8%	21.5%
Gross margin	–	–	–	–	–	–
Net margin	12.4%	10.9%	14.0%	12.9%	22.6%	14.5%
ROE	14.0%	12.7%	14.4%	7.3%	9.2%	11.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	221,554
Net debt (mil)	–
Total equity (mil)	56,617
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	59,957	−1.7%	3.2x	–	–	–	2.39	+10.5%	13.2x
2026	26,712	−55.4%	7.1x	20.12	–	1.6x	2.77	+16.0%	11.3x
2027	29,115	+9.0%	6.5x	21.24	+5.6%	1.5x	3.26	+17.7%	9.6x
2028	30,891	+6.1%	6.1x	23.07	+8.6%	1.4x	3.74	+14.5%	8.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	26,712	−6.2%	−2.6%	−2.0%	2.77	−4.7%	−2.1%	−0.6%
2027	29,115	−6.7%	0.0%	+1.1%	3.26	−3.4%	+2.2%	+4.6%
2028	30,891	−7.3%	+1.2%	+2.6%	3.74	−6.6%	+8.9%	+11.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	0.49	0.64	0.70	0.56	0.63	0.79
EPS mean	–	–	–	–	0.57	0.61	0.65	0.45	0.60	0.74
Surprise	–	–	–	–	−13.2%	+4.1%	+7.8%	+24.2%	+5.3%	+6.8%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
ING ING Groep N.V.	90.7B	–	12.4%	1.03x	11.3x	9.6x	1.6x	1.5x
RY Royal Bank of Canada	281.5B	–	19.1%	1.45x	17.1x	15.6x	2.9x	2.7x
TD The Toronto-Dominion Bank	204.6B	–	22.8%	1.37x	17.2x	15.5x	2.5x	2.4x
SMFG Sumitomo Mitsui Financial Group, Inc.	155.7B	–	21.9%	1.73x	12.7x	22.2x	–	–
HDB HDFC Bank Limited	112.7B	–	21.0%	1.00x	27.4x	24.4x	1.7x	1.5x
BMO Bank of Montreal	118.9B	–	13.0%	1.44x	16.0x	14.2x	2.1x	2.0x
Mean		–	18.4%	1.34x	17.0x	16.9x	2.1x	2.0x
Median		–	20.1%	1.41x	16.5x	15.5x	2.1x	2.0x

Technical analysis

1M−13.5%
3M−4.2%
1Y+36.3%
3Y+201.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, ING Groep N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	59,957	60,985	57,637	30,469	24,002	27,721
Total interest expense	42,714	45,431	40,008	15,747	8,525	11,106
Net interest income	17,243	15,553	17,630	14,722	15,478	16,615
Loan loss provision	1,532	1,236	574	1,992	587	3,267
Net interest income after loan loss provision	15,711	14,317	17,056	12,730	14,891	13,348
Non-interest income	11,804	9,513	8,955	6,748	7,233	6,760
Non-interest expense	−16,771	−14,202	−14,432	−13,589	−14,415	−15,456
Net income before taxes	10,744	9,628	11,579	5,888	7,710	4,652
Provision for taxes	2,989	2,744	3,278	1,846	2,134	1,522
Minority interest & equity in affiliates	−323	−267	−259	−109	−146	−95.3
Other	0	0	0	0	0	0
Net income before extraordinary items	7,432	6,618	8,042	3,933	5,431	3,035
Extraordinary items	–	–	–	–	–	–
Net income	7,432	6,618	8,042	3,933	5,431	3,035
Basic weighted average shares (mil)	2,990	3,229	3,563	3,619	3,888	3,899
Diluted weighted average shares (mil)	2,990	3,229	3,565	3,624	3,891	3,901
Basic EPS excluding extraordinary items	2.49	2.05	2.26	1.09	1.40	0.78
Basic EPS, normalized	2.59	2.13	2.36	1.17	1.47	0.98

Balance sheet in millions of USD, fiscal years

Balance sheet, ING Groep N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	87,022	95,375	118,000	131,333	147,912	166,648
Other earning assets	286,208	242,513	234,452	207,139	205,659	231,866
Net loans	847,639	704,248	708,951	680,122	713,353	730,552
Property, plant & equipment	2,942	2,540	2,663	2,637	2,889	3,494
Goodwill	560	493	518	497	537	651
Intangibles	1,213	888	805	683	778	1,052
Long-term investments	1,887	1,738	1,665	1,605	1,804	1,801
Other long-term assets	1,669	1,695	2,024	2,582	1,978	1,830
Other assets	9,253	7,085	7,571	9,164	6,521	6,800
Total assets	1,238,393	1,056,574	1,076,648	1,035,763	1,081,429	1,144,693
Liabilities
Accounts payable	2,391	1,841	2,410	2,190	2,313	2,483
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,920	1,742	1,501	1,068	1,161	1,130
Total deposits	868,990	733,393	743,297	746,363	798,477	839,936
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	74,013	57,928	54,476	40,085	43,386	33,267
Long-term debt	126,098	109,129	101,388	80,718	81,343	87,897
Minority interest	1,474	1,030	1,042	539	837	1,248
Other liabilities	105,136	99,420	115,986	111,387	92,619	112,004
Total liabilities	1,180,023	1,004,484	1,020,100	982,350	1,020,135	1,077,965
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	36.4	33.1	38.6	39.6	44.3	47.6
Additional paid-in capital	20,103	17,720	18,889	18,319	19,445	20,871
Retained earnings (accumulated deficit)	44,230	37,747	44,035	41,254	46,304	46,928
Treasury stock	−2,823	−792	−2,201	−1,290	−1,833	−4.9
Other equity	−3,176	−2,618	−4,214	−4,910	−2,667	−1,114
Total equity	58,370	52,090	56,548	53,413	61,294	66,728
Total liabilities & shareholders' equity	1,238,393	1,056,574	1,076,648	1,035,763	1,081,429	1,144,693

Cash flow statement in millions of USD, fiscal years

Cash flow statement, ING Groep N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	10,744	9,628	11,579	5,888	7,710	4,652
Depreciation, depletion & amortization	781	697	744	761	948	1,012
Deferred taxes	–	–	–	–	–	–
Non-cash items	−317	−2,213	−3,709	1,476	−9,816	−5,287
Changes in working capital	−18,701	−31,451	−21,128	−20,017	−15,829	123,271
Cash from operations	−7,493	−23,340	−12,515	−11,892	−16,987	123,648
Investing activities
Capital expenditures	−412	−344	−271	−247	−209	−351
Other investing cash flows	−18,023	−5,902	−9,159	−5,432	7,280	−10,015
Cash from investing	−18,435	−6,246	−9,430	−5,680	7,071	−10,365
Financing activities
Financing cash flow items	–	1.0	−3.3	−44.9	−44.3	−3.7
Cash dividends paid	−4,562	−4,016	−3,271	−3,266	−2,662	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	14,244	9,579	23,585	8,287	8,831	−42,493
Cash from financing	9,683	5,564	20,311	4,975	6,124	−42,496
Foreign exchange effects	−1,279	−766	−991	−539	−642	−519
Net change in cash	−17,525	−24,788	−2,625	−13,136	−4,435	70,267
Free cash flow	−7,906	−23,684	−12,786	−12,139	−17,196	123,298

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

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Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.