ING Groep N.V.
- Open
- 36.76
- Day high
- 36.90
- Day low
- 36.75
- Prev close
- 36.37
- Volume
- 264K
- Mkt cap
- $106.1B
- P/E (TTM)
- 13.9
- EPS (TTM)
- $2.65
- P/B
- 1.8
- P/S
- 2.3
- Yield
- 4.10%
- Per share
- $1.51
ING Groep N.V. (ING) is a Financial Services company listed on NYSE. The stock is up 51% over the past year. Drillr has 1 published research article covering ING.
ING Groep N.V. (ING) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ING earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.75 | $0.79 | +5.3% | $7.2B | -1.9% |
| Apr 30, 2026 | $0.60 | $0.63 | +5.2% | $6.8B | +2.3% |
| Jan 29, 2026 | $0.50 | $0.56 | +12.4% | $6.8B | +0.2% |
| Oct 30, 2025 | $0.64 | $0.70 | +9.4% | $6.9B | +9.2% |
| Jul 31, 2025 | $0.59 | $0.64 | +8.7% | $28.6B | +358.9% |
| May 2, 2025 | $0.56 | $0.49 | -12.3% | $6.2B | -3.2% |
| Feb 6, 2025 | $0.41 | $0.39 | -5.3% | $5.6B | -2.9% |
| Oct 31, 2024 | $0.31 | $0.65 | +107.7% | $54.5B | +746.4% |
| Aug 1, 2024 | $0.55 | $0.58 | +5.6% | $30.0B | +399.9% |
| May 2, 2024 | $0.47 | $0.52 | +9.9% | $1.9B | -68.0% |
| Feb 1, 2024 | $0.49 | $0.48 | -2.8% | $5.9B | -2.2% |
| Nov 2, 2023 | $0.57 | $0.61 | +7.8% | $6.2B | +2.3% |
ING Groep N.V. company profile
Overview
ING Groep N.V. (NYSE:ING) is a major Dutch multinational banking and financial services corporation founded in 1762 and headquartered in Amsterdam, the Netherlands. Originally established as Nationale-Nederlanden through the merger of two Dutch insurance companies, ING evolved into a diversified financial conglomerate before refocusing on its core banking operations following the 2008 financial crisis. Today, ING operates as a prominent digital-first bank serving over 38 million customers across Europe, North America, Latin America, Asia, and Australia, with a particular emphasis on retail banking in the Netherlands, Belgium, and Germany, alongside a substantial wholesale banking division.
Business
ING operates as a diversified banking institution providing traditional banking services through both retail and wholesale channels. The company's business is organized into six main segments that reflect its geographic and customer focus. Retail Banking forms the core of ING's operations, comprising approximately 70-75% of total revenues. This segment includes Retail Netherlands (the largest single segment), Retail Belgium, Retail Germany, and Retail Other markets including Poland, Spain, Italy, France, and Australia. The retail division offers comprehensive banking services including current and savings accounts, residential mortgages, personal loans, term loans, credit cards, investment products, and insurance services. ING has positioned itself as a digital-first bank, with 65% of customers using only mobile banking and 75% of new customers in key markets like the Netherlands onboarding digitally. Wholesale Banking represents roughly 25-30% of revenues and serves corporate clients, financial institutions, and government entities. This division provides debt capital markets services, working capital solutions, export finance, treasury and risk management, corporate finance, specialized lending, equity market services, payments and cash management, and trade finance solutions. The wholesale banking segment focuses on mid-to-large corporations and has built particular strength in sustainable finance, having mobilized over €85 billion in sustainable finance volumes. Corporate Line Banking includes the bank's central functions, treasury operations, and other non-core activities. ING's business model emphasizes digital transformation, customer experience, and sustainable finance as key differentiators in the competitive European banking landscape.
Revenue model
ING generates revenue through traditional banking income streams, primarily net interest income and fee-based services. Net Interest Income (NII) represents the largest revenue component, accounting for approximately 65-70% of total income. This comes from the spread between interest earned on loans and mortgages versus interest paid on customer deposits and wholesale funding. ING benefits from a diversified loan portfolio including residential mortgages, business loans, and corporate lending across multiple European markets. Fee and Commission Income contributes roughly 30-35% of total revenue, generated through payment services, investment product sales, insurance commissions, trade finance fees, cash management services, and capital markets advisory fees. The bank has been focusing on growing this more stable, less interest-rate-sensitive revenue stream, targeting 5-10% annual growth in fee income. The bank's profitability is significantly influenced by several key factors. Interest rate environment is the primary driver, as rising rates generally improve net interest margins while falling rates compress them. ING's liability margin (the spread on deposits) has historically ranged between 100-110 basis points, though this fluctuates based on competitive dynamics and central bank policy. Credit quality affects profitability through provision expenses, with ING maintaining historically low risk costs around 15-20 basis points of average customer lending. Operational efficiency is crucial, with the bank targeting a cost-to-income ratio around 53-54%. Regulatory capital requirements influence returns, as ING must maintain a CET1 ratio above regulatory minimums while optimizing capital allocation. Digital adoption rates and customer acquisition costs also impact long-term profitability, as ING's strategy relies heavily on digital channels to reduce operational expenses while growing market share.
Competitive moat
ING's competitive moat is moderate but strengthening, built primarily around its digital banking capabilities and established market positions in key European markets. The bank's strongest defensive characteristics include its leading digital platform, which has achieved high customer satisfaction scores and operational efficiency. With 13.7 million mobile primary customers and market-leading Net Promoter Scores in 6 out of 10 retail markets, ING has successfully differentiated itself from traditional brick-and-mortar competitors. The bank benefits from regulatory barriers to entry in banking, substantial switching costs for customers with established banking relationships, and economies of scale in technology investments. ING's focus on sustainable finance has also created some differentiation, particularly in wholesale banking where it has built specialized expertise and market share. However, ING's moat faces several challenges. The European banking sector remains highly competitive with numerous well-capitalized competitors, including both traditional banks and emerging fintech challengers. Interest rate sensitivity makes the business model vulnerable to monetary policy changes, as evidenced by margin compression during low-rate periods. The bank operates in mature markets with limited organic growth opportunities, and faces ongoing regulatory pressures that can impact profitability. Additionally, the rise of digital-native challengers and big tech companies entering financial services poses long-term competitive threats to traditional banks like ING, despite its digital leadership position. The bank's geographic concentration in Europe also exposes it to regional economic cycles and regulatory changes.
Risks & safety
ING demonstrates a strong margin of safety with solid capitalization and conservative risk management, though typical banking sector risks apply. • Capital Position: CET1 ratio of 14.3% (Q3 2024) well above regulatory requirements, providing substantial buffer for economic downturns • Liquidity: Strong deposit base of over €600 billion with €75.9 billion in cash and short-term investments; current ratio of 0.15 reflects typical banking structure where deposits exceed liquid assets • Credit Quality: Historically low risk costs around 15-20 basis points, indicating conservative lending practices • Profitability: ROE consistently above 12-13% with strong earnings generation capability • Valuation: Trading at reasonable multiples with P/E around 7.5x and P/B around 0.95x, suggesting limited downside risk • Debt Structure: Debt-to-equity ratio of 3.4x is typical for banking sector; not directly comparable to industrial companies due to deposit-based funding model • Dividend Coverage: Strong cash generation supports both dividends and share buybacks, with €2.5 billion in additional shareholder returns announced • Regulatory Compliance: Well-capitalized relative to Basel III requirements with clear path to target 12.5% CET1 ratio by 2025
Recent development
Over the past few years, ING has undergone significant strategic transformation focusing on digital leadership, sustainable finance, and capital optimization. The bank has accelerated its digital transformation, achieving 75% digital onboarding for new retail customers in key markets and reaching 13.7 million mobile primary customers. This digital-first approach has enabled ING to gain 250,000 new mobile primary customers in Q2 2024 alone while maintaining market-leading customer satisfaction scores. Sustainable finance has emerged as a key strategic pillar, with ING mobilizing over €85 billion in sustainable finance volumes by 2024, representing a 15% year-over-year increase. The bank has expanded its climate transition approach to include new sectors like aluminum and dairy, positioning itself as a leader in the European sustainable finance market. The bank has also focused on capital optimization and shareholder returns, moving from a CET1 ratio of 14.7% in early 2023 to a target of 12.5% by 2025 through aggressive capital distribution. ING returned €6.4 billion to shareholders in 2023 and announced an additional €2.5 billion distribution in 2024, including both share buybacks and cash dividends. Geographic expansion and market consolidation efforts have included strengthening positions in challenger markets like Poland and Italy while exploring selective M&A opportunities that could enhance digital capabilities or fee income generation. The bank has also expanded its product offerings, particularly in investment and insurance products, to diversify revenue streams beyond traditional lending. Recent operational improvements include enhanced payment infrastructure investments and continued branch network optimization as customer behavior shifts toward digital channels.
ING company profile · for informational purposes only — not investment advice.
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