ING Groep N.V. - ADR
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+ FollowMarket Cap$93.75B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Strong momentum and profitable growth (Q3 results)
- Customer activity stayed strong across the franchise, driving total income +6% YoY.
- Loan growth: +6% annualized (supported by demand) and customer deposits +6% annualized.
- Fee income +9% YoY, driven by growing customers and higher engagement (retail + wholesale).
- Positive operating jaws > +4pp, reflecting improved scalability; ROTE 16% in Q3 and rolling 4Q ROTE +2pp YoY.
Strategic engine: “Growing a different” delivering structural improvements
- CEO reiterated three structural levers:
1) Grow and diversify fees via deeper customer relationships (primary banking).
2) Operating leverage / scalability through digitalization + global hubs.
3) Reallocate capital (shift toward Retail Banking; disciplined RWA management; capital efficiency via SRT).
- Primary customers are key: in Q3 +259k mobile primary customers, taking 12-month total to >1.1m, ahead of the 2024 target.
- Primary customers are described as more valuable (higher loyalty/engagement/profitability), supporting the fee-income rise.
Outlook / forecasts for FY26 and early visibility into FY27
- Mobile primary customers: still targeting +1m in 2026.
- Fee income: on track to reach ~EUR 5bn in 2026, 1 year ahead of the original plan.
- Total income: expected to exceed the prior 2027 target by at least EUR 1bn.
- Expenses: guided to land ~EUR 300m below the prior 2027 cost target (reflecting stronger operating leverage).
- ROTE: expected to exceed Capital Markets Day 2027 target by ~2pp to above 16% (structural drivers continuing).
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$44.18
34.4% upside
Current Fair Value
34.4% upsideUndervalued by 34.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $93.75 Billion |
|---|---|
| Enterprise Value | $214.39 Billion |
| Annual dividend | $1.52 |
| Dividend yield | 4.63% |
| Earnings per Share | $2.12 |
| Beta | 0.89 |
| Outstanding Shares | 2,852,100,000 |
Return
| Return on Equity | 13.46% |
|---|---|
| Return on Assets | 0.58% |
| Return on Invested Capital | 3.93% |
Valuation & Multiples
| P/E Ratio | 12.02 |
|---|---|
| PEG | 335.72 |
| Price to Sales | 2.35 |
| Price to Book Ratio | 1.83 |
| Enterprise Value to Revenue | 5.3 |
| Enterprise Value to EBIT | 21.53 |
| Enterprise Value to Net Income | 31 |
| Total Debt to Enterprise | 0.87 |
| Debt to Equity | 3.69 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$0.79
Consensus analyst estimateRevenue Estimate
$7.06 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 28, 2027
EPS Estimate
$0.65
Consensus analyst estimateRevenue Estimate
$7.17 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 11.63% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.31%▼ 4.41% |
|---|---|
| Total Invested | $319.00M▼ 92.55% |
| Investors Holding | 221▼ 384.00% |
About ING Groep N.V.
60,000 employees
CEO: Steven van Rijswijk
Operating as a prominent global financial services group, ING Groep N.V. delivers a comprehensive suite of banking solutions and offerings across a vast international footprint. Its reach extends throughout the Netherlands, Belgium, Germ...