ING Groep

ING Groep is a Dutch bank holding company. Through ING Bank, it offers retail banking to individuals and small businesses in the Netherlands, Belgium, Germany and other countries, and wholesale banking to large companies and institutions in over 100 countries. Its retail business is mostly digital, and it grows through new mobile primary customers. At September 30, 2026, it had customer deposits of €779.7 billion and customer lending of €769.7 billion.

Its shares trade in Amsterdam and Brussels, and its American depositary shares trade on the NYSE. Each ADS represents one ordinary share. ING reports in euros.

The market doubts that ING can keep high returns as interest rates and markets change. In Q3 2026, other income fell 37.4% year on year, because interest rate volatility weighed on derivative valuations and hedges. Risk costs rose to 21 basis points of average customer lending, including a management overlay of €111 million for project finance. But commercial net interest income rose 13.4%, fee income rose 9.3% and the return on tangible equity was 16.3%.

For the gap to close, three things must be true. Total income must exceed the 2026 outlook of €24.5 billion and grow toward the 2027 outlook of more than €26 billion. Risk costs must stay near the through-the-cycle average of 20 basis points. The CET1 ratio must stay near the target of about 13%, so that ING can keep returning capital, such as the €1.9 billion distribution of October 2026.

The Q4 2026 results on January 28, 2027 and the Capital Markets Day on June 14, 2027 give the next tests. If they pass, the gap can close within about a year.

1. Oct 29, 2026Passed

   Q3 2026 resultsA return on tangible equity above 15%, higher commercial net interest income and a CET1 ratio near 13% with a new distribution pass; a lower outlook or no distribution fail.Outcome: The return on tangible equity was 16.3%, commercial net interest income rose 13.4%, the CET1 ratio was 13.3% and ING announced a €1.9 billion distribution.
2. Jan 28, 2027Pending

   Q4 2026 resultsTotal income above €24.5 billion for 2026, risk costs near 20 basis points and a new distribution pass; lower income, higher risk costs or a smaller distribution fail.
3. Jun 14, 2027Pending

   Capital Markets Day: new targetsNew targets with a return on tangible equity above 16% and steady capital return pass; lower return targets fail.

Every passed and failed checkpoint across all picks

• October 29, 2026ING reported Q3 2026 results. The net result rose 3.5% to €1,850 million, and the return on tangible equity was 16.3%. Commercial net interest income rose 13.4% to €4,335 million, and fee income rose 9.3% to €1,273 million. The CET1 ratio was 13.3%. ING confirmed its 2026 and 2027 outlook. It will refocus Wholesale Banking and rename it Corporate and Institutional Banking, with about 400 redundancies, a pre-tax provision of about €175 million in Q4 2026 and cost savings of about €75 million a year from 2028.
• October 29, 2026ING announced a distribution of up to €1.9 billion: a share buyback of up to €1.65 billion, which ends no later than April 26, 2027, and a cash payment of €0.25 billion on January 14, 2027. The ECB approved the distribution.
• October 23, 2026ING completed the €1.0 billion share buyback that it announced on April 30, 2026. It bought back almost 35 million ordinary shares.

Next earnings

January 28, 2027, as the company confirmed.

• 6-KInterim report for the period ended Jun 30, 2026Filed July 30, 2026 · ing-20260630
• 20-FAnnual report for the period ended Dec 31, 2025Filed February 26, 2026 · ing-20251231
• 6-KInterim report for the period ended Jun 30, 2025Filed July 31, 2025 · ing-20250630
• 20-FAnnual report for the period ended Dec 31, 2024Filed March 6, 2025 · ing-20241231

Every filing on SEC EDGAR (CIK 1039765)

• Lower interest rates can reduce the margin that ING earns on deposits. Interest rate volatility also lowered other income by 37.4% year on year in Q3 2026.
• Credit losses can rise. Wholesale Banking risk costs were 39 basis points of average customer lending in Q3 2026, including a €111 million overlay for project finance, and consumer lending provisions grew.
• Regulators can limit distributions. ING needs ECB approval for buybacks, and its CET1 ratio of 13.3% must stay above the requirement of 11.10% with a buffer.
• ING intends to exit Russia, and its outlook excludes the effect of that exit. Higher bank taxes, such as the higher corporate income tax for banks in Poland from January 1, 2026, raised its effective tax rate to 29.2% in Q3 2026.
• ING reports in euros, and the ADS trades in U.S. dollars. A weaker euro lowers the value of the ADS and its dividends in U.S. dollars.

At September 30, 2026, ING Group had total assets of €1,181.4 billion. Customer deposits were €779.7 billion and customer lending was €769.7 billion, so loans were about 99% of deposits (a calculation from the release figures). Read more

Dividend yield

4.0% (last 12 months, at today’s price of $33.20)

Paid per share

$1.338 in the last 12 months (2 payments)

Current annual rate

$0.916 ($0.458 × 2 a year)

Latest ex-dividend date

August 10, 2026, $0.458 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 13.6% a year. Over the last 10 years, the dividend grew by about 6.1% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.