Announcement • Jul 08
ING Groep N.V. (ENXTAM:INGA) agreed to acquire 40% stake in Singular Bank, S.A.U. from Warburg Pincus LLC. ING Groep N.V. (ENXTAM:INGA) agreed to acquire 40% stake in Singular Bank, S.A.U. from Warburg Pincus LLC on July 6, 2026. Post transaction, ING Groep N.V.’s non-controlling stake in Singular Bank, S.A.U. following completion of the transaction is expected to be 40%, depending on a planned additional investment by Singular Bank management.
Singular Bank, S.A.U. will continue to be led by its Chief Executive Officer, Javier Marín.
The transaction is subject to approval by regulatory board / committee. The expected completion of the transaction is in the first quarter of 2027. The transaction is expected to have a minimal impact on ING Groep N.V.’s CET1 ratio.
ING Corporate Finance acted as financial advisor for ING Groep N.V. Live News • Jul 06
ING Groep Buys 40% of Singular Bank in Spanish Wealth Management Expansion ING Groep has acquired approximately a 40% stake in Spanish wealth manager Singular Bank, with Singular continuing to operate independently under its current management while the two companies cooperate on commercial and growth initiatives.
The deal expands ING Groep’s presence in Spain’s private banking and wealth management market and ties directly into its “Growing the difference” strategy and recently launched Private Banking proposition in the country.
ING Groep shares trade at €28.29, with the stock up 15.5% year to date.
This move gives ING Groep immediate access to an established Spanish wealth platform rather than building everything in-house, while keeping flexibility through a minority holding. The key watchpoint is execution: how effectively ING and Singular Bank can cross-sell products and align incentives without disrupting Singular’s existing client relationships. Live News • Jun 28
ING Groep Rolls Out Subscription-Based Banking Model in the Netherlands With Plans for Europe ING Groep has launched a subscription-based banking model in the Netherlands from 10 June, replacing pay-per-product fees with tiered monthly packages that bundle banking, insurance and services such as streaming, with a rollout to remaining European markets targeted by mid-2027.
The shift is described as a material change in how ING Groep structures its retail offering, aiming to widen income sources and respond to competition from digital neobanks through bundled, recurring-fee products.
ING Groep shares trade at about €27.20, with the stock up 11.1% year to date, setting this product overhaul against a backdrop of recently positive share performance.
The main watchpoint is how customers respond to bundled subscriptions, since uptake and churn will determine whether recurring fees offset any loss of traditional product-based income. Announcement • Jun 18
Ing Group Announces Executive Changes ING Group had appointed Bob Bakker as head of Investor Relations. Bob Bakker had been part of ING’s Investor Relations team since 2019, most recently as Senior Investor Relations Officer. During this time, he played a key role in shaping ING’s investor relations strategy and financial communication, building strong relationships with institutional investors, analysts and rating agencies, and advising the Executive Board on ING’s equity story and shareholder engagement. Prior to joining Investor Relations, he held several senior finance roles within ING, including head of Finance Business Partnering at ING Bank Romania and head of Finance Management Information & Advice at ING Group. As head of Investor Relations, he will report directly to ING’s chief financial officer, Ida Lerner. ING Group had also announced that Sjoerd Miltenburg, the outgoing head of Investor Relations, had been appointed head of Wholesale Banking in the Netherlands. Live News • Jun 17
ING Groep Stock Advances as Share Buyback Nears €1b Target and Analyst Price Targets Rise ING Groep has repurchased 10.7 million shares under its ongoing €1.0b share buyback that started on 30 April 2026, equal to about 27.47% of the programme’s maximum value so far.
Weekly repurchases have ranged between 1.35 million and 2.05 million shares at average prices of €25.01 to €25.50, with the stated goal of reducing the bank’s share capital.
Analysts at Deutsche Bank and others have raised their price targets for ING Groep to €30 per share and maintained Buy ratings following stronger-than-expected Q1 2026 profits and a confirmed outlook for 2026 and 2027.
The combination of an active €1.0b buyback and reaffirmed multi-year outlook suggests management is comfortable committing capital to shareholders, while external analysts currently view ING Groep’s earnings profile positively.
Investors may want to track the pace of repurchases relative to the total programme size, as well as any changes to analyst views if earnings or the macro backdrop diverge from current expectations. Announcement • Jun 15
ING Groep N.V. Announces Executive Changes ING Groep N.V. announced that Hilde Garssen would be appointed to the Management Board Banking (MBB) as chief human resources officer (CHRO), effective September 1, 2026. Hilde Garssen is currently chief people officer and a member of the Board of Management at KPN. She will succeed Ruth McGill, who left ING in November 2025. Isaac Vitini has overseen the CHRO role on an ad interim basis since then. Hilde Garssen has more than 25 years of experience across the banking and telecommunications sectors. She has held chief human resources officer roles at KPN and ABN AMRO. At KPN, Hilde has been the chief people officer since 2018 and a member of the Board of Management since 2019. Before joining KPN, Hilde spent 19 years at ABN AMRO in senior HR and transformation roles. The appointment of Hilde Garssen has been approved by the European Central Bank. Announcement • Jun 10
ING Groep N.V. Rolls Out Global Subscription Banking Model ING Groep NV announced a new global subscriptions model designed to make daily banking easier and deliver greater value for customers. The approach reflects changing customer expectations, with research showing a growing demand for simplicity, transparency and benefits that fit everyday life. Four plans ING Go, ING More, ING Extra and ING Max are introduced under one brand across all nine retail markets covering 41 million customers (Netherlands, Belgium, Germany, Spain, Italy, Australia, Poland, Romania, Türkiye). Each subscription plan combines everyday banking with additional features and lifestyle benefits that customers would otherwise arrange separately. The features included in each plan will be tailored per market, based on what customers value most locally. The new model also introduces premium plans, allowing customers to select a plan that includes a broader set of higher-value banking and lifestyle benefits. Examples include an enhanced card offer (debit and credit card in one plan), additional banking and investment benefits, comprehensive insurance cover, and partner-enabled extras such as streaming services, travel-related benefits, as well as loyalty and cashback features. By combining banking services with these added benefits in a single proposition, ING Groep NV aims to offer customers greater convenience, flexibility and value. Following launches in Belgium, Poland and Romania, the model is expanding market by market, with the Netherlands going live as part of a phased international rollout across retail markets. Including customers migrated from existing offerings, there are already 3 million customers enjoying the benefits of the new plans. With over 600bln in Retail banking customer deposits, the move marks an important step in the strategy to evolve from product-based banking towards more relationship-based customer propositions, combining banking, protection and lifestyle benefits within a single offering. The model is also aligned with the strategy to scale across markets, with the flexibility to stay relevant locally. Live News • Jun 09
ING Progresses €1 Billion Share Buyback and Announces New Chief Risk Officer Appointment ING has progressed with its €1.0b share buyback program started on 30 April 2026, repurchasing 7.5 million shares by the end of May. This represents about 19.19% of the program's maximum value.
Weekly repurchases ranged from 1.35 million to 2.05 million shares at average prices between €25.01 and €25.50, with the stated goal of reducing ING's share capital.
ING plans to appoint Andrea Cesaroni as chief risk officer from 8 June 2026, subject to Executive Board appointment at an Extraordinary General Meeting on 31 July 2026, following his role as acting head of Risk since February 2026.
The combination of an active €1.0b buyback and a pending CRO appointment highlights management attention on both capital structure and risk oversight, alongside analysts’ recent price target changes after stronger-than-expected Q1 2026 profits and a confirmed outlook for 2026 and 2027.
Investors may want to monitor how the buyback pace, future capital return decisions and any risk policy updates under the new CRO align with earnings results and regulatory expectations over the rest of 2026. Announcement • Jun 09
ING Groep N.V. Announces Executive Changes ING Groep N.V. announced that Andrea Cesaroni will be appointed chief risk officer of ING. Andrea has been the head of Integrated Risk at ING since 2022 and additionally took on the role as head of Risk ad interim since 24 February 2026, reporting to the CFO, when former CRO Ljiljana Cortan took on her new role as head of Wholesale Banking. As announced earlier, Ljiljana Cortan will at the same moment step down from the Executive Board. Andrea joined ING in 2022 as head of Integrated Risk with overall responsibility for the risk management policies, frameworks and governance, including ESG risk, risk modelling and capital adequacy process. He has also been overseeing ING’s day-to-day risk management activities as head of Risk ad interim since 24 February 2026. Andrea has over 25 years of experience in financial services and risk management. He joined ING from UniCredit, where he was head of Group Financial Risk and later head of Group Risk Models & Credit Risk Governance, where he was responsible for credit and financial risk analytics as well as group-wide credit policies and lending guidelines. Before joining UniCredit he was a consultant at Deloitte and Arthur Andersen. Andrea is Italian and holds a Bachelor’s in Economics from the University of Rome and an MBA from the University of Bologna Business School. New Risk • May 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 02
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: €0.54 (up from €0.47 in 1Q 2025). Revenue: €5.48b (up 2.9% from 1Q 2025). Net income: €1.56b (up 6.9% from 1Q 2025). Profit margin: 28% (up from 27% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 09
Upcoming dividend of €0.74 per share Eligible shareholders must have bought the stock before 16 April 2026. Payment date: 24 April 2026. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 5.2%. Within top quartile of Dutch dividend payers (5.1%). Higher than average of industry peers (4.7%). Announcement • Mar 17
ING Groep N.V. has filed a Follow-on Equity Offering. ING Groep N.V. has filed a Follow-on Equity Offering.
Security Name: Floating Rate Notes due 2032
Security Type: Corporate Bond/Note
Security Features: Callable; EuroBonds; Eurodollar bonds; Floating Rate; Senior; Unsecured; Unsubordinated Reported Earnings • Mar 02
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €2.78 (up from €1.65 in FY 2024). Revenue: €24.5b (up 22% from FY 2024). Net income: €8.32b (up 56% from FY 2024). Profit margin: 34% (up from 27% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 1.60% (down from 1.70% in FY 2024). Non-performing loans: 1.77% (down from 1.93% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.0%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • Feb 06
ING Groep N.V. Announces Executive Changes ING Groep N.V. announced that Ljiljana Cortan will be appointed head of ING Wholesale Banking, effective February 24, 2026. She is succeeding Andrew Bester, who, as announced last October, is returning to the UK to start the non-executive phase of his career. Having completed the handover of the Wholesale Banking activities, Andrew Bester will step down from the Management Board Banking on February 24, 2026. As of February 24, 2026, Ljiljana Cortan will leave her position as chief risk officer (CRO), which she assumed in 2021. The selection process for a new CRO is underway. Until the appointment of a successor, Ljiljana will remain a member of the Executive Board, with ING’s chief financial officer temporarily assuming responsibility for risk on the Executive Board. The day-to-day risk management activities until a CRO is appointed will be performed by Andrea Cesaroni, currently head of Integrated Risk, who will, in the ad interim role of head of risk, report to the CFO. Andrea has over 25 years of experience in financial services and risk management. He joined ING in July 2022 and was appointed to his current role, responsible for risk management policies, frameworks and governance, including ESG risk, risk modelling and capital adequacy assessment. He joined ING from UniCredit, where among other roles he was head of Group Financial Risk and later he was head of Group Risk Models & Credit Risk Governance. Before joining UniCredit he was a consultant at Deloitte and Arthur Andersen. The appointment of Ljiljana Cortan as head of Wholesale Banking has been approved by the European Central Bank. Price Target Changed • Feb 02
Price target increased by 7.1% to €26.20 Up from €24.47, the current price target is an average from 19 analysts. New target price is approximately in line with last closing price of €25.35. Stock is up 60% over the past year. The company is forecast to post earnings per share of €2.27 for next year compared to €2.12 last year. Declared Dividend • Feb 01
Fourth quarter dividend of €0.74 announced Shareholders will receive a dividend of €0.74. Ex-date: 16th April 2026 Payment date: 24th April 2026 Dividend yield will be 5.1%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (51% payout ratio) and is expected to be covered in 3 years' time (51% forecast payout ratio). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 30
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €2.12 (up from €1.65 in FY 2024). Revenue: €21.7b (up 8.4% from FY 2024). Net income: €6.33b (up 19% from FY 2024). Profit margin: 29% (up from 27% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 1.36% (down from 1.70% in FY 2024). Cost-to-income ratio: 54.6% (up from 53.6% in FY 2024). Non-performing loans: 1.57% (down from 1.93% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.0%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Announcement • Jan 30
ING Groep N.V. Provides Earnings Guidance for the Year 2026 and 2027 ING Groep N.V. provided earnings guidance for the year 2026 and 2027. For the year 2026, the company expects total income to grow to around EUR 24 billion. This outlook is supported by continued volume growth and an anticipated 5% to 10% increase in fee income.
For the year 2027, the company expects total income to exceed EUR 25 billion, which is at the upper end of previous target range, including a higher fee income target, which the compay now expects to exceed EUR 5 billion in 2027. Announcement • Jan 29
Ing Groep N.V. Proposes Final Dividend for the Year 2025 ING Groep N.V. proposed final cash dividend over 2024 of €0.736 per share. Announcement • Jan 20
ING Groep N.V. Announces Resignation of Herna Verhagen from Supervisory Board ING Groep NV announced that Herna Verhagen will resign from the Supervisory Board as of the end of the 2026 annual general meeting. Herna Verhagen was appointed to the Supervisory Board at the AGM in April 2019 and started in her role effective 1 October 2019. She will leave ING to accept a board nomination at another listed financial services firm. In her role as Supervisory Board member, Herna is also chairwoman of the Remuneration Committee and member of the Nomination and Corporate Governance Committee and the Risk Committee. Announcement • Jan 06
ING Announces Cash Distribution, Payable on 15 January 2026 ING announced on January 5, 2026 that it will pay EUR 0.172 per share on 15 January 2026, as part of the up to EUR 1.6 billion distribution to shareholders as announced on 30 October 2025. The amount per share has been determined based on the total cash payment of EUR 500 million and the 2,902 million ordinary shares outstanding on 31 December 2025. Announcement • Nov 01
ING Groep N.V. to Report Q1, 2026 Results on Apr 30, 2026 ING Groep N.V. announced that they will report Q1, 2026 results on Apr 30, 2026 Reported Earnings • Oct 31
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: €0.60. Revenue: €5.57b (flat on 3Q 2024). Net income: €1.79b (down 4.9% from 3Q 2024). Profit margin: 32% (down from 34% in 3Q 2024). Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 7.9%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Banks industry in Europe. Announcement • Oct 23
Ing Groep N.V. Announces Management Changes ING Groep N.V. announced Ljiljana Cortan will be appointed head of Wholesale Banking and succeed Andrew Bester no later than at the day of the Annual General Meeting in April 2026. Ljiljana is currently chief risk officer (CRO), member of the Executive Board and the Management Board Banking and will continue in these roles until the changes take effect, at which point she will step down from the Executive Board of ING Groep N.V. Ljiljana joined ING and took on her current role in 2021. She has more than 25 years of international banking experience in various positions in risk, corporate banking, strategy and business development, among others as head of Corporate and Investment Banking Strategy for Central and Eastern Europe and global head of Financial Institutions, Banks and Sovereigns at UniCredit. Before joining ING, she was a member of the Management Board and CRO at HypoVereinsbank, a subsidiary of UniCredit Germany. Andrew Bester joined ING in April 2021 with more than 30 years of experience in banking and professional services including executive roles at Lloyds, Standard Chartered and Co-operative Bank. The appointment of Ljiljana Cortan as head of Wholesale Banking is subject to regulatory approval. The search for a successor as CRO has been initiated, and announcements will be made in due course. Declared Dividend • Aug 03
Dividend of €0.35 announced Shareholders will receive a dividend of €0.35. Ex-date: 4th August 2025 Payment date: 11th August 2025 Dividend yield will be 6.2%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (69% payout ratio) and is expected to be covered in 3 years' time (51% forecast payout ratio). The dividend has increased by an average of 24% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 01
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: €0.82 (down from €0.88 in 2Q 2024). Revenue: €9.73b (up 40% from 2Q 2024). Net income: €2.46b (down 14% from 2Q 2024). Profit margin: 25% (down from 42% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 9.9%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Announcement • Aug 01
ING Groep N.V., Annual General Meeting, Apr 13, 2026 ING Groep N.V., Annual General Meeting, Apr 13, 2026. Announcement • Jul 25
ING Groep N.V. (ENXTAM:INGA) completed the acquisition of additional 17.6% stake in Van Lanschot Kempen NV (ENXTAM:VLK) from Reggeborgh Groep. ING Groep N.V. (ENXTAM:INGA) agreed to acquire an additional 17.6% stake in Van Lanschot Kempen NV (ENXTAM:VLK) from Reggeborgh Groep on March 2, 2025. Upon completion, ING Groep N.V. will own 20.3% stake in Van Lanschot Kempen NV. Under the terms of the agreement, ING has directly acquired a stake of 7.2%, bringing its stake in Van Lanschot Kempen to 9.9%. The remainder of the transaction is subject to regulatory approval. The transaction is expected to have a minimal impact on ING’s CET1 ratio. As of July 24, 2025, the deal has received regulatory approval.
ING Groep N.V. (ENXTAM:INGA) completed the acquisition of additional 17.6% stake in Van Lanschot Kempen NV (ENXTAM:VLK) from Reggeborgh Groep on July 24, 2025. Reported Earnings • May 05
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: €0.47 (down from €0.48 in 1Q 2024). Revenue: €5.32b (flat on 1Q 2024). Net income: €1.46b (down 7.8% from 1Q 2024). Profit margin: 27% (down from 30% in 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.9%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Announcement • May 02
ING Groep N.V. to Report Q3, 2025 Results on Oct 30, 2025 ING Groep N.V. announced that they will report Q3, 2025 results on Oct 30, 2025 Major Estimate Revision • May 02
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from €22.4b to €22.7b. EPS estimate increased from €1.92 to €2.27 per share. Net income forecast to grow 15% next year vs 1.3% growth forecast for Banks industry in the Netherlands. Consensus price target of €19.17 unchanged from last update. Share price rose 8.3% to €18.27 over the past week. Announcement • May 02
ING Groep N.V. (ENXTAM:INGA) announces an Equity Buyback for €2,000 million worth of its shares. ING Groep N.V. (ENXTAM:INGA) announces a share repurchase program. Under the program, the company will repurchase up to €2,000 million worth of its shares through a non-discretionary arrangement with a financial intermediary. The purpose of the share buyback program is to converge company's CET1 ratio towards target of around 10.76%. The repurchase program will expire on October 27, 2025. Announcement • Apr 23
Ing Groep N.V. Appoints Stuart Graham and Petri Hofsté to the Supervisory Board ING Groep N.V. in its annual general meeting held on April 22, 2025 approved the appointment of Stuart Graham and Petri Hofsté to the Supervisory Board. Upcoming Dividend • Apr 17
Upcoming dividend of €0.71 per share Eligible shareholders must have bought the stock before 24 April 2025. Payment date: 02 May 2025. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 6.4%. Within top quartile of Dutch dividend payers (5.9%). In line with average of industry peers (6.1%). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €15.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 105% over the past three years. Announcement • Mar 04
ING Groep N.V. (ENXTAM:INGA) agreed to acquire an additional 17.6% stake in Van Lanschot Kempen NV (ENXTAM:VLK) from Reggeborgh Groep. ING Groep N.V. (ENXTAM:INGA) agreed to acquire an additional 17.6% stake in Van Lanschot Kempen NV (ENXTAM:VLK) from Reggeborgh Groep on March 2, 2025. Upon completion, ING Groep N.V. will own 20.3% stake in Van Lanschot Kempen NV. Under the terms of the agreement, ING has directly acquired a stake of 7.2%, bringing its stake in Van Lanschot Kempen to 9.9%. The remainder of the transaction is subject to regulatory approval. The transaction is expected to have a minimal impact on ING’s CET1 ratio. Declared Dividend • Feb 09
Dividend of €0.71 announced Shareholders will receive a dividend of €0.71. Ex-date: 24th April 2025 Payment date: 2nd May 2025 Dividend yield will be 7.6%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (54% payout ratio) and is expected to be covered in 3 years' time (51% forecast payout ratio). The dividend has increased by an average of 24% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 07
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: €1.98 (up from €1.16 in FY 2023). Revenue: €21.4b (up 22% from FY 2023). Net income: €6.39b (up 54% from FY 2023). Profit margin: 30% (up from 24% in FY 2023). The increase in margin was driven by higher revenue. Net interest margin (NIM): 1.45% (down from 1.90% in FY 2023). Cost-to-income ratio: 53.6% (up from 51.2% in FY 2023). Non-performing loans: 1.66% (down from 1.78% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.1%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Jan 28
ING Groep N.V. to Report Q2, 2025 Results on Jul 31, 2025 ING Groep N.V. announced that they will report Q2, 2025 results on Jul 31, 2025 New Risk • Nov 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 21% Last year net profit margin: 45% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (21% net profit margin). Reported Earnings • Nov 01
Third quarter 2024 earnings: Revenues exceed analyst expectations Third quarter 2024 results: Revenue: €5.58b (down 1.5% from 3Q 2023). Net income: €1.88b (down 5.1% from 3Q 2023). Profit margin: 34% (down from 35% in 3Q 2023). Revenue exceeded analyst estimates by 4.6%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 6% per year. Announcement • Oct 15
ING Appoints Uday Sareen as Head for Wholesale Banking in the APAC Region ING has announced the appointment of a head for wholesale banking in the APAC region. The Amsterdam-headquartered banking firm has appointed Uday Sareen to the position. He is to oversee operations in 11 markets within the region. Sareen has three decades of banking experience. Reported Earnings • Aug 02
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: €0.88. Revenue: €6.93b (up 44% from 2Q 2023). Net income: €2.88b (up 78% from 2Q 2023). Profit margin: 42% (up from 34% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 9.5%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 12% per year. Announcement • Aug 02
ING Groep N.V., Annual General Meeting, Apr 22, 2025 ING Groep N.V., Annual General Meeting, Apr 22, 2025. Announcement • Jul 29
ING Announces Executive Changes ING announced the appointment of Daniele Tonella as chief technology officer (CTO) and member of the Management Board Banking, effective 5 August 2024. He will succeed Marnix van Stiphout who has held the role ad interim since 1 November 2023, in addition to his roles as chief operations officer and chief transformation officer. Daniele Tonella (Swiss) has over 20 years of experience in technology leadership roles in the financial industry and is currently active in advisory and board roles for several companies. From 2017-2021 he worked at UniCredit, including as group chief information officer and CEO of UniCredit Services. Before that he held various roles at AXA Group, Evalueserve and Swiss Life. He started his career as a consultant at Mercer and later at McKinsey & Company in Switzerland. Daniele holds a master’s degree in industrial engineering from the Eidgenössische Technische Hochschule Zürich in Switzerland and completed various executive education programmes at Harvard, IMD, INSEAD and MIT Sloan. The appointment of Daniele Tonella as chief technology officer and member of the Management Board Banking has been approved by the European Central Bank. Announcement • Jul 02
ING Americas Announces Executive Changes ING announced two key appointments within its sector organization. Cindy Jia has been appointed head of Sustainable Finance for the Americas effective immediately. Based in New York, Cindy reports hierarchically to Matt Rosetti, head of Sectors Americas and functionally to Jacomijn Vels, ING's global head of Sustainable Finance. In her new role, Cindy will be responsible for building upon the team's industry-leading position in providing tailored advisory and financing solutions to support clients' sustainability projects and goals. Cindy will also be charged with continuing to evolve the team's mandate to meet ING's ambition of financing the sustainable transition and overseeing the implementation of ING's own sustainability strategy in the Americas region. Prior to rejoining ING in 2022 after an initial five-year stint in power project finance, Cindy spent seven years managing sister energy technology start-ups developing advanced heat exchangers and reactors which are critical components for a variety of energy transition applications. She holds a Bachelor's degree in Economics from the Wharton School of the University of Pennsylvania and a JD degree from St. Francis School of Law. Ana Carolina Oliveira, who previously held the Americas head of Sustainable Finance role, will now head Technology, Media, Telecom and Healthcare in the Americas reporting into Matt Rosetti. Ana Carolina is responsible for the overall strategy and continued investment in this critically important franchise in the Americas. Reported Earnings • May 05
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: €0.48. Revenue: €5.32b (down 2.9% from 1Q 2023). Net income: €1.58b (flat on 1Q 2023). Profit margin: 30% (in line with 1Q 2023). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Banks industry in Europe. Major Estimate Revision • May 02
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €21.9b to €22.1b. EPS estimate increased from €1.84 to €2.09 per share. Net income forecast to grow 53% next year vs 7.0% growth forecast for Banks industry in the Netherlands. Consensus price target up from €16.36 to €16.73. Share price rose 7.6% to €15.81 over the past week. Upcoming Dividend • Apr 17
Upcoming dividend of €0.76 per share Eligible shareholders must have bought the stock before 24 April 2024. Payment date: 03 May 2024. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 7.3%. Within top quartile of Dutch dividend payers (5.8%). In line with average of industry peers (6.7%). Reported Earnings • Mar 11
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: €1.16 (down from €3.35 in FY 2022). Revenue: €17.6b (down 40% from FY 2022). Net income: €4.14b (down 66% from FY 2022). Profit margin: 24% (down from 41% in FY 2022). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 1.90% (up from 1.50% in FY 2022). Cost-to-income ratio: 51.2% (down from 60.3% in FY 2022). Non-performing loans: 1.78% (down from 1.80% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Mar 06
ING Americas Appoints Keith Tamayo as Managing Director, Head of North America Credit Sales to support Larger Expansion into ABS market ING Americas has announced the appointment of Keith Tamayo as Managing Director, Head of North America Credit Sales, as the company continues to expand its Capital Markets and Advisory (CMA) and Financial Markets offering in the Americas. In his new role, Keith will expand ING's coverage in investment grade securities as well as supporting the company's growth plans in the asset-backed securitization (ABS) market. ING will now actively provide ABS underwriting and distribution to its existing issuer clients and investor base. This additional capability has been added in response to growing demand from issuers and investors for ABS transactions. The ABS offering will align with key specialty sectors where ING already has deep industry expertise, such as TMT digital infrastructure, transportation and logistics, PACE, and diversified power/consumer finance. In addition, ING will also expand its coverage to leverage its global relationships with the auto sector and add auto ABS. Finally, ING will continue its strategic focus on being a lead green structurer in the ABS space. This latest announcement follows Michael Kendrot's recent appointment as head of Global Capital Markets (GCM). Kendrot is an experienced capital markets specialist with nearly 30 years of experience, which includes extensive ABS experience. Keith brings almost 20 years of experience in capital markets, with nearly 10 years spent at Lloyds Banking Group, most recently as Managing Director, Head of US Credit Sales/Deputy head of US Financial Markets. These latest hires will support ING's expanded securitization product offering in the US led by Thomas Ryan, Regional Head, Global Balance Sheet Distribution, Americas. This includes on balance sheet and conduit (through the long-standing ING-sponsored ABCP Conduit Mont Blanc Capital Corp) warehouse and term financing, combined with green ABS structuring. Declared Dividend • Feb 04
Dividend of €0.76 announced Shareholders will receive a dividend of €0.76. Ex-date: 24th April 2024 Payment date: 3rd May 2024 Dividend yield will be 9.1%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is covered by earnings (51% payout ratio) and is expected to be covered in 3 years' time (50% forecast payout ratio). The dividend has increased by an average of 28% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 2.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 02
ING Groep N.V. Proposes to Pay Final Dividend for the Year Ended December 31, 2023, Euronext Amsterdam Payable on 3 May 2024 and Nyse Payable on 10 May 2024 In line with its dividend policy, the board of ING Groep N.V. proposed to pay a final dividend over 2023 of €2.5 billion, subject to the approval by the annual general meeting to be held on 22 April 2024. The proposed final dividend over 2023 amounts to €0.756 per ordinary share and will be paid in cash shortly after approval by the annual general meeting. This will bring the total cash dividend over 2023 to €3.8 billion. The record date for final dividend 2023 entitlement (Euronext Amsterdam) is 25 April 2024, and record date for final dividend 2023 entitlement (NYSE) is 25 April 2024. The ex-date for final dividend 2023 (Euronext Amsterdam) is 24 April 2024. The payment date for final dividend 2023 (Euronext Amsterdam) is 3 May 2024, and payment date for final dividend 2023 (NYSE) is 10 May 2024. Reported Earnings • Feb 02
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: €2.08 (down from €3.35 in FY 2022). Revenue: €22.1b (down 25% from FY 2022). Net income: €7.29b (down 40% from FY 2022). Profit margin: 33% (down from 41% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.0%. Revenue is forecast to stay flat during the next 3 years compared to a 1.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Jan 17
ING Groep N.V. to Report Q2, 2024 Results on Aug 01, 2024 ING Groep N.V. announced that they will report Q2, 2024 results on Aug 01, 2024 
