ING vs NRDBY: Which Is the Better Buy in 2026?
Last updated October 2026
Short answer
ING is the larger of the two ($95.03B market cap): the incumbent the market prices for continued execution (10.14x forward earnings, beta 0.91). NRDBY is the smaller challenger ($59.29B), priced similarly on forward earnings (9.13x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
ING vs NRDBY: the tie-breaker metrics
Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | ING | NRDBY | What it tells you |
|---|---|---|---|
| Market cap | $95.03B | $59.29B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 10.14 | 9.13 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 12.53 | 10.85 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.91 | 0.68 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 71% of range | 22% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.70 | 1.69 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Before you buy: how ING and NRDBY affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ING and NRDBY share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ING and NRDBY exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does ING Groep (ING) do?
ING Groep N.V. is one of Europe's largest banks, headquartered in Amsterdam and serving roughly 40 million customers across the Netherlands, Belgium, Germany, Poland, and other markets. It runs a universal banking model split into Retail Banking (current and savings accounts, mortgages, and consumer and business lending, with its home markets in the Benelux and a large digital retail presence in Germany) and Wholesale Banking (lending, structured and trade finance, and capital markets for corporate and institutional clients). Its US-listed security is an ADR trading on the NYSE under ING, while the ordinary shares trade on Euronext Amsterdam.
What does Nordea Bank (NRDBY) do?
Nordea Bank Abp is the largest financial services group in the Nordic region, headquartered in Helsinki and serving households, small businesses, large corporates and institutions across Finland, Sweden, Denmark and Norway. It runs four business areas: Personal Banking (mortgages, deposits, cards and savings for roughly 9 million household customers), Business Banking, Large Corporates and Institutions, and Asset and Wealth Management, which runs funds, private banking and life and pension products. Its home listing trades in Helsinki, Stockholm and Copenhagen. NRDBY is a sponsored Level 1 ADR trading over the counter in the US, and the ratio is one ADR to one ordinary share, so the ADR price is simply the euro share price converted at the prevailing EUR/USD rate, and dividends are paid in US dollars after conversion.
ING vs NRDBY: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- ING drivers: Net interest income and rate normalization; Capital returns (dividends and buybacks).
- NRDBY drivers: Net interest income holding up as rates ease; Fee income and savings growth.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: As a deposit-funded lender, ING's earnings are sensitive to European Central Bank rate cuts, which compress net interest margins. For NRDBY, the biggest swing factor is interest rates.
ING or NRDBY: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick ING if you believe its drivers more; NRDBY if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ING and NRDBY guides.
ING vs NRDBY: the full fundamentals
ING. ING trades at a modest earnings multiple typical of large European banks, roughly 12.6 times trailing and 10.2 times forward earnings, at about 1.7 times book value, with a dividend yield near 4%. The ADR closed at about $33.72 on October 16, 2026, within a 52-week range of about $23.64 to $37.52. Valuation reflects a mature, capital-return-focused bank rather than a high-growth name.
NRDBY. NRDBY is a 1:1 ADR, so per-ADR figures equal per-share figures converted at EUR/USD. At about $19 per ADR, the market values Nordea near ~$65 billion, about 12 times trailing earnings of roughly EUR 1.38 per share and about 1.7 times book value. That premium to book, versus many eurozone banks below 1x, reflects a mid-teens return on equity and steady capital returns. The 2025 dividend was EUR 0.96 per share, and with a new mid-year dividend plus buybacks, total cash return has run near 7% to 8% of market value. Figures are approximate and move with the euro and the share price.
Headline figures (approximate, October 2026): ING shows revenue (ttm) ~25.2B euros (Q2 up ~11% YoY), net income (ttm) ~8.7B euros, q2 2026 net income ~1.95B euros (EPS 0.77 vs 0.74 est.), operating / profit margin ~49% / ~34%; NRDBY shows total income (ttm) ~EUR 12 billion (~$14 billion), net profit (ttm) ~EUR 4.8 billion (~$5.6 billion), market cap ~$65 billion, p/e (trailing) ~12x.
The bottom line: ING vs NRDBY
ING and NRDBY are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ING and NRDBY exposure against your real portfolio. It is not an investment adviser.
Wondering how ING or NRDBY fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in ING Groep with AI
Connect the broker you already use and ask Walnut's AI how ING fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between ING and NRDBY?
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ING Groep N.V. Nordea Bank Abp is the largest financial services group in the Nordic region, headquartered in Helsinki and serving households, small businesses, large corporates and institutions across Finland, Sweden, Denmark and Norway. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is ING or NRDBY the better stock?
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Neither is universally better. ING is the larger incumbent; NRDBY is the smaller challenger and looks cheaper on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, ING or NRDBY?
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On forward P/E (as of October 2026), ING trades at 10.14x and NRDBY at 9.13x, so NRDBY is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both ING and NRDBY?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of ING vs NRDBY?
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ING: As a deposit-funded lender, ING's earnings are sensitive to European Central Bank rate cuts, which compress net interest margins. A weaker European economy could raise loan-loss provisions and slow credit demand across its home markets. Being euro-denominated, the ADR carries euro-to-dollar currency risk for US investors, so a stronger dollar can erode returns even when the bank performs well. After a run of about 38% over the past year, the ADR also gave back about 7% in the month to October 16, 2026, and the small group of covering analysts rates it a hold with a mean target near $36.50, so expectations already reflect much of the recent improvement. It also faces stiff competition from larger European banks (BNP Paribas, Santander) and domestic rivals (ABN AMRO, Rabobank), plus ongoing regulatory, capital, and compliance requirements that can affect payouts and profitability. NRDBY: The biggest swing factor is interest rates. If European and Nordic central banks cut further than markets expect, deposit margins compress and net interest income, about two thirds of revenue, could decline rather than hold flat. Credit risk is currently benign at ~7 basis points of loan losses, but Nordea has large exposure to Nordic residential mortgages and commercial real estate, and Sweden's property sector in particular was stressed by the 2023 rate shock; a renewed downturn would raise provisions from historically low levels. The bank has a history of compliance problems, including anti-money-laundering fines tied to its former Baltic and Danish operations, and regulators continue to scrutinise financial crime controls. Fee income is sensitive to equity markets, and the net fair value line is volatile, as the ~19% drop in Q3 2026 showed. Currency is a specific risk for NRDBY: the ADR is priced and pays dividends in dollars, so a weaker euro, Swedish krona or Norwegian krone lowers the dollar value even if the business performs. The ADR trades over the counter with thinner liquidity and wider spreads than the Helsinki listing, carries ADR custody fees, and dividends face Finnish withholding tax. Finally, political pressure for bank windfall taxes has appeared in several Nordic countries.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell ING or NRDBY; figures are approximate and dated (as of October 2026). Verify current data before investing.