ING vs SAN: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 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.

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 SAN 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 SAN 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.

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.

Full ING guide

Banco Santander is Spain's largest bank and one of the few genuinely multi-continental retail lenders, serving 182 million customers from about 6,500 branches with roughly EUR 1.5 trillion (around $1.7 trillion) in total customer funds as of 30 June 2026. Its income is ordinary banking income: net interest income of EUR 22,711 million in the first half of 2026 was about three quarters of the EUR 30,822 million of total revenue, with net fees of EUR 6,851 million supplying most of the rest. Geographic spread is what separates it from a domestic European bank. Spain contributed EUR 2,534 million of first-half underlying profit, Brazil EUR 1,093 million, the United States EUR 989 million, Mexico EUR 897 million and the United Kingdom EUR 725 million, so no single country carries the group. Management runs all of it as five global businesses on shared technology, which is where the cost story comes from.

Full SAN guide

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).
• SAN drivers: The US build-out through Webster Financial; Latin America as the earnings engine, and the currency that comes with it.

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 SAN, spain still supplies roughly a third of underlying profit, so Spanish mortgage repricing and euro rate cuts feed straight into group net interest income.

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; SAN 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 SAN guides.

ING. ING trades at a modest earnings multiple typical of large European banks, roughly 13 times trailing earnings, with a mid-single-digit dividend yield. The ADR traded near the low-30s USD in mid-2026, within a 52-week range of about $20 to $31. Valuation reflects a mature, capital-return-focused bank rather than a high-growth name.

SAN. Santander reports in euros, so every figure above is a euro figure with a dollar conversion at roughly 1.14 beside it, and screeners that print euro results next to a dollar market cap will produce nonsense ratios. For a bank the multiple that carries information is price to tangible book against return on tangible equity, not a revenue multiple: near 2.0x TNAV on a 15.6% underlying RoTE, the shares sit at the expensive end of European banking. Trailing earnings are also flattered by the EUR 1.9 billion capital gain from the Poland disposal booked in January 2026, which is why the underlying line runs well below the reported one.

Headline figures (approximate, July 2026): ING shows revenue (ttm, total income) ~$24B (roughly 22-23B euros), net profit (ttm) ~$6-7B, q1 2026 total income ~$6.3B (~5.7B euros), market cap ~$88-93B; SAN shows total income (h1 2026) ~EUR 30,822M (~$35.3B), +6% year on year, net interest income (h1 2026) ~EUR 22,711M (~$26.0B), +7%; net fees ~EUR 6,851M, attributable profit (h1 2026) ~EUR 8,973M (~$10.3B), +31%; underlying ~EUR 7,328M, +15%, latest quarter (q2 2026) Total income ~EUR 15,682M; attributable profit ~EUR 3,518M; underlying ~EUR 3,768M, +17%.

ING and SAN 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 SAN exposure against your real portfolio. It is not an investment adviser.