Is ING a Buy? What to Consider in 2026
Last updated July 2026
Short answer
The bull case for ING (ING) rests on Net interest income and rate normalization: The bulk of ING's income comes from the spread between what it earns on loans and pays on deposits. Revenue (TTM, total income) is ~$24B (roughly 22-23B euros). If you believe that thesis holds, the real questions become position sizing and overlap, not timing. The main risk to that view: As a deposit-funded lender, ING's earnings are sensitive to European Central Bank rate cuts, which compress net interest margins. Whether ING is a buy comes down to whether you believe the thesis. This is informational, not a recommendation, and 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. The investment picture centers on a mature, deposit-rich bank whose profitability is tied to net interest income, fee growth, credit quality, and how much capital it returns to shareholders. ING has been generating strong net interest income as European rates normalized, carrying a solid CET1 capital ratio, and returning cash through a rising dividend and recurring share buybacks. Because it is euro-based, US holders of the ADR also take on euro-to-dollar currency exposure, and the bank's earnings are sensitive to European Central Bank rate moves, loan demand, and the regional economic cycle.
What's the case for buying ING?
1. Net interest income and rate normalization
The bulk of ING's income comes from the spread between what it earns on loans and pays on deposits. Total income reached roughly 5.7 billion euros in the first quarter of 2026, up about 8% year over year, helped by net interest income in the high-3 to low-4 billion euro range per quarter. As ECB rates stabilize, the swing from margin expansion toward loan-growth and fee-driven income becomes the key earnings lever.
2. Capital returns (dividends and buybacks)
ING has leaned into a shareholder-return story, lifting its dividend and running recurring share buyback programs supported by a strong CET1 capital ratio. The ADR has carried a trailing dividend yield in the roughly 4% to 5% range. Continued excess-capital distribution is a central part of the thesis for income-oriented holders.
3. Digital retail and geographic diversification
ING is strongest in the Netherlands, Belgium, and Germany, and runs digital-first retail operations across selected European markets. It prioritizes organic growth by simplifying products and driving mobile customer acquisition to add primary-banking relationships, which spreads risk across several national economies rather than one.
4. Fee income and cost discipline
With interest-margin tailwinds fading, growth in fee-based income (payments, lending, and markets services) and control of cost inflation matter more to the earnings trajectory. Management has pointed to recovering loan growth, fee expansion, and modest credit losses as offsets to normalizing net interest margins.
What are the risks to 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. 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.
How is ING valued? (as of July 2026)
Snapshot for ING as of July 2026, sourced from Yahoo Finance and may be delayed. Valuation figures move with price and earnings; verify the current numbers with your broker before deciding.
- 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
- P/E (TTM): ~13x
- Dividend yield: ~4-5%
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.
How do you decide if ING is a buy?
Rather than asking whether ING is a buy in the abstract, it tends to help to answer four questions:
- Thesis: do you believe the case above, and is it still true today?
- Time horizon: a single stock can be volatile, so a longer horizon absorbs more of the swings.
- Position sizing: a thesis can be right and the sizing still wrong; decide how much of your portfolio one name should be.
- Overlap: check whether you already hold ING indirectly through an index or sector ETF before adding more.
For the full picture, see the ING stock guide (what the company does, the ETFs that hold it, similar stocks, and the themes it fits). In Walnut you can ask its AI about ING against your real portfolio and see your actual exposure before deciding.
The bottom line on ING
The bottom line: ING's story right now is Net interest income and rate normalization, with revenue (ttm, total income) at ~$24B (roughly 22-23B euros). If you believe that narrative continues, the call is about sizing ING sensibly and checking overlap with what you own; if you doubt it (the risk: as a deposit-funded lender, ING's earnings are sensitive to European Central Bank rate cuts, which compress net interest margins.), it is not for you. Decide from the thesis, not the ticker. Walnut is not an investment adviser.
More on ING
- ING stock guide (what the company does, ETFs that hold it, similar stocks, and the themes it fits)
- ING stock forecast (the drivers and risks shaping the outlook)
- Does ING pay a dividend?
Build a basket around ING with Walnut
Use ING as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
Is ING a good stock to buy right now?
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The case for ING right now is Net interest income and rate normalization, with revenue (ttm, total income) at ~$24B (roughly 22-23B euros). If you believe that thesis holds, ING is a way to own it and the real questions are sizing and overlap, not timing; the main risk to that view is as a deposit-funded lender, ING's earnings are sensitive to European Central Bank rate cuts, which compress net interest margins. So it comes down to whether you believe the thesis. Walnut is not an investment adviser and this is not a recommendation.
What does ING do?
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ING Groep N.V.
What are the main risks of ING?
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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. 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.
What does ING Groep do?
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ING Groep N.V. is a large Dutch universal bank serving around 40 million customers. It runs Retail Banking (savings and current accounts, mortgages, and consumer and business lending) and Wholesale Banking (corporate lending, trade and structured finance, and capital markets) across Europe and select international markets.
Is ING on the NYSE a stock or an ADR?
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The US-listed ING security is an American Depositary Receipt (ADR) representing ordinary shares of ING Groep N.V., which trade on Euronext Amsterdam. Trading the ADR gives US investors exposure to the euro-denominated shares through a NYSE listing.
Does ING pay a dividend?
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Yes. ING has paid a dividend and raised it in recent periods, with the ADR carrying a trailing yield roughly in the 4% to 5% range. It also returns capital through recurring share buyback programs supported by its capital position.
How does ING make money?
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Most of ING's income is net interest income, the spread between what it earns on loans and pays on deposits, supplemented by fee income from payments, lending, and markets services. Total income was about 5.7 billion euros in the first quarter of 2026.
Walnut is informational and is not an investment adviser. This page is educational and not a recommendation to buy or sell ING; figures are approximate and dated, and your own situation, time horizon, and risk tolerance should drive any decision. Verify current data before investing.