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Dutch universal bank offering retail banking, wholesale banking, and digital-first consumer banking across Europe.
Dutch universal bank offering retail banking, wholesale banking, and digital-first consumer banking across Europe.
Earns from the spread between savings it gathers largely online and the loans it makes, with the Netherlands, Belgium and Germany the core retail markets, plus fees from corporate clients through wholesale banking. It was rescued by the Dutch state in 2008, repaid it by 2014, and split from its insurance arm.
In one line: A European Capital One / Wells Fargo hybrid.
Moat: narrow (scale, brand, distribution). One of Europe's largest digital-first retail banks with cross-border scale in Germany and Benelux.
Headquarters: Amsterdam, Netherlands · Founded: 1991 · Employees: 62,770
Size ING Groep (INGA.AS) is a Netherlands Financials company (Major Banks) with a market value of $89.8B, the 2nd largest of 61 Netherlands companies the cockpit tracks. Shares closed at €28.72 on 6 Nov 2026.
Performance Over six months the shares gained 10.7%, against +6.5% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 6.6% over the last twelve months (peer median +0.3%); the operating margin is 24.7% (peer median 36.8%).
Valuation It trades at 1.63× book value against a peer median of 1.65× (11th cheapest of 21).
Price implies The share price implies a return on equity of about 12.5%; ING Groep delivers 13.6%, so the price asks less than the business earns today.
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €24.1B | €61.7B | €66.1B | €60.0B | €33.5B |
| Revenue growth | — | -7% | +10% | +79% | — |
| Net income | €6.76B | €6.33B | €6.39B | €7.29B | €3.67B |
| Free cash flow | n/a | -€191M | €6.19B | €4.83B | €15.7B |
| Capital expenditure | n/a | €351M | €332M | €246M | €231M |
| Total debt | €224B | €245B | €228B | €173B | €176B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| ING Groep INGA.AS | $89.8B | +11% | +7% | 14% | 1.63× | 12.5% |
| BNP Paribas BNP.PA | $114B | 0% | +8% | 11% | 0.84× | 10.4% |
| Deutsche Bank Aktiengesellschaft DBK.DE | $65.0B | +15% | 0% | 10% | 0.87× | 8.6% |
| Banco Santander SAN.MC | $174B | +4% | +15% | 13% | 1.40× | 17.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INGA.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.4% | +2.3% | 6th lowest of 21 |
| 6-month return | +10.7% | +6.5% | 7th highest of 21 |
| Return on equity | 13.6% | 12.2% | 7th highest of 21 |
| Price / book | 1.63× | 1.65× | 11th cheapest of 21 |
| Trailing P/E | 12.2× | 12.0× | 10th most expensive of 21 |
| ROE the price implies | 12.5% | 14.5% | 8th least demanding of 21 |
| ROE delivered | 13.6% | 12.5% | 7th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| ING Groep INGA.AS | Netherlands | $89.8B | +11% | +7% | 14% | 1.63× | 12.5% | 13.6% |
| PNC Financial Services PNC | United States | $89.4B | +4% | +8% | 13% | 1.59× | 13.2% | 12.9% |
| Westpac Banking WBC.AX | Australia | $87.6B | +4% | +2% | 9% | 1.78× | 16.4% | 9.5% |
| U.S. Bancorp USB | United States | $92.6B | +8% | +1% | 13% | 1.55× | 13.9% | 12.8% |
| National Australia Bank NAB.AX | Australia | $86.2B | +9% | -8% | 10% | 2.02× | 20.2% | 10.0% |
| Itau Unibanco Holding S.A. Sponsored ADR Pfd ITUB | United States | $84.9B | -12% | +8% | 22% | 1.84× | 11.8% | 21.7% |
| ANZ ANZ.AX | Australia | $84.2B | +17% | -5% | 8% | 1.71× | 14.4% | 8.3% |
| Oversea-Chinese Banking O39.SI | Singapore | $97.6B | +23% | -3% | 13% | 2.02× | 14.9% | 13.2% |
| Bank of Communications 601328.SS | China | $106B | +22% | -5% | 8% | 0.62× | 2.4% | n/a |
| Lloyds Banking LLOY.L | United Kingdom | $73.7B | +2% | -2% | 14% | 1.37× | 17.2% | 14.3% |
| Mizuho Financial 8411.T | Japan | $110B | +7% | +6% | 13% | 1.52× | 11.5% | 12.5% |
| China CITIC Bank 0998.HK | Hong Kong | $73.0B | 0% | -1% | 9% | 0.45× | 4.5% | 8.6% |
| Bank of Nova Scotia BNS.TO | Canada | $114B | +21% | -3% | 12% | 1.99× | 16.3% | 11.6% |
| BNP Paribas BNP.PA | France | $114B | 0% | +8% | 11% | 0.84× | 10.4% | 10.9% |
| Boc Hong Kong 2388.HK | Hong Kong | $67.4B | +13% | -8% | 12% | 1.47× | 8.1% | 11.8% |
| Bank of Montreal BMO.TO | Canada | $120B | +16% | -2% | 11% | 2.14× | 16.4% | 10.6% |
| Intesa Sanpaolo ISP.MI | Italy | $120B | +6% | -6% | 16% | 1.81× | 20.7% | 16.4% |
| Capital One COF | United States | $121B | +7% | +26% | 9% | 1.11× | 11.1% | 9.3% |
| HDFC Bank HDFCBANK.NS | India | $129B | -1% | +5% | 14% | 2.00× | 24.8% | 13.9% |
| NatWest NWG.L | United Kingdom | $62.3B | +4% | +3% | 16% | 1.21× | 15.8% | 15.9% |
| Nordea Bank Abp NDA-FI.HE | Finland | $62.3B | +6% | +3% | 15% | 1.77× | 14.6% | 14.9% |