Upgrading EPS on stronger core revenues - remain OW with the growth story still not fully discounted

Research evidence excerpt

Upgrading EPS on stronger core revenues - remain OW with the growth story still not fully discounted

J P M O R G A N Europe Equity Research

03 August 2026

ING Overweight

INGA.AS, INGA NA

Upgrading EPS on stronger core revenues - remain OW Price (31 Jul 26):€30.47

with the growth story still not fully discounted ▲Price Target (Dec-27):€33.10 Prior (Dec-27):€31.30

Post Q2, we upgrade our EPS by 4% in ‘26-28e mainly driven by stronger NII and

fees. Our EPS estimates are 4%/9%/9% above BBG consensus in ‘26/27/28e, European Banks

mainly driven by higher Commercial NII but also stronger fees & commissions. Delphine Lee AC

Commercial NII growth in the medium term is still underestimated, with ongoing (44-20) 7134-3971

debate around the liability margin. The sharp increase in replicating income is still delphine.x.lee@jpmorgan.com

not fully undiscounted, as are the stickiness of the retail deposit franchise and its Kian Abouhossein

strong repricing capacity, with deposit cost in the Eurozone well managed to 86bp (44-20) 7134-4575

kian.abouhossein@jpmorgan.com

currently and group liability margin expected to expand to ~120bp in 2027e and J.P. Morgan Securities plc

~124bp in 2028e in our estimates. ING is delivering on its strategy, on profitable

growth, in particular in Retail in the Netherlands and Germany, and capital return Specialist Sales contact details:

is more attractive with a total yield of ~8% pa on average FY26-28e. We remain Gigi Sparling - Specialist Sales -

OW ING trading at undemanding 8.6x PE, 1.5x NAV for RoNAV 18% in 2028e. European Financials

(44-20) 7134-0355

• Long-term growth potential for Commercial NII largely undiscounted: ghislaine.sparling@jpmorgan.com

Post Q2, we upgrade our EPS by 4% in ‘26-28e, driven mainly by higher NII Key Changes (FYE Dec)