Belgium and Netherlands Diversified Banks: Views Into 2Q26: Benelux Banks Monthly, July 2026

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Belgium and Netherlands Diversified Banks: Views Into 2Q26: Benelux Banks Monthly, July 2026

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22 Jul 2026 14:46:35 ET │ 44 pages

Belgium and Netherlands Diversified

Banks

Views Into 2Q26: Benelux Banks Monthly, July 2026

Shrey Srivastava AC

CITI'S TAKE +44-20-7986-2608

shrey.srivastava@citi.com

Benelux banks will commence 2Q reporting with ING on 30 July, followed by

KBC on 6 August and ABN on 12 August. We reconfirm our preference for Anand Demble

Dutch banks, with ABN remaining our top pick in the Benelux region. In +44-20-7986-4056

particular, we expect a beat here driven by net interest income, with this anand.gopal.demble@citi.com

quarter benefiting from higher EURIBOR 3m, without a significant offset

Andre Nemecfrom higher deposit costs in our view. Meanwhile, we sit 1-3% above 2026-

28E consensus on fees at ING, considering strong progress on converting +44-20-7986-2889

customers to mobile primary customers. Our preference order remains as andre.nemec@citi.com

follows: ABN (Buy) > ING (Buy) > KBC (Neutral).

ABN Top Pick — ABN remains our top pick despite its ~13% outperformance vs the

SX7P since 1Q26 results. We maintain our above-consensus view on NII, and are 1-

4% above for 2026-28. We also expect a modest beat at ING, driven by slightly

higher NII. Meanwhile for ABN and KBC, we expect upgrades to 2026E NII guidance

(which will both come in-line with consensus, but be seen as conservative in our

view). By contrast we do not expect an updated NII guide at ING, given this was

updated at 1Q26, and potential headwinds incl. Chase’s entry into Germany.

Volume Developments Across Markets — The Netherlands has seen solid loan

growth quarter-to-date (QTD) at ~1.6% (driven by ~3.4% corporate loan growth),

with an uptick in deposits of ~2%.