ING Groep NV (INGA.AS): Thoughts Post Conference Call - A Strong Long-Term Growth Angle

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ING Groep NV (INGA.AS): Thoughts Post Conference Call - A Strong Long-Term Growth Angle

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30 Jul 2026 06:23:53 ET │ 11 pages

ING Groep NV (INGA.AS)

Thoughts Post Conference Call - A Strong Long-Term Growth Angle

CITI'S TAKE

Buy ING shares are up ~2-3%, following a print we said would see low single-

digit consensus earnings upgrades. The focus of the call was on liability Price (29 Jul 26 16:30) €28.75

margins and continued strong commercial momentum/primary customer Target price €31.20

acquisition. This to us reflects a step change in the equity story we first Expected share price return 8.5%

highlighted in our March Deep Dive. Not only does increasing deepening of Expected dividend yield 4.8%

the customer base mean we get continued upside to fees (over and above Expected total return 13.3%

the previous ~5-10% p.a. growth ambition), but it paves the way for lower

Market Cap €82,608M deposit betas vs historic experience, with each 1% lower retail deposit

US$94,730M beta a ~1% annualised NII tailwind. We reiterate ING specifically targets

mobile primary customer acquisition, for which the customer must have a

current account with them; this should over time lead to positive mix shift

vs peers (who currently are much more current-account heavy) and Shrey SrivastavaAC

present a continued earnings tailwind vs the sector. Reiterate Buy. +44-20-7986-2608

shrey.srivastava@citi.com

Net Interest Income Dynamics.. -With today’s result ING raised the net interest Anand Demble

income guide to €16.8-17.0bn (from €16.5-16.7bn), the midpoint of which is 1% above +44-20-7986-4056

consensus. Crucially, in our view, we believe this is built to withstand a range of rate anand.gopal.demble@citi.com

scenarios (including no further ECB hikes), with the company likely to surpass even