ING Bank Slaski SA (INGP.WA)

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05 Aug 2026 12:22:37 ET │ 14 pages

ING Bank Slaski SA (INGP.WA)

Model Update

CITI'S TAKE

Taking into account 2Q26 results (ING Bank Slaski SA (INGP.WA) - Small

2Q26 Earnings Beat Driven by Lower Net Provisioning) and the recent

sector trends, we reduce our EPS estimates for ING BSK by ~1% this year

and increase by +2% in 2027 and +2% in 2028. Due to our increased

2027-28 earnings estimates, we slightly raise our TP to Zl 438 from Zl 424

previously, but we maintain our Neutral rating.

• EPS revisions are negatively impacted by lower NII estimates (reduced by 4% in 2026, -1% in 2027, and -1% in 2028, due to 2Q26 NII miss) and

increased net fees projections (by +4%, +6%, and +6%, respectively, to

reflect 2Q26 beat). We note that net fees growth in 2Q26, FY2026, and

FY2027 is driven by consolidation of ING TFI, which led to the increase in

AM fees, but also to a small increase in OPEX and to discontinuation of

presenting the bank’s share in TFI result in Share of Associated Companies

item line.

Neutral

Price (05 Aug 26 17:00)

Zl447.00

Target price

Zl438.00↑

from Zl424.00

Expected share price return

-2.0%

Expected dividend yield

5.7%

Expected total return

3.6%

Market Cap

Zl58,155M

US$15,608M

Andrzej PowierzaAC

• We note that in 1Q26, ING BSK stopped publishing in Other Comprehensive

Income report an item line, which made a calculation of impact of hedges

on NII possible. Thus in contrast to other Polish banks, we cannot calculate

impact of hedges on ING BSK’ NII and NIM in 1Q26 and 1Q26, which

increases the risk of error in NII projection. We haven’t reflected increased

modelling risk in our valuation by higher COE, but we note that investors

may start to apply a discount to the bank’s earnings due to lower vs. peers

transparency of NII (which is the main contributor to total revenues and a

main driver of earnings). For FY2026, we assume effective tax rate of 35.3%

vs. 39.1% in 1Q26 and 36.0% in 2Q26 (37.3% in 1H26).

ING Bank Slaski SA (PLN)

Year to 31 Dec

2024A

2025A

2026E

2027E

2028E

Net Income (ZlM)

4,575.0

4,630.0

4,445.7

5,191.5

5,595.8

Diluted EPS (Zl)

35.16

35.59

34.17

39.90

43.01

Diluted EPS (Old) (Zl)

35.16

35.59

34.43

38.98

42.08

PE (x)

12.7

12.6

…