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ING Groep (ENXTAM:INGA) Stock Climbs As Fee Growth Fuels Capital Story

Simply Wall St · 1d ago

ING Groep stock has quietly climbed in recent months, finishing today at €30.44 after a strong run over 7 days, 30 days and 90 days. The market is now weighing that move against a quarter where earnings power did some heavy lifting. Basic earnings per share reached €0.68 in Q2 and net income came in at €1.95b, helped by total revenue of €6.01b.

The real story sits beyond a single quarter. ING Groep now carries trailing 12 month earnings of €8.70b and trades on a P/E of about 10x. Management is emphasizing upgraded return targets and capital generation for the coming years.

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Q2 2026 Earnings Summary

  • Total Revenue (Q2 2026 vs Q2 2025): €6,005m vs. €6,469m (down about 7%)
  • Net Income (Excl. Extra Items) (Q2 2026 vs Q2 2025): €1,947m vs. €2,460m (down about 21%)
  • Basic EPS (Q2 2026 vs Q2 2025): €0.68 vs. €0.82 (down about 17%)
  • Cost to Income Ratio (Q2 2026 vs Q2 2025): 49.1% vs. 56.8% (improved by about 7.7 percentage points)

Prefer clear charts instead of another wall of earnings tables and ratios? View ING Groep's full financial picture with an easy visual breakdown of its valuation in the company report for ING Groep.

ENXTAM:INGA Trailing 12-Month Revenue & Expenses Breakdown as at Jul 2026
ENXTAM:INGA Trailing 12-Month Revenue & Expenses Breakdown as at Jul 2026

ING Groep bull case hinges on fee and capital milestones

Bulls argue that ING Groep is turning its digital push, subscription rollout and capital returns into higher quality, more diversified earnings. The quarter shows several of those markers getting hit. Fee income rose 14% year on year, with both retail and wholesale contributing, and assets under management climbed 27% to €322b on strong net inflows. Management now expects fee income of about €5.0b already in 2026 and has raised total income and commercial NII guidance, which aligns with the narrative of faster fee and balance growth. Capital generation also looks supportive of ongoing dividends and buybacks, with CET1 at 13.1%, 65 bps higher in the quarter, and risk weighted assets down despite lending growth. The subscription model is still in rollout. However, the combination of stronger mobile primary customer growth, higher fee targets and active capital actions tracks closely with the bullish storyline.

Bear case tests margin, regulation and execution worries

Sceptics focus on margin pressure, European regulation and execution risk around ING Groep’s subscriptions and cost programs. The latest numbers partly soften those worries but do not remove them. Net income excluding extra items declined 21% year on year and basic EPS fell 17%, so the earnings bridge is not one way. Management itself flags competitive deposit pricing and campaign driven inflows as a risk to liability margins. This supports concerns about future net interest income once competition tightens. Regulatory headwinds also remain a live issue, as capital ratios are still managed with securitisation and model updates. On execution, fee growth and AUM inflows look encouraging, yet only about 3m customers have migrated to the new subscription tiers so far, so the model is still early. The upgraded ROTE targets rely on that execution, which leaves bears with some open questions rather than clear confirmation.

Reveal where the surface looks calm for ING Groep, but the multi year models start to disagree on revenue, EPS and capital build by accessing the analyst estimates for ING Groep.

Take Control Of Your Next Move

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.