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ING Groep NV INGA

Morningstar Rating
€16.44 −0.01 (0.05%)
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Company Report

ING Earnings: Net Interest Margin Holding Up Better Than Expected; Upside Surprise From Fees

Narrow-moat ING reported earnings per share of EUR 0.43 for the first quarter, 10% ahead of company-compiled consensus expectations. Net income was broadly stable year on year and sequentially; the 8% year-on-year growth in EPS was solely due to share buybacks. Net interest margin shrank another 3 basis points over the quarter to 151 basis points, contributing to a 5% decrease in net interest income compared with the comparable period of 2023. Stronger-than-expected fee income growth of 11% year over year, complemented by a solid 1% improvement in the cost/income ratio, partially offset the NIM contraction. Lending and volume growth surprised on the upside. Stronger-than-expected volume growth and slower increases in the cost of deposits led ING to slightly increase its guidance for net interest income and overall profitability.

Price vs Fair Value

INGA is trading at a 198% premium.
Price
€16.45
Fair Value
€19.00
Uncertainty
High
1-Star Price
€63.69
5-Star Price
€87.90
Economic Moat
Xqmlv
Capital Allocation
Hqskmvzn

Bulls Say, Bears Say

Bulls

Dutch banking system is an oligopoly with the three main banks holding more than 90% of Dutch current accounts.

Bears

ING relies on net interest income for the bulk of its revenue making it even more sensitive to lower interest rates than the average European bank.

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News

Trading Information

Previous Close Price
€16.45
Day Range
€16.3316.50
52-Week Range
€11.4316.66
Bid/Ask
€16.41 / €16.45
Market Cap
€53.56 Bil
Volume/Avg
4.7 Mil / 10.6 Mil

Key Statistics

Price/Earnings (Normalized)
17.64
Price/Sales
2.54
Dividend Yield (Trailing)
6.68%
Dividend Yield (Forward)
6.68%
Total Yield
13.31%

Company Profile

The merger of the Dutch postal bank and NN Insurance in 1991 created ING. Through a series of further acquisitions ING build up a global footprint. The 2008 financial crisis forced ING to seek government support—a precondition of which was that ING should separate its banking and insurance activities, which saw ING revert to being solely a bank. ING has market-leading banking operations in the Netherlands and Belgium, and a range of digital banks across Europe and Australia. Its global wholesale banking operation is primarily focused on lending.
Sector
Financial Services
Industry
Banks - Diversified
Stock Style Box
Large Value
Total Number of Employees
59,434

Competitors

Valuation

Metric
INGA
KBC
ABN
Price/Earnings (Normalized)
17.648.955.02
Price/Book Value
1.021.240.60
Price/Sales
2.542.611.57
Price/Cash Flow
8.894.833.34
Price/Earnings
INGA
KBC
ABN

Financial Strength

Metric
INGA
KBC
ABN
Quick Ratio
Current Ratio
Interest Coverage
Quick Ratio
No chart available

Profitability

Metric
INGA
KBC
ABN
Return on Assets (Normalized)
0.75%0.90%0.74%
Return on Equity (Normalized)
14.76%14.78%13.54%
Return on Invested Capital (Normalized)
Return on Assets
INGA
KBC
ABN
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C
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