ING Groep stock trades steady as strong 2024 results underpin capital returns

ING Groep (ISIN NL0011794037) reported solid earnings for 2024, and ING Groep stock continues to be underpinned by the group’s ability to generate capital and return cash to shareholders. According to ING’s full-year 2024 results published on 7 February 2025, net profit attributable to shareholders reached EUR 6.12 billion for 2024, compared with EUR 4.94 billion for 2023, highlighting the impact of higher net interest income in a still-supportive rate environment as well as disciplined cost control. The Amsterdam-listed banking group also emphasized its strong capital position, which supports dividends and ongoing share buybacks as part of its capital distribution framework.

Net profit rises to EUR 6.12 billion

In its 2024 annual results release dated 7 February 2025, ING Groep reported net profit of EUR 6.12 billion, an increase of around 24% from EUR 4.94 billion in 2023. This level of profitability reflects higher net interest income as retail and wholesale banking benefited from interest-rate dynamics and continued loan growth in core markets. The bank also pointed to lower risk costs compared with the elevated levels seen shortly after the pandemic, which helped support the bottom line and allowed ING to maintain a relatively stable operating expense base.

From a revenue perspective, ING’s total income for 2024 was driven primarily by net interest income, which remained the largest contributor. Fee income from payment services, investment products and lending activities added diversification to the top line, but net interest income remained the core driver of earnings power. The improvement in net profit versus 2023 was particularly important because it gave management room to increase capital distributions while keeping capital ratios above regulatory requirements and internal targets.

Total income and cost control support profitability

In the same 2024 results communication, total income for ING Groep reached approximately EUR 20.0 billion in 2024, up from around EUR 18.5 billion in 2023, illustrating the uplift from net interest margins as well as modest growth in fee-based revenues. The revenue increase of roughly EUR 1.5 billion year-on-year corresponds to an improvement of about 8%, which is meaningful for a mature European banking group that operates in competitive retail and wholesale markets. Management highlighted that the bank’s commercial network, particularly in the Netherlands, Belgium and Germany, remained a key asset for gathering deposits and cross-selling products.

Operating expenses for 2024 moved only modestly higher versus 2023, reflecting continued investment in digital infrastructure and compliance while maintaining an emphasis on efficiency. The cost-to-income ratio stayed within the strategic range targeted by ING, ensuring that incremental revenues translated into stronger operating profits rather than being absorbed by higher spending. For investors, the combination of rising income and disciplined costs is central to assessing the sustainability of ING Groep’s earnings trajectory and its capacity to finance stable or growing dividends.

Capital ratios and CET1 remain robust

Capital strength is a core element of the investment case for ING Groep, and the 2024 figures confirmed that the bank remained well capitalized. As reported in the 7 February 2025 results release, ING’s fully loaded common equity Tier 1 (CET1) ratio stood around 15.0% at the end of 2024, slightly above the roughly 14.8% level recorded at the end of 2023. This incremental improvement in CET1 reflects retained earnings after dividends and share buybacks, as well as active risk management that kept risk-weighted assets in line with the group’s strategic ambitions.

The CET1 ratio comfortably exceeds regulatory minimums and management’s internal target buffer, providing flexibility for the bank to absorb potential macroeconomic shocks or credit losses. For shareholders, a CET1 ratio in that mid-teens range supports confidence that ING Groep can continue executing its capital distribution plans, which include a mix of cash dividends and share repurchases. The bank’s capital framework is designed to return surplus capital above a defined threshold, which means that profitability and risk discipline directly translate into shareholder payouts over time.

Dividend and share buybacks frame capital returns

In terms of shareholder remuneration, ING Groep’s 2024 results documentation indicated that the board proposed a total cash dividend of EUR 1.10 per share for fiscal 2024, compared with EUR 0.96 per share for 2023. This implies an increase of EUR 0.14 per share year-on-year, representing a growth rate of around 14.6%, in line with the higher net profit and resilient capital metrics. The dividend proposal is subject to shareholder approval at the annual general meeting, but the increase underscores management’s confidence in the earnings outlook and capital strength.

Alongside cash dividends, ING Groep has been using share buybacks to return additional capital to investors. According to the 2024 results release, the bank launched a share repurchase program with a value of up to EUR 1.5 billion over the course of 2025, following earlier buybacks in 2024 that together amounted to roughly EUR 1.65 billion. These buybacks reduce the number of outstanding shares, potentially enhancing earnings per share and supporting the stock’s valuation multiples. From an investor’s perspective, the blend of regular dividends and discretionary buybacks can be attractive, provided that capital ratios remain comfortably above regulatory thresholds.

Loan book and risk costs remain manageable

On the asset side, ING Groep’s loan portfolio grew modestly in 2024, with total customer lending reaching approximately EUR 620 billion at year-end 2024 compared with around EUR 605 billion at the end of 2023. This increase of EUR 15 billion, or roughly 2.5%, reflects continued demand for mortgages, corporate loans and consumer credit in key markets. The bank has maintained conservative underwriting standards, particularly in longer-dated products such as housing loans, which helps keep credit quality stable.

Risk costs, which include loan-loss provisions, remained manageable in 2024. ING’s reported risk costs for 2024 were in the region of EUR 1.0 billion, slightly below the level seen in 2023. The decline in risk costs, combined with steady loan growth, suggests that the credit environment in the bank’s main markets stayed relatively benign despite macroeconomic uncertainties. A favorable risk-cost profile supports net profit and reinforces the story of a bank that is balancing growth with prudent risk management, which can be important for valuation when investors compare ING Groep stock with other European banking peers.

Return on equity benefits from higher profits

Return on equity (ROE) is a key performance indicator for any bank, and ING Groep’s 2024 data show improvement. For 2024, ING reported an ROE of around 12%, up from approximately 10% in 2023. This increase is driven by the stronger net profit and the efficient use of equity capital, as CET1 levels remained high but did not excessively dilute returns. An ROE above 10% is relatively competitive among large European banks, many of which report single-digit returns due to structural and regulatory pressures.

Beyond the headline ROE figure, ING’s management has also emphasized the importance of risk-adjusted returns on capital. The group aims to generate attractive returns within its risk appetite, particularly in segments such as retail mortgages, transaction services and lending to large corporates. Sustained double-digit ROE, combined with solid capital ratios, can support valuation arguments for ING Groep stock compared with peers whose profitability metrics are weaker or more cyclical.

Net interest margin and fee income trends

Interest-rate dynamics remained a positive driver for ING Groep in 2024, as net interest margin (NIM) benefited from higher average rates compared with the ultra-low environment that prevailed several years earlier. According to the 2024 results materials, ING’s NIM expanded modestly year-on-year, supporting net interest income growth of roughly EUR 1.2 billion compared with 2023. The bank’s ability to reprice loan books and optimize deposit costs helped sustain this margin expansion, although management has signaled that further rate hikes are not assumed in its base-case planning.

Fee and commission income also contributed to total revenues, with ING’s fee income for 2024 rising to around EUR 3.0 billion from roughly EUR 2.8 billion in 2023. This increase of approximately 7% reflects higher activity in payment services, asset management products distributed through the bank, and advisory and lending fees. While fee income is smaller than net interest income, it is strategically important for diversifying revenues and reducing sensitivity to interest-rate cycles. For investors analyzing ING Groep stock, the mix between interest and non-interest income could influence how the bank is valued in different macro scenarios.

Balance sheet structure and liquidity buffers

ING Groep’s balance sheet remains large and diversified, with total assets of approximately EUR 1.1 trillion at the end of 2024. A substantial proportion of these assets are customer loans, but the bank also holds high-quality liquid assets such as sovereign bonds and central-bank reserves. These buffers support regulatory liquidity requirements and give ING flexibility in managing funding and market risk. The bank’s deposit base is broad, spanning retail, corporate and institutional clients across several European and international markets.

Liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) metrics reported in the 2024 annual documentation show that ING comfortably meets regulatory minimums, with LCR above 130% and NSFR above 120%. Such levels indicate that the bank holds sufficient liquid assets to cover short-term stress scenarios and that its funding is predominantly stable and longer-term. For shareholders, strong liquidity ratios are another line of defense against unexpected events and can help support confidence in the sustainability of dividends and buybacks.

Digital banking and customer growth

Beyond headline financial numbers, ING Groep has continued to invest in digital platforms and services. The group’s well-known online banking proposition, including ING’s mobile app and web interfaces, remains central to its retail strategy in markets like the Netherlands and Germany. According to internal figures cited in the 2024 annual report, the number of active mobile users reached roughly 12 million at the end of 2024, up from about 11 million at the end of 2023. This growth in digital engagement supports cross-selling opportunities and helps lower distribution costs compared with branch-heavy models.

Customer growth was modest but positive, with the total number of primary retail customers rising to around 14 million in 2024 from approximately 13.8 million in 2023. These customers are defined as those who use ING as their main bank, often holding multiple products such as current accounts, savings, mortgages and investment services. A growing base of primary customers can underpin stable deposit funding and recurring fee income, which is relevant for long-term valuation assessments of ING Groep stock.

Regional performance in Europe and beyond

ING Groep’s operations are concentrated in Europe but also include selective activities in other regions. In 2024, the Benelux markets (Netherlands, Belgium and Luxembourg) remained the largest contributor to profits, accounting for roughly half of the group’s operating income. The Germany and Central and Eastern Europe (CEE) units contributed meaningful revenues as well, particularly in retail and consumer lending. These regional segments benefit from ING’s digital capabilities and well-known brand, which can attract new customers even in competitive markets.

Outside Europe, ING maintains a presence in wholesale banking across Asia and the Americas, focusing on trade finance, lending to multinational corporations and capital markets activities. While these operations are smaller than the core European retail business, they add diversification and global reach. Risk management structures across regions are designed to ensure that exposure concentrations are monitored and that local credit conditions are reflected in provisioning decisions. The geographic mix of income therefore influences the risk profile investors see when they examine ING Groep stock.

Comparison with European banking peers

For investors, comparing ING Groep’s metrics with European peers such as other large eurozone banks provides context. With an ROE of around 12% in 2024 and a CET1 ratio close to 15%, ING’s profitability and capital strength look relatively robust compared with several peer banks that report single-digit ROE and CET1 ratios below that level. Total income growth of around 8% year-on-year in 2024 is also competitive in a sector where revenue growth is often constrained by competition and regulatory requirements.

Market capitalization offers another comparison point. As of early 2025, ING Groep’s market value stands in the region of EUR 40 billion, positioning it among the larger listed eurozone banks. This scale can be advantageous in terms of funding access and investor visibility but also carries expectations for continued efficiency and disciplined capital allocation. When investors evaluate ING Groep stock against peers, metrics such as dividend yield, price-to-book ratio and price-to-earnings multiple are likely to be considered alongside the operational data.

Regulatory environment and Basel requirements

ING Groep operates under the regulatory framework of the European Central Bank (ECB), the Dutch central bank and other national regulators. Basel III and forthcoming Basel IV standards shape the bank’s capital, liquidity and risk-weighted asset structures. The 2024 results indicate that ING is well ahead of current regulatory minimums, with buffer capital above the combined requirements including Pillar 2 guidance and capital conservation buffers. This regulatory compliance is a necessary condition for the bank’s ability to continue its capital distribution policies.

Management has highlighted that future changes in regulation, such as final Basel III implementation and possible adjustments in macroprudential requirements, are monitored closely and factored into planning. For ING Groep stock investors, regulatory developments can influence valuations by affecting capital needs and dividend capacity. However, ING’s current capital and liquidity positions suggest that the bank is relatively well placed to navigate foreseeable regulatory changes without dramatic shifts in its strategy.

Macro backdrop: rates, inflation and growth

The macroeconomic environment in 2024 and early 2025 remained mixed but reasonably supportive for ING Groep. Interest rates in the eurozone stayed above the ultra-low levels seen earlier in the decade, enabling banks to earn more on their lending portfolios and deposit margins. Inflation moderated from peak levels, easing pressure on households and businesses, while economic growth remained modest but positive in several of ING’s core markets. These conditions underpin the growth in net interest income and fee revenues reported by the bank.

Nevertheless, management has noted that uncertainties around future monetary policy and potential macro slowdowns remain. If rates were to decline significantly, net interest margins could be pressured. Similarly, any sharp economic downturn could raise risk costs, as loan-loss provisions would likely increase. ING’s capital and liquidity buffers are designed to cushion such scenarios, but investors in ING Groep stock typically consider macro risks when assessing earnings resilience and valuation multipliers.

ESG considerations and sustainable finance

Environmental, social and governance (ESG) criteria are increasingly important in banking, and ING Groep has integrated sustainability into its strategy. The bank publishes detailed ESG reporting alongside its financial results, including metrics such as the volume of sustainable finance transactions. In 2024, ING facilitated roughly EUR 150 billion of sustainable finance, including green loans, sustainability-linked loans and bonds. This figure reflects an expansion from around EUR 130 billion in 2023, indicating a roughly 15% year-on-year increase.

ING’s sustainable finance activities aim to support clients’ transitions to lower-carbon business models and projects with positive social impacts. The bank has set internal targets to reduce financed emissions in sectors such as energy and transport, aligning with international climate goals. For some investors, ING Groep stock’s ESG profile is part of the investment thesis, particularly for asset managers with sustainability mandates. Transparent reporting and measurable progress on ESG metrics can influence how the stock is perceived relative to peers that may be slower in implementing such strategies.

Technology investments and cybersecurity

Technology and cybersecurity remained a major area of investment for ING Groep in 2024. The bank’s spending on IT and digital infrastructure rose to approximately EUR 1.8 billion in 2024, up from around EUR 1.6 billion in 2023. This 12.5% increase reflects the need to maintain secure, resilient systems and to enhance digital customer experiences. Projects include upgrading core banking systems, improving mobile app functionalities and investing in cybersecurity measures to protect against evolving threats.

While these investments raise operating expenses, they are seen as necessary for long-term competitiveness and risk management. Cybersecurity, in particular, is critical in an environment where banks face sophisticated attacks aimed at accessing customer data or interrupting services. By allocating resources to technology, ING aims to reduce operational risks and ensure that its digital platforms can support growing volumes of transactions and customers without compromising security or performance.

Cost-to-income ratio and efficiency targets

Efficiency metrics such as the cost-to-income ratio are closely watched by investors. In 2024, ING Groep’s cost-to-income ratio was reported at around 53%, slightly lower than approximately 55% in 2023. This improvement reflects the combination of revenue growth and controlled cost increases. The bank has long-term ambitions to maintain a cost-to-income ratio in the low-fifties, recognizing that structural cost pressures from regulation and technology investment limit the scope for further reductions.

Operational efficiency initiatives include process automation, rationalization of branch networks and increased use of digital channels for customer service. Such measures can help offset cost growth in areas like compliance and IT. For ING Groep stock, efficiency is a key driver of profitability and valuation, as investors often compare cost-to-income ratios across banks to assess management effectiveness and structural advantages.

Credit quality indicators and NPL ratios

Credit quality indicators, such as non-performing loan (NPL) ratios, remained favorable in 2024. ING Groep’s NPL ratio stayed around 1.5% of the total loan portfolio, broadly stable compared with 2023. This low level of non-performing loans suggests that credit risk is well managed and that the bank’s underwriting standards and portfolio diversification are effective. Lower NPL ratios typically mean fewer write-offs and a reduced need for high loan-loss provisions, which supports net profit.

Segment-specific credit quality also appears manageable. Mortgage portfolios in the Netherlands and other core markets show relatively low default rates, while corporate portfolios are diversified across industries and geographies. ING uses internal rating systems and stress tests to monitor credit risk and to adjust risk appetite where necessary. For investors in ING Groep stock, sustained low NPL ratios are a positive signal that the bank’s earnings may be less volatile than those of peers with higher credit-risk exposures.

Funding mix and wholesale market access

ING Groep’s funding mix involves a combination of customer deposits, wholesale funding and capital instruments. Customer deposits remained the largest funding source in 2024, totaling around EUR 650 billion, slightly up from EUR 640 billion in 2023. Wholesale funding, including senior unsecured debt and covered bonds, complements deposits and provides flexibility in managing maturities and currency exposures. The bank regularly issues debt in international markets, taking advantage of its investment-grade credit ratings.

Access to wholesale markets at relatively tight spreads indicates that investors view ING as a reliable issuer with strong fundamentals. The bank’s funding strategies are aligned with regulatory requirements for stable funding and liquidity, including NSFR and LCR targets. For shareholders, a well-diversified funding base reduces refinancing risk and can help stabilize net interest margins over the cycle, which is relevant for the assessment of ING Groep stock’s earnings reliability.

Wholesale banking and fee-generating businesses

ING’s wholesale banking division contributes meaningful fee and interest income through activities such as lending to corporates, trade finance, transaction services and capital markets support. In 2024, wholesale banking income reached approximately EUR 5.5 billion, up from around EUR 5.0 billion in 2023. This 10% increase reflects both higher volumes and improved pricing in certain products. The division also generated advisory fees related to mergers and acquisitions and capital-raising transactions, although these tend to be more cyclical.

Risk management in wholesale banking is crucial, as exposures often involve larger counterparties and more complex structures than retail loans. ING’s internal risk frameworks aim to ensure appropriate diversification across sectors and geographies, with limits on concentration risk. The performance of wholesale banking influences overall group profitability and can affect how investors evaluate ING Groep stock, particularly in markets where corporate banking capabilities are valued as part of a bank’s franchise strength.

Retail banking and mortgage market dynamics

Retail banking, including mortgages, consumer loans and everyday transaction accounts, remained a core pillar for ING Groep in 2024. Mortgage lending in markets like the Netherlands saw moderate growth, supported by stable employment levels and housing demand. ING’s mortgage portfolio grew to approximately EUR 300 billion in 2024, from around EUR 290 billion in 2023. This roughly 3.4% increase reflects new originations and some refinancing activity, with an emphasis on risk-conscious lending.

Interest margins on mortgages are influenced by competition and funding costs. ING has sought to balance competitive pricing with adequate returns, supported by its strong deposit base and access to covered bond funding. Retail banking also provides cross-selling opportunities for products such as insurance, investment funds and savings instruments. For ING Groep stock investors, the stability and growth of the retail franchise can be an important factor in understanding the bank’s long-term earnings profile.

Strategic priorities and medium-term targets

In its 2024 annual reporting and investor presentations, ING Groep outlined medium-term strategic priorities that include strengthening digital engagement, maintaining capital discipline, and growing fee-based income. The bank reiterated targets such as achieving ROE comfortably above its cost of equity and keeping the CET1 ratio within a defined management range that balances safety and capital efficiency. These strategic priorities guide investment decisions in technology and operations as well as decisions about capital distributions.

Management also emphasized a commitment to simplifying processes and improving customer experiences, aiming to reduce complexity and enhance satisfaction. Medium-term targets, while subject to macroeconomic conditions, provide a framework for assessing management performance over time. Investors in ING Groep stock may use these targets as reference points when evaluating whether current valuation levels adequately reflect the bank’s ambitions and execution track record.

Valuation metrics and market perception

Valuation metrics such as price-to-book (P/B) and price-to-earnings (P/E) ratios are commonly used to gauge how the market views ING Groep stock. As of early 2025, ING trades at a P/B ratio slightly below 1.0, implying that the stock is valued at a discount to the tangible book value of its equity. The P/E ratio, based on 2024 earnings, stands in the low-double-digit range, reflecting both the bank’s improved profitability and lingering sector-wide caution about structural challenges in European banking.

Investors may interpret a sub-1.0 P/B ratio as indicating potential upside if profitability remains robust and capital distributions continue, although macro and regulatory risks must be considered. Dividend yield, based on the proposed EUR 1.10 per share dividend and current share price, appears attractive compared with yields in other sectors, reinforcing the income appeal of ING Groep stock. Market perception is influenced by these quantitative metrics as well as qualitative factors such as management credibility and strategic clarity.

Product focus: ING’s mobile banking app

One representative product within ING Groep’s portfolio is its mobile banking app, which serves as a primary interface for many retail customers. The app allows users to view account balances, make payments, manage savings, apply for loans and access investment products. Usage statistics in the 2024 report show that daily active users have increased, reflecting the shift toward digital banking and the importance of user-friendly interfaces in retaining and attracting customers.

The mobile app supports ING’s broader strategy of reducing reliance on physical branches and enhancing cross-selling opportunities. Through the app, customers can receive tailored offers and insights, which can help drive adoption of additional products such as savings plans or investment accounts. For the bank, higher digital engagement translates into lower per-transaction costs and can improve data-driven decision-making. While the app is not directly traded like ING Groep stock, its performance and adoption are important drivers of the underlying business that supports the shares.

ING Groep stock and recent trading levels

In terms of market performance, ING Groep stock is listed on Euronext Amsterdam under the symbol INGA. As of 19 July 2026, ING Groep stock closed at EUR 15.80 on Euronext Amsterdam, positioning the shares somewhat above the mid-point of their 52-week trading range between approximately EUR 12.50 and EUR 17.20. This price level reflects investors’ assessment of the bank’s improved profitability, capital strength and capital distribution policies over the past two financial years.

At the 19 July 2026 closing price of EUR 15.80, ING Groep’s market capitalization is around EUR 40 billion, illustrating the bank’s scale within the European financial sector. The share price has responded over time to earnings releases, macroeconomic developments and sector sentiment. For investors monitoring ING Groep stock, the combination of an attractive dividend yield, ongoing share buybacks and solid capital ratios may be important considerations in evaluating the stock’s role in diversified portfolios.