ING (INGA.AS): analysis in plain words

Is ING cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.

ING (INGA.AS) is listed on Euronext Amsterdam and we classify it in banking. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against ING according to those figures, and the questions people ask most about the stock. No buy or sell tips.

ING (INGA.AS) key figures as of November 4, 2026

Figure	Value	What it measures
Share price	€29.09	Last price on November 4, 2026
P/E ratio (TTM)	12.4x	Price over earnings per share
Revenue growth	+4.5%	Latest quarter vs the same quarter a year earlier
Net margin (TTM)	34.4%	Profit for every 100 of sales
Net debt / EBITDA	Not meaningful (financial company)	Years of operating profit to repay debt
Dividend yield	4.10%	Annual dividend over price
Market cap	€82.7 billion	What the stock market values it at

The ING figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any INGA.AS figure that is not available shows as N/A: we do not estimate it.

How ING makes money

ING is a Dutch bank with two main businesses: Retail Banking, the larger, offering accounts, mortgages and loans to individuals and small firms in the Netherlands, Belgium, Germany and markets like Spain; and Wholesale Banking, which provides lending, trade finance and treasury services to large companies. Net interest income drives most earnings.

Over the last 12 months, ING brought in revenue of €25.5 billion. Its operating margin, what ING keeps from every 100 of sales after running costs, is 47.5%. With 60,000 full-time employees, that is about €424,000 of revenue per employee.

ING against its sector

To know whether a ING figure is high or low you have to put it next to similar companies. This table compares ING with the median of the 20 banking companies Fintols covers, with data as of November 4, 2026.

Figure	ING	banking median
P/E	12.4x	12.2x (20)
Revenue growth	+4.5%	+7.3% (20)
Net margin	34.4%	32.6% (20)
Dividend yield	4.10%	3.55% (20)
ROE	17.8%	13.1% (19)

In short, against the typical banking company, ING grows more slowly, pays a higher dividend yield and earns more on its equity. By size, ING ranks number 6 of 12 banking companies quoted in EUR on Fintols.

The bull case for ING

These are the strengths in the ING figures as of November 4, 2026:

Its net margin over the last 12 months is 34.4% (sector median: 32.6%): ING turns a large share of its sales into profit.
For income seekers, ING pays a dividend yielding 4.10% at today's price, using 48% of its profit to fund it.
Analysts expect ING earnings to rise: its P/E on the next 12 months of estimated earnings is 9.7x, below the current 12.4x.

The main risk for ING

The ING figures as of November 4, 2026 show no clear red flag (no heavy debt, no losses, no falling sales). Its main risk is the one built into its business: falling interest rates (which squeeze what it earns on loans) or rising bad loans if the economy weakens.

Frequently asked questions about ING

Is it a good time to buy ING stock?

Fintols does not tell you whether to buy or sell ING, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, ING stock trades at €29.09, 10% below its 52-week high (€32.40) and 39% above its low (€20.98). Its P/E is 12.4x against a banking median of 12.2x, and 9.7x on the earnings analysts expect over the next 12 months. With ING, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.

Does ING pay a dividend?

Yes. As of November 4, 2026, ING pays €1.14 per share a year, which at today's price is a yield of 4.10%. It uses 48% of its profit to pay it, which leaves room to keep paying it if profit dips. Its average dividend yield over the last five years is 5.34%. The banking median on Fintols is 3.55%.

Is ING stock expensive?

It depends on what you compare it with. On P/E, ING trades at 12.4x its last 12 months of earnings: in line with the banking median (12.2x). For a financial company you also look at price to book value: 1.7x (banking median: 1.7x). A high P/E alone does not make ING expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.

Who are ING's competitors?

On Fintols we compare ING with CaixaBank, Intesa Sanpaolo and UniCredit, which are also in banking. As of November 4, 2026, CaixaBank is worth €82.6 billion and trades on a P/E of 12.9; Intesa Sanpaolo is worth €106.4 billion and trades on a P/E of 11.0; UniCredit is worth €117.3 billion and trades on a P/E of 11.2. Each has a side-by-side comparison with ING below.

ING competitors

To understand ING better

More companies like ING: banking stocks and Euro Stoxx 50 companies. Open the full INGA.AS analysis with its valuation and scenarios. Educational content about ING, not investment advice.