ING Groep raised its return-on-equity targets at the Barclays 24th Annual Global Financial Services Conference in New York on September 15, 2026, projecting above 15% for 2026 and above 16% for 2027. Trailing twelve-month ROE already stands at 17%.
The lender reported that loans have grown at a compound annual rate of 7% and deposits at 6% since its 2024 Capital Markets Day, both exceeding its medium- to long-term target of 5%. Net deposits reached 100 billion euros over the past 2.5 years. The Belgium operation is on track for its 14% ROE target set at that same 2024 event.
Lending margin fell to 124 basis points in the second quarter from the first, but liability margins are expected to remain above the historical range of 100 to 110 basis points through 2027 and 2028, supported by the replication portfolio and strong deposit growth, before eventually normalizing back toward that range.
ING serves 41 million retail customers, 16 million of whom are mobile primary customers. CFO Ida Lerner described the cross-sell potential within that base as "unprecedented" compared with peers. The bank prices 95% of retail savings at its core rate and is targeting the remaining 5% through personalized outreach, while leaning into self-service as a differentiator.
On the portfolio side, ING reduced its stake in Thai lender TMBThanachart Bank in June and August as part of a capital reallocation away from non-strategic international holdings. It retained stakes in Van Lanschot Kempen, Singular, and the Bank of Beijing. Lerner said the bank remains open to selective M&A transactions with high hurdles, pointing to private banking, wealth management, and Spain as potential areas for capability or geographic expansion.
Competition varies across key markets. In Germany, ING faces rising pressure from new entrants including Chase and aggressive pricing, alongside a pension reform taking effect January 1. In Spain, neobanks such as Revolut are actively promoting high interest rates. Deposit competition in the Netherlands is considered less intense, with fewer prominent promotional campaigns.
The bank is deploying agentic AI in mortgage origination in the Netherlands to accelerate lending decisions, and broadly applying AI to upskill employees, automate processes, and improve income generation. It also announced it is reducing 1,250 operational roles in a structured manner.
On regulation, Lerner called a level playing field the top priority, urging harmonization across European countries and greater parity between U.S. banks operating in Europe and local institutions.
ING shares closed at $36.74 on September 15, down 0.6% from the prior close of $36.96. The stock has surged 50% over the past six months and trades within a 52-week range of $23.64 to $37.52. It carries a P/E ratio of 10.7 and a dividend yield of 2.6%, with six consecutive years of dividend increases.
