ING

ING Groep stock has delivered very strong returns over the past few years, yet several valuation checks still suggest the current share price may not fully reflect its intrinsic value. For investors, the contrast between this strong track record and a set of indicators that lean cheap is the key starting point. ING Groep has returned about 296.0% over 5 years, which puts recent gains front and center when you think about how much value might already be reflected in the price. The valuation backdrop can be influenced by how consistently ING Groep converts its banking franchise into reliable earnings and dividends. At the same time, credit quality and broader balance sheet risks may limit how much investors are willing to pay for that stream of cash flows. The broader checks lean cheap, with ING Groep scoring 5 out of 6 on value, which suggests the stock screens as undervalued on most of the main metrics tracked here. The issue now is whether the intrinsic value estimates and other valuation signals still point to meaningful upside after such a strong five year run. Compare ING Groep's valuation signals with other potential ideas by scanning 265 high quality undervalued stocks that share a similar mix of strong recent returns and pricing that still screens as cheap. The Excess Returns model examines how efficiently ING Groep can generate profits on its equity compared with the return that shareholders require. It then converts those excess earnings into an estimated intrinsic value per share. For ING Groep, the inputs indicate a business that is expected to earn more than its equity cost over time. Book value is €17.57 per share, with a stable earnings per share estimate of €2.92, based on return on equity forecasts from 17 analysts. The model applies a cost of equity of €1.23 per share and an excess return of €1.69 per share, on an average return on equity of 15.25%. Using a stable book value of €19.13 per share, this produces an Excess Returns intrinsic value of about €60.22 per share. Compared with the current share price, that Excess Returns estimate indicates that ING Groep trades at a discount of about 48.0%. The model therefore points to a meaningful gap between the price and what these projected excess returns support. On these Excess Returns assumptions, ING Groep stock appears undervalued relative to its estimated intrinsic value. Our Excess Returns analysis suggests ING Groep is undervalued by 48.0%. Track this in your watchlist or portfolio, or discover 265 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for ING Groep. The P/E ratio is a useful cross check for ING Groep because earnings remain a key driver of how investors value large banks. ING Groep currently trades on a P/E of about 10.3x, which is below both the Banks industry average of 11.5x and the peer group average of 11.9x. The fair P/E ratio implied by the broader checks is about 11.5x. That is higher than where ING Groep trades today, which points to a discount relative to what these earnings and risk characteristics would typically justify. The gap is not extreme, yet it still indicates that the market is pricing ING Groep below both its tailored fair multiple and the broader sector benchmarks. On the P/E multiple alone, ING Groep stock appears undervalued compared with both its fair ratio and banking peers. See what the numbers say about this price — find out in our valuation breakdown. For ING Groep, Simply Wall St Narratives pick up where the valuation puzzle leaves off by spelling out what growth, margins and earnings path would need to hold for the stock to be worth materially more or less than today's price. They are available on the company's Community page. Rather than relying on a single multiple or model, each narrative lays out the key assumptions behind its fair value so you can compare them with future results as they arrive. One of the top community narratives on ING Groep: roughly fairly valued Read one of the top narratives on ING Groep Do you think there's more to the story for ING Groep? Head over to our Community to see what others are saying! Across both the Excess Returns intrinsic value estimate and the P/E checks, ING Groep still screens as undervalued rather than fully priced. The key question now is whether the bank can keep converting its balance sheet and franchise into the earnings and dividends that these models assume, without a material hit to credit quality or capital. If that execution holds, the current discount may prove to be an opportunity rather than a value trap. If those risks bite, the gap between price and intrinsic value could simply reflect the market correctly pricing in those constraints. 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. Companies discussed in this article include INGA.AS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Blue Owl Technology Finance Corp. (NYSE:OTF) priced $400 million of bonds Monday, double the $200 million it initially sought, in a tap of the 6.500% notes due 2029 it first sold in June, according to a prospectus supplement filed Monday. Blackstone Inc.‘s (NYSE:BX) BCRED did the same, raising $750 million against a roughly $500 million target. The two upsized deals were the first real test of appetite for business development company debt since the start of the third quarter, Bloomberg reported. Blue Owl Capital Inc., which manages Blue Owl Technology, sold $750 million in notes last week, as investor demand reached as much as $3.3 billion for the offering. RBC, SMBC, ING Groep NV, Mizuho Financial Group and Societe Generale SA managed Monday’s transaction for Blue Owl Technology. Read Also: Anthropic CEO Says AI Could Cure Most Human Disease in 5-10 Years — but Admits Big Promises Haven't Landed Earlier this year, Blue Owl Capital held a similar offering, raising $400 million from bond investors. The bonds were issued by Blue Owl Capital Corp. (OBDC) and are investment-grade rated notes. The bonds were yielding 6.4% and were set to mature in September 2028, according to an SEC filing. Pacific Investment Management Co. (PIMCO) acquired all of the $400 million bond offering shortly after. In April, Blackstone’s BCRED raised $850 million in an investment-grade bond deal after initially looking to raise $500 million. Business development company (BDC) equities are signaling growing investor skepticism over private credit valuations, even as BDC bonds have recovered much of their recent underperformance, a recent report from Lotfi Karoui at PIMCO noted. Investors are demanding a higher risk premium to compensate for uncertainty about the value of loans held by BDCs, which finance small and midsize private U.S. companies, he added. Earlier this month, Barings Private Credit Corp. priced a $350 million offering on Aug. 13, the second U.S. high-grade note sale by a BDC since the start of July. Photo: Shutterstock Read Also: BDC Stocks Signal Growing Doubts Over Private Credit Valuations This article Blackstone, Blue Owl Funds Upsize Bond Sales After Third-Quarter Lull in Private Credit Issuance originally appeared on Benzinga.com © 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

This article first appeared on GuruFocus. Total Income: Increased 10% year-on-year and 8% quarter-on-quarter, driven by stronger customer activity. Commercial NII: Grew by EUR114 million quarter-on-quarter and was 10.7% higher year-on-year. Fee Income: Up 14% year-on-year, with Retail Banking fees up 16% and Wholesale Banking fees up 11%. Net Core Lending Growth: Increased by EUR15.2 billion, with Retail Banking contributing EUR12.1 billion and Wholesale Banking EUR3 billion. Net Core Deposit Growth: Increased by EUR15.9 billion, driven by Retail Banking's EUR16.7 billion inflow. Risk Costs: Totaled EUR279 million, or 15 basis points of average customer lending. Expenses: Up 4.2% year-on-year (excluding regulatory costs and incidental items); year-to-date cost growth tracking at 2.7%. CET1 Ratio: Improved to 13.1%, with 65 basis points generated in the quarter. Return on Tangible Equity (ROTE): Reached 17% in the second quarter. Earnings Per Share (EPS): Increased by 16% year-on-year. Net Profit: EUR6.7 billion over the past 12 months. 2026 Outlook: Commercial NII expected between EUR16.8 billion and EUR17 billion; total income expected to exceed EUR24.5 billion; ROTE expected above 15%. 2027 Outlook: Total income expected to exceed EUR26 billion; ROTE expected above 16%. Warning! GuruFocus has detected 7 Warning Signs with ING. Is ING fairly valued? Test your thesis with our free DCF calculator. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. ING Groep NV (NYSE:ING) delivered strong Q2 2026 results with a 17% ROTE, up 1.5 percentage points year-on-year, driven by positive operating leverage and sustainable earnings growth. Customer growth accelerated, adding 377,000 mobile primary customers in the quarter and over 1 million in the last 12 months, ahead of the Capital Markets Day target. Fee income grew 14% year-on-year, with the company on track to reach EUR5 billion in fees in 2026, one year ahead of plan, and upgraded 2027 outlook to EUR5.3-5.5 billion. Commercial NII outlook upgraded to EUR16.8-17 billion for 2026, supported by strong volume growth (8%+ annualized lending and deposits) and a prolonged hedging tailwind on liability margins. Capital efficiency improved significantly, with CET1 ratio rising to 13.1% despite reserving 100% of quarterly net profit, driven by RWA optimization including SRTs and model updates. The company upgraded its ROTE outlook by 1 percentage point for both 2026 (above 15%) and 2027 (above 16%), reflecting strong execution of the 'Growing the difference' strategy. Wholesale Banking RWA management was particularly strong, reducing RWAs by EUR5.3 billion in the quarter despite lending growth, and the retail/wholesale capital allocation target was exceeded 18 months ahead of plan. Deposit franchise remains a cornerstone, with strong net inflows (EUR15.9 billion in Q2) and successful campaigns, while maintaining disciplined pricing and improving liability margins. The company is making progress in diversifying income through private banking expansion (e.g., 40% stake in Singular Bank) and new subscription models, with 17 million customers already migrated. Risk costs remained low at 15 basis points, well below the through-the-cycle average of 20 basis points, reflecting prudent risk management and strong loan book quality. Lending margins decreased slightly in Q2, driven by growth in lower-risk, lower-margin loans such as mortgages and investment-grade wholesale loans, which could pressure future NII. All other income decreased year-on-year when excluding hedging ineffectiveness, due to lower results from foreign currency exchange hedging in treasury, impacting overall income growth. Expenses, excluding regulatory costs and incidental items, rose 4.2% year-on-year in Q2, with cost growth tracking at 2.7% year-to-date, which may limit operating leverage if revenue growth slows. The company faces intense competition in deposit markets, particularly in Germany and Belgium, which could pressure liability margins and require more aggressive campaigns to maintain growth. Wholesale Banking income over RWAs remains below peers, and the sustainability of RWA optimization through SRTs and secondary loan sales is uncertain, especially in a downturn. The company's reliance on deposit campaigns, which often attract customers who may leave after promotional periods, raises questions about the durability of deposit growth. The CET1 ratio of 13.1% is only slightly above the 13% target, leaving limited buffer for unexpected capital shocks or regulatory changes. The outlook for liability margins above 110 basis points in 2027-2028 is dependent on interest rate curve developments and competitive dynamics, which could prove optimistic. The company's aggressive growth in lower-risk assets may dilute overall returns, as seen in the lending margin decline, potentially impacting long-term ROTE sustainability. The consolidation of TFI and other incidental items will add incremental costs, which could pressure the cost base and offset some efficiency gains from digitalization. Q: The ROTE guidance has been upgraded above 16% for next year. You are already ahead of several Capital Markets Day targets, and European banks are approaching ROTEs closer to 20%. Can we start expecting high-teens ROTEs, especially looking into 2028, and when can we hear about your next midterm ambitions?A: Steven Van Rijswijk (CEO) confirmed that the machine is "humming," which is why they were able to upgrade the outlook for 2026 and 2027. He stated that they will continue working to further increase ROTE in the years thereafter, with more details to be provided at a later point in time. Q: Can you provide more color on the liability margin going forward with the deposit campaigns? Should we expect a more modest increase, or is the 3 basis points improvement a good momentum given the tailwinds in the replicating portfolio? Also, why is a 40% stake in Singular Bank a good number rather than a full acquisition, and what is the general strategy for the private banking pillar?A: CFO Ida Lerner stated that the liability margin increased by 3 basis points to 107 basis points, reflecting disciplined deposit pricing and continued benefits from the replication portfolio. She expects the margin to be in the upper mid-range of the 100-110 basis points guidance for 2026, and above 110 basis points in 2027 and 2028 before normalizing. CEO Steven Van Rijswijk explained that the 40% stake in Singular Bank is a strategic move to collaborate, learn, and accelerate private banking development in Spain, with an option to buy the total at a later point. Q: The deposit growth was very strong, particularly in Germany. Is it largely new-to-bank customers, and can you provide more detail on the nature of these customers? Also, can you elaborate on the targeting strategy for the below-the-line deposit campaigns?A: CEO Steven Van Rijswijk clarified that the EUR16 billion deposit growth was largely from existing customers, with growth across all markets. The Netherlands saw seasonal holiday allowance inflows, while Germany benefited from a below-the-line campaign targeting existing customers. He explained that campaigns are highly data-driven and tailored to local objectives, with roughly two-thirds of fresh money from campaigns typically staying with the bank. Q: On the subscription packages launched this quarter, how is the take-up going? Can you share any stats?A: CEO Steven Van Rijswijk reported that 17 million customers have been migrated to the new subscription packages by default. While upselling to higher packages takes time, a number of thousands of people have already moved to higher tiers. He expects the benefits to fee income to start coming through later this year, with more details to be shared in the second half. Q: You are growing lending and deposits more than 8% for quite some time. Is your 4% to 5% growth range conservative? Also, what is the reason behind the strong mobile primary customer growth, and what is your marginal pass-through rate assumption for the liability margin guidance?A: CEO Steven Van Rijswijk stated that while long-term growth will hover around 5%, shorter-term growth will remain at elevated levels due to continued mortgage demand, business banking rollout, and wholesale banking momentum. He attributed customer growth to superior experience, AI-driven processes like Agentic mortgages, and a broader product offering. CFO Ida Lerner declined to provide specific pass-through rate estimates but emphasized that profitability is the guiding principle for growth. Q: The improved NII outlook is partly from stronger deposit growth, which could be seasonal. How confident are you in the medium term that you can continue to gather these flows given increasing competition in Germany and Belgium? Also, regarding capital, does accruing 100% of earnings mean you intend to distribute 100%?A: CEO Steven Van Rijswijk expressed confidence based on their track record and continued mobile primary customer growth, emphasizing that a superior customer experience is key to winning primary bank status. CFO Ida Lerner clarified that the 100% reservation is in line with EBA guidelines and does not change the dividend policy. The bank will continue to pay 50% of net profit, deploy capital into profitable growth, and return structural excess capital above 13% CET1 to shareholders. Q: The lending margin deteriorated in the second quarter. Was this a conscious business decision to go into lower margin, higher ROE business, and are you seeing pressure anywhere in particular? Also, how sustainable is the Wholesale Bank strategy of growing revenues while RWAs decline, and what initiatives are being taken to improve ROE aside from RWA efficiency?A: CEO Steven Van Rijswijk stated the lending margin decline was not a conscious decision but a result of rapid mortgage growth (lower risk, lower margin) and a shift to higher investment-grade loans in Wholesale Banking. He expects the margin to hover around current levels for the rest of the year. On Wholesale Banking, he highlighted continued capital recycling through SRTs and secondary loan sales, with 4 basis points of SRTs done so far this year against a 15-20 basis point target. He also emphasized investments in Transaction Services and Financial Markets to improve income over RWA. Q: The total income outlook for 2027 has been upgraded by more than EUR1 billion. Can the liability margin progression be to the same extent as current trends in 2026? Also, are you seeing positive impacts from Agentic AI in terms of revenue generation or efficiency?A: CFO Ida Lerner confirmed the expectation for the liability margin to be above 110 basis points in 2027 and 2028, supported by the replication portfolio structure and repricing upwards. CEO Steven Van Rijswijk provided an example of Agentic AI in Dutch mortgages, where it reduced the "time to yes" from seven days to five days for complex mortgages, enabling higher volume processing with the same headcount and generating both revenue and cost benefits. Q: The RWA reduction was very strong at EUR2.4 billion quarter-on-quarter. Can you break out the benefits from model updates and TMB, and what drove those favorable model updates? Is this part of an ECB-level rolling program?A: CFO Ida Lerner detailed that the SRT transaction provided approximately EUR1 billion of relief, and model updates generated EUR2.8 billion of release. She declined to provide granular details on the model updates but noted that they continuously update the model portfolio in dialogue with the ECB, and the impact can be positive or negative depending on the quarter. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Results of ING’s Extraordinary General Meeting An Extraordinary General Meeting (EGM) of ING Groep N.V. was held today in Amsterdam. The EGM approved the appointment of Andrea Cesaroni as member of the Executive Board, which as of 31 July 2026 will consist of Steven van Rijswijk (CEO), Ida Lerner (CFO), and Andrea Cesaroni (CRO). Note for editorsFor further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom. Photos of ING operations, buildings and its executives are available for download at Flickr. ING PROFILEING is a global financial institution with a strong European base, offering banking services through its operating company ING bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries. ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING's ESG rating by MSCI has been upgraded from 'AA' to 'AAA' in October 2025. As of June 2025, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. IMPORTANT LEGAL INFORMATIONElements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’). ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2025 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and other existing or emerging military conflicts, the risk of further military escalation, geopolitical tensions, trade restrictions and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ing.com. This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. This document may also discuss one or more specific transactions and/or contain general statements about ING’s ESG approach. The approach and criteria referred to in this document are intended to be applied in accordance with applicable law. Due to the fact that there may be different or even conflicting laws, the approach, criteria or the application thereof, could be different. Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes.  In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security. This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control. Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction. Attachment ING 2026 EGM Results (31July26)

European Banks Are Outperforming : Can These 3 Keep It Going? ING Group (NYSE:ING) reported second-quarter 2026 results marked by higher income, continued customer growth and an upgraded outlook for 2026 and 2027, as the Dutch bank said its “Growing the Difference” strategy was producing improved operating leverage and profitability. Chief Executive Officer Steven van Rijswijk said ING added 377,000 mobile primary customers during the quarter, bringing growth over the past 12 months to more than 1 million customers. He said primary banking relationships support deeper engagement, cross-selling, higher balances and greater income per customer. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Loan growth exceeded an 8% annualized pace, while deposits grew at an annualized 8.5% rate. Fee income rose 14% from a year earlier, and sustainable volume mobilized increased 28% in the first half. Over the past 12 months, income increased by more than 5%, while headcount fell by more than 1% and costs increased by about 2%, resulting in operating jaws of more than 3 percentage points, according to the company. ING’s return on tangible equity, or ROTE, reached 17% in the second quarter. Its four-quarter rolling ROTE improved by 1.5 percentage points year over year. → 3 Value ETFs to Consider as Growth Stocks Lag Behind Chief Financial Officer Ida Lerner said total income increased 8% sequentially and 10% year over year, supported by commercial net interest income, fee income and a recovery in other income following heightened market volatility in the previous quarter. Commercial net interest income rose by €114 million from the first quarter and was 10.7% above the prior-year period. Lending net interest income increased €16 million sequentially, supported by 8% annualized lending-volume growth, though lending margins declined slightly as growth tilted toward lower-risk-density loans. Liability net interest income rose €97 million, aided by higher deposit volumes and a 3-basis-point improvement in liability margin. → 5 AI Stocks Are Pulling Back—Which Growth Catalysts Still Look Strongest? Net core lending increased €15.2 billion during the quarter. Retail banking accounted for €12.1 billion of that growth, driven by mortgages in the Netherlands, Germany, Italy and Australia, as well as business and consumer lending. Wholesale banking added €3 billion in net core lending. Net core deposits increased €15.9 billion, including €16.7 billion of growth in retail banking. Lerner said retail inflows were supported by deposit-gathering campaigns and seasonal holiday-allowance payments, particularly in Germany and the Netherlands. Wholesale deposits declined slightly as positive momentum in payments and cash-pooling mandates was offset by outflows in more volatile financial-markets balances. Fee income rose €42 million from the prior quarter and 14% year over year. Retail banking fee income grew 16%, while wholesale banking fee income increased 11%. ING said the number of customers holding an investment account rose 8%, and customers generated €21 billion of net inflows into assets under management over the past 12 months. ING raised its full-year commercial net interest income outlook to between €16.8 billion and €17 billion. The bank also expects its average 2026 liability margin to be in the upper middle of its 100-to-110-basis-point guidance range. Van Rijswijk said ING now expects to reach €5 billion in fee income in 2026, one year earlier than initially planned. For 2027, the bank raised its fee-income outlook to a range of €5.3 billion to €5.5 billion. Total income is now expected to exceed €24.5 billion in 2026 and €26 billion in 2027. ROTE is expected to exceed 15% in 2026 and 16% in 2027, each up 1 percentage point from prior guidance. ING reiterated its full-year operating-expense outlook, saying costs were tracking in line with expectations despite stronger customer activity and volumes. Lerner said expenses excluding regulatory costs and incidental items increased 4.2% year over year in the quarter, reflecting annual salary increases and higher marketing expenses. Year-to-date cost growth was 2.7%. ING recorded €41 million in second-quarter incidental items that it said should produce roughly €40 million in annualized savings once fully implemented. ING’s CET1 ratio improved to 13.1% after the bank generated 65 basis points of CET1 capital during the quarter. Risk-weighted assets declined €2.4 billion, as €1 billion of relief from a significant risk transfer transaction, model updates, a partial reduction in its TTB stake and lower market risk-weighted assets more than offset business-related growth and foreign-exchange effects. Wholesale banking risk-weighted assets fell €5.3 billion during the quarter despite lending growth. Van Rijswijk said wholesale banking’s risk-weighted assets were €4.6 billion lower year over year, supported by secondary loan sales, insurance, client portfolio optimization and significant risk transfer transactions. The company said it had already exceeded its 2027 target to allocate 55% of capital to retail banking, reaching a 56%-44% split between retail and wholesale banking roughly 18 months ahead of plan. Over the past 12 months, ING generated €6.7 billion of net profit, equivalent to 2 percentage points of CET1 capital. The bank said it reserved 50% for regular dividends, used around 10% to fund profitable growth and allocated the remaining approximately 40% to additional distributions, selective acquisitions or reserves outside CET1 capital. ING’s share repurchase program announced in April remains underway and is expected to be completed in October. The company said it would next assess potential additional capital distributions when it reports third-quarter results. Management highlighted efforts to use artificial intelligence to improve service and scalability. Van Rijswijk said ING’s Agentic Mortgages capability, currently live in the Netherlands, reduced the approval time for more complex mortgage cases to five days from seven days while allowing the bank to process more applications without adding staff. ING also discussed expanding private banking, including a new Italian offering and plans for Spain. The bank acquired an approximately 40% stake in Spanish wealth manager Singular Bank, which will continue operating independently. Van Rijswijk said the investment provides ING an opportunity to collaborate on customer opportunities and develop private-banking capabilities in Spain. Second-quarter risk costs totaled €279 million, or 15 basis points of average customer lending, below ING’s through-the-cycle average of 20 basis points. Chief Risk Officer Andrea Cesaroni said the bank does not expect its increased use of significant risk transfer transactions to materially change its risk appetite, underwriting standards or through-the-cycle cost of risk. ING Group N.V. is a Dutch multinational financial services company headquartered in Amsterdam. Formed through the consolidation of Dutch financial businesses, ING operates as a banking and financial services group that serves retail, small and medium-sized enterprises, large corporates and institutional clients. The company is organized under a two-tier governance model common in the Netherlands, with an Executive Board responsible for day-to-day management and a Supervisory Board providing oversight. ING's principal activities include retail and direct banking, commercial and wholesale banking, corporate lending, transaction services and cash management, and a range of investment and savings products. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "ING Group Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Mid-rise apartment development to offer prime regional connectivity ALEXANDRIA, Va., May 28, 2026 /PRNewswire/ -- Quarterra, an industry-leading multifamily development and investment management firm, and PGIM, the global investment management business of Prudential Financial, Inc. and the second-largest real estate investment manager in the world, celebrated the commencement of construction on Alexandria Crossing at their groundbreaking ceremony earlier this month. Alongside the project's lead lender, ING Capital LLC, Quarterra and PGIM are proud to bring the new luxury apartment community to the heart of Alexandria, offering a premier residential destination that blends modern living with unparalleled connectivity. Alexandria Crossing is designed as a sophisticated mid-rise community, comprised of seven stories and featuring 385 apartment homes. The development will offer a diverse range of floor plans, from efficient studios to spacious three-bedroom residences, with units ranging from 398 to 1,378 square feet. Committed to environmental responsibility, the community is engineered to meet the National Green Building Standard (NGBS) Gold Certification for environmental sustainability. The broader master development also includes a significant residential expansion by Lennar, one of the nation's leading homebuilders, featuring 44 "two-over-two" for-sale townhomes — architecturally styled as four-level townhouses but internally split into two separate, multi-level residences — and 33 for-sale traditional townhomes. "Alexandria Crossing represents our commitment to creating high-quality, sustainable housing that meets the needs of modern urban dwellers," said Drew Dunn, Senior Development Manager with Quarterra. "With its unmatched location and regional accessibility, combined with a curated amenities package, we are creating a community that is as convenient as it is comfortable." Located at 6239 Shields Avenue, Alexandria Crossing will offer residents prime connectivity to regional attractions, recreation, employers and necessities. The community fronts along US Route 1, providing immediate access to major thoroughfares including I-495, I-395 and the GW Memorial Parkway. The community site is just 0.8 miles from the Huntington Metro Station (Yellow Line) and adjacent to a future Bus Rapid Transit (BRT) stop. The transit access creates easy commutes to major employers, including the National Science Foundation, Virginia Tech Innovation Campus, Amazon HQ2, the Pentagon and Fort Belvoir. The community is situated immediately adjacent to the Kings Crossing Shopping Center, which includes retail and restaurants, as well as medical and service providers. Directly across Route 1 is the South Alex development, featuring groceries, coffee shops and destination dining. Residents can also enjoy nearby recreation destinations, including Mount Vernon District Park, Martha Washington Library, and various nature trails and bike paths. The community is within 10 minutes of the renowned restaurant scene in Old Town Alexandria and Carlyle Plaza, with the McCutcheon/Mount Vernon Farmers Market nearby. Designed for an active and social lifestyle, Alexandria Crossing will offer a suite of high-end amenities, including: Courtyards: Two courtyards will feature a resort-style pool with cabanas and a sun shelf, walking trails and outdoor dining areas. The courtyards will be connected by an interior sunroom with a kitchenette. Fitness Center: A state-of-the-art facility equipped with interactive fitness screens and flex spaces for all training levels. Clubhouse and Resident Lounge: Active spaces for entertaining, highlighted by a pool table, shuffleboard and a fireplace. Dog Park/Spa: An elevated outdoor dog park with obstacles and seating, as well and an indoor pet spa with built-in washing stations. Business Center: Modern business facilities, including a podcasting room, private conference room, four micro offices and oversized conference table. Open Space: An additional 0.62 acres of public open space incorporates the Terminus Green community park, a pollinator garden with benches and swing, and a linear park with multi-use green space, natural play elements and seating. Other property features include 131 bicycle racks, 40 resident storage units and an eight-level parking garage with 489 stalls, including eight EV charging spaces. Alexandria Crossing is Quarterra's first multifamily development in Alexandria and second in Virginia. About QuarterraQuarterra is a real estate investment firm focused on creating long-term value through the development of high-quality multifamily communities nationwide. With 12 regional offices across 20 states, Quarterra combines institutional scale with local market expertise to deliver purposefully designed rental communities in high-growth markets. For more information, visit www.Quarterra.com. About PGIMPGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.5 trillion in assets under management.2 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions—including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 37 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com. 1 As of December 31, 2025, net AUM is $139B and AUA is $50B. PGIM is the second largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments' "The Largest Real Estate Investment Managers" list published November 2025. This ranking represents AUM as of 6/30/25. Participation in the ranking is voluntary and no compensation is required to participate in the ranking. 2 As of December 31, 2025. About INGING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV (NYSE: ING), a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. Please note that neither ING Groep NV nor ING Bank NV have a banking license in the U.S. and are therefore not permitted to conduct banking activities in the U.S. Media Contact Marlena DeFalcoLinnellTaylor Marketing [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/quarterra-and-pgim-celebrate-groundbreaking-at-alexandria-crossing-apartments-302783858.html

ING delivered a “very strong” start to 2026 with broad commercial momentum — mobile primary customers rose by 125,000, loan growth ran at an annualized >8% (retail 9.4%), fee income was up 13% YoY and ROTE reached 13.6% — and now expects full‑year commercial NII of EUR 16.5–16.7 billion. Ongoing capital generation funded shareholder returns, including a new EUR 1 billion buyback after completing a EUR 1.1 billion program, while ING keeps CET1 around its 13% target (the Dutch mortgage‑floor expiry on Dec 1, 2026 would reduce RWA by ~EUR 4 billion, ~15 bps CET1). Volatility hit “all other income” (full‑year guidance EUR 2.5–2.7 billion), and the bank recorded total risk costs of EUR 346 million including a EUR 94 million prudent overlay to cover energy and geopolitical risks. Interested in ING Group, N.V.? Here are five stocks we like better. ING Group (NYSE:ING) reported what management described as a “very strong” start to 2026, pointing to continued commercial momentum across retail and wholesale banking, higher fee income, and ongoing capital generation that supported another share repurchase program. Chief Executive Officer Steven van Rijswijk said the first quarter unfolded against “geopolitical and macroeconomic uncertainty,” but argued the results again demonstrated the resilience of ING’s business and clients. He said ING maintained strong momentum coming out of 2025, “more than absorbing the seasonal effects” of the first quarter. → Palantir Is Down 30%: Noise? Or a Signal to Accumulate? Van Rijswijk highlighted several operating metrics, including: Mobile primary customers rising by 125,000 in the quarter, keeping the bank on track for its target of adding 1 million mobile primary customers in 2026. Loan growth at an annualized pace of more than 8%, including 9.4% growth in retail banking during the quarter. Wholesale Banking loan growth of EUR 5.6 billion while keeping risk-weighted assets “broadly stable.” Fee income up 13% year-over-year. Return on tangible equity (ROTE) of 13.6% for the quarter. He also said sustainable volume mobilized increased 11% year-over-year. → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss Van Rijswijk attributed commercial growth primarily to customer experience, citing a “leading Net Promoter Score in most of our retail markets,” and said the bank is seeing deeper relationships as more customers choose ING as their primary bank. He also pointed to product expansion as a driver of more diversified revenues, noting the recent launch of business banking in Italy and the rollout of an insurance broker model in the Netherlands to integrate insurance into the mobile app. In mortgages, van Rijswijk said ING benefits from “continued strong market fundamentals,” citing low unemployment rates and a resilient outlook in its largest markets. He added that Wholesale Banking is positioned to support Europe’s strategic priorities, with expertise in areas including infrastructure and TMT, and pointed to ING’s position as a “top 3 MLA and bookrunner in Europe,” as well as its debt capital markets franchise. → Did Qualcomm Just Put Apple in Check? Van Rijswijk emphasized scalability as a core element of the strategy, describing ING as having “a long track record of digitalization,” with the majority of key customer journeys “fully straight-through” without human intervention. He said ING’s global hubs network houses 27% of tech employees and 40% of operations staff, and described the bank’s tech platform and private cloud as foundational for scaling AI. Among the AI-related metrics he cited: More than 90% of AI pilots moved into production. More than 75% of customer chats resolved by AI without human support. More than 7 million customers receiving hyper-personalized marketing campaigns. “Agentic mortgages” live in the Netherlands and planned for rollout to other countries. Over the past 12 months, he said mobile primary customers grew nearly 7%, customer balances rose more than 5%, investment product volumes increased more than 15%, and fee income rose 15.6%. Over the same period, he said full-time equivalents declined 0.6% and cost growth was limited to 2%, which he framed as evidence that commercial growth is outpacing incremental costs. New Chief Financial Officer Ida Lerner, who joined on April 1, said commercial net interest income (NII) continued an upward trend from the second half of 2025, supported by volume growth, disciplined pricing, and a hedging tailwind on replicated customer deposits. Fee income also rose, driven by customer growth and performance in investment products and wholesale banking. However, Lerner said “all other income” was affected by heightened market volatility toward the end of the quarter, which produced IFRS asymmetry effects that she said “should come back over time.” Overall, she said total income increased 3% year-over-year as strong customer activity and volume growth outweighed the weaker “all other income” line. On balances, Lerner reported: Net core lending increased EUR 15 billion, including EUR 9.4 billion in retail banking and EUR 5.6 billion in wholesale banking. Retail lending growth was driven by mortgages with strong production in the Netherlands, Germany, Italy, and Australia, alongside “particularly strong” business banking performance mainly in the Netherlands and Poland. Core deposits increased EUR 7.2 billion, including EUR 4.3 billion in retail banking and EUR 2.9 billion in wholesale banking. Commercial NII increased EUR 132 million quarter-over-quarter and was 7% higher year-over-year. Lerner said liability NII rose EUR 91 million quarter-over-quarter, reflecting volume growth and a 5 basis point increase in liability margin, which she tied to hedging tailwinds and an absence of large savings campaigns during the quarter. She cautioned investors not to expect a similar 5 basis point increase every quarter. Based on the first-quarter performance and “higher than expected volume growth,” Lerner said ING now expects full-year commercial NII of EUR 16.5 billion to EUR 16.7 billion. Fee income rose 13% year-over-year, with Lerner calling out broad-based growth across products and markets. In retail banking, she described investment products as a “record quarter,” supported by 8% growth in customers with an investment account, 15% growth in assets under management and administration (about half from net inflows), and 13% more trades amid higher volatility late in the quarter. Wholesale banking fee income rose 11% year-over-year. Lerner said “all other income” was negatively affected by volatility-driven hedge ineffectiveness and financial markets activities, reiterating that hedge ineffectiveness is “account driven and should reverse over time.” She guided that “all other income” for the full year is expected to be between EUR 2.5 billion and EUR 2.7 billion, slightly below a normal run rate. Expenses excluding regulatory costs and incidental items rose 1.1% year-over-year, which Lerner said reflected disciplined cost management; wage inflation was “largely offset” by savings from prior restructurings while allowing for continued investment. Incidental items totaled EUR 13 million, including EUR 25 million of restructuring provisions tied to full-time employee reductions in wholesale banking and retail banking Belgium, expected to generate approximately EUR 20 million in annualized cost savings once implemented. Total risk costs were EUR 346 million, or 19 basis points of average customer lending. Lerner said the quarter included a EUR 94 million prudent overlay to address potential impacts from higher energy prices and broader economic effects of the war in the Middle East, partly offset by a large repayment of a Stage 3 loan in wholesale banking. The Stage 3 ratio improved slightly to 1.5%. Head of Risk Andrea Cesaroni said the overlay was built to adjust quarter-end macroeconomic scenarios and that, starting next quarter, the bank expects to revert to its normal process where macroeconomic consensus feeds into provisioning. He said the net impact on provisions will depend on how higher oil prices affect the macroeconomic outlook. On capital, Lerner said continued capital generation enabled ING to begin a new EUR 1 billion share buyback program while maintaining the Core Equity Tier 1 ratio around its 13% target level. Van Rijswijk added that a previously announced EUR 1.1 billion share buyback was completed during the week, and the new program will run for six months. In Q&A, van Rijswijk also addressed the Dutch mortgage floor, saying a decision by the Dutch central bank means the mortgage floor expires on December 1, 2026, which he said would lower risk-weighted assets by about EUR 4 billion, roughly 15 basis points of CET1. He said ING would treat the change consistent with its existing capital framework, returning structural excess capital above the 13% target to shareholders. Lerner also noted a change in dividend reserving to comply with EBA guidelines. She said the new approach had a one-off impact of minus 23 basis points in the quarter, and that the additional distribution impacted CET1 by roughly 29 basis points. She stressed this was “merely a change in reserving approach” and that the distribution policy is unchanged. Looking ahead, van Rijswijk said ING is “well on track” to deliver on its financial outlook for 2026 and 2027, citing continued momentum in fee income and expectations for positive operating jaws. ING Group N.V. is a Dutch multinational financial services company headquartered in Amsterdam. Formed through the consolidation of Dutch financial businesses, ING operates as a banking and financial services group that serves retail, small and medium-sized enterprises, large corporates and institutional clients. The company is organized under a two-tier governance model common in the Netherlands, with an Executive Board responsible for day-to-day management and a Supervisory Board providing oversight. ING's principal activities include retail and direct banking, commercial and wholesale banking, corporate lending, transaction services and cash management, and a range of investment and savings products. The article "ING Group Q1 Earnings Call Highlights" was originally published by MarketBeat.