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ING, ING Group N.V.
A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.
Our two main priorities are providing superior customer value and putting sustainability at the heart of what we do, supported by four key enablers.
Providing superior value for customers Banking relies on strong relationships, and the strongest relationships are those where people feel valued, confident, empowered and in control.
The business
What it sells, where the money comes from, the kind of company it is.
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on equity has hovered around the cost of equity (median 10%, above 12% in 2 of 10 years). The cycle and the loan book decide this one; weigh the recession years in the record, not the average, and read the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Is it a good business?
- Return on equity 15%StrongNet income €8.3B ÷ equity €54.1BIndustry peers: median 12%
What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
- StrongNet income ÷ (equity − goodwill €0 − intangibles €1.9B)Industry peers: median 15%
What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
- Not enough dataIndustry peers: median 38%
What this means
Noninterest expense or revenue missing.
Is it sound?
- Capital (equity / assets) 5.1%ThinEquity €54.1B ÷ assets €1.06T
What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
- Deposit funding 68%Deposit-fundedDeposits €721.4B ÷ assets €1.06T
What this means
Low-cost, sticky deposits are a bank's real moat, the cheap raw material it lends out at a spread. A bank funded mostly by deposits earns more durably than one that rents its money in the wholesale market.
- Credit cost —Not enough data
What this means
Provision or net interest income missing.
The franchise and the credit cycle
- Not enough data
What this means
The deposit mix isn't cleanly tagged in the filings' structured data; the funding read above carries what is.
- Not enough data
What this means
Not derivable from the filings' structured data — some filers carry recoveries only on segment axes, and a gross figure dressed as net would be a wrong number.
All figures as filed; the source filing is linked above.
Peers, Banks
The same industry, side by side on the bank lens. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | ROEmedian over the record | ROTCEmedian over the record | Efficiencymedian over the record | NII / assetsmedian over the record |
|---|---|---|---|---|---|
| BBVABanco Bilbao Vizcaya Argentaria S.A. | $40.2B | 10% | 11% | 38% | 2.3% |
| SMFGSUMITOMO MITSUI FINANCIAL GROUP, INC. | $26.1B | 5% | 6% | — | 0.7% |
| BSBRBanco Santander Brasil SA | $16.0B | 12% | 29% | 27% | 4.8% |
| BSACBanco Santander - Chile ADS | $3.4B | 16% | 17% | — | 2.8% |
| INGING Group N.V. | as filed: €13.7B | 10% | 10% | — | 1.2% |
| IFSIntercorp Financial Services Inc. | as filed: PEN 4.5B | 16% | 16% | 25%3y | 4.7% |
| HDBHDFC Bank Limited | as filed: ₹2.37T | 14% | 15% | 40% | 3.7% |
| INTRInter & Co. Inc. Class A | as filed: R$3.6B | 1% | 1% | 61% | 2.4% |
| Group median | — | 11% | 13% | — | 2.6% |
The price
What a price has to assume.
What the price implies
price / tangible bookEnter the home-market price, not the US ADR quote. ING Group N.V. reports in EUR, and every figure here (owner earnings, book value, the share count) is on that EUR, ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share in EUR. A US ADR price in dollars bundles the ADR-to-ordinary ratio and the exchange rate, so it will not reconcile with these figures and would throw the multiple off.
A bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what ING Group N.V.’s record justifies.
Tangible book / share, delivered6%/yr’20→’25
The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.
Enter a price above to run it.
Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Tangible book €52.2B on 2902M shares, a 10% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.
Manual order: ← INFY its page in the Manual INMD →
Industry order: ← INDB the Banks chapter INTR →