Analysis Brief
Last updated: Feb 23, 2026 15:05:10
ING Groep N.V. is a Dutch multinational banking and financial services company. It operates as a universal bank in numerous countries, offering retail, direct, wholesale, and investment banking to its customers.
Quarterly Reports
Here's a summary of ING's key financial figures from its last four quarterly reports:
| Metric | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|
| Revenue | €5,798,000,000 | €5,854,000,000 | €24,257,000,000 | €5,636,000,000 |
| Gross Profit | €5,433,000,000 | €5,528,000,000 | €23,958,000,000 | €5,323,000,000 |
| Net Income | €1,411,000,000 | €1,787,000,000 | €1,675,000,000 | €1,455,000,000 |
| Total Assets | €1,054,405,000,000 | €1,092,359,000,000 | €1,086,760,000,000 | €1,078,904,000,000 |
| Total Liabilities | €1,003,452,000,000 | €1,041,792,000,000 | €1,036,614,000,000 | €1,026,110,000,000 |
| Total Equity | €50,953,000,000 | €50,567,000,000 | €50,146,000,000 | €52,794,000,000 |
- Revenue and Gross Profit: While Q2 2025 shows a significantly higher revenue and gross profit, this appears to be an anomaly due to the way the data is presented. Excluding Q2, revenue and gross profit have remained relatively stable across the other quarters, indicating consistent operational performance.
- Net Income: Net income has fluctuated, with Q3 2025 showing the highest profit. This suggests varying profitability quarter-to-quarter, which could be influenced by market conditions or specific business activities.
- Assets and Liabilities: Total assets and liabilities have remained broadly consistent, with a slight increase in liabilities in Q3 2025. The company maintains a significant leverage, as indicated by the ratio of liabilities to equity.
- Equity: Total equity has seen minor fluctuations, with a slight dip in Q2 2025 before recovering. This indicates a stable equity base for the company.
Fundamental Ratios
Here are some key fundamental ratios for ING Groep N.V.:
| Ratio | Value |
|---|---|
| Price-to-Earnings (P/E) | 11.54 |
| Price-to-Book (P/B) | 1.47 |
| Dividend Yield (TTM) | 4.92% |
| Debt-to-Equity | 3.41 |
| Return on Equity (ROE) | 12.46% |
| Current Ratio | 0.13 |
- Price-to-Earnings (P/E) Ratio: A P/E ratio of 11.54 suggests that investors are willing to pay $11.54 for every dollar of earnings. This is generally considered a reasonable valuation, though it should be compared to industry peers.
- Price-to-Book (P/B) Ratio: A P/B ratio of 1.47 indicates that the market values the company at 1.47 times its book value. This can suggest that the market perceives the company's assets to be worth more than their accounting value.
- Dividend Yield: The dividend yield of 4.92% is attractive for income-seeking investors, suggesting that ING pays out a significant portion of its earnings as dividends.
- Debt-to-Equity Ratio: A debt-to-equity ratio of 3.41 indicates that the company uses a substantial amount of debt financing relative to equity. While common in the banking sector, this high ratio warrants attention regarding financial risk.
- Return on Equity (ROE): An ROE of 12.46% shows how effectively the company is using shareholder investments to generate profits. This is a moderate return, and its trend should be monitored.
- Current Ratio: A current ratio of 0.13 suggests that ING may have difficulty meeting its short-term obligations with its current assets. This is a very low ratio and is typical for banks, which operate with different liquidity models than non-financial companies.
Conclusion
ING Groep N.V. presents a mixed financial profile. The company demonstrates consistent revenue generation and a stable equity base, supported by a reasonably attractive dividend yield for investors. However, its financial structure is characterized by significant leverage, as evidenced by the high debt-to-equity ratio, and a very low current ratio, which is typical for banks but still noteworthy. The P/E and P/B ratios suggest a valuation that is neither excessively high nor low, implying a market that views the company's prospects as moderately positive. Investors should consider the company's ability to manage its debt and maintain profitability in various economic conditions.