DB ups ING on its ambitious 'going for growth' strategy

ING Groep NV

03/02/2026 10:59

** Deutsche Bank upgrades Dutch lender ING INGA.AS to "buy" from "hold", citing its ambitious growth outlook, better yields, and strong fee income prospects

** DB says ING "ticks many boxes" for preferred European banks, which include exposure to above-average volume growth, large portfolios, and fee income

** The broker highlights that the bank's good structural fee income growth is supported by market share gains, which underpins a more positive view on earnings

** ING trades at an 8% discount to European banking peers, a gap which has recently widened to a six-month high, representing an attractive valuation, the broker notes

** ING expects 2026 total net income at around EUR 24 billion ($28 billion) and a 5-10% increase in fee income

** Out of 21 analysts covering ING, 15 rate it "strong buy" or "buy",​ five "hold" and one "sell" - LSEG data

($1 = 0.8483 euros)

(Reporting by Clement Martinot)

((Clement.Martinot@thomsonreuters.com;))