ING Groep N.V. Q3 2026 Earnings Recap

ING shares fell 4.0% after earnings, suggesting investors were not reassured by management’s upbeat framing. The transcript highlights strong customer and income growth but offers no clear near-term outlook, leaving uncertainty about the durability of profitability gains and the impact of margin trends.

Key Takeaways

• Mobile primary customers increased by 259,000 in the quarter and by more than 1.1 million over 12 months, ahead of the target ING set at its 2024 Capital Markets Day.
• Loans and customer deposits each grew at a 6% annualized rate; fee income rose 9% year-on-year.
• Income grew 6.6% over the last 12 months while costs rose around 2%, producing operating jaws of more than 4 percentage points.
• Third-quarter return on tangible equity was 16%; the four-quarter rolling measure improved by 2 percentage points year-on-year.
• Management said margins remained supportive, but the transcript provides no specific outlook or margin figures to clarify how those trends may develop.