ING's H1 results show solid underlying commercial momentum with double-digit income growth and stable credit quality, but the IFRS-IASB net profit decline due to hedge accounting adjustments may create noise. The Singular Bank acquisition is small relative to ING's scale. Monitor the Q3 2026 earnings for continued loan/deposit growth trajectory and any update on the Russian exit or Singular Bank regulatory approvals.
Price Chart
Executive Summary
ING Groep filed its H1 2026 interim report on Form 6-K, reporting IFRS-EU net profit of EUR 3,503 million (+12% YoY) and IFRS-IASB net profit of EUR 3,184 million (-19% YoY due to negative IAS 39 carve-out adjustment). Total income rose 7% to EUR 12,107 million, driven by 14% net interest income growth and 13% fee income growth, while operating expenses increased only 1%. Risk costs remained low at 17 bps of average customer lending. The CET1 ratio held steady at 13.1%, and an interim dividend of EUR 0.40 per share was declared. The filing also disclosed the acquisition of a 40% stake in Spanish wealth manager Singular Bank for an undisclosed amount, expected to close in Q1 2027.
Key Facts
- IFRS-EU net result EUR 3,503 million, up 12% YoY from EUR 3,130 million
- IFRS-IASB net result EUR 3,184 million, down 19% YoY from EUR 3,915 million due to negative EUR 319 million IAS 39 carve-out adjustment
- Total income EUR 12,107 million, up 7% YoY; net interest income EUR 8,181 million, up 14%
- Net fee and commission income EUR 2,514 million, up 13% YoY
- Operating expenses EUR 6,305 million, up 1% YoY; risk costs 17 bps of avg customer lending (EUR 625 million)
- Net core lending growth EUR 30.2 billion; net core deposits growth EUR 23.1 billion
- CET1 ratio 13.1%, unchanged from Dec 2025; interim dividend EUR 0.40 per share declared
- Acquisition of ~40% stake in Singular Bank (Spanish wealth manager) announced on July 6, 2026, closing expected Q1 2027
- ING terminated agreement to sell Russian business ING Bank (Eurasia) JSC in April 2026
Financial Impact
IFRS-EU net profit EUR 3,503 million (+12% YoY); IFRS-IASB net profit EUR 3,184 million (-19% YoY); total income EUR 12,107 million (+7%); net interest income EUR 8,181 million (+14%)
Risk Factors
- Geopolitical risks from Middle East conflict and Russia/Ukraine war impacting credit provisions and market volatility
- Negative IFRS-IASB hedge accounting adjustment (-EUR 319 million) may persist if interest rates decline further
- Polish WIBOR benchmark transition creates operational and legal risks for ING Bank Slaski
- Ongoing litigation including AML proceedings in Luxembourg and climate lawsuit by Milieudefensie
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-050785 |
| Document: 0001628280-26-050785-index-headers.html | 0001628280-26-050785 |
| Document: 0001628280-26-050785-index.html | 0001628280-26-050785 |
| Document: 0001628280-26-050785.txt | 0001628280-26-050785 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 6-K | $36.78 $36.41 | ▼ −1.01% | ▼ −3.12% | $34.25 (−6.88%) |
Sep 11, 2026 21d ago | 25-NSE | $37.27 $36.40 | ▼ −2.33% | ▼ −2.11% | $34.25 (−8.10%) |
Sep 1, 2026 4w ago | 6-K | $35.25 $36.65 | ▲ +3.97% | ▲ +3.89% | $34.25 (−2.84%) |
Aug 25, 2026 5w ago | 6-K | $35.30 $35.25 | ▼ −0.14% | ▲ +0.40% | $34.25 (−2.97%) |
Aug 25, 2026 5w ago | 6-K | $35.30 $35.25 | ▼ −0.14% | ▲ +0.40% | $34.25 (−2.97%) |
Aug 18, 2026 6w ago | 6-K | $35.49 $35.30 | ▼ −0.54% | ▼ −0.33% | $34.25 (−3.49%) |
Aug 14, 2026 7w ago | 6-K | $35.70 $34.84 | ▼ −2.41% | ▼ −1.04% | $34.25 (−4.06%) |
Aug 13, 2026 7w ago | 13F-HR | $35.60 $34.50 | ▼ −3.09% | ▼ −1.13% | $34.25 (−3.79%) |
Aug 11, 2026 7w ago | 6-K | $35.35 $35.49 | ▲ +0.40% | ▲ +0.80% | $34.25 (−3.11%) |
Aug 4, 2026 8w ago | 6-K | $35.34 $35.35 | ▲ +0.03% | ▲ +0.13% | $34.25 (−3.08%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access