ING Group misses top-line and bottom-line estimates; confirms FY26 and FY27 outlook

• ING Group press release (ING): Q3 GAAP EPS of €0.65 misses by €0.02.
• Revenue of €6.23B (+5.6% Y/Y) misses by €50M.
• Mobile primary customer base increases by 259,000 in the third quarter.
• Net core lending growth of €11.0 billion and net core deposit growth of €12.1 billion.
• Fee income of €1,273 million, up 9.3% year-on-year.
• Strong capital generation and CET1 ratio of 13.3% allow us to announce a €1.9 billion distribution.
• Outlook for 2026: Based on current assumptions and scenarios, we confirm our outlook for 2026. Total income is expected to exceed €24.5 billion, including approximately €5 billion in fee income. Total operating expenses (excluding incidental items after 1Q2026) are projected to be in the range of €12.6-€12.8 billion. The full-year 2026 ROTE is expected to exceed 15%. We maintain our CET1 capital ratio guidance at ~13%.
• Outlook for 2027: Based on current assumptions and scenarios, we confirm our outlook for 2027. Total income is expected to exceed €26 billion, of which €5.3-€5.5 billion in fee income. We project total operating expenses (excluding incidental items) of around €13 billion and anticipate an ROTE above 16%. Our CET1 capital ratio guidance remains unchanged at ~13%.

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