ING: Net Profit Up by 7% in Q1 2026 and €1 Billion Share Buyback
ING released its Q1 2026 results on Thursday, reporting a net profit of €1.556 billion, driven by growth in its customer base and commission revenues. Despite geopolitical and macroeconomic uncertainties, the Dutch banking group demonstrates its ability to generate stable revenues and announces the launch of a €1 billion share buyback program.
Net Profit Increase, Revenues Boosted by Commissions and Net Commercial Interest
The net profit for the first quarter of 2026 reached €1.556 billion, up 7% year-over-year. Pre-tax profit amounted to €2.258 billion, up 6% annually and 8% quarterly.
Total revenues increased by 3% year-over-year, primarily supported by the growth of net commercial interest revenues and a 13% annual increase in commission revenues. This momentum reflects both the expansion of the customer base (an increase of 125,000 primary mobile clients in the quarter) and sustained commercial activity, particularly in lending, trade finance, and corporate finance in Wholesale Banking.
Expansion of Customer Portfolio and Control of Operational Expenses
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The number of active clients in investment products increased by 116,000 during the quarter, with significant growth in Germany. In Retail Banking, loan volumes increased by €9.4 billion, including €5.9 billion in mortgage loans, while retail deposits grew by €4.3 billion.
Assets under management and in electronic brokerage in the Private Banking & Wealth Management division reached €281 billion, up 15% year-over-year. Operational expenses, excluding regulatory costs, recorded a 3% decrease from the previous quarter and a moderate annual increase, reflecting disciplined cost structure management.
Balance Sheet Strength and Return of Capital to Shareholders
The group's CET1 ratio stands at 13.0%, incorporating the impact of a revised dividend provisioning approach. The average return on tangible equity over four quarters is 13.9%. Risk costs remain below the economic cycle average at 19 basis points, with prudent coverage of the potential economic effects of the conflict in the Middle East offset by early repayments.
ING announces a €1.0 billion share buyback program, illustrating its strategy of returning excess capital beyond its target CET1 ratio of around 13%. The group considers the operation of an appropriate level of capital as beneficial for all its stakeholders.
Another strong quarter, with continued commercial momentum, in line with our strategy to accelerate growth
Forte dynamique commerciale : croissance des prêts, progression structurelle des commissions, génération de capital solide permettant distributions additionnelles (annonce €1,6 bln dont €1,1 bln de rachats et €500 mln en cash). Résultats resilient avec NII commercial soutenu et fees en forte hausse.
Risks mentioned
Augmentation attendue des exigences réglementaires de fonds propres (CCyB, P2R, buffers sectoriels)
Impact attendu négatif d'environ €0,8 billion post tax lié à la cession prévue de l’activité en Russie
Risque macroéconomique et de marché (taux d’intérêt, change)
Risques opérationnels et réglementaires décrits dans la section 'Important legal information'
Opportunities identified
Poursuite de la croissance des commissions et des clients mobiles (objectif +1 mln mobile primary en 2025)
Repricing des dépôts et réduction des coûts de dépôt (impact 2025 estimé ~€1,1 bln pour zone euro retail)
Déploiement de capital excédentaire dans la croissance profitable et rachats d’actions
M&A sélectif basé sur critères stricts
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
