RBC Highlights ING Groep's Revenue Momentum, Low Marginal Cost Post-Q2 Results

02:27 AM EDT, 08/03/2026 (MT Newswires) -- RBC Capital Markets highlighted sector perform-rated ING Groep's (INGA.AS) ability to drive revenue growth while keeping marginal expenses low after the Dutch lender published its latest earnings results. "Top line growth coming with good operating leverage and little capital consumption drives our earnings and capital distribution forecasts higher. Consistent performance and high levels of capital generation lower the discount factor in our valuation. Our PT moves up to EUR32 from EUR28," according to a July 31 note. ING reported a 10.2% increase in second-quarter total income to 6.28 billion euros, while its first-half total income was up 6.8% to 12.11 billion euros. Accordingly, the bank also raised its total income outlook for full-year 2026 and 2027 to more than 24.5 billion euros and 26 billion euros, respectively, from around 24 billion euros and over 25 billion euros. "Yet cost guidance remained unchanged, pointing to the high level of operating leverage of higher NII growth," analysts added. Against this backdrop, the research firm boosted its profit estimates by 1% to 2% across 2026 through 2028. Analysts also upgraded their 2027 and 2028 EPS forecasts by 3% and 4%, respectively, on anticipated higher share buybacks, though their 2026 EPS projection was lowered as ING's higher share price reduced the benefit of the repurchases.