ING vs Apollo
Large Dutch bank serving consumers and businesses across Europe vs Large alternative asset manager for private equity and credit. Which is the better buy for your portfolio in September 2026? Plain-English answer below.
ING is a large European retail and commercial bank with a digital-first retail platform spanning dozens of countries, while Apollo Global Management has built a sprawling alternative asset management empire across private credit, private equity, and insurance. Both operate in financial services and compete for global capital, but their business models, return drivers, and regulatory constraints look nothing alike. ING vs Apollo lays out how a traditional deposit-funded bank and an alternative asset manager pursue return on equity, fee generation, and balance sheet growth through fundamentally different financial architectures.
ING is a large European retail and commercial bank with a digital-first retail platform spanning dozens of countries, while Apollo Global Management has built a sprawling alternative asset management ...
Why It’s Moving
ING’s strong outlook meets analyst caution as the stock trades near a 52-week high.
- Jefferies reiterated a Neutral rating on September 18, signaling that the recent rally has brought ING’s valuation broadly in line with its fundamental outlook.
- At the Barclays financial-services conference, ING raised its return-on-equity targets to above 15% for 2026 and above 16% for 2027, reflecting stronger loan, deposit, and fee growth than previously expected.
- ING said it had completed about 73.6% of its €1 billion share-buyback program and announced plans to redeem $1.5 billion of perpetual AT1 securities, highlighting active capital management while deposit competition and future margin normalization remain risks.
Apollo Navigates Private Credit Jitters While Expanding Strategic Portfolio Deals
- Investor sentiment has turned cautious as private credit industry jitters intensified, causing APO shares to drop to $124.15, representing a 13.60% decline from their peak earlier in August.
- The firm is reportedly nearing a deal for a 16% economic stake in the New York Yankees, valuing the franchise at over $12 billion, pending an exception to MLB's private equity ownership caps.
- Apollo recently provided a $1.25 billion equity capital solution to support the combination of BMG and Concord, while simultaneously exploring sale options for Energos Infrastructure that could value the LNG provider at more than $3 billion.
ING’s strong outlook meets analyst caution as the stock trades near a 52-week high.
- Jefferies reiterated a Neutral rating on September 18, signaling that the recent rally has brought ING’s valuation broadly in line with its fundamental outlook.
- At the Barclays financial-services conference, ING raised its return-on-equity targets to above 15% for 2026 and above 16% for 2027, reflecting stronger loan, deposit, and fee growth than previously expected.
- ING said it had completed about 73.6% of its €1 billion share-buyback program and announced plans to redeem $1.5 billion of perpetual AT1 securities, highlighting active capital management while deposit competition and future margin normalization remain risks.
Apollo Navigates Private Credit Jitters While Expanding Strategic Portfolio Deals
- Investor sentiment has turned cautious as private credit industry jitters intensified, causing APO shares to drop to $124.15, representing a 13.60% decline from their peak earlier in August.
- The firm is reportedly nearing a deal for a 16% economic stake in the New York Yankees, valuing the franchise at over $12 billion, pending an exception to MLB's private equity ownership caps.
- Apollo recently provided a $1.25 billion equity capital solution to support the combination of BMG and Concord, while simultaneously exploring sale options for Energos Infrastructure that could value the LNG provider at more than $3 billion.
Investment Analysis
ING
ING
Pros
- ING showed strong Q3 2025 financial results with net profit of €1.787 billion and an upgraded full-year ROE outlook above 12.5%.
- The bank is advancing digital innovation by launching a generative AI chatbot across six markets, indicating technological leadership.
- ING has solid capital strength with a CET1 ratio of 13.4%, well above regulatory requirements, supporting resilience and growth.
Considerations
- Wholesale banking growth remains subdued, posing a challenge amid competitive and macroeconomic pressures in major European markets.
- Foreign exchange volatility could negatively impact reported profits over coming quarters, adding to earnings uncertainty.
- Ongoing macroeconomic and geopolitical uncertainties may affect loan growth momentum and fee income sustainability.
Apollo
APO
Pros
- Apollo Asset Management has diversified operations with segments in Asset Management, Retirement Services, and Principal Investing.
- The company serves multiple sectors including chemicals, manufacturing, natural resources, and financial services, reducing sector-specific risk.
- Apollo's large market capitalization (around $72 billion) reflects its established position in alternative asset management.
Considerations
- Alternative asset managers like Apollo are sensitive to market volatility which can impact asset valuations and fee income.
- Dependence on performance fees and capital markets activity exposes Apollo to cyclicality and macroeconomic headwinds.
- Regulatory changes in financial services and investment management could add compliance costs and operational challenges.
ING (ING) Next Earnings Date
ING Groep (ING) is scheduled to release its next earnings report on October 29, 2026. The report will cover the third quarter of fiscal 2026. This date is consistent with ING’s established quarterly reporting schedule following its second-quarter results in late July.
Apollo (APO) Next Earnings Date
Apollo Global Management (NYSE: APO) is currently expected to report its next earnings on November 3, 2026. The report is expected to cover the third quarter of fiscal 2026, ended September 30, 2026. The date remains an estimate and has not been formally confirmed by the company.
ING (ING) Next Earnings Date
ING Groep (ING) is scheduled to release its next earnings report on October 29, 2026. The report will cover the third quarter of fiscal 2026. This date is consistent with ING’s established quarterly reporting schedule following its second-quarter results in late July.
Apollo (APO) Next Earnings Date
Apollo Global Management (NYSE: APO) is currently expected to report its next earnings on November 3, 2026. The report is expected to cover the third quarter of fiscal 2026, ended September 30, 2026. The date remains an estimate and has not been formally confirmed by the company.
Buy ING or APO in Nemo
Zero Commission
Trade stocks, ETFs, and more with zero commission. Keep more of your returns.
Trusted & Regulated
Part of Exinity Group 2015, serving over a million customers globally.
6% Interest on Cash
Earn 6% AER on uninvested cash with daily interest payments.
