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 August 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 slips into the spotlight as analysts warn earnings strength may already be peaking.
- Deutsche Bank downgraded ING from Buy to Hold and trimmed its price target, arguing that profits may have peaked and capital returns could soften from here.
- The downgrade highlighted weaker support from ING’s replicating portfolio and less favorable net interest income dynamics, which suggests earnings momentum may be fading.
- Broader analyst pricing still points to limited upside and, in some cases, downside from current levels, reinforcing a cautious tone around the stock.
Apollo’s 2026 upside case is still being driven by analyst confidence in earnings growth and alternative-asset momentum.
- Analyst sentiment remains broadly constructive, with most recent coverage clustered around Buy and Overweight ratings, signaling confidence in Apollo’s earnings power and fee-related growth rather than a short-term trading catalyst.
- Recent estimate updates still point to mid-teens to high-teens EPS growth for 2026, which suggests investors are leaning on Apollo’s ability to convert market opportunities into durable profit growth.
- The stock is being framed by analysts as a beneficiary of broader alternative-asset demand, where stable fundraising, deployment activity, and capital markets recovery can support higher long-term earnings expectations.
ING slips into the spotlight as analysts warn earnings strength may already be peaking.
- Deutsche Bank downgraded ING from Buy to Hold and trimmed its price target, arguing that profits may have peaked and capital returns could soften from here.
- The downgrade highlighted weaker support from ING’s replicating portfolio and less favorable net interest income dynamics, which suggests earnings momentum may be fading.
- Broader analyst pricing still points to limited upside and, in some cases, downside from current levels, reinforcing a cautious tone around the stock.
Apollo’s 2026 upside case is still being driven by analyst confidence in earnings growth and alternative-asset momentum.
- Analyst sentiment remains broadly constructive, with most recent coverage clustered around Buy and Overweight ratings, signaling confidence in Apollo’s earnings power and fee-related growth rather than a short-term trading catalyst.
- Recent estimate updates still point to mid-teens to high-teens EPS growth for 2026, which suggests investors are leaning on Apollo’s ability to convert market opportunities into durable profit growth.
- The stock is being framed by analysts as a beneficiary of broader alternative-asset demand, where stable fundraising, deployment activity, and capital markets recovery can support higher long-term earnings expectations.
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 is expected to report its next earnings on July 30, 2026. The release will cover Q2 2026 results, based on the company’s typical mid-year reporting pattern. If that date shifts, it would likely still fall in the late-July window.
Apollo (APO) Next Earnings Date
Apollo Global Management (APO) is expected to report next on August 4, 2026, before the market opens. The release should cover Q2 2026 earnings. If the date changes, it is typically announced closer to the reporting window based on APO’s historical schedule.
ING (ING) Next Earnings Date
ING is expected to report its next earnings on July 30, 2026. The release will cover Q2 2026 results, based on the company’s typical mid-year reporting pattern. If that date shifts, it would likely still fall in the late-July window.
Apollo (APO) Next Earnings Date
Apollo Global Management (APO) is expected to report next on August 4, 2026, before the market opens. The release should cover Q2 2026 earnings. If the date changes, it is typically announced closer to the reporting window based on APO’s historical schedule.
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