AMSTERDAM, September 2, 2026, 09:10 CEST
- ING ADRs finished at $35.25 on September 1, slipping 0.20% with 1.36 million shares traded.
- Short interest increased by 63.1% to 1.943 million shares, representing only 0.07% of the float.
- ING bought back 1.075 million ordinary shares last week at an average price of €30.17.
- Pretax profit for the second quarter increased by 23%, while return on tangible equity stood at 17.0%.
Shares of ING Group N.V. NYSE:ING ADRs edged down 0.2% to $35.25 on Tuesday. A recent buyback announcement provided context for the most recent rise in short interest. Last week, ING bought back 1.075 million ordinary shares, representing 55% of the disclosed U.S. short position.
The comparison is significant as each ADR corresponds to one ordinary share. Short interest increased by 63.1% to reach 1.943 million shares as of August 14. However, this represented just 0.07% of the float and 0.82 of a trading day.
The headline percentage exaggerates the risk of a squeeze. If repurchases continue at the same rate as last week, totals for two weeks would surpass the most recent short interest. Earnings momentum provides a stronger basis for support than crowded trades.
ING ADR: six-session close
NYSE close, U.S. dollars per ADR
The New York market was not open when this report was filed. The ADR declined from $35.30 to $35.25 over the last six sessions. Trading volume on Tuesday reached 1.36 million, roughly 8% under the average for that timeframe.
Short interest is still significantly lower than the May 15 figure of 3.179 million shares. It reached a low point of 937,491 on July 15. The most recent increase has undone roughly 45% of that prior drop.
Reported ING short interest
Millions of NYSE-listed ADRs, FINRA settlement snapshots
A low days-to-cover ratio indicates short sellers can cover positions rapidly at typical liquidity levels. This also reduces the mechanical squeeze potential. Positioning appears notable but not the primary driver of valuation.
Underlying indicators continue to be strong. Pretax profit for the second quarter rose 23% year on year to €2.919 billion. Fee income climbed 14%, reaching €1.278 billion.
ING’s second-quarter operating base
Reported July 30, 2026; euro figures and regulatory ratios
Source: ING 2Q2026 release
Tangible equity return reached 17.0%, and the CET1 ratio was reported at 13.1%. CEO Steven van Rijswijk described it as “an excellent second quarter” and highlighted strong performance in every business segment.
ING invested €32.44 million in purchases last week. The buyback programme has cancelled 23.57 million shares, valuing €649.84 million so far. This amounts to 64.98% of its total planned maximum.
Capital return serves as a clearer signal for investors. Share buybacks decrease the total share count, and with a low short float, there is minimal risk of forced buying. Future stock movement is likely to be more influenced by interest rates, credit quality, and income performance.
The upcoming official short-interest report will reflect data as of the August 31 settlement date, with FINRA set to publish the figures on September 10. This update will indicate if the 63% increase held steady during the period when the ADR moved sideways.
Risks persist. Reduced rates in Europe may put pressure on spread income. Deteriorating credit quality or a quicker rise in costs could impact returns. A more pronounced buildup in short positions would increase volatility, even with currently low days-to-cover.
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