Quick verdict: BNS vs ING in 2026

In this BNS vs ING stock comparison for 2026, ING Groep N.V. holds an overall edge, leading on 7 of 12 comparable metrics, particularly in valuation and profitability. The Bank of Nova Scotia (BNS) distinguishes itself as the clear growth leader with impressive revenue expansion and superior free cash flow generation. ING, however, emerges as the value and margin leader, also garnering stronger analyst sentiment, while BNS offers significantly higher theoretical DCF upside. Not investment advice.

BNS vs ING: key metrics side by side

Full side-by-side comparison of BNS and ING across valuation, profitability, growth and analyst sentiment. Data updated 2026-05-03.

BNS vs ING valuation comparison

When considering the BNS vs ING valuation, ING Groep N.V. presents a more attractive picture based on traditional multiples. ING’s P/E ratio stands at 11.13x, significantly lower than BNS’s 15.69x, suggesting that investors are paying less for ING’s earnings. Similarly, ING’s Price-to-Book (P/B) ratio of 1.41x is also lower than BNS’s 1.6x, indicating that ING’s assets are valued more conservatively by the market. These lower multiples typically appeal to value-oriented investors seeking discounted opportunities in the financial sector.

Despite ING’s more favorable traditional valuation metrics, The Bank of Nova Scotia exhibits a remarkable Discounted Cash Flow (DCF) upside of +300.7%, far surpassing ING’s +114.8%. This suggests that, from a forward-looking cash flow perspective, BNS could be substantially undervalued relative to its intrinsic value, assuming its future cash flows materialize as projected. While ING appears cheaper on current earnings and book value, BNS’s substantial DCF upside points to a potentially greater long-term return for investors willing to look beyond immediate multiples and bet on its future cash generation capabilities.

BNS vs ING growth comparison

In terms of growth, The Bank of Nova Scotia (BNS) demonstrates unequivocally stronger momentum. BNS reported an impressive year-over-year revenue growth of 148.2%, highlighting a period of significant expansion and market share capture. This level of growth in the financial sector is exceptional and suggests robust underlying business performance, perhaps driven by successful strategic initiatives, acquisitions, or strong economic tailwinds in its operational regions. Investors prioritizing rapid top-line expansion will find BNS’s growth figures particularly compelling in the BNS vs ING growth comparison.

Conversely, ING Groep N.V. experienced a revenue growth of -65.3% year-over-year. This negative growth indicates a challenging period for the company, possibly due to divestitures, changing market dynamics, increased competition, or broader economic headwinds affecting its European base. While the negative growth for ING is a significant concern, it’s crucial to understand the context behind such a substantial decline. For investors focused on current financial momentum, BNS clearly outpaces ING, showcasing a much healthier and more dynamic growth trajectory.

BNS vs ING profitability

Examining BNS vs ING profitability reveals nuanced strengths for both financial institutions. ING Groep N.V. slightly edges out The Bank of Nova Scotia in terms of net margins and EBITDA margins. ING posted a net margin of 15.41% and an EBITDA margin of 22.24%, indicating efficient management of expenses relative to its revenue. BNS, while still profitable, had a net margin of 14.45% and an EBITDA margin of 20.79%. These figures suggest that ING is slightly more effective at converting its revenue into core operating profit and ultimately, net income.

However, when it comes to Free Cash Flow (FCF) yield, BNS demonstrates a clear advantage. The Bank of Nova Scotia boasts an FCF yield of 3.86%, signifying that it generates a healthy amount of cash relative to its market capitalization. This indicates robust operational cash generation and financial flexibility. In contrast, ING reported an FCF yield of 0%, implying that it is not generating significant free cash flow. Therefore, while ING shows slightly better margins, BNS appears to be generating more readily available cash, which is crucial for reinvestment, debt reduction, or shareholder returns. Investors looking for strong cash generation will find BNS more appealing.

Analyst ratings: BNS vs ING

The consensus among financial analysts provides valuable insight into the market’s perception of both BNS and ING. For The Bank of Nova Scotia (BNS), out of 19 analysts covering the stock, 52.6% have issued a “Buy” rating. The average analyst price target for BNS is $72.15, which represents a -7.5% downside from its current price of $78.00. While the overall consensus is “Buy,” the current price exceeds the average target, suggesting that analysts believe the stock may be slightly overvalued in the short term, or that their targets have not yet caught up with recent price movements.

In the BNS vs ING analyst ratings comparison, ING Groep N.V. receives a stronger analyst endorsement with 64.7% of its 17 covering analysts recommending a “Buy.” Despite this higher percentage of buy ratings, ING’s average price target is $22.50, which implies a more significant -21.2% downside from its current price of $28.55. This scenario for ING indicates a strong conviction among analysts regarding the company’s long-term prospects, but also a belief that the stock’s current valuation might be stretched, or that there are near-term challenges reflected in the target price. Both stocks carry a consensus “Buy” rating, but ING has a higher proportion of bullish sentiment, despite a lower target price in comparison to its current valuation.

Should I buy BNS or ING stock in 2026?

Deciding whether you should buy BNS or ING stock in 2026 depends heavily on your investment strategy and risk tolerance. For growth-oriented investors, The Bank of Nova Scotia (BNS) presents a compelling argument with its exceptional revenue growth of 148.2% year-over-year. This strong top-line expansion suggests significant business momentum and potential for future earnings increases, albeit with the understanding that such high growth rates can be difficult to sustain consistently. BNS also boasts a superior Free Cash Flow yield of 3.86%, indicating strong cash-generating capabilities crucial for reinvestment and shareholder returns.

For value investors, ING Groep N.V. appears to be the more attractive option based on traditional valuation metrics. ING trades at a lower P/E ratio of 11.13x compared to BNS’s 15.69x, and a lower P/B ratio of 1.41x versus BNS’s 1.6x. These lower multiples suggest that ING might be a cheaper stock relative to its earnings and assets. However, it’s important to weigh this against BNS’s substantial DCF upside of +300.7%, which theoretically indicates much greater intrinsic value potential, even if its current multiples are higher. When assessing BNS vs ING fundamentals and valuation, ING looks cheaper on current multiples, while BNS projects significant long-term upside.

When considering income, neither BNS nor ING are standout dividend plays, as both offer very low yields. ING’s dividend yield of 0.05% is marginally higher than BNS’s 0.04%. For investors primarily seeking substantial dividend income, other financial institutions might be more suitable. Overall, if high growth and strong cash generation appeal to you, BNS could be the choice. If you prioritize lower valuation multiples and a stronger analyst consensus despite negative growth, ING might be considered. This is not investment advice; always conduct your own thorough research.

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FAQ: BNS vs ING