UBS has increased its target price for ING shares to €21, indicating a potential upside of 45%. The analyst highlights the importance of ING's operations in Germany as a driver of the bank's growth, which has been underestimated.

ING plans to expand its offerings to small and medium-sized enterprises (SMEs) in Germany as part of its growth strategy. It is expected that Germany will contribute significantly to ING's growth, potentially accounting for one-third of it by 2027.

ING reported a net income of €1,880 million in its latest financial results, which is a decrease from €1,982 million in Q3 2024 but an increase from €1,780 million in the previous quarter. The bank's focus on the German market is considered a crucial move to strengthen its overall growth trajectory.