ING Groep N.V., the Dutch multinational banking and financial services corporation, is a stalwart in the financial world. Its familiar orange lion logo is a symbol of stability and reliability for millions of customers across Europe and beyond. Yet, beneath the surface of its routinely solid performance, a hidden signal is flashing in its recent financials, a subtle shift that seems to have gone unnoticed by the majority of analysts.

The signal? A dramatic and consistent reduction in ING's outstanding shares over the past two decades. While many factors can contribute to share count fluctuations, the persistence and scale of this trend in ING's case suggests a deliberate strategy, one with potentially profound implications for the company's future valuation and shareholder returns.

Let's delve into the numbers. Looking at ING Groep's quarterly data, we see a clear downward trajectory in common stock shares outstanding. In 2008, the company had approximately 2.66 billion shares outstanding. Fast forward to the first quarter of 2024, and that number has plummeted to around 3.3 billion, representing a reduction of over 25%.

This trend is even more pronounced when viewed over a longer timeframe. At the end of 1997, ING had approximately 1.56 billion shares outstanding. Compared to the current figure, this translates to a staggering reduction of over 50% in the company's share count over two decades.

ING Group Shares Outstanding (Millions)

The chart below visualizes the decline in ING Groep's outstanding shares from 1997 to 2024.