CREDIT WHERE IT’S DUE. ING Chief Executive Steven van Rijswijk is getting belated recognition for the bank’s prodigious dividend-paying potential. Shares in the 32 billion euro Dutch lender rose 5% on Friday after fourth-quarter results showed that it had 2.8 billion euros reserved for future payouts. That’s an enticing 9% of its market capitalisation. Investors still aren’t giving van Rijswijk his full due, however. Even after Friday’s surge, ING is valued at 58% of 2021 tangible book value and trades on a 6.4% 2022 dividend yield, using Refinitiv median estimates. By comparison, the averages for euro zone banks are 61% and 5.4% respectively. Falling bad debt and beefy solvency ratios suggest ING is a less risky proposition than most of its peers. Its share-price discount looks increasingly out of date. (By Liam Proud)