KBC Securities - ING Groep NV (INGA) ING First Look: Strong 3Q results; €2.5b SBB announced

Report

KBC Securities

Thomas Couvreur

ING First Look: Strong 3Q results; €2.5b SBB announced

Despite some headwinds on NII, overall a very strong set of results. Beat on total income, solid cost control and continued low impairment; underpinned by a €2.5b share buyback, more than was expected. We reiterate our Buy recommendation and €16 TP.

02/11/2023 1 EN

Underlying

ING Groep NV

ING Groep is a global financial institution based in the Netherlands. Co. is engaged in offering a wide range of retail and wholesale banking services to customers in over 40 countries across Europe, the Americas, Asia and Australia. In addition to the basic banking services of lending, payments and cash management and treasury, Co. provides tailored banking solutions in areas including corporate finance, commercial finance (factoring), equity markets and debt capital markets to help clients achieve their business goals. Co.'s operations are organized along five segments: Retail Netherlands; RetailBelgium: Retail Germany: Retail Other; and Wholesale Banking.

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NL0011821202 Euronext Amsterdam Netherlands

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Thomas Couvreur

Other Reports on these Companies

GlobeNewsWire

ING to redeem two series of SEC registered Senior Notes and announces the intention to call Tier 2 notes on the reset date

ING to redeem two series of SEC registered Senior Notes and announces the intention to call Tier 2 notes on the reset date ING to redeem two series of SEC registered Senior Notes and announces the intention to call Tier 2 notes on the reset date ING announced today it will redeem two series of outstanding SEC registered securities: the USD 400 million Callable Floating Rate Senior Notes (CUSIP 456837 AX1 / ISIN US456837AX12) and the USD 1,100 million 1.726% Callable Fixed-to-Floating Rate Senior Notes (CUSIP 456837 AV5/ ISIN US456837AV55) (together the “Callable Senior Notes”) on their con...

February 11, 2026 February 11, 2026 1 EN

GlobeNewsWire

Progress on share buyback programme

Progress on share buyback programme Progress on share buyback programme ING announced today that, as part of our €1.1 billion share buyback programme announced on 30 October 2025, in total 1,556,401 shares were repurchased during the week of 2 February up to and including 6 February 2026. The shares were repurchased at an average price of €25.42 for a total amount of €39,556,159.66. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the updates on the on our website In line with the purpose of the programme to reduce ...

February 10, 2026 February 10, 2026 1 EN

GlobeNewsWire

Update on management changes

Update on management changes Update on management changes ING announced today that Ljiljana Čortan will be appointed head of ING Wholesale Banking, effective 24 February 2026. She is succeeding Andrew Bester, who, as announced last October, is returning to the UK to start the non-executive phase of his career. Having completed the handover of the Wholesale Banking activities, Andrew Bester will step down from the Management Board Banking on 24 February 2026. “I would like to thank Andrew for his contributions and leadership during the last five years, significantly strengthening the found...

February 5, 2026 February 5, 2026 1 EN

DSM-Firmenich Biting the ANH bullet

The long awaited divestment of ANH disappointed on deal value (EV € 2.2bn, including a potential earn-out of up to € 0.5bn), but creates a group with a much more comprehensive activity and earnings profile. We still appreciate dsm-firmenich for its broad portfolio and market leading positions in consumer-oriented businesses in Nutrition, Health and Beauty. We remind that we have already lowered our target price upon the ANH divestment announcement last week so we maintain our current € 82 target price and Accumulate rating.

13h / 18m 13h / 18m 1 EN

Hilde Van Boxstael ... (+3)

Hilde Van Boxstael
Wim Hoste
Wim Lewi

Morning Notes : DSFIR NA, RET BB

: DSFIR NA, RET BB

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Wim Lewi

Wim Lewi

Retail Estates 9m25/26 results, hit by Dutch Tax bill and Bankruptcies

NRI 9m25/26 amounts to €108.7m, +2.4% YoY vs. our expectation of €108.8m. The lfl growth amounted to 2.1%. EPRA EPS came in at €4.57, -2.97% YoY vs. €4.77 expected. The EPS was diluted by the stock dividend that raised €18m and added 2.2% to the share count (35% acceptance). The statement also mentions a 1.9m impact from the Dutch FBI abolition. We believe that the bankruptcies of Leen Bakker and Carpet Right also weighed on the operational results. Despite many bankruptcies, occupancy remained relatively stable at 97.79%, an improvement from last March at 97.26%. The debt ratio decreased to 4...

13h / 43m 13h / 43m 1 EN

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ING First Look: Strong 3Q results; €2.5b SBB announced

We are a financial services provider for several types of professional clients, each with distinct needs.

ING to redeem two series of SEC registered Senior Notes and announces the intention to call Tier 2 notes on the reset date

Progress on share buyback programme

Update on management changes

DSM-Firmenich Biting the ANH bullet

Morning Notes : DSFIR NA, RET BB

Retail Estates 9m25/26 results, hit by Dutch Tax bill and Bankruptcies

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