ING Strong 2Q24 results; top-line well above expectations
Strong 2Q24 with significant top-line beat. OPEX slightly above expectations, though fully explained by incidental items. The Total Revenue guidance increase, while fully incorporated in CSS already, underlines the positive momentum. Increasing our estimates on the back of these results we come to a new TP of €17.5; but given limited upside remaining we move from Buy to Accumulate.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.
We are a financial services provider for several types of professional clients, each with distinct needs.
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