ING : A good profit by low loan losses and a possible material TLTRO3 benefit
>Conclusion: € 0.95bn net profit by low loan losses and high TLTRO3 NII - For 1Q21, we expect ING Group to report an underlying net profit of € 0.95bn. Given the continuing large government support actions we expect loan losses to be only 19bp of loans in Q1 (eg. in the NL defaults at 30 year low & house prices +9/10%). For the NII we expect € 3.54bn because we now assume that ING will fully qualify for TLTRO3 benefit so then Q1 would include three quarters of TLTRO3...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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