ING : Beefing up of the capital but persistent weakness at the operating level
>Q2 2020 confirms, in our view, the weaknesses at the operating level - ING's Q2 2020 operating performance was mixed, with revenue of € 299m, well below expectations (-51% vs consensus € 613m, -79% y-o-y), even though this is partly due to the recognition of ~€ 0.3bn of goodwill impairment charge (announced last week). Beyond this negative one-off, the underlying performance remains rather disappointing with an ROCE of € 542m, down 36% compared to expectations and do...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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