ING : Enough loan growth to receive the TLTRO3 NII benefit, no change in EPS
>Conclusion: no change in estimates, TP nor recommendation - It is good for the net interest income (NII) that ING qualified for TLTRO3 by achieving sufficient loan growth, and ING also expects to get enough future loan growth to receive the full TLTRO3 NII benefit until the end of 2Q22. In 1Q21 the NII excl. TLTRO3 was marginally less but the net commission income was better than expected. In total, we do not have to change our future EPS estimates in any material wa...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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