ING Group : Earnings less, pre provision somewhat better, Russia now manageable
>Conclusion: Net profit less, pre provisioning marginally better - The bottom line earnings was somewhat less than expected by somewhat more Russia related loan loss impairments. The pre provisioning profits was just marginally better by commission income and expenses. The capital return was somewhat less than we expected. The direct Russia exposure is quite covered now. Going forward we see for banks the indirect effects of the rising inflation/rates/economic slowdow...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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