ING Group : Lower Q4 results and FY24 guidance, we reduced earnings estimates
>Conclusion: Lower Q4 and FY24 guidance, we reduced earnings estimates - The 4Q23 results were less than expected by lower net interest income and commission income and higher costs. ING also provided a lower than expected pre provision guidance for FY24. Even by being less conservative that ING Group on the NII, this new guidance is resulting in a 7 to 8% reduction in our pre provisioning profit estimates. ING’s Solvency was good and in line with expectations, but it...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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