ING Group : Recurring earnings and NII less than expected, SBB higher
>Conclusion: Recurring earnings and NII less than expected, SBB higher - The 3Q23 earnings were in line with our expectation, but within this the recurring P&L items were less than we expected. In Q3 the NII was less than expected by asset duration effects in combination with rising deposit competition. The NII pressure is likely to continue going forward from an historically high deposit margin base. The SBB was higher than expected. We reduce our TP somewhat to € 13...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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