ING Group : Recurring P&L items in line and marginally better for market, solvency better
>Conclusion: recurring P&L items in line with our estimates, solvency better - The recurring P&L items like NII, commission income and expenses were line with our expectations and marginally better than consensus. The solvency was better than expected. We keep our Neutral recommendation.Profits higher than expected - In 2Q23 the underlying net profit was € 2.15bn vs our € 1.87bn (consensus € 1.64bn) with only 6bp loan losses vs our 17bp (consensus 23b...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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