ING Group : Recurring P&L items less, cost guidance FY24 higher
>Conclusion: Recurring P&L items less, cost guidance FY24 higher - The recurring P&L items like net interest income, commission income and expenses were less than expected. On the guidance for FY24 they guide somewhat more cost growth than consensus. We expect underperformance of share today. We keep our Neutral recommendation.Pre provisioning profit less than expected - In 4Q23 the underlying net profit was € 1.56m vs our € 1.63bn (consensus € 1.54bn...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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