ING : Higher Q3 results by loan loss releases, NII and costs stable, next SBB later
>Conclusion: € 1.5bn net profit by loan loss releases - For 3Q21, we expect ING to report an underlying net profit of € 1.5bn. Given the large government support actions and sharply rising house prices we expect again 6bp loan loss releases in Q3. We expect the net interest income (NII) excl. TLTRO3 and Financial Markets, and the expenses excluding regulatory costs, both to be quite stable qoq. We keep our Neutral recommendation and increase TP to € 13.0 (from € 11.4)...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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