ING : Insufficient triggers for the re-rating to continue…
>Solid Q4 2018 figures but a lacklustre outlook - Net profit = € 1.27bn vs consensus € 1.15bn (+11% and +26% y-o-y) / PBT = € 1.69bn vs consensus € 1.59bn (+7% and +8% y-o-y). Main drivers: relative resilience in sales, good cost control and, above all, a lower cost of risk.Interest income = € 3.57bn > forecasts (+1% vs consensus and +3% y-o-y) – mixed outlook in 2019 (volumes +3-4% vs flattish margins).Fees = € 704m > forecasts (+2% vs consensus and +4% y-o...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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