ING : Low loan losses, stable underlying NII, costs somewhat uncertain
>Conclusion: € 1.2bn net profit by low loan losses - For 2Q21, we expect ING to report an underlying net profit of € 1.2bn. Given the continuing large government support actions we expect loan losses to be only 15bp of loans in Q2. We expect the net interest income (NII) excl. TLTRO3 and Financial Markets, and the expenses excluding regulatory costs, both to be quite stable qoq. The potential VAT tax regulation effect on (future) expenses is somewhat unclear at this m...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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