ING : NII pressure continuing, some extra future costs, 8% cash return in 4Q21
>Conclusion: Q2 recurring items in line, future costs higher, 8% yield Q4 - The 2Q21 NII was marginally less than we expected, and after a small uptick in Q3 we expect the NII pressure to continue if rates do not rise. The net commission income was marginally better than we expected. The Q2 expenses were in line, and the future expenses will be enhanced by € 125m higher recurring VAT costs, and until end 2024 there will be € 40m higher regulatory costs. ING will likel...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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