Report
Steven Gould

ING : Une hirondelle ne fait pas le Printemps …

>Opérationnel : la bonne tenue du T1 n’enlève rien aux fragilités à MT - ING délivre au T1 2020 une copie optiquement de bonne facture sur l’opérationnel, hors effort de provisionnement ‘volontaire’ sur encours de crédits ‘sains’ (Stage2 IFRS9) en anticipation notamment de l’impact COVID (~0.25 Md€) – le RN s’établit ainsi à 670 M€ (vs consensus 393 M€, -40% yoy), tiré notamment par une dynamique meilleure qu’attendue des commissions (+14% vs consensus à 783 M€ +16% y...
Underlying
ING Groep NV

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Steven Gould

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