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 PRESS RELEASE

ING gives update on climate action approach, accelerates efforts in cl...

ING gives update on climate action approach, accelerates efforts in client engagement ING gives update on climate action approach, accelerates efforts in client engagement ING today published its annual Climate Progress Update. The update shows how we engage with our clients to help them in the transition to a low-carbon economy. It also includes our progress on steering the most carbon-intensive sectors in our loan portfolio towards global climate goals – our ‘Terra’ approach. As a bank, the most impactful way for us to contribute to the transition is through financing: working with clien...

 PRESS RELEASE

Progress on share buyback programme

Progress on share buyback programme Progress on share buyback programme ING announced today that, as part of our €2.5 billion share buyback programme announced on 2 May 2024, the company repurchased 3,282,664 shares during the week of 9 September 2024 up to and including 13 September 2024. The shares were repurchased at an average price of €16.20 for a total amount of €53,166,251.32. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at . In line with the purpose of the programme to reduce the share ca...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

ABN AMRO: Dutch state stake at c.40%, end of programme (for now). WDP: Small acquisitions in France

 PRESS RELEASE

Progress on share buyback programme

Progress on share buyback programme Progress on share buyback programme ING announced today that, as part of our €2.5 billion share buyback programme announced on 2 May 2024, the company repurchased 3,625,795 shares during the week of 2 September 2024 up to and including 6 September 2024. The shares were repurchased at an average price of €16.24 for a total amount of €58,886,036.06. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at . In line with the purpose of the programme to reduce the share cap...

Hilde Van Boxstael ... (+5)
  • Hilde Van Boxstael
  • Lynn Hautekeete
  • Sharad Kumar S.P
  • Thomas Couvreur
  • Wim Lewi
Thomas Couvreur
  • Thomas Couvreur

Still a solid entry point into banking stocks

Although share price gains in the European banking sector have been significant in recent quarters, comfortably outperforming the general market; valuation multiples have lagged behind. The European banking sector has become cheaper relative to the market, and in absolute terms are still a low levels historically. Despite declining interest rates, the fundamental environment remains benign, providing a solid entry point for investors. In this note we specifically look at ABN Amro & ING. Revised ...

Guy Sips ... (+11)
  • Guy Sips
  • Jacob Mekhael
  • Kristof Samoy
  • Lynn Hautekeete
  • Michiel Declercq
  • Sharad Kumar S.P
  • Thibault Leneeuw
  • Thomas Couvreur
  • Thomas Vranken
  • Wim Hoste
  • Wim Lewi

Dynamic Top Pick List Update September 2024 –Cofinimmo & Kinepolis in;...

In this September update of our Dynamic Top Pick List we make 4 changes. •We include Cofinimmo in our Dynamic Top Pick List after our recent upgrade from Accumulate to Buy. We expect the name to outperform in a decreasing interest rate environment given its relatively high leverage and cheap valuation. We also believe the risk of a dilutive equity raise eased when the FY24 capex decreased from € 320m to € 250m. The management stays disciplined in its capex program and continues to focus on asse...

 PRESS RELEASE

Progress on share buyback programme

Progress on share buyback programme Progress on share buyback programme ING announced today that, as part of our €2.5 billion share buyback programme announced on 2 May 2024, the company repurchased 3,268,026 shares during the week of 26 August 2024 up to and including 30 August 2024. The shares were repurchased at an average price of €16.21 for a total amount of €52,962,194.42. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at . In line with the purpose of the programme to reduce the share capital...

Maureen Schuller ... (+2)
  • Maureen Schuller
  • Suvi Platerink Kosonen

Bank Brunch/ABN AMRO AT1, Belfius earnings, LBBW covered, bond perform...

ABN AMRO returns with a new AT1. Belfius Bank earnings: loan quality and capital weaken. LBBW returns with public sector covered bond. Bank bond performance

Maureen Schuller ... (+2)
  • Maureen Schuller
  • Suvi Platerink Kosonen

Bank Brunch/ABN AMRO AT1, Belfius earnings, LBBW covered, bond perform...

ABN AMRO returns with a new AT1. Belfius Bank earnings: loan quality and capital weaken. LBBW returns with public sector covered bond. Bank bond performance

 PRESS RELEASE

Progress on share buyback programme

Progress on share buyback programme Progress on share buyback programme ING announced today that, as part of our €2.5 billion share buyback programme announced on 2 May 2024, the company repurchased 11,078,000 shares during the week of 19 August 2024 up to and including 23 August 2024. The shares were repurchased at an average price of €15.85 for a total amount of €175,559,516.60. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at . In line with the purpose of the programme to reduce the share capit...

Maureen Schuller ... (+2)
  • Maureen Schuller
  • Suvi Platerink Kosonen

Bank Brunch/Steeper bank bond curves, Rabobank vs ABN AMRO capital

More asset swap curve steepening expected at current low yield levels. Underperformance leaves value in Rabobank AT1 against ABN AMRO

Maureen Schuller ... (+2)
  • Maureen Schuller
  • Suvi Platerink Kosonen

Bank Brunch/Steeper bank bond curves, Rabobank vs ABN AMRO capital

More asset swap curve steepening expected at current low yield levels. Underperformance leaves value in Rabobank AT1 against ABN AMRO

Maureen Schuller ... (+2)
  • Maureen Schuller
  • Suvi Platerink Kosonen

Bank Brunch/ABN AMRO 3yr covered

ABN AMRO Bank steps outside its comfortzone with a new 3yr covered

Maureen Schuller ... (+2)
  • Maureen Schuller
  • Suvi Platerink Kosonen

Bank Brunch/ABN AMRO 3yr covered

ABN AMRO Bank steps outside its comfort zone with a new 3yr covered

 PRESS RELEASE

Progress on share buyback programme

Progress on share buyback programme Progress on share buyback programme ING announced today that, as part of our €2.5 billion share buyback programme announced on 2 May 2024, the company repurchased 17,906,678 shares during the week of 12 August 2024 up to and including 16 August 2024. The shares were repurchased at an average price of €15.43 for a total amount of €276,369,480.74. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at . In line with the purpose of the programme to reduce the share capit...

Maureen Schuller ... (+2)
  • Maureen Schuller
  • Suvi Platerink Kosonen

Bank Brunch/Bond performance, Benelux bank earnings

Unsecured spread retightening prospects best for preferred senior; Benelux bank profitability developments mixed so far; Bank bond performance

Maureen Schuller ... (+2)
  • Maureen Schuller
  • Suvi Platerink Kosonen

Bank Brunch/Bond performance, Benelux bank earnings

? Unsecured spread retightening prospects best for preferred senior; ? Benelux bank profitability developments mixed so far; ? Bank bond performance

 PRESS RELEASE

Progress on share buyback programme

Progress on share buyback programme Progress on share buyback programme ING announced today that, as part of our €2.5 billion share buyback programme announced on 2 May 2024, the company repurchased 16,768,469 shares during the week of 5 August 2024 up to and including 9 August 2024. The shares were repurchased at an average price of €15.01 for a total amount of €251,621,919.02. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at . In line with the purpose of the programme to reduce the share capital...

Jason Kalamboussis
  • Jason Kalamboussis

ABN AMRO/Progress overshadowed/HOLD

The recent news that CEO Robert Swaak is stepping down so soon after accepting a second term in April 2024 overshadows results. This is another management change, but the CEO reassures there will be continuity to departure in 1H25. Still. The acquisition of HAL in Wealth management recently was a good step in the right direction, and results were better than expected with increases in 2024 guidance. Costs absorbed the rather generous recent CLA increases, so for 2H/1Q25 the main focus will be on...

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