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FINANCIALS: ING: Solid Results But Credit Stats Too Mixed To Tighten Spreads

FINANCIALS

ING (INTNED: Baa1 pos/A-/A+) results are reasonable; loan losses beat expectations but both NPLs and CET1 are marginal misses. Positively, revenues are 4% ahead of consensus, costs only c.1% weaker meaning a 7% pre-tax beat and guidance is upgraded but consensus is already there (income to “>EUR22bn”, cons: 22.2bn). Spreads did well after last results and there’s little to push them further still here, we feel.

  • “*ING 2Q LOAN-LOSS PROVISION EU300M, EST. EU309.2M
  • *ING TOTAL INCOME OUTLOOK FOR 2024 INCREASED TO >€22B

Conf call is 0800 (London time) at: https://online.ing.com/2q-2024-ing-analyst-call/join/2jyf2exh

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