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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessFINANCIALS: ING: Solid Results But Credit Stats Too Mixed To Tighten Spreads
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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.