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ING 1Q24 Preview: Buyback And Revenue Guidance

FINANCIALS

ING (INTNED: Baa1/A-/A+) results are due 2-May, with the big expectation around a renewed equity buyback. This has been a solid spread performer, on good credit performance last time around.


  • Results last time (1-Feb) were weak, missing on revenues and guidance but showed loan losses better than expectations and flat non-performers. Expectations are for (another) EUR2.5bn share buyback announcement, as per 3Q23 results.
  • Spreads have marginally outperformed YTD (-43bp, €IG banks -38bp) whereas the equity has lagged the peer group a little through dividend season (+10% YTD, SX7P +16%).
  • Since 4Q23 results, EPS estimates have been cut by 5% for this year and 2% for next. Revenues are down 1-2% similarly.

Results are 0600 (London time) with conf call at 0800 at: https://online.ing.com/1q-2024-quarterly-results-analyst-call/join/aqg0ikbw

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