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ING; Weak Outlook, Falling Capital Levels

FINANCIALS

ING (INGA NA) 4Q23 results which missed on revenues, have weak revenue guidance and an implication of falling capital levels. This appears a credit negative.


  • Revenues of EUR5.41bn (+11.1% y/y) missed expectations of 5.59bn, loan loss provisions, however, offset a large part of the miss such that net income (of EUR 1.56bn) marginally beat consensus (of 1.52bn).
  • Credit losses dropped to 5bp (from 11bp in 3Q23), non-performers are flat q/q both in nominal and relative terms (at 1.5% of loans). CET1 is 14.7% (from 15.2% at Sep-23) and total capital 19.8% (from 20.4%).
  • Outlook stmt is muted with an indication of revenues lower in FY24 than prior year yet with 3% cost growth and a glideslope of RoE towards 12% (from 14.8% in FY23) and CET1 towards c.12.5%.

Conf call is ongoing now…

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