ING Earnings: Fresh Medium-Term Guidance Signals Potential for Upward Earnings Revisions

Narrow-moat ING has reported a net profit of EUR 1.2 billion for the fourth quarter of 2024, which is 6% below the company-compiled consensus estimate and a significant 26% lower than the same period last year. Operating expenses came in slightly higher than anticipated, contributing to the decline. While revenue aligned with consensus expectations, it has seen a steep decline from the previous year, primarily due to diminishing net interest margins as a result of lower interest rates.