Trending: ING Groep's 4Q Miss, Underwhelming Guidance Drags Shares
1155 GMT - ING Groep is among the most mentioned companies across news items over the past four hours, according to Factiva data. The Dutch bank reported fourth-quarter results with total income and costs missing consensus expectations despite net profit coming in slightly ahead. "We think the disappointing revenues will likely get more focus than the pretax beat today," UBS analysts write in a note. The lender guided for 2024's income to be weaker than 2023 and below consensus expectations for the year ahead as it expects net interest income to be lower. ING attributed the weakness to accounting asymmetry and expects higher other income to offset the fall. Results faced what Citi called a "frosty" reception with the stock tumbling to the bottom of Amsterdam's blue-chip index. Shares shed 8.6% to EUR12.05, its lowest price in over two months. Dow Jones & Co. owns Factiva. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
February 01, 2024 05:10 ET (10:10 GMT)
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