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ING Third-Quarter 2021: Positive Trends Continue, Capital Return on the Horizon

Johann Scholtz, CFA Equity Analyst

Analyst Note

| Johann Scholtz, CFA |

Narrow-moat ING reported a net attributable profit of EUR 1.4 billion for the third quarter of 2021, a material recovery from the EUR 788 million profit it reported for the third quarter of 2020 and only slightly below the EUR 1.5 billion it reported in the second quarter of 2020. The trends of the previous quarter continued. Credit quality remains strong, fee income benefited from no COVID-19 restrictions, and interest margins are stabilising. As we have consistently highlighted, ING has substantial excess capital. It indicated that it would update the market about its plans to return the spare cash to shareholders after its first-quarter 2022 results announcement in May next year. A sizable capital return could be a catalyst for a further re-rating of the share. We maintain our EUR 14 per share fair value estimate.

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Company Profile

Business Description

The merger of the Dutch postal bank and NN Insurance in 1991 created ING. Through a series of further acquisitions ING build up a global footprint. The 2008 financial crisis forced ING to seek government support--a precondition of which was that ING should separate its banking and insurance activities, which saw ING revert to being solely a bank. ING has market- leading banking operations in the Netherlands and Belgium, and a range of digital banks across Europe and Australia. Its global wholesale banking operation is primarily focused on lending.

Bijlmerdreef 106, Cedar
Amsterdam, 1102 CT, Netherlands
T +31 205639111
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 55,901