Commentaar van Degiro. Die citeren de Duitser Rodger Rinke van Landesbank Baden-Wuerttemberg.
(Blijkbaar was de Duitse visie bepalend voor de koersdaling van vanochtend...)
Shares in ING fall almost 3% in morning trading, with analysts pointing to a poor beat in third-quarter net profit and to a net interest income miss
"It seems that investors are looking at the "low" quality of the beat in income estimates, which was driven by other income and a very low risk costs", Rodger Rinke from Landesbank Baden-Wuerttemberg says
He also notes that net interest income (NII), a key measure of earnings on loans minus deposit costs, was lower than expected
UBS also points to weaker-than-forecast NII: "Around half of the miss can be explained by treasury effects, which should unwind over time and add EUR ~250 mln to the quarterly run-rate"
The bank's net profit rose 103% to 1.98 billion euros between July and September, beating the 1.83 billion euros in the company-compiled consensus, but NII reached 4.03 billion euros in the quarter, below the 4.12 billion euros expected by analysts polled by the group
The drop comes even as the largest Dutch bank announced its second share buyback programme of the year, which analysts say is above expectations
The company also said it targeted a common equity tier-one capital (CET1) ratio, the measure of solvency for European banks, of around 12.5%, but according to Rodger Rinke it remains unclear how it wants to reach it.