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ING Groep NV ADR - Stock Quote ING

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Morningstar's ING Groep NV ADR Stock Analysis

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ING's Q1 Sees Extra Distribution of EUR 1.25 Billion, EUR 0.8 Billion of Russia-Related Provisions

Niklas Kammer, CFA Equity Analyst

Analyst Note

| Niklas Kammer, CFA |

Narrow-moat ING reported a lower net attributable profit of EUR 472 million for its first quarter, a 57% decrease from the EUR 1 billion it reported a year ago. The lower profit was largely the result of loan-loss provisions that tripled and higher contributions to the European Single Resolution Fund. Excluding regulatory costs, operating expenses decreased 6% year on year, driven by lower IT costs, which more than offset the rise in wages due to inflation. Net interest income was down 3% due to lower benefits from the European Central Bank targeted longer-term refinancing operations program. We maintain our EUR 14.30 fair value estimate.

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ING Groep NV ADR's 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, 2021
Fiscal Year End Dec 31, 2022
Stock Type
Employees 57,660

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