EU FINANCIALS: ING Group: 3Q25 Results Headlines
Oct-30 06:51
(INTNED; Baa1/A-/A+)
Small credit positive. Improved 2025 outlook, by firming up guidance at the top end of ranges mostly. RoE guidance goes from c.12.5% to >12.5%. Results were a small beat with every division just slight ahead of expectations. Revenue flat YoY vs a very challenging Q3 24 comp. CET1 pro forma 12.9%, pretty much at target with €1.6bn extra distribution announced this quarter on capital generation.
- Net Revenue €5,898mn vs est. €5,693mn (3.4% QoQ / -0.2% YoY)
- Net Interest Income €3,705mn vs est. €3,688mn (4.8% QoQ / 0.4% YoY)
- Net Trading Income €885mn vs est. €841mn (-7.3% QoQ / -15.6% YoY)
- Net Fee & Commission Income €1,165mn vs est. €1,102mn (3.8% QoQ / 15.5% YoY)
- Operating Expenses €3,012mn vs est. €2,981mn (-0.7% QoQ / 3.7% YoY)
- Provision for Loan Losses €326mn vs est. €335mn (9.0% QoQ / -3.0% YoY)
- Pre-Tax Income €2,560mn vs est. €2,387mn (8.1% QoQ / -4.0% YoY)
- Net Income €1,787mn vs est. €1,653mn (6.7% QoQ / -4.9% YoY)
- CET1 Ratio 13.4% vs est. 13.4%
- NPL/Total Loans (bps) 178.6 vs est. 186.2
- Cost of Risk (bps) 18.4 vs est. 19.2
- OpInc/RWA (bps) 76 vs est. 71
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USD: USDJPY falls toward 148.00
Sep-30 06:49
- USDJPY tumbles toward 148.00, taking its cue from the pull lower in Yields, US Tnotes (TYZ5) is testing the initial small resistance of 112.22, although better is seen at 113.00.
- For the USDJPY, first support comes at 147.46.
MNI: FRANCE SEP FLASH HICP -1.1% M/M, +1.1% Y/Y
Sep-30 06:45
- MNI: FRANCE SEP FLASH HICP -1.1% M/M, +1.1% Y/Y
- FRANCE SEP FLASH CPI -1.0% M/M, +1.2% Y/Y
MNI: FRANCE AUG CONSUMER SPEND +0.1% M/M, -0.8% Y/Y (VS -0.6% M/M, -0.4% Y/Y JUL)
Sep-30 06:45
- MNI: FRANCE AUG CONSUMER SPEND +0.1% M/M, -0.8% Y/Y (VS -0.6% M/M, -0.4% Y/Y JUL)
