{
}
UBS has adjusted its price target for ING to €20.6, reflecting a potential upside of 32%, while maintaining a Buy recommendation. Despite net interest income falling short of expectations, ING's growth strategy is yielding positive results, with net income reported at €1,880 million.
UBS has adjusted its price target for ING to €20.6, reflecting a potential upside of 32%, while maintaining a Buy recommendation. Despite falling interest rates and net interest income below expectations, ING's growth strategy is yielding positive results, with retail volumes and commissions exceeding forecasts. The Group reported a net income of €1,880 million, down from €1,982 million in Q3 but up from €1,780 million in the previous quarter.
UBS has reduced its price target for ING Group from €20.80 to €20.60 while maintaining a "Buy" rating. Analyst Johan Ekblom noted that lower interest rates pose challenges for the Dutch bank, but it continues to perform well with its growth strategy. Minor adjustments to estimates were also made following the third quarter results.
ING Groep NV's CFO, Tanate Phutrakul, stated that the company is actively exploring mergers and acquisitions to enhance growth and profitability. However, he noted that they have not yet identified a target that aligns with their stringent criteria.
Germany's inflation rose to 2.4% in October, surpassing the European Central Bank's 2% target, while the country narrowly avoided a technical recession with a 0.2% GDP growth in the third quarter. Core inflation increased to 2.9%, and services inflation nudged up to 4%. Analysts predict inflation will remain between 2% and 3% throughout next year, influenced by rising wages and diminishing energy base effects.
The euro zone economy grew by 0.4% in the third quarter, surpassing expectations of 0.2%, following a 0.3% expansion in the previous quarter. Spain led with a 0.8% increase, while Germany surprised with 0.2% growth, avoiding a forecasted recession despite challenges in manufacturing. Analysts anticipate a cautious rise in business activity and consumer confidence, supported by lower interest rates and easing inflation, as the European Central Bank cut rates for the third time this year.
Ralph Hamers, currently CEO of ING Group, will succeed Sergio Ermotti as CEO of UBS on November 1. After transforming ING into a digital banking leader over six years, Hamers will leave ING on June 30 and join UBS on September 1, following a decision not to extend Ermotti's term. This leadership change at UBS comes shortly after a similar transition at Credit Suisse.
Ralph Hamers, the former CEO of UBS, has joined AI wealth management start-up Arta Finance as an external senior adviser and investor. The company, founded by ex-Google employees, aims to provide AI-driven wealth management services to mid-market clients, initially in the US and expanding to Singapore and India. Hamers, who previously sought to enhance UBS's digital capabilities, is currently under investigation in the Netherlands related to a money-laundering case from his time at ING.
Ralph Hamers, former CEO of UBS, has joined Arta Finance, a digital wealth firm founded by ex-Google employees, as an external senior adviser and investor. Arta aims to democratize family office-style investing using AI, targeting accredited investors in the US and Singapore, with plans to expand into India. Hamers, who previously led ING through a digital transformation, is exploring various fintech projects while taking a measured approach to future executive roles.
The Swiss National Bank (SNB) is expected to lower its key policy rate further, with analysts predicting a cut to 0.75 percent by December. The bank's recent communication indicates a proactive stance on managing inflation and the strengthening franc, while also preparing markets for additional rate reductions in the coming months.
ING Groep N.V.
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
ubs adjusts price target for ing amid mixed financial performance
12:24 01.11.2024
UBS maintains buy rating on ING with adjusted price target amid growth signs
12:18 01.11.2024
UBS lowers ING price target but maintains buy rating after Q3 results
18:22 31.10.2024
ing cfo explores acquisitions but finds no suitable targets yet
08:10 31.10.2024
germany's inflation rises to 2.4 percent as economy narrowly avoids recession
14:10 30.10.2024
euro zone economy grows 0.4 percent in third quarter surpassing expectations
United States Dollar
Euro
ING Groep N.V.
European Central Bank Legal Entity of Public Law
IRL
ESP
DEU
Show more
11:03 30.10.2024
Ralph Hamers appointed new CEO of UBS succeeding Sergio Ermotti
Euro
Credit Suisse Anlagestiftung
Besix
ING Groep N.V.
UBS SA
CHE
NLD
BEL
Sergio Ermotti
Hans Wijers
Tidjane Thiam
Ralph Hamers
Rik Vandenberghe
Show more
23:23 15.10.2024
ralph hamers joins ai wealth management startup arta finance as adviser
United States Dollar
Credit Suisse Anlagestiftung
ING Groep N.V.
Schroders Capital Climate+ LTAF
UBS SA
Google Inc.
SGP
Richard Oldfield
Ralph Hamers
Caesar Sengupta
Show more
19:34 10.10.2024
ralph hamers joins arta finance as senior adviser and investor
United States Dollar
Credit Suisse Anlagestiftung
ING Groep N.V.
Schroders plc
UBS Group AG
Alphabet Inc.
Google Inc.
CHE
SGP
IND
USA
Sergio Ermotti
Eric Schmidt
Caesar Sengupta
Gautam Adani
Ralph Hamers
Show more
09:00 10.10.2024
swiss national bank signals further interest rate cuts amid low inflation
Swiss Franc
State Street Corporation
ING Groep N.V.
UBS SA
CHE
Reto Cueni
Philipp Merkt
Thomas Gitzel
Valentino Guggia
Fredy Hasenmaile
Show more
09:00 26.09.2024
Trending
Subcategory
Stock Market Updates
Corporate News
Industry Trends
Global Trade Developments
Global Financial Events
Finance Mergers & Acquisitions
Banking Regulations
Retail and Consumer Goods
Startups & Entrepreneurship
Industry Mergers & Acquisitions
Central Bank Actions
Inflation and Monetary Impact
Market Analysis and Predictions
CEO Changes
Government Economic Policies
Government Policies
Domestic Politics
Workplace Trends
GDP Growth & Recession Forecasts
Financial Scams and Security
Countries:
Companies:
Barclays PLC
Apple Inc.
JPMorgan Chase & Co.
Tesla, Inc.
Deutsche Bank Money Market PP
Banco Santander, S.A.
The Goldman Sachs Group, Inc.
Credit Suisse Strategic Income I
Berkshire Hathaway Inc.
Lloyds Banking Group plc
SpaceXCoin USD
Bank of America Corporation
UBS Group AG
Morgan Stanley
Amazon.com, Inc.
Wells Fargo & Company
BNP Paribas SA
NVIDIA Corporation
UniCredit S.p.A.
Bank Frick AG
Currencies:
United States Dollar
Euro
British Pound Sterling
Swiss Franc
Japanese Yen
Indian Rupee
Chinese Yuan
Vietnamese Đồng
South Korean Won
Canadian Dollar
Australian Dollar
Thai Baht
New Taiwan Dollar
Singapore Dollar
Indonesian Rupiah
Mexican Peso
Cambodian Riel
Russian Ruble
Hong Kong Dollar
Offshore Chinese Yuan
People:
Donald Trump
Elon Musk
Warren Buffett
JD Vance
Sergio Ermotti
Mark Haefele
Robin Leopold
Olivier Calvet
Troy L Rohrbaugh
Jennifer Piepszak
Karoline Leavitt
Ursula von der Leyen
Alex Kramm
Susan P. Crawford
Scott Bessent
Stacey Friedman
Jeff Bezos
George Saravelos
Francois Xavier Bouvignies
Joseph Spak