ING - ING Group: Still Attractive After A Much Improved Q1
2024-05-03 17:24:48 ET
Summary
- ING Groep N.V. has been a strong performer since I last covered the bank post-Q4 2023, outperforming wider European financials with a circa 30% return.
- Q1 results were strong, with previously disappointing NII guidance upped a little and fee income growth much better than I expected.
- The recent share price performance leaves ING Groep's valuation more realistic than it was, but resilient earnings and significant capital returns potential can still drive strong returns from here.
Dutch bank ING Groep N.V. ( ING ) has done well since my last article back in February, gaining almost 30% and materially outperforming wider European financials in that time. Back then, I argued that the market's valuation of ING did not come close to reflecting its outlook. While the bank was admittedly frustrating on certain aspects, like its vague capital returns plans, the stock's discount to tangible book value looked too extreme relative to its earnings power and balance sheet strength....
ING Group: Still Attractive After A Much Improved Q1