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Analyse door: Wouter Slot

Wouter Slot is senior analist bij Tostrams binnen de IEX Group. Voor Tostrams schrijft hij al sinds 2007 technische analyses. Al op jonge leeftijd bleek hij geïnfecteerd met het TA-virus en daarom koos hij al vroeg in zijn werkzame leven voor een baan in de beleggingswereld. Hij leest de grafieken als geen ander en weet met b...

Meer over Wouter Slot

Recente analyses van Wouter Slot

  1. 22 apr Hoe kleiner, hoe zwakker 48
  2. 01 apr Amerikaanse beurzen zijn niet te stoppen: kan Nasdaq naar 20.000 punten? 10
  3. 25 mrt Opmars Nederlandse beurs steeds wat breder gedragen 34

Reacties

195 Posts
Pagina: «« 1 ... 5 6 7 8 9 10 | Laatste | Omlaag ↓
  1. forum rang 6 JoostVLS 11 juli 2022 22:11
    Mijn Engels is niet zo goed. Id dit een goed bericht of juist niet ?

    2Q2022 Pre-earnings note
    ING Investor Relations
    11 July 2022
    This document may include forward-looking statements, such as statements regarding future
    developments in our business, expectations for our future financial performance and any statement
    not involving a historical fact. Actual results may differ materially from those projected in any forwardlooking statement. A discussion of factors that may cause actual results to differ from those in any
    forward-looking statement is contained in our public filings, including our most recent Annual Report
    on Form 20-F filed with the United States Securities and Exchange Commission. Furthermore, nothing
    in this document constitutes an offer to sell, or a solicitation of an offer to buy, any securities.
    General market developments
    • In Retail, the mortgage market remained strong with continued demand across our geographies.
    In the Netherlands, the level of mortgage prepayments further normalised.
    • On the Wholesale Banking side, loan demand remained moderate. Keep in mind that 4Q2021
    included short term TLTRO related lending.
    • Inflation continued to be elevated across our geographies.
    • As the cumulative Turkish inflation rate over three years has exceeded 100%, ING will have to
    apply IAS 29 ‘Financial Reporting in Hyperinflationary Economies’ to the consolidation of its
    subsidiary in Turkey, effective as of 1 January 2022. The application of IAS 29 will result in a
    negative P&L adjustment in 2Q2022. It is expected that this accounting impact will be excluded
    from resilient net profit.
    Net Interest Income: the 2Q2021 net interest income was €3,340 mln. In 1Q2022 it was €3,415 mln.
    • Eurozone interest rates continued to significantly increase this quarter, which will support a
    gradual improvement of liability margins. For a more immediate effect however, short term rates
    would have to increase as well, which the ECB anticipates to occur at the end of July and in
    September.
    • We have already seen central bank rate hikes in our non-eurozone markets in Poland, Romania
    and Australia.
    • Note that during 2Q2022 we increased the core savings rate in Poland from 0.05% to 1% and in
    Romania from 0.4% to 1.5%.
    • Since 2020 we have taken several steps in charging negative rates, which has accumulated to the
    current run-rate of ~€300 mln annual net interest income. We have announced that we will
    discontinue negative charging in the Netherlands as of 1 October 2022 and in Belgium as of 1
    September 2022, while in Germany the threshold for negative charging has been increased from
    €50,000 to €500,000 as of 1 July 2022.
    • 1Q2022 included an €82 mln ECB funding rate benefit from the TLTRO III programme, which runs
    until 23 June 2022.
    • Note that the tracking into lending market rates generally follows with some delay.
    • As a result of higher interest rates, mortgage prepayment behaviour is expected to further
    normalise downward during the second quarter.
  2. forum rang 6 JoostVLS 11 juli 2022 22:16
    Deel 2:

    Net fee and commission income: the 2Q2021 fee income amounted to €855 mln and it was €933 mln
    in 1Q2022, supported by high lending fees in Wholesale Banking.
    • In Retail Banking, the previously announced introduction of banking service fees for business clients
    in the Netherlands has been effective as of 1 April 2022. In investment products, the volume of
    trades in European equity markets has been subdued during 2Q2022 and lower stock markets had
    an impact on assets under management.
    • In Wholesale Banking, fee income is mainly driven by lending activity.
    Investment income: the 2Q2021 investment income was €10 mln, while it was €29 mln in 1Q2022.
    Other income: In 2Q2021 other income was €312 mln, including a €72 million receivable due to a
    better-than-expected recovery of the insolvency of a financial institution in the Netherlands (recorded
    in the Corporate Line). In 1Q2022 other income was €222 mln, including a €-150 mln impairment on
    our equity stake in TTB. The aforementioned negative P&L adjustment from hyperinflation accounting
    for Turkey will be reflected in other income.
    Expenses, excluding regulatory costs were €2,372 mln in 2Q2021 and €2,296 mln in 1Q2022. Note
    that 2Q2021 included €39 mln of incidental items related to redundancy and restructuring expenses in
    Retail Netherlands and an impairment in the Corporate Line.
    Regulatory costs were €172 mln in 2Q2021 and €649 mln in 1Q2022.
    • Note that regulatory costs are seasonally high in the first quarter due to the annual contribution to
    the European single resolution fund, the Belgian deposit guarantee scheme, as well as the annual
    Belgian bank tax.
    • Regulatory costs in 2Q2021 included a €30 mln catch-up following the Greensill insolvency in
    Germany.
    • Following the implementation of an additional protection scheme in Poland, we have announced a
    one-off (tax deductible) contribution of approximately €90 mln to be booked in 2Q2022. The
    additional contribution will be partially offset during this year by lower contributions to the existing
    deposit guarantee scheme in Poland.
    Risk costs
    • On asset quality, as a result of a proven risk management framework, we have a strong and welldiversified loan book and a low Stage 3 ratio.
    • The current geopolitical circumstances can affect our provisioning in various ways.
    • The macro-economic indicators will be updated as per the end of the reporting period, reflecting
    the estimated effects on the economy as a whole.
    • Furthermore, just as a reminder on IFRS, based on individual assessments clients can be moved to
    watchlist and move to Stage 3 in case of payment default.
    • Note that sanctions do not automatically trigger a default. Nor does a sovereign default trigger
    automatic downgrades of the portfolio related to such sovereign.
    Tax
    • We have guided the 2022 effective tax rate to be between 27-29%.
    CET1 ratio of the Group stood at 14.9% at the end of 1Q2022.
  3. forum rang 6 JoostVLS 11 juli 2022 22:18
    Deel 3:

    • The additional distribution of €1,250 mln, which was announced 6 May 2022, has an expected
    impact of 37 bps on our CET1 ratio, which was not yet reflected in the CET1 ratio at the end of
    1Q2022.
    • We continue to reserve 50% of resilient net profit for future distribution as per our policy. This will
    be held outside of CET1 capital.
    • As a result of the new regulatory framework regarding FX, related to CET1 hedging in particular, we
    can expect an increase in MRWA, reflecting strong FX movements in the quarter.
    Corporate Line
    • The Corporate Line represents certain P&L elements not allocated to the units. The Corporate Line
    delivers a negative result before tax of approximately €-100 mln per quarter, which however can
    be affected by exceptional items.
    Please note that ING Investor Relations will be in closed period as of close of business 11 July 2022.
  4. forum rang 6 ttroo 11 juli 2022 23:45
    Breaking News - Rusland zet zeeleeuwen (twee) in om Ameriaanse strand toeristen bij San Diego weg te jagen. U dacht aan Kernwapens, Rusland dacht aan zeeleeuwen.

    Tijd voor hogere beurzen. Vage dag vandaag.

    7e ronde om Putin te slaan, maar wel mega hard janken als Putin geen of minder gas gaat leveren.
    Huilers.

    Zoals de EU kansloos is om de Russen te stoppen met oorlog te voeren in Oekraine, zo kansloos zijn de Oranje Boeren met hun demonstraties om de Oranje regering te doen stoppen om stout te zijn tegen de boeren.

    En voorlopig gaat u hoge gas rekeningen en olie prijzen betalen. Of u dat nou wilt of niet.
    Wellicht de volgende keer gaan voor diplomatie? Is dit nou de oplossing? Oost Oekraine in puin. Een 6 a 8 miljoen Oekrainers gevlucht. U betaalt uw blauw voor olie en gas. En u gaat straks nog meer betalen aan Puin, want u gaat betalen voor Zuid Europa. En u betaalt ook voor Oekraine aan Putin.
    U betaalt heel veel voor velen aan Putin. Dat is raar. U mag hem totaal niet, maar u brengt hem wel heel veel geldeenheden. Dus u zegt het een, doet het ander. Woorden maar Andere Daden.

    Dollar zit in een raket. Grondstoffen blijven nog best redelijk liggen met zo'n super stevige dollar.
    Europa gaat vanzelf extra inflatie invoeren met een steeds meer zakkende euro. De-dollarization wordt vanzelf ook De-eurorization. Die Euro valt vanzelf elke dag. Daar hoeven niet euro-fans niets voor te doen.

    Nog maar 0.0038 / 0.0039 en dan staat u op pariteit met de dollar.

    Dat worden dure tripjes naar Amerika en vooral in Amerika. Dollartjes verliezen bij de casino's wordt een stuk pijnlijker.

    Al die opbouw van Oekraine zal de grondstoffen meer en meer schaarser maken.

    Slappe beurshap. Morgen nieuwe kans voor hogere koersen.
195 Posts
Pagina: «« 1 ... 5 6 7 8 9 10 | Laatste |Omhoog ↑

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