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    Anke Reingen • RBC

    Anke Reingen's questions to ING Groep NV (ING) leadership

    Anke Reingen's questions to ING Groep NV (ING) leadership • Q2 2025

    Question

    Anke Reingen of RBC Capital Markets asked if the liability margin should revert to 100 basis points in Q3 now that the German deposit campaign has ended. She also inquired if the upgraded 2025 ROE outlook suggests a structurally better outcome for the 2027 target as well.

    Answer

    CEO Steven van Rijswijk stated that while the company is comfortable with its 2027 targets, it is not issuing new guidance for that year. CFO Tanate Phutrakul confirmed that on a like-for-like basis, with the German campaign ending, the liability margin would indeed be around 100 basis points, or slightly better.

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    Anke Reingen's questions to ING Groep NV (ING) leadership • Q1 2025

    Question

    Anke Reingen of RBC asked if the cautious stance leading to the higher CET1 target has affected other business decisions like lending or investment. She also inquired about trends observed among corporate clients following recent tariff implementations.

    Answer

    CEO Steven van Rijswijk noted that while retail lending remains strong, Wholesale Banking clients are more conservative with investments due to uncertainty. CFO Ljiljana Cortan added that the direct impact of tariffs is expected to be limited due to ING's diversified portfolio and high-quality client base, and the bank has weathered market volatility well.

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    Anke Reingen's questions to ING Groep NV (ING) leadership • Q2 2024

    Question

    Anke Reingen asked why the projected €500 million step-up in replicating portfolio income for 2025 shouldn't translate into a similar increase in net interest income guidance. She also inquired about the specific strategies driving ING's impressive loan volume growth ahead of competitors.

    Answer

    CFO Tanate Phutrakul explained that the replicating income is only one component of NII; the net result also depends on customer deposit rates and competitive dynamics, noting that competition remained benign in Q2. Executive Steven van Rijswijk attributed the strong loan growth to a superior customer experience, driven by strong digital channels and a focus on reducing 'time to yes' for loan approvals, citing a sub-24-hour approval time in the Dutch broker channel as a key advantage.

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    Anke Reingen's questions to ING Groep NV (ING) leadership • Q2 2024

    Question

    Anke Reingen followed up on the replicating portfolio income, asking why the EUR 500 million step-up in 2025 shouldn't translate to a similar increase in NII guidance. She also asked what ING is doing differently to achieve its impressive loan volume growth.

    Answer

    CEO Steven van Rijswijk attributed the strong loan growth to a superior customer experience, highlighting a focus on digital processes that reduce the 'time to yes' for customers, such as a sub-24-hour approval time for mortgages via brokers in the Netherlands. CFO Tanate Phutrakul explained that while the replicated income is one factor for NII, the final outcome also depends on customer deposit rates and competitive dynamics, noting that competition remained benign in Q2.

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    Anke Reingen's questions to UBS Group AG (UBS) leadership

    Anke Reingen's questions to UBS Group AG (UBS) leadership • Q2 2025

    Question

    Anke Reingen asked for more detail on the potential to mitigate the impact of the RWA output floor and requested clarification on the financial impact of the FX derivatives matter, specifically if it was fully accounted for in Q2.

    Answer

    CFO Todd Tuckner stated that while it is too early to quantify the mitigation for the RWA output floor, it is a key focus. He confirmed that the financial impact from agreements with clients affected by the FX derivatives matter is substantially captured in the second quarter's results.

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    Anke Reingen's questions to UBS Group AG (UBS) leadership • Q4 2024

    Question

    Anke Reingen of RBC Capital Markets asked if UBS could offset potential ROE dilution from higher capital requirements and questioned what makes the current plan to improve U.S. Wealth Management performance different from previous attempts.

    Answer

    CEO Sergio Ermotti stated there are "no easy fixes" or offsets available for potential capital requirement increases; any changes would be dilutive to returns. CFO Todd Tuckner detailed that the U.S. plan is different due to a comprehensive set of levers being executed simultaneously, including service model changes and a focus on client mix, admitting there is "no silver bullet."

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    Anke Reingen's questions to UBS Group AG (UBS) leadership • Q2 2024

    Question

    Anke Reingen sought more detail on the $25 billion Basel III final RWA impact and asked whether the reiterated P&C NII guidance was on a USD or CHF basis, questioning what offset the assumption of more rate cuts.

    Answer

    Executive Todd Tuckner confirmed the Basel III final impact estimate remains around $25 billion (5% of RWA). He clarified the Personal & Corporate Banking NII guidance is in Swiss francs (CHF) and that the bank was able to reaffirm it, despite headwinds, due to offsetting management actions, including proactive loan repricing.

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    Anke Reingen's questions to Deutsche Bank AG (DB) leadership

    Anke Reingen's questions to Deutsche Bank AG (DB) leadership • Q2 2025

    Question

    Anke Reingen of RBC Capital Markets inquired about the upcoming stress test, expressing concern that a low fully loaded CET1 ratio including the output floor could impact regulatory views on capital distribution. She also asked if the Q2 adjusted cost of €5 billion should be considered the run rate for H2.

    Answer

    CFO James von Moltke stated the fully phased-in stress test results are not considered relevant by supervisors as the rules are not yet in effect, and the focus will be on the drawdown. CEO Christian Sewing added he is not concerned about the results limiting distributions. Von Moltke confirmed that the €5 billion adjusted cost figure is the intended run rate for the second half of the year, consistent with prior guidance.

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    Anke Reingen's questions to Deutsche Bank AG (DB) leadership • Q1 2025

    Question

    Anke Reingen of RBC asked about the Personal Banking division, questioning if the headwind from running off capital-intensive loans would continue. She also inquired if the Q1 non-compensation expense level was a sustainable run rate.

    Answer

    CFO James von Moltke confirmed that the strategic runoff of certain capital-intensive loans would persist, but the overall outlook for the Private Bank remains strong. He noted Q1 non-comp costs were not unusual and expects ongoing benefits from restructuring. CEO Christian Sewing added that the bank is now realizing the benefits of its transformation efforts, including the Postbank integration, which supports overall profitability.

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    Anke Reingen's questions to Credit Agricole SA (CRARY) leadership

    Anke Reingen's questions to Credit Agricole SA (CRARY) leadership • Q2 2024

    Question

    Anke Reingen of RBC Capital Markets asked if the 5.7% underlying cost growth represents a peak and requested comments on the ECB's review of leveraged finance exposures.

    Answer

    Executive Jerome Grivet clarified that the cost growth is a step-up from scope effects (RBC, Degroof), not a peak, and will annualize. He noted that underlying cost discipline remains focused on the cost/income ratio. Regarding the ECB review of leveraged finance, he stated the bank is regularly monitored and expects no significant impact.

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    Anke Reingen's questions to Credit Agricole SA (CRARY) leadership • Q1 2024

    Question

    Anke Reingen asked if the record quarter in wealth management was driven by market performance or structural changes. She also inquired whether the acquisition of Degroof Petercam signaled a broader strategy for expansion in the wealth management space.

    Answer

    Executive Jerome Grivet attributed the strong wealth management results to a combination of good commercial momentum with significant net inflows, a positive market effect, and a high level of client transaction activity. Regarding M&A, he stated that the immediate focus is on properly integrating Degroof Petercam, and significant new acquisitions in this division are not expected in the near term.

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