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    Anke Reingen

    Research Analyst at RBC

    Anke Reingen is Global Co-Head of Financials Research and Desk Strategy at RBC Capital Markets, specializing in European bank equities and financials. She covers major companies including UBS Group AG and provides fundamental research and ratings for leading European banks; recent performance includes a Buy recommendation on UBS at CHF34.00 and a long-term track record of quantitative and qualitative analysis. Reingen began her career as a banks analyst in 1999, joined RBC in 2011, and brings over two decades of expertise, with earlier roles at other financial institutions prior to her current tenure. She is recognized for her sector leadership and is professionally registered, holding relevant securities credentials for her role.

    Anke Reingen's questions to ING GROEP (ING) leadership

    Anke Reingen's questions to ING GROEP (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 (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 (ING) leadership • Q4 2024

    Question

    Anke Reingen of RBC asked if the 54-55% cost-to-income ratio target for 2025 was still achievable and if RWA growth could be lower than the 4% lending growth due to SRTs.

    Answer

    CFO Tanate Phutrakul projected a cost-to-income ratio below 56% for 2025, maintaining the 52-54% target for 2027. Executive Steven van Rijswijk explained that RWA growth is already expected to be slightly below loan growth due to the concentration in lower-risk mortgages, even before the impact of mitigating actions like SRTs.

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    Anke Reingen's questions to ING GROEP (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 (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 (UBS) leadership

    Anke Reingen's questions to UBS Group (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 (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 (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 AKTIENGESELLSCHAFT (DB) leadership

    Anke Reingen's questions to DEUTSCHE BANK AKTIENGESELLSCHAFT (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 AKTIENGESELLSCHAFT (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 S A (CRARY) leadership

    Anke Reingen's questions to CREDIT AGRICOLE S A (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 S A (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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    Anke Reingen's questions to BNPQY leadership

    Anke Reingen's questions to BNPQY leadership • Q2 2024

    Question

    Asked for clarification on the 12% CET1 target for year-end 2025 in light of the FRTB delay, and inquired about potential concerns over an ECB request for additional provisions on leveraged finance, as well as the bank's current capital add-on for this exposure.

    Answer

    The company reiterated its firm 12% CET1 target, stating any excess capital will be redeployed. They acknowledged an ongoing ECB review of leveraged finance but provided no further details. An update on any capital add-ons will be given at the end of the year with the SREP results.

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    Anke Reingen's questions to Julius Baer Group (JBAXY) leadership

    Anke Reingen's questions to Julius Baer Group (JBAXY) leadership • H1 2023

    Question

    Anke Reingen from RBC inquired about balance sheet trends, specifically client deleveraging and deposit momentum towards the end of H1. She also asked for the outlook on absolute cost levels for H2 and for a breakdown of net new money between new clients and market share gains.

    Answer

    CFO Evie Kostakis clarified that deleveraging was about 2% on an FX-neutral basis and that deposit outflows stabilized in Q2. She anticipates a seasonal cost uptick in H2 due to hiring but noted that cost-saving initiatives are progressing. On net new money, she stated it was roughly split half-and-half between newer RMs and seasoned RMs.

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    Anke Reingen's questions to Julius Baer Group (JBAXY) leadership • Q4 2022

    Question

    Anke Reingen asked for details on the exit gross margin for November and December, including its composition, and for an outlook on costs for 2023, questioning if the cost-to-income ratio might deteriorate due to investments.

    Answer

    CEO Philipp Rickenbacher confirmed that while the firm will invest in 2023, it will also manage costs tactically based on the market environment. CFO Evie Kostakis confirmed the Nov/Dec exit margin was 96 basis points, breaking it down into 41 bps for commission/fees, 24 bps for NII, and 30 bps for trading. She added that swap income constituted a little more than half of the trading income portion.

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    Anke Reingen's questions to Julius Baer Group (JBAXY) leadership • Q2 2022

    Question

    Anke Reingen of RBC requested a breakdown of the 75 basis point exit gross margin for May-June to understand the drivers of the decline. She also asked whether to expect further OCI headwinds if forward rate expectations materialize, or if these would be offset by pull-to-par effects.

    Answer

    CFO Evie Kostakis provided a detailed breakdown of the 75 basis point exit margin: 44 bps from commission and fees, 18 bps from NII, and 13 bps from trading. She also stated that future OCI headwinds from expected rate hikes should be offset by the pull-to-par effect, assuming no extreme rate movements beyond current forwards.

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