Sign in

    Benoit Petrarque • Kepler Cheuvreux

    Benoit Petrarque's questions to Aegon Ltd (AEG) leadership

    Benoit Petrarque's questions to Aegon Ltd (AEG) leadership • H1 2025

    Question

    Benoît Pétrarque of Kepler Cheuvreux asked about Aegon's future plans for its stake in ASR following a potential relocation to the U.S. He also inquired if the company planned any specific deleveraging actions at the holding level in preparation for the move.

    Answer

    CFO Duncan Russell clarified that the announcement of the review does not change Aegon's position on either front. He reiterated that Aegon remains a long-term, patient holder of its ASR stake and sees no immediate need to change its leverage profile, as the company's footprint is what it is today and a potential move would take two to three years to complete.

    Ask Fintool Equity Research AI

    Benoit Petrarque's questions to ING Groep NV (ING) leadership

    Benoit Petrarque's questions to ING Groep NV (ING) leadership • Q2 2025

    Question

    Benoît Pétrarque from Kepler Cheuvreux asked about the underlying trends in Commercial Net Interest Income (NII) excluding FX impacts. He also sought clarification on the drivers for the implicit NII improvement in Q4 and questioned the seriousness of potentially moving ING's head office for capital efficiency.

    Answer

    CEO Steven van Rijswijk clarified his remarks about moving the head office were a stylistic example to highlight the lack of a level playing field in European banking regulation and capital requirements. CFO Tanate Phutrakul explained that positive NII drivers include higher-than-planned volumes, while challenges include soft long-term wholesale lending. He attributed the expected Q4 NII improvement primarily to volume growth.

    Ask Fintool Equity Research AI

    Benoit Petrarque's questions to ING Groep NV (ING) leadership • Q1 2025

    Question

    Benoit Petrarque inquired about the outlook for ING's liability and lending margins for the remainder of the year, the impact of day count and mix shift on lending margins, and the rationale behind the new temporary CET1 ratio target of 12.8% to 13%.

    Answer

    CEO Steven van Rijswijk explained that the higher CET1 target is a prudent, internal decision due to macroeconomic uncertainty, with the long-term target remaining 12.5%. CFO Tanate Phutrakul stated that the liability margin is expected to remain stable in Q2, supported by strong volume growth. He noted the lending margin was impacted by day count, a mix shift to mortgages, and longer funding duration.

    Ask Fintool Equity Research AI

    Benoit Petrarque's questions to ING Groep NV (ING) leadership • Q2 2024

    Question

    Benoit Petrarque inquired about ING's outlook on net interest income (NII), specifically lending volumes and margins, and whether the bank is more positive on its liability margin guidance based on the current interest rate curve. He also asked for the quantitative impact of asset sales on the wholesale banking book.

    Answer

    Executive Steven van Rijswijk confirmed a positive view on mortgage volumes, citing market share gains in the Netherlands and recovering markets elsewhere. He noted that wholesale lending growth was offset by approximately €2 billion in loan sales during the quarter. CFO Tanate Phutrakul addressed the liability margin, reaffirming the 2025 guidance of 100-110 basis points, stating that positive volume momentum and a stable deposit mix support this outlook.

    Ask Fintool Equity Research AI

    Benoit Petrarque's questions to ING Groep NV (ING) leadership • Q2 2024

    Question

    Benoit Petrarque inquired about the outlook for Net Interest Income (NII), specifically asking if management is more positive on lending volumes and margins. He also questioned the liability margin sensitivity based on the current curve and sought details on the impact of asset sales in the wholesale book.

    Answer

    CEO Steven van Rijswijk confirmed a positive outlook on NII, citing strong mortgage volumes and market share gains in the Netherlands, with recovering volumes in Belgium and Germany. He noted that EUR 2 billion in loan sales impacted wholesale banking's reported lending growth. CFO Tanate Phutrakul addressed the liability margin, reaffirming the guidance of EUR 100 million to EUR 110 million for 2025, supported by strong deposit volumes and a halt in the migration from current to savings accounts.

    Ask Fintool Equity Research AI