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Samuel Moran-Smyth

Research Analyst at Barclays PLC

Samuel Moran-Smyth is an analyst at Barclays specializing in coverage of major European financial institutions, including ING Groep NV, Credit Agricole SA, BNP Paribas, ABN AMRO Group, and KBC Group. He maintains a 65% success rate across 31 stock ratings, ranking #2,710 out of 9,028 Wall Street analysts on TipRanks, with an average return of +9.6% and a notable single-rating return of +64.2% for ABN AMRO. Moran-Smyth began his analyst career prior to 2017, with continued tenure at Barclays up to the present. His professional credentials reflect active participation in earnings calls and research, though specific securities licenses are not publicly listed.

Samuel Moran-Smyth's questions to ING GROEP (ING) leadership

Question · Q2 2024

Samuel Moran-Smyth asked about market share gains in lending, particularly in challenging markets, and questioned the subdued net deposit growth in Germany during Q2 despite promotional activity. He also sought clarification on what constitutes a 'marketing campaign'.

Answer

Executive Steven van Rijswijk highlighted Poland and Italy as challenging markets showing strong lending growth. He clarified that a significant €11 billion deposit inflow in Germany occurred in Q1 due to a campaign launched then, and that Q2's growth was more broad-based without a major new German campaign. He defined a 'campaign' as the launch of a new, time-bound offer that drives a large, initial inflow of funds.

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Question · Q2 2024

Samuel Moran-Smyth asked about lending growth and market share gains, particularly in challenging markets, and sought clarification on the net deposit growth in Germany, questioning if recent marketing campaigns had seen offsetting outflows.

Answer

CEO Steven van Rijswijk clarified that the significant EUR 11 billion deposit inflow in Germany occurred in Q1 following a marketing campaign, and no similar campaign was run in Q2. Regarding lending growth in challenging markets, he highlighted a return of growth in Poland as the economy improves and noted that Italy is also performing particularly well.

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Samuel Moran-Smyth's questions to CRARY leadership

Question · Q1 2024

Samuel Moran-Smyth asked when the historically low home loan production might begin to recover and what factors were driving the slowdown. He also inquired about the timeline for a full underlying recovery in the consumer credit business, excluding scope effects.

Answer

Jerome Grivet, an executive, indicated that the home loan slowdown is now driven by customers' 'wait and see' attitude regarding property prices, not interest rates. He expects a potential pickup around mid-2024. For consumer credit, he anticipates the benefits of improved margins on new loans will become visible in the P&L starting in the second half of the year, following another subdued Q2.

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Samuel Moran-Smyth's questions to BNPQY leadership

Question · Q4 2024

Asked for the reason behind the lowered income target for specialized businesses and inquired about the potential impact from U.K. motor finance claims.

Answer

The target for specialized businesses was lowered because the recovery in Personal Finance is now expected to be slower, with a full rebound in 2026 instead of 2025. The group's exposure to U.K. motor finance is considered limited and not material, and the provisions taken in the quarter are unrelated.

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