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    Samuel Moran-Smyth • Barclays

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

    Samuel Moran-Smyth's questions to ING Groep NV (ING) leadership • Q2 2024

    Question

    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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    Samuel Moran-Smyth's questions to ING Groep NV (ING) leadership • Q2 2024

    Question

    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 Credit Agricole SA (CRARY) leadership

    Samuel Moran-Smyth's questions to Credit Agricole SA (CRARY) leadership • Q1 2024

    Question

    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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