ING Group released yesterday its numbers for Q3 21. Net income was above expectations driven by a strong beat at the top line. The latter was driven by all businesses (including net interest income). The CET1 ratio at 15.8% was well above requirements (in line with the consensus) as management does not expect a material increase in RWA (Basel IV implementation) from here. We will revise upwards our EPS for ING Group but keep our Sell/Reduce recommendation (we prefer ABN Amro).
