ING faces higher competition, Jefferies says valuation looks suitable

1305 GMT - ING Groep faces rising competition in some key markets as new entrants scale quickly, putting pressure on deposit pricing, Jefferies' Theo Massing and Joseph Dickerson write. The Dutch bank's valuation appears suitable ahead of its third-quarter results, the analysts add. Jefferies continues to forecast "robust" loan growth in markets with an attractive mortgage backdrop, such as the Netherlands, Germany and Italy. Visibility for 2027 and 2028 is limited due to forward-rate volatility and deposit competition, the analysts note, but Jefferies doesn't expect a surprise from the 2027-2028 net interest income numbers. For the third quarter, Jefferies expects ING's net result to be broadly in line with the analyst consensus. Shares are down 2.1%. (michael.hennessey@wsj.com) (END) Dow Jones Newswires October 08, 2026 09:05 ET (13:05 GMT) Copyright (c) 2026 Dow Jones & Company, Inc. The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.