ING Groep N.V. ADR (ING)

ING Groep N.V. ADR (ING) stock dropped by 5.92% due to the Dutch bank's outlook for 2024, which led to concerns among investors. Here are the details:

• Lower Total Income Forecast: ING Groep, the largest Dutch bank by assets, forecasted lower total income for 2024, primarily driven by missing net interest income (NII) estimates in the fourth quarter. The European Central Bank's expected interest rate cuts later in the year also contributed to the bank's cautious outlook. This announcement caused ING's shares to plummet by over 8% and marked one of its worst trading days in nearly a year, making it one of the top losers on the STOXX 600.
• Fourth-Quarter NII and CEO's Outlook: ING reported fourth-quarter NII of 3.88 billion euros, falling short of analysts' estimates of 3.98 billion euros. CEO Steven van Rijswijk stated that he expects NII to decrease to a range of 15 billion to 15.5 billion euros in 2024, down from 16 billion euros in 2023. Despite this, he emphasized that it remains a healthy figure compared to previous years and noted a potential offset from increased lending income.

ING Groep N.V. (ING) shares fell 6.88% to $12.99 on Friday trading. ING Groep recently announced the sale of its 85% stake in fintech subsidiary, Cobase to U.K.-listed Alpha Group through the signing of a conditional agreement which is yet to be approved by the Dutch Central Bank.

https://www.benzinga.com/news/23/09/34818761/scholastic-and-other-big-stocks-moving-lower-in-fridays-pre-market-session