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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  ING Groep    INGA   NL0011821202

ING GROEP (INGA)
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ING Groep : Remittances to climb steady this year ING

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01/12/2019 | 12:14pm EST

Remittances to climb steady this year ING !-- -- Lawrence Agcaoili (The Philippine Star) - January 13, 2019 - 12:00amMANILA, Philippines Dutch financial giant ING Bank said inflows from Filipinos living and working abroad continued to outpace the growth target set by the Bangko Sentral ng Pilipinas (BSP). In its latest Asia economic calendar, ING Bank said remittances from overseas Filipino workers likely climbed 5.

3 percent in November last year, outpacing the revised target set by the central bank The BSP is looking at a three percent growth for remittances for 2018 and 2019, lower than the previous target of four percent. Aside from beefing up the country's foreign exchange buffer, remittances usually fuel personal consumption helping sustain a steady economic growth.

The amount of money sent home by overseas Filipinos usually accounts for 10 percent of gross domestic product (GDP). Latest data released by the BSP showed personal remittances, consisting of cash and non-cash items that flow through both formal or via electronic wire and informal channels such as money or goods carried across borders, rose eight percent to $2.76 billion in October last year.

On the other hand, cash remittances coursed through banks increased 8.7 percent to $2.47 billion.

For the first 10 months, personal remittances inched up 2.9 percent to $26.47 billion.

Cash remittances climbed 3.1 percent to $23.77 billion.

Remittances came primarily from the US, Saudi Arabia, United Arab Emirates, Singapore, Japan, United Kingdom, Qatar, Canada, Germany, and Hong Kong. The amount of money sent home by Filipinos abroad usually pick up during the ber' months or the start of the fourth quarter ahead of the celebration of Christmas.

© Pakistan Press International, source Asianet-Pakistan

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Financials (€)
Sales 2018 18 085 M
EBIT 2018 7 795 M
Net income 2018 4 525 M
Debt 2018 -
Yield 2018 6,93%
P/E ratio 2018 8,32
P/E ratio 2019 7,36
Capi. / Sales 2018 2,13x
Capi. / Sales 2019 2,09x
Capitalization 38 478 M
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Number of Analysts 25
Average target price 14,4 €
Spread / Average Target 46%
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Ralph A. J. G. Hamers Chairman-Executive Board & Chief Executive Officer
Gerardus Johannes Wijers Chairman-Supervisory Board
J. V. Timmermans Chief Financial Officer
Henk W. Breukink Independent Member-Supervisory Board
Robert W. P. Reibestein Independent Member-Supervisory Board
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