DB cuts ING to 'hold' with returns peak behind
** Shares in ING Groep INGA.AS slip around 3% after Deutsche Bank cut the Dutch lenderto "hold" from "buy", seeing capital return and buybacks likely peaking this year
** It expects less support from ING's replicating portfolio in lower rates environment, with feesaccounting for less than 20% of total revenues and not being enough to offset NII decline
** "We forecast falling revenues next year while cost inflation likely remains elevated, resulting in a meaningful efficiency deterioration in 2025," the broker notes
** DB cuts its PT by 8% to 17euros
** If losses hold, stock will see its worst day since early August
Reporting by Mathias de Rozario
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