ING 4Q Net Profit Missed Market Views

By Sabela Ojea

ING Groep NV reported Thursday a rise in net profit for the fourth quarter of 2021, which came in below market expectations, and declared a final dividend.

The Dutch bank posted a net profit of 945 million euros ($1.07 billion), compared with EUR727 million a year earlier.

It had been expected to post a net profit of EUR1.06 billion, according to FactSet and based on four analysts' estimates.

Net interest income rose to EUR3.37 billion from EUR3.34 billion, the bank said, noting that operating expenses for the period grew to EUR2.95 billion from EUR2.91 billion.

ING's common equity Tier 1 ratio--a key measure of balance sheet strength--was 15.9% at the end of the period, up from 15.5% a year earlier, it said.

The board has declared a final dividend of EUR0.41 a share.

"Looking ahead to 2022, ING is well prepared to navigate the current operating environment, with solid capital buffers, a strong risk profile and a focus on execution," Chief Executive Steven van Rijswijk said.

Write to Sabela Ojea at [e-mail]; @sabelaojeaguix

(END) Dow Jones Newswires

February 03, 2022 01:41 ET (06:41 GMT)

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