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INGA ING Groep NV

16.624
0.10 (0.61%)
Last Updated: 11:15:34
Delayed by 15 minutes
Share Name Share Symbol Market Type
ING Groep NV EU:INGA Euronext Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.10 0.61% 16.624 16.624 16.628 16.656 16.56 16.584 1,218,574 11:15:34

ING Groep Unveils EUR2.5 Billion Buyback After Net Profit Beats Views

02/11/2023 6:51am

Dow Jones News


ING Groep NV (EU:INGA)
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From May 2023 to May 2024

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By Elena Vardon

 

ING Groep topped estimates as it launched a larger-than-expected share buyback program and reported a jump in third-quarter net profit on higher interest and fee income.

The Dutch bank's net profit for the three months ended Sept. 30 more than doubled to 1.98 billion euros ($2.09 billion), compared with EUR979 million a year earlier, it said on Thursday. The figure exceeded the EUR1.83 billion expected by a company-compiled consensus.

Total income for the quarter came in 32% ahead of the same quarter the previous year at EUR5.84 billion, beating consensus estimates of EUR5.69 billion. This included EUR4.03 billion in net interest income--the difference between what banks earn on loans and pay clients for deposits--against consensus' EUR4.12 billion.

It booked an additional EUR183 million in loan loss provisions--funds earmarked for bad loans--while consensus had the figure at EUR322 million.

"We are conscious of the public discussions on saving rates and, depending on developments in the competitive landscape, our liability margins may reduce somewhat from current levels," Chief Executive Steven van Rijswijk said, adding that overall income will be supported by its diversified business, in particular when loan demand recovers.

ING's common equity Tier 1 ratio--a key measure of balance sheet strength--was 15.2% at the end of the period, against consensus' 15.0% consensus, it said.

The lender announced EUR2.5 billion share buyback, while analysts polled by consensus had penciled in a EUR1.95 billion program.

 

Write to Elena Vardon at elena.vardon@wsj.com

 

(END) Dow Jones Newswires

November 02, 2023 02:36 ET (06:36 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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