| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.07 | 0.58% | 12.04 | 12.036 | 12.04 | 12.062 | 11.97 | 12.026 | 1,197,318 | 08:53:10 |
ING Sees Higher Income Growth In 2023 As 4Q Results Beat Views -- Update
02/02/2023 8:19am
Dow Jones News
ING Groep NV (EU:INGA)
Historical Stock Chart
From Dec 2022 to Jun 2023
By Elena Vardon
ING Groep NV on Thursday reported fourth-quarter net profit ahead of expectations and said it is on track to meet its 2025 targets as it sees higher income growth in 2023.
The Dutch bank posted a net profit of 1.09 billion euros ($1.20 billion) for the three months to Dec. 31, compared with EUR945 million a year earlier and exceeding the EUR931 million expected in a company-compiled consensus.
Total income for the quarter came in 5.3% ahead of the previous year at EUR4.89 billion, beating consensus estimates of EUR4.64 billion. Net interest income--the difference between what banks earn on loans and pay clients for deposits--was EUR3.86 billion, against consensus of EUR3.79 billion, which excludes a EUR315 million charge related to the change in targeted longer-term refinancing operations (TLTRO) terms.
Operating expenses for the period fell to EUR2.89 billion from last year's EUR2.95 billion. This compares to the EUR2.83 billion expected by consensus.
The group said it managed to limit expense growth despite incurring higher costs from salary and marketing expenses.
ING's common equity Tier 1 ratio--a key measure of balance sheet strength--was 14.5% at the end of the period, from 14.7% a quarter earlier, and 14.4% consensus, it said.
The board has declared a final dividend of EUR0.389 per share, above the EUR0.30 expected by analysts' consensus.
The bank is on track to meet its 2025 targets outlined in June, it said. It sees a cost-income ratio at 55%-56% for 2023, against the 50%-52% target.
It also expects total income growth of more than 10% for the year ahead, compared to the updated 4%-5% target. Total income for 2022 was EUR18.56 billion.
"Despite continued uncertainty in the current operating environment, I'm confident in our ability to perform well in these circumstances," Chief Executive Steven van Rijswijk said.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
February 02, 2023 03:04 ET (08:04 GMT)
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