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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
  -0.042 -0.36% 11.59 11.592 11.596 11.632 11.55 11.594 831,090 08:17:06

ING's 2Q Net Profit Fell, But Beat Market Views Significantly

04/08/2022 6:56am

Dow Jones News


ING Groep NV (EU:INGA)
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By Sabela Ojea

 

ING Groep NV reported on Thursday a decline in net profit for the second quarter of 2022, which still came in ahead of market views, but noted that total income increased on the back of higher interest income, a robust fee and commission income and strong trading results.

The Dutch lender posted a net profit of 1.18 billion euros ($1.20 billion) compared with EUR1.46 billion for the same period a year earlier. Net profit was expected to decline to EUR958.1 million, according to FactSet and based on two analyst forecasts.

Total income rose to EUR4.68 billion from EUR4.52 billion, with net interest income increasing to EUR3.47 billion from EUR3.34 billion a year earlier, it said, adding that fee income rose 4% on year to EUR888 million.

Net interest income was expected to rise to EUR3.43 billion, taken from FactSet and based on two analyst estimates.

ING closed the period with a common equity Tier 1 ratio--the comparison of the bank's capital against its assets--of 14.7%, down from 14.9% as at March 31.

The board has declared an interim dividend of EUR0.17, it added.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

August 04, 2022 01:41 ET (05:41 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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