ING Groep Unveils EUR2.5 Billion Buyback After Net Profit Beats Views
02 Noviembre 2023 - 12:51AM
Noticias Dow Jones
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)
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