Trending: ING Groep Posts 3Q Beat, Launches EUR2.5 Billion Buyback
03 November 2023 - 12:38AM
Dow Jones News
1308 GMT - ING Groep is among the most mentioned companies
across news items over the past six hours, according to Factiva
data. The Dutch lender posted a better-than-expected net profit for
its third quarter and announced a EUR2.5 billion share buyback,
which was bigger than anticipated. "We think expectations into the
quarter were high," UBS analysts say in a note. Analysts note that
investors were already expecting a program of this magnitude even
though estimates on average penciled in a EUR1.95 billion buyback.
The confirmation shows that the bank is moving faster on capital
distribution, RBC Capital Markets analysts write. The bank's net
profit more than doubled on year and was ahead of expectations.
Total income rose 32% on year as its retail-banking division
benefited from the current interest-rate environment, along with
strong performance in its wholesale banking arm. Some see the
better-than-expected result as low or mixed quality given it was
driven by higher other income and lower impairments making up for
weaker net interest income on treasury and financial markets as
well as heavier costs. Shares trade around 2.8% lower at EUR11.67,
their lowest price since June, while Amsterdam's blue-chip index
gains 1.7%. Dow Jones & Co. owns Factiva.
(elena.vardon@wsj.com)
(END) Dow Jones Newswires
November 02, 2023 09:23 ET (13:23 GMT)
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