ING 3Q Net Profit Fell on Poland Mortgage Hit; Launches EUR1.5 Billion Buyback
November 03 2022 - 3:03AM
Dow Jones News
By Ed Frankl
ING Groep NV said Thursday that its third-quarter net profit
ticked down on year, hit by a mortgage holiday in Poland, and that
it is initiating a 1.5 billion euro ($1.47 billion) share-buyback
program.
The Dutch lender posted a net profit of EUR979 million, compared
with EUR1.37 billion a year earlier.
Total income, its top-line measure, fell 5% to EUR4.41 billion,
ING said.
The figures came slightly below expectations of EUR1.08 billion
for net profit and EUR4.43 billion for total income, according to
analysts polled by FactSet.
Net interest income at EUR3.33 billion was down 1.7% on year,
owing to the impact of a Polish mortgage moratorium, which was
brought in to shield consumers from rising interest rates.
The impact was itself partially offset by higher rates, as ING
gained more from loans.
The bank said it is immediately launching its share-buyback
program, to end by Dec. 31. Any remaining amount of the program
after that date would be paid out in cash to shareholders, it
added.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
November 03, 2022 02:48 ET (06:48 GMT)
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