(RTTNews) – Dutch financial services firm ING Group (ING) reported Thursday that its third-quarter net result fell 5.1 percent to 1.88 billion euros from last year’s 1.98 billion euros.
Profit before tax was 2.67 billion euros, down 6.9 percent from prior year’s 2.87 billion euros.
Total income, however, grew 1.1 percent to 5.91 billion from from 5.84 billion euros a year ago. The increase was supported by continued growth in customer balances and fee income.
Net interest income, meanwhile, fell 8.4 percent to 3.69 billion euros from prior year’s 4.03 billion euros. The net interest margin was 1.41 percent, which is 7 basis points lower sequentially.
In the quarter, fee income increased 11 percent year-on-year, surpassing 1 billion euros, with significant growth in both Retail and Wholesale Banking.
Looking ahead to fiscal 2024, the company expects a total income of greater than 22.5 billion euros, including 4 billion euros of fee income, and a cost/income ratio of around 53 percent.
Further, ING announced the start of a share buyback programme, under which it plans to repurchase ordinary shares of ING Group for a maximum total amount of 2.0 billion euros.
In addition, ING has announced that an amount of 500 million euros will be paid out in cash to shareholders on January 16, 2025. The buyback programme and additional cash payment will have a combined impact of roughly 76 basis points on CET1 ratio.
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Source : Nasdaq