ING Groep Net Profit Beat Views On Interest Income Boost
August 03 2023 - 1:45AM
Dow Jones News
By Elena Vardon
ING Groep beat expectations as it reported a jump in its net
profit for the second quarter of 2023 after interest income boosted
its revenue .
The Dutch bank on Thursday posted a net profit of 2.155 billion
euros ($2.36 billion) for the three months to June 30 compared with
EUR1.18 billion a year earlier and exceeding the EUR1.64 billion
expected in a company-compiled consensus.
Total income for the quarter came in 23% ahead at EUR5.76
billion, beating consensus estimates of EUR5.50 billion. This
included EUR4.06 billion in net interest income--the difference
between what banks earn on loans and pay clients for
deposits--against consensus of EUR4.13 billion. Its interest margin
was 1.56% for the quarter, it added.
"The current interest rate environment drove income growth in
both retail and wholesale banking, with continued deposit inflows
across our retail markets," Chief Executive Steven van Rijswijk
said
ING's common equity Tier 1 ratio--a key measure of balance sheet
strength--was 14.9% at the end of the period compared with 14.8% a
quarter earlier, and 14.6% consensus, it said.
The lender declared an interim dividend of EUR0.35 a share
compared with EUR0.17 a year prior, and consensus's expected
EUR0.31 payout.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
August 03, 2023 01:30 ET (05:30 GMT)
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