INGA ING Groep NV

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)

ING Groep NV (EU:INGA)
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