INGA

By Elena Vardon

ING Groep NV reported Thursday fourth-quarter net profit ahead of expectations and proposed a final dividend.

The Dutch bank posted a net profit of 1.09 billion euros ($1.20 billion), compared with EUR945 million a year earlier and with the EUR931 million expected in a company-compiled consensus. Net interest income was EUR3.86 billion, against consensus' expectation of EUR3.79 billion, which excludes a EUR315 million charge related to the change in targeted longer-term refinancing operations (TLTRO) terms.

Operating expenses for the period fell to EUR2.89 billion from last year's EUR2.95 billion. This compares to the EUR2.83 billion expected by consensus.

The group said it managed to limit expense growth despite incurring higher costs from salary and marketing expenses.

ING's common equity Tier 1 ratio--a key measure of balance sheet strength--was 14.5% at the end of the period, from 14.7% a quarter earlier, and 14.4% consensus, it said.

The board has declared a final dividend of EUR0.389 per share, above the EUR0.30 expected by analysts' consensus.

"Despite continued uncertainty in the current operating environment, I'm confident in our ability to perform well in these circumstances. We have a good capital position, a growing customer base, a diversified income stream, a strong funding structure as well as one of the best credit ratings in the eurozone," Chief Executive Steven van Rijswijk said.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

February 02, 2023 01:43 ET (06:43 GMT)

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