INGA ING Groep NV

By Elena Vardon

ING Groep NV on Thursday beat expectations as it reported first-quarter earnings boosted by interest rates and lower provisions, and launched a 1.5 billion-euro ($1.65 billion) share buyback.

The Dutch bank posted a net profit of EUR1.59 billion for the three months to March 31 compared with EUR429 million a year earlier and exceeding expectations of EUR1.11 billion taken from a company-compiled consensus.

Total income for the quarter came in 21% ahead of the previous year at EUR5.57 billion, beating consensus estimates of EUR5.20 billion. This included EUR4.01 billion in net interest income--the difference between what banks earn on loans and pay clients for deposits--against consensus of EUR3.93 billion.

It booked a lighter addition to loan loss provisions at EUR152 million, while consensus had the figure at EUR430 million compared with a EUR987 million charge in the same quarter last year.

ING's common equity Tier 1 ratio--a key measure of balance-sheet strength--was 14.8% at the end of the period, from 14.5% a quarter earlier, and consensus of 14.3%, it said.

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

(END) Dow Jones Newswires

May 11, 2023 01:38 ET (05:38 GMT)

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