By Pierre Bertrand
ING Groep raised its total income outlook for the year and said it would distribute up to 2.5 billion euros, or $2.71 billion, back to shareholders after net profits exceeded analysts' expectations.
The Dutch bank said it expects to achieve more than 22.5 billion euros in total income for the year, compared with more than 22 billion euros previously.
The raised outlook comes as it made 1.88 billion euros in net profit for the third quarter, compared with 1.98 billion euros a year ago.
Total income, or revenue, meanwhile, rose 1.1%% to 5.91 billion euros helped by an 11% rise in net fee and commission income. Net interest income--a key driver of banking revenue and the difference between what banks earn on loans and pay clients for deposits-- fell 8.4% on year to 3.69 billion euros.
The result compares with analysts' expectations of 1.7 billion euros in net profit, 5.67 billion euros in total income and 3.84 billion euros in net interest income, according to a company-provided consensus.
ING said it would buy back a maximum total of 2 billion euros of shares and also distribute a 500 million euros cash dividend payment.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
October 31, 2024 02:30 ET (06:30 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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