ING earns 32.5% less until September and launches a share buyback plan of 1,500 million

MADRID, 3 Nov.

ING earns 32.5% less until September and launches a share buyback plan of 1,500 million

MADRID, 3 Nov. (EUROPA PRESS) -

ING Group obtained a net profit of 2,586 million euros in the first nine months of 2022, which represents a decline of 32.5% compared to the result recorded by the 'orange bank' in the same period of the previous year, according to The entity has informed that it will carry out a repurchase program of its own shares for an amount of 1,500 million euros.

ING's turnover until September reached 13,694 million euros, 1.2% less, including a decrease of 0.3% in net interest income, to 10,212 million, while commission income increased by 4 .1%, up to 2,698 million.

ING's accounts reflect the adverse impact of the new regulation in Poland for mortgages, with a negative effect of 343 million, and of hedge accounting in Belgium, which subtracted 288 million euros.

Between July and September, ING registered a net profit of 979 million euros, 28.4% less than in the third quarter of 2021, with a 5.1% drop in turnover, to 4,412 million.

ING's net interest income in the third quarter fell 1.7% to 3,332 million, while fee income totaled 876 million, 0.7% less.

Likewise, the entity reported that in the third quarter it provisioned 403 million euros for credit risk, in contrast to the 39 million reserved a year earlier. Thus, in the first nine months, ING increased its provisions to 1,592 million, compared to 170 million in the same period of 2021.

"We are on track to meet our financial targets as communicated in June," said Steven van Rijswijk, CEO of ING. "I am confident that we are well positioned to meet the challenges and capture the opportunities that lie ahead," he added.

On the other hand, ING has reported this Thursday the launch of a program to buy back its own shares for a maximum amount of 1,500 million euros, adding that "any remaining amount of the program after December 31, 2022 will be paid in cash to shareholders on January 16, 2023".

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