ING Group Q3 Profit Drops; To Repurchase 1.5 Bln Euros Of Shares

Banking and financial services company ING Group (ING) Thursday reported profit before tax of 1.38 billion euros in the third quarter, lower than 1.924 billion euros in the same quarter a year ago.

Net profit for the quarter declined to 979 million euros from 1.367 billion euros a year ago.

Net interest income declined to 3.332 billion euros from 3.388 billion euros in the previous year.

Net fee and commission income slipped to 876 million euros from 882 million euros. Other income also dropped to 93 million euros from 304 million euros in the year-earlier period.

Investment income, however, rose to 111 million euros from 74 million euros last year.

Total income including net interest income, net fee and commission income, investment income, and other income decreased to 4.412 billion euros from 4.648 billion euros last year.

Separately, the company announced share buyback to the tune of 1.5 billion euros, to commence today and end by December 30.

Any remaining amount of the programme after the end date will be paid out in cash to shareholders on 16 January 2023, ING said.

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