ING Groep 1Q Net Profit Rose Ahead of Market Views
May 06 2021 - 1:49AM
Dow Jones News
By Sabela Ojea
ING Groep NV reported Thursday a rise in net profit for the
first quarter, significantly ahead of market expectations for the
period, thanks to an increase in fee income and lower risk
costs.
The Dutch bank posted a net profit of 1.00 billion euros ($1.20
billion) compared with EUR670 million for the same period a year
earlier.
Analysts expected the bank to post a net profit of EUR832.4
million, according to a forecast based on four analysts' estimates
taken from FactSet.
Net interest income rose slightly to EUR3.51 billion from
EUR3.50 billion for the year-earlier period. Total income rose to
EUR4.70 billion from EUR4.51 billion, it added.
ING's common equity Tier 1 ratio--a key measure of balance sheet
strength--stood unchanged at 15.5%.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
May 06, 2021 01:34 ET (05:34 GMT)
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