ING’s third quarter net profit fell on the hit of Polish mortgages. 1.5 billion euro buyback commenced

Ed Frankl

 

ING Groep NV announced on Thursday that it will launch a €1.5 billion ($1.47 billion) share buyback program after third-quarter net profit was lower than the same period last year and the impact of the mortgage holiday in Poland .

Dutch lenders posted a net profit of 979 million euros, compared with 1.37 billion euros in the previous year.

According to ING, total revenue fell by 5% to €4.41 billion.

Analysts surveyed by FactSet said net profit came in at €1.08 billion and gross revenue was slightly below expectations at €4.43 billion.

Net interest income was €3.33 billion, down 1.7% year-on-year due to the impact of the moratorium on mortgages in Poland, which was introduced to protect consumers from rising interest rates.

The impact itself was partially offset by rising interest rates, as ING earned more from its loans.

The bank said it will immediately begin its share buyback program, which ends by December 31. The remainder of the program after that date will be paid to shareholders in cash, he added.

 

Write to Ed Frankl at Edward.frankl@dowjones.com.

 

(Closed) Dow Jones Newswire

November 3, 2022 02:48 ET (06:48 GMT)

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