ING 4Q Net Profit Missed Market Views, Fell Vs. 3Q Performance -- Update
03 Februar 2022 - 08:31AM
Dow Jones News
By Sabela Ojea
ING Groep NV reported Thursday a rise in net profit for the
fourth quarter of 2021, which came in below market expectations and
fell significantly when compared with the previous quarter, and
declared a final dividend.
The Dutch bank posted a net profit of 945 million euros ($1.07
billion) because of higher income, compared with EUR727 million a
year earlier. It had been expected to post a net profit of EUR1.06
billion, according to FactSet and based on four analysts'
estimates.
The lender's fourth-quarter net profit performance was
significantly lower when compared with the preceding quarter, when
it reached a net profit of EUR1.37 billion, as a result of
seasonally higher regulatory costs and a higher level of risk
costs, ING said.
Net interest income rose to EUR3.37 billion from EUR3.34 billion
a year earlier, the bank said, noting that operating expenses for
the period grew to EUR2.95 billion from EUR2.91 billion.
ING's common equity Tier 1 ratio--a key measure of balance sheet
strength--was 15.9% at the end of the period, up from 15.5% a year
earlier, it said.
The board has declared a final dividend of EUR0.41 a share, the
bank said, while also noting that the equity of its shareholders
fell by EUR718 million in 2021, "primarily due to a EUR1.60 billion
negative change in the cash flow hedge reserve, mainly as a result
of interest-rate movements."
"Looking ahead to 2022, ING is well prepared to navigate the
current operating environment, with solid capital buffers, a strong
risk profile and a focus on execution," Chief Executive Steven van
Rijswijk said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 03, 2022 02:16 ET (07:16 GMT)
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