ING Groep 1Q Hurt by Provisions; Plans to Return EUR1.25 Billion to Holders
06 Mai 2022 - 08:01AM
Dow Jones News
By Ian Walker
ING Groep NV on Friday reported a more-than-halved net profit
for the first quarter after booking a number of provisions, mostly
related to its exposure in Russia.
The Dutch bank has also announced plans to return 1.25 billion
euros ($1.32 billion) to shareholders, of which EUR380 million will
consist of share buybacks with the rest in dividends. The board
plans to pay a dividend of 23.20 European cents on May 18.
ING posted a net profit of EUR429 million, compared with EUR1.01
billion a year earlier.
The bank has booked a charge in its accounts of EUR987 million,
of which EUR834 million is related to its Russian-related exposure.
ING booked EUR223 million of provisions in the first quarter of
2021.
Total income fell to EUR4.60 billion from EUR4.70 billion,
compared with a consensus of EUR4.56 billion taken from FactSet and
based on three analysts forecasts
ING's common equity Tier 1 ratio--a key measure of balance sheet
strength--was 14.9% at the end of the period, down from 15.5% a
year earlier, it said.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
May 06, 2022 01:46 ET (05:46 GMT)
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