By Sabela Ojea

 

ING Groep NV reported on Thursday a sharply higher net profit for the third quarter of 2021 from the prior year.

The Dutch bank posted a net profit for the period of 1.37 billion euros ($1.59 billion) compared with EUR788 million for the same period a year earlier.

Net interest income was EUR3.39 billion, up from EUR3.33 billion for the year-earlier period, supported by higher fee income. Total income climbed 8.4% to EUR4.65 billion, supported by higher fee income.

ING's common equity Tier 1 ratio--a key measure of balance sheet strength--was 15.8% at the end of the period, up from 15.3% as at the third quarter of 2020 and 15.7% in the second quarter of 2021.

The lender also said that it has reserved EUR684 million of quarterly net profit for distribution in the third quarter, which is part of the EUR1.74 billion share buyback program it launched on Oct. 5.

When the bank posted its second-quarter results, it said that it would distribute EUR3.62 billion to shareholders after Sept. 30.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

November 04, 2021 02:41 ET (06:41 GMT)

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