By Ian Walker

 

ING Groep NV said Friday that it will distribute 3.62 billion euros ($4.28 billion) to shareholders after Sept. 30 as it reported a near fivefold rise in second-quarter net profit, beating consensus forecasts.

The Dutch lender said that it will pay 48 European cents a share in October and an extra EUR1.74 billion via cash or a share buyback.

Net profit for the quarter was EUR1.46 billion compared with EUR299 million for the same period a year earlier and a consensus of EUR1.12 billion, taken from FactSet and based on six analysts' forecasts.

Net interest income fell to EUR3.34 billion from EUR3.43 billion for the same period a year earlier. Total income fell to EUR4.52 billion from EUR4.67 billion, it added.

ING's common equity Tier 1 ratio--a key measure of balance sheet strength--stood at 15.7% compared with 15% a year earlier and 15.5% for the first quarter of this year.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

August 06, 2021 01:44 ET (05:44 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
ING Groep NV (EU:INGA)
Historical Stock Chart
Von Okt 2021 bis Nov 2021 Click Here for more ING Groep NV Charts.
ING Groep NV (EU:INGA)
Historical Stock Chart
Von Nov 2020 bis Nov 2021 Click Here for more ING Groep NV Charts.