ING Q1 Profit Down On Weak Net Interest Income; Confirms FY25 View, Pls EUR 2 Bln Share Buyback

ING Group NV

18.90 EUR -0.53%

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Kaufen Verkaufen

(RTTNews) - ING Group (ING), a Dutch banking and financial services company, reported Friday weak profit in its first quarter hurt by lower net interest income, despite higher income. Further, the company confirmed its fiscal 2025 outlook, and announced a 2.0 billion euros share buyback.

Steven van Rijswijk, CEO of ING Group, said, "We are well on track to meet our 2027 targets."

For fiscal 2025, the company continues to expect total income to end up at roughly the same level as it was in 2024, supported by volume growth and a targeted 5-10 percent increase in fee income. The return on equity is expected to exceed 12 percent in 2025.

In the first quarter, profit before tax dropped 7.4 percent to 2.12 billion euros from last year's 2.29 billion euros. Net result per share was 0.47 euro, down 2.1 percent from 0.48 euro last year.

Total income, however, grew 1 percent to 5.64 billion euros from last year's 5.58 billion euros, with good growth in customer balances and higher fee income.

Meanwhile, net interest income fell 5.3 percent to 3.62 billion euros from 3.83 billion euros last year.

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