Trending: ING Groep Beats Profit Consensus on High Interest Rates

1415 GMT - ING Groep is among the most mentioned companies across news items over the past nine hours, according to Factiva data, after the Dutch bank reported a market-beating net profit for the second quarter as it benefited from high interest rates. Net profit rose to 2.155 billion euros ($2.36 billion) from EUR1.18 billion a year earlier and exceeding a consensus of EUR1.64 billion. Net interest income rose to EUR4.06 billion from EUR3.39 billion and compares with a consensus of EUR4.13 billion. "The only negative is the fact that [net interest income] misses again, which has to do mainly again with the FX swaps...and is likely to generate commentary and misunderstanding again," Jefferies says in a note. Bank of America writes that ING is likely to increase the size of its annual share buyback given its strong capital position. Its CET1 ratio at 14.9% was 30 basis points ahead of consensus and 10 basis points higher than the previous quarter. Shares are up 1.1% at EUR13.20 Dow Jones & Co. owns Factiva. (ian.walker@wsj.com.)

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August 03, 2023 10:30 ET (14:30 GMT)

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